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>If you think that is honest behavior, then bury all your money for 10 years and then try to spend it. Suprise! You've been robbed. That does induce people to
by recoiledsnake 15y ago
>If you think that is honest behavior, then bury all your money for 10 years and then try to spend it. Suprise! You've been robbed.
That does induce people to spend,invest or save(savings in banks are loaned out to others by the banks) which drives the economy.
The problem with bitcoin right now is that it's being thought of an investment to hold on to, instead of a currency that must be exchanged for goods.
Imagine if the dollar was appreciating in value big time every week and month. People would stop spending and just hog them. The economy as we know if might collapse and lead to a full blown depression.
- timbowhite 15y ago> instead of a currency that must be exchanged for goods. My prediction is the bitcoin market will correct itself, as markets without interference do. Bitcoins are intrinsically worthless, like the USD, unless it can be exchange for goods/services. > Imagine if the dollar was appreciating in value big time every week and month. As long as a central banking authority (Federal Reserve) can legally make dollars from thin air, this will never happen.
- recoiledsnake 15y agoThe problem is that people are using BitCoin as a 'Get Rich Quick' scheme instead of a currency. While this does drive adoption, some lives may be destroyed on the way because of market manipulation by malicious parties. How many legitimate transactions are happening compared to transactions with an intent to hoard BitCoins for future gains?