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So let me get this straight. I can't be paid in it, and I can't pay rent with it or buy groceries with it. Sure, there would be hobbyists who conduct trivial t

So let me get this straight. I can't be paid in it, and I can't pay rent with it or buy groceries with it. Sure, there would be hobbyists who conduct trivial transactions with their monopoly money. But no, this would not even be a small fraction of overall economic activity in such a scenario.

jjk166 4y ago
No, you can still be paid in it and still pay rent with it or buy groceries with it. You can't exchange a bitcoin for cash, but you can exchange bitcoin for something that has cash value.
- chitowneats 4y ago
  Please let me know when the first ever major employer offers a paycheck in BTC, and when the first ever landlord offers rent payment in BTC. Oh, and most importantly. When the U.S. government will allow me to pay my taxes in BTC. Until then, this is a thought experiment. I'm not holding my breath.
  - bitxbitxbitcoin 4y ago
    Employers offering paycheck in BTC: https://www.coindesk.com/markets/2014/11/04/bitwage-now-lets-any-employee-get-paid-in-bitcoin/ https://www.coindesk.com/markets/2014/11/04/bitwage-now-lets... https://www.nyc.gov/office-of-the-mayor/news/041-22/mayor-adams-receive-first-paycheck-cryptocurrency https://www.nyc.gov/office-of-the-mayor/news/041-22/mayor-ad... Landlords offering payment in BTC: https://www.american-apartment-owners-association.org/property-management/marketing-vacant-units/apartment-listing-service-accepting-bitcoin-landlords/ https://www.american-apartment-owners-association.org/proper... U.S. government allowing you to pay taxes in BTC: you can take your btc and turn it into usd and pay taxes that way - and would need to on your capital gains. Lots of reading for you to do!
    - chitowneats 4y ago
      So do you considering that you missed that the entire premise of this thread was, "what happens if the U.S. government bans the exchange of BTC and dollars?". In that instance, bitcoin would lose nearly ~100% of its current market value due to anyone with a brain dumping it.

jjk166 4y ago

No, you can still be paid in it and still pay rent with it or buy groceries with it. You can't exchange a bitcoin for cash, but you can exchange bitcoin for something that has cash value.

chitowneats 4y ago
Please let me know when the first ever major employer offers a paycheck in BTC, and when the first ever landlord offers rent payment in BTC. Oh, and most importantly. When the U.S. government will allow me to pay my taxes in BTC. Until then, this is a thought experiment. I'm not holding my breath.
- bitxbitxbitcoin 4y ago
  Employers offering paycheck in BTC: https://www.coindesk.com/markets/2014/11/04/bitwage-now-lets-any-employee-get-paid-in-bitcoin/ https://www.coindesk.com/markets/2014/11/04/bitwage-now-lets... https://www.nyc.gov/office-of-the-mayor/news/041-22/mayor-adams-receive-first-paycheck-cryptocurrency https://www.nyc.gov/office-of-the-mayor/news/041-22/mayor-ad... Landlords offering payment in BTC: https://www.american-apartment-owners-association.org/property-management/marketing-vacant-units/apartment-listing-service-accepting-bitcoin-landlords/ https://www.american-apartment-owners-association.org/proper... U.S. government allowing you to pay taxes in BTC: you can take your btc and turn it into usd and pay taxes that way - and would need to on your capital gains. Lots of reading for you to do!
  - chitowneats 4y ago
    So do you considering that you missed that the entire premise of this thread was, "what happens if the U.S. government bans the exchange of BTC and dollars?". In that instance, bitcoin would lose nearly ~100% of its current market value due to anyone with a brain dumping it.