4 ms·

Bitcoin isn't money

bitxbitxbitcoin 6y ago
Just because Bitcoin isn’t your preferred form of money doesn’t preclude it from being money. Plenty of people use Bitcoin as money so I would argue that Bitcoin is money.
- oarsinsync 6y ago
  Replace “Bitcoin” above with stamps. Or gold. Or anything else. It’s ridiculous. Stamps aren’t money. Gold isn’t money. Bitcoin isn’t money. Disclaimer: I am long Bitcoin. Not because it is or isn’t money, but because I believe I can make money by being in this position.
  - emptysongglass 6y ago
    People selling you stuff on the internet don't take stamps or gold for payment. That's why they aren't money. It doesn't need to be anymore complicated than a bunch of people I want to buy stuff from take this for payment. Bitcoin is money if people use it as money.
    - hakfoo 6y ago
      There are plenty of communities where they'll take precious metals at least. Coin collectors, for example. Plenty of ordinary "for sale" listings say "I'll take USD50 or two ounces of fine silver coins/bars." I suspect there's also a similar sub-economy in the apocalypse-enthusiast fandom where they're always predicting the death of fiat currency Soon (tm). Compared to bitcoin, I'd actually argue the fiat on/offramps are easier-- most any local coin dealer or pawn shop will trade a Gold Eagle, Maple Leaf, or Krugerrand within a few percent of spot price and with immediate turnaround, and it's got plenty of well-established legal and tax frameworks around it. Actually, that brings up an interesting question: do we know how to insure cryptocurrency yet? If my house burns down, and my physical wallet goes with it, they'll replace a nontrivial amount of paper currency that was destroyed-- something like $500. But if the fire took out a flashdrive with the key to a BTC wallet worth $500 in it, would their responsibility be to replacing the $500 in lost value, or "here's a new 16Gb flashdrive worth $4?"
escapegoat 6y ago
"Money" (aka fiat currency) is not absolutely money. No money is money without trust. Do I trust my US greenbacks? Mostly, but in the future that will depend on prevailing inflation. Bitcoin has achieved a level of trust and has the advantage of mathematical proofs. Make your choices appropriately.

Bitcoin isn't money

Just because Bitcoin isn’t your preferred form of money doesn’t preclude it from being money. Plenty of people use Bitcoin as money so I would argue that Bitcoin is money.

oarsinsync 6y ago
Replace “Bitcoin” above with stamps. Or gold. Or anything else. It’s ridiculous. Stamps aren’t money. Gold isn’t money. Bitcoin isn’t money. Disclaimer: I am long Bitcoin. Not because it is or isn’t money, but because I believe I can make money by being in this position.
- emptysongglass 6y ago
  People selling you stuff on the internet don't take stamps or gold for payment. That's why they aren't money. It doesn't need to be anymore complicated than a bunch of people I want to buy stuff from take this for payment. Bitcoin is money if people use it as money.
  - hakfoo 6y ago
    There are plenty of communities where they'll take precious metals at least. Coin collectors, for example. Plenty of ordinary "for sale" listings say "I'll take USD50 or two ounces of fine silver coins/bars." I suspect there's also a similar sub-economy in the apocalypse-enthusiast fandom where they're always predicting the death of fiat currency Soon (tm). Compared to bitcoin, I'd actually argue the fiat on/offramps are easier-- most any local coin dealer or pawn shop will trade a Gold Eagle, Maple Leaf, or Krugerrand within a few percent of spot price and with immediate turnaround, and it's got plenty of well-established legal and tax frameworks around it. Actually, that brings up an interesting question: do we know how to insure cryptocurrency yet? If my house burns down, and my physical wallet goes with it, they'll replace a nontrivial amount of paper currency that was destroyed-- something like $500. But if the fire took out a flashdrive with the key to a BTC wallet worth $500 in it, would their responsibility be to replacing the $500 in lost value, or "here's a new 16Gb flashdrive worth $4?"

escapegoat 6y ago

"Money" (aka fiat currency) is not absolutely money. No money is money without trust. Do I trust my US greenbacks? Mostly, but in the future that will depend on prevailing inflation. Bitcoin has achieved a level of trust and has the advantage of mathematical proofs. Make your choices appropriately.