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It's like money, but better, and it can't have its value destroyed by the government through the insidious process of inflation.
by desumeku 2y ago
It's like money, but better, and it can't have its value destroyed by the government through the insidious process of inflation.
- SketchySeaBeast 2y agoYeah, that doesn't answer my question, and it's not like money, it actively discourages spending it because it's cast as a rapidly appreciating asset.
- kjksf 2y agoIt's not "cast as", it just is rapidly appreciating asset. But yeah, knowing that $100 in bitcoin today might be worth $150 in a year does deter buying non-essential stuff. Why is that a bad thing? Personally, It won't discourage me from buying a hamburger when I'm hungry, but maybe it would make me hold on to my iPhone for a year or 2 longer but you can do as you please and spend every cent you make.
- SketchySeaBeast 2y agoBecause it discourages spending. It would grind the economy to a halt to be used at any scale.
- desumeku 2y agoOnly until the dollar hits 0 in comparison. Then, it doesn't matter what a bitcoin is "worth", since it's all arbitrary at that point and it can be used as a pure economic unit devoid of any other context.
- SketchySeaBeast 2y agoIn that case the world economy is devastated and there's bigger fish to fry than digital tokens with no backed value.
- desumeku 2y agoYou should really read The Wealth of Nations before you talk about currencies needing "backed" or "intrinsic" value. It's not in the definition of money at all.
- SketchySeaBeast 2y agoNot the worst required reading I've gotten from a crypto bro.