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>The way this economy should have shaped up is this: Where it is difficult to put a dollar value, transactions should happen in Bitcoins. Like in the early bart
by mistercow 14y ago
>The way this economy should have shaped up is this: Where it is difficult to put a dollar value, transactions should happen in Bitcoins. Like in the early barter days.
Is that how it works for new currencies, though? I mean, the barter days are gone and done, and in the modern world, if it exists and is desired, people will agree on a dollar value. I find it hard to believe that any new currency could arise without the market immediately assigning it a dollar value.
It sounds like the author is trying to compare BitCoin's initial progress with the initial progress of currency itself, which would be very silly.
- npguy 14y agoThe flaw in your thought process, I think, is this: "in the modern world, if it exists and is desired, people will agree on a dollar value" - applies only to currencies where 'Trust' is a given. Or, it should be a limited domain (e.g. gaming currencies).
- mistercow 14y ago>"in the modern world, if it exists and is desired, people will agree on a dollar value" - applies only to currencies where 'Trust' is a given. I don't think that's true. If a currency is untrusted, people will assign a lower dollar value to it, but it's still going to have a dollar value. >Or, it should be a limited domain (e.g. gaming currencies). I'm confused. Are you saying that gaming currencies don't have a dollar value?