3 ms·

Sigh.

by nmlnn 6y ago

Sigh.

jfrunyon 6y ago
I'll take that as a no. So how is it "hard currency" if you can't buy the things you want with it?
- nmlnn 6y ago
  The "hard" part of hard currency refers to its monetary properties - i.e. how easy it is to inflate the supply. On this metric Bitcoin is harder than anything else out there. So then we are arguing about whether it's a "currency" or not. I personally accept is as payment, and therefore consider it a currency. Why would I want to buy things with it today when I can use ever inflating dollars for that?
  - ojnabieoot 6y ago
    Look that’s just not what “hard currency” is. “Hard currency” basically means “money which is considered a reliable store of value in major international markets.” Bitcoin simply isn’t that. No functional national government or large corporation is going to sign a large contract in Bitcoin - the very act of signing it could dramatically devalue the currency! You can’t just say Bitcoin is hard currency and devise some random measure of “hardness” out of ideological convenience. Bitcoin is a fine technology and a fine thing to put part of your wealth into, especially if you support the tech and want to use it to buy things or invest. It’s also brand new, it’s price / USD or euro is obviously unstable, and there’s a global pandemic-depression! It’s just short-sighted (and intellectually dishonest) to say Bitcoin is low-risk and “hard currency” because it’s protected against inflation.
    - nmlnn 6y ago
      > Bitcoin simply isn’t that Agree to disagree. I would say you're the one twisting the definition of "hard currency" (Wikipedia is not the source of all truth). "Hard money" originally reffered to gold. When paper currency took over the term "hard currency" was used to distinguish between good and bad paper currencies. I maintain that the "hard" part (which derives from gold) refers to the inability to be inflated easily. But I'm happy to concede that Bitcoin is not a currency yet in most peoples' eyes. I'm happy to switch to calling it a hard money.
  - jfrunyon 6y ago
    > Hard currency refers to money that is issued by a nation that is seen as politically and economically stable. Hard currencies are widely accepted around the world as a form of payment for goods and services and may be preferred over the domestic currency. BTC is inarguably NOT "widely accepted around the world as a form of payment for goods and services". I'm very sorry to break it to you.

Sigh.

by nmlnn 6y ago

Sigh.

jfrunyon 6y ago

I'll take that as a no. So how is it "hard currency" if you can't buy the things you want with it?

nmlnn 6y ago
The "hard" part of hard currency refers to its monetary properties - i.e. how easy it is to inflate the supply. On this metric Bitcoin is harder than anything else out there. So then we are arguing about whether it's a "currency" or not. I personally accept is as payment, and therefore consider it a currency. Why would I want to buy things with it today when I can use ever inflating dollars for that?
- ojnabieoot 6y ago
  Look that’s just not what “hard currency” is. “Hard currency” basically means “money which is considered a reliable store of value in major international markets.” Bitcoin simply isn’t that. No functional national government or large corporation is going to sign a large contract in Bitcoin - the very act of signing it could dramatically devalue the currency! You can’t just say Bitcoin is hard currency and devise some random measure of “hardness” out of ideological convenience. Bitcoin is a fine technology and a fine thing to put part of your wealth into, especially if you support the tech and want to use it to buy things or invest. It’s also brand new, it’s price / USD or euro is obviously unstable, and there’s a global pandemic-depression! It’s just short-sighted (and intellectually dishonest) to say Bitcoin is low-risk and “hard currency” because it’s protected against inflation.
  - nmlnn 6y ago
    > Bitcoin simply isn’t that Agree to disagree. I would say you're the one twisting the definition of "hard currency" (Wikipedia is not the source of all truth). "Hard money" originally reffered to gold. When paper currency took over the term "hard currency" was used to distinguish between good and bad paper currencies. I maintain that the "hard" part (which derives from gold) refers to the inability to be inflated easily. But I'm happy to concede that Bitcoin is not a currency yet in most peoples' eyes. I'm happy to switch to calling it a hard money.
- jfrunyon 6y ago
  > Hard currency refers to money that is issued by a nation that is seen as politically and economically stable. Hard currencies are widely accepted around the world as a form of payment for goods and services and may be preferred over the domestic currency. BTC is inarguably NOT "widely accepted around the world as a form of payment for goods and services". I'm very sorry to break it to you.