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I've spent several Bitcoins on pizza. I have no regrets; if nobody used the magic beans, nobody would be interested in them. In other words, if early-ish adopte
by tom_mellior 7y ago
I've spent several Bitcoins on pizza. I have no regrets; if nobody used the magic beans, nobody would be interested in them. In other words, if early-ish adopters hadn't "taken one for the team", we wouldn't be discussing Bitcoin now because it wouldn't exist.
In a way the person who bought that famous pizza for 10,000 Bitcoin only lost "wealth" that wouldn't have existed without the buzz generated by that transaction.
- api 7y agoThe problem is that this illustrates what's wrong with highly deflationary currencies. Who wants to spend a currency that could appreciate by over 10,000X if you just "hodl" it? That's why Bitcoin has actually been abandoned for a lot of commerce. Why spend it ever?
- tom_mellior 7y agoI would still spend it if it were easy. I bought my first Bitcoins when they were around 10 USD, so anything I buy is at one 1000th of the dollar price. Could it go to a 2000th? Yes, but apart from something huge like buying an apartment it would be hard to care about the difference. But yes, this is not an answer that applies to deflationary currencies in general, nor to people who came later to Bitcoin than I did. Edit: Although again, the only way Bitcoin can appreciate is if people do spend it. Tragedy of the commons.