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> So it only works moving very small amounts of money, toy currency. The small size of the bitcoin economy means that it is currently only practical for transf

> So it only works moving very small amounts of money, toy currency. The small size of the bitcoin economy means that it is currently only practical for transferring amounts of a few thousand dollars at most. We both seem to agree on this. What I can't understand is why you think this makes it a "toy currency". Physical cash is very rarely used for payments of over $1000, yet you haven't explained why greenbacks are somehow real money, and bitcoins are just toys. For that matter, most consumer purchases are under $1000. The largest companies in the world make their money off of selling sub-$1000 goods. But apparently, a payment mechanism that could be used for 99% of consumer goods is just "a toy". I simply don't understand this argument. Its utterly bizarre.

ohashi 15y ago
Just because there are a lot of transactions at a low level doesn't preclude the possibility of larger transactions with cash and the USD. The credit card systems, banks and all other parties can handle transactions up to enormous sizes (I am not sure if/what the limit even is) and all that happens without affecting the USD. There are other currencies I would consider toys as well used by real countries. Many of the smaller ones that don't allow you to convert them freely are basically toy currencies as well. They are models, they work in small scale, but for whatever reasons are very limited (in those cases the limitation is often governments cant handle foreign exchange and speculators). Bitcoin is a toy because it can't handle size to the extreme.
- weavejester 15y ago
  I think at this point we're just disagreeing over what constitutes a toy. I have credit cards with credit limits under $10,000, but I wouldn't consider these to be toys, even though I couldn't use them to, say, buy a house. But even though your definition seems odd, I guess I can't really say it's wrong.

ohashi 15y ago

Just because there are a lot of transactions at a low level doesn't preclude the possibility of larger transactions with cash and the USD. The credit card systems, banks and all other parties can handle transactions up to enormous sizes (I am not sure if/what the limit even is) and all that happens without affecting the USD. There are other currencies I would consider toys as well used by real countries. Many of the smaller ones that don't allow you to convert them freely are basically toy currencies as well. They are models, they work in small scale, but for whatever reasons are very limited (in those cases the limitation is often governments cant handle foreign exchange and speculators). Bitcoin is a toy because it can't handle size to the extreme.

weavejester 15y ago
I think at this point we're just disagreeing over what constitutes a toy. I have credit cards with credit limits under $10,000, but I wouldn't consider these to be toys, even though I couldn't use them to, say, buy a house. But even though your definition seems odd, I guess I can't really say it's wrong.