4 ms·
>Currencies derive their value from government control. There are countless examples that prove this false. World of Warcraft gold, EVE Online ISK, BTC, Ethere
by NaturalPhallacy 6y ago
>Currencies derive their value from government control.
There are countless examples that prove this false. World of Warcraft gold, EVE Online ISK, BTC, Ethereum, Dogecoin, baby food, etc. There are literally jobs in developing countries where farming in game money is a job that pays their bills. Yet we both know that no government is in control of those currencies.
>Until and unless the IRS accepts tax payments in a cryptocurrency, they won't be used in the mainstream economy.
I'm surprised they don't already. They're already used in mainstream economy if you count buying things on amazon or Subway.
- notahacker 6y ago> There are literally jobs in developing countries where farming in game money is a job that pays their bills Do they pay their bills in World of Warcraft Gold or local currency? (That actually illustrates the distinction between tokens that might have value to speculators and currency quite nicely)
- NaturalPhallacy 6y agoIt's not speculation though. They literally sell one currency for another. That they have value is a given, or they wouldn't be able to exchange one the other. (notice how it doesn't matter which currency is which in that sentence?) Acceptance defines value. No other factor trumps it.
- xxpor 6y agoThat's exactly my point. They're mining a commodity, not a currency.
- NaturalPhallacy 6y agoIf that's what makes a currency a commodity, then USD is a commodity.