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Funnily enough you can use Bitcoin at most merchants that use a Square PoS device, which is like 25% of merchants in the US. It just takes time for folks to cha
by kevinak 9mo ago
Funnily enough you can use Bitcoin at most merchants that use a Square PoS device, which is like 25% of merchants in the US. It just takes time for folks to change their behaviors. And why would they, if they're getting X% cashback on all purchases using their credit cards?
- slongfield 9mo agoThe other thing about Bitcoin is that it's deflationary, which leads to people holding the currency rather than spending it, as predicted by Econ 101.
- throwaway7644 9mo agoWe've witness deflationary forces in computer hw for decades and no one is holding off their purchases. Time is scarce and it ultimately forces consumption because otherwise, what would you be saving for? Don't need Econ 101 to understand this basic reality.
- XorNot 9mo agoComputer hardware actually does things - it is an economic value producer. Bitcoin is an economic value consumer just to hold it. It does nothing if you have it.
- qwytw 9mo agoWell there is a difference between people not buying anything at all and being significantly less than they are now. Consumer goods and services is only the tip of the iceberg. How much do you think debt would cost and how easy would it be for businesses to get credit? Combining a deflationary currency with a growing (or at least non static) economy is bad a everyone who has a basic understanding of history prior to the 1930s can see that. Something like bitcoin would be even much worse than the gold standard.
- throwaway7644 9mo agoYou're forcing business to produce something valuable in real terms instead of nominal terms and you're making that calculation easier to do for economic actors because the measuring stick is now controlled by an algorithm as opposed to charlatans. Having less of that garbage fiat short-termism is a good thing for society.
- qwytw 9mo ago> Having less of that garbage fiat short-termism Yet having more of endless boom and bust cycles with major economic depressions lasting for years (outcomes of the gold standard was a good idea). > You're forcing business to produce something valuable in real terms instead of nominal terms I don't quite understand what does that mean. Pricing goods in oil or grain? (coincidentally either of which would function better as a currency than bitcoin).
- slongfield 9mo agoComputer hardware isn't trying to be currency. Bitcoin was supposed to be, but hardly anyone who uses Bitcoin these days is using it to buy things--it's used as a store of value or a speculative asset, not a means of transaction.