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As ever: Bitcoin is a lovely medium of exchange, a horrible medium of account and hence a purely bubbled store of value.
by Eliezer 14y ago
As ever: Bitcoin is a lovely medium of exchange, a horrible medium of account and hence a purely bubbled store of value.
- polarix 14y agoI believe the proper course of action is to make a calculation, involving: 1. a given velocity of money and thus a derived desirable monetary volume for a given economic condition 2. a projected percentage of that economic activity that makes sense in bitcoin 3. a projected economic condition Even if there is no value in BTC as a medium of account, the quantity of economic transfer it could plausibly come to represent alone has a certain value.
- noloqy 14y agoIt has the potential to be just as good a medium of account as any conventional currency. The common measure of value of bitcoin will stabilize when it is a more generally accepted medium of exchange.
- jamoes 14y agoHow low do you think it will crash when the bubble bursts? Do you think it will recover again, like it did last time, or do you this time it will stay low?
- sodafountan 14y agoI believe if/when it does crash there will be an immediate resurgence in the price per BTC, driven by the people who wanted to invest but thought the price was too high. This is why i'm not all that scared investing rather large sums of money into the Bitcoin economy.