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Neither does USD. Can we please hate on bitcoin with arguments that aren't 100% identical to issues of trust in USD?

by andirk 4y ago

Daishiman 4y ago
Can you use BTC to pay taxes in the US and settle debts? Can BTC be used to purchase oil? No? Then this argument doesn't make any sense.
- andirk 4y ago
  I exchange BTC for USD and visa versa all the time. So, yes. You know this, though. It's not a fringe currency any more.
  - Daishiman 4y ago
    It's not a currency, it's not a store of value. Nobody uses it to buy anything, it doesn't work against inflation.
- cwkoss 4y ago
  These are such odd questions to ask consumers. I have never even considered purchasing oil with USD (assuming you mean crude petroleum - olive, sure).
  - havetocharge 4y ago
    The argument still stands, but can be rephrased if convenient: have you purchased olive oil or vehicle fuel using cryptocurrency?
iamthirsty 4y ago
USD is based on the GDP and productivity output of the entire United States (25% of the entire world's economy), as well as the indirect backing of the cool little thing known as the United States Armed Forces, just incase. And many more things. People who constantly make this argument don't actually understand how economics and monetary value actually work. They've just heard someone say it and, like most bro-science, it sounds about right so it should be right! Right from the jump, they'd know that among the many other worthless parts of BTC, if we actually had a deflationary currency be the standard it would be a horrible, horrible reality.
- cwkoss 4y ago
  > People who constantly make this argument don't actually understand how economics and monetary value actually work. People who make your argument usually don't understand that monetary theory hasn't caught up to accommodating cryptocurrency because most of the ideas are decades old. USD is not based on GDP. Its value can only loosely be attributed to it.
- andirk 4y ago
  USD is also based on global oil. Inflation is a tool so not being able to use it, yes, would make things more difficult. It's a double-edged sword though as inflation can get out of hand. BTC's scarcity ensures no one can print it out of existence. I am also convinced that The Economy is a huge dumb emotional beast that no one fully understands. If that weren't the case, we wouldn't boom/bust constantly because we could predict accurately.

Neither does USD. Can we please hate on bitcoin with arguments that aren't 100% identical to issues of trust in USD?

by andirk 4y ago

Neither does USD. Can we please hate on bitcoin with arguments that aren't 100% identical to issues of trust in USD?

Can you use BTC to pay taxes in the US and settle debts? Can BTC be used to purchase oil? No? Then this argument doesn't make any sense.

andirk 4y ago
I exchange BTC for USD and visa versa all the time. So, yes. You know this, though. It's not a fringe currency any more.
- Daishiman 4y ago
  It's not a currency, it's not a store of value. Nobody uses it to buy anything, it doesn't work against inflation.
cwkoss 4y ago
These are such odd questions to ask consumers. I have never even considered purchasing oil with USD (assuming you mean crude petroleum - olive, sure).
- havetocharge 4y ago
  The argument still stands, but can be rephrased if convenient: have you purchased olive oil or vehicle fuel using cryptocurrency?

iamthirsty 4y ago

USD is based on the GDP and productivity output of the entire United States (25% of the entire world's economy), as well as the indirect backing of the cool little thing known as the United States Armed Forces, just incase. And many more things. People who constantly make this argument don't actually understand how economics and monetary value actually work. They've just heard someone say it and, like most bro-science, it sounds about right so it should be right! Right from the jump, they'd know that among the many other worthless parts of BTC, if we actually had a deflationary currency be the standard it would be a horrible, horrible reality.

cwkoss 4y ago
> People who constantly make this argument don't actually understand how economics and monetary value actually work. People who make your argument usually don't understand that monetary theory hasn't caught up to accommodating cryptocurrency because most of the ideas are decades old. USD is not based on GDP. Its value can only loosely be attributed to it.
andirk 4y ago
USD is also based on global oil. Inflation is a tool so not being able to use it, yes, would make things more difficult. It's a double-edged sword though as inflation can get out of hand. BTC's scarcity ensures no one can print it out of existence. I am also convinced that The Economy is a huge dumb emotional beast that no one fully understands. If that weren't the case, we wouldn't boom/bust constantly because we could predict accurately.