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It's not yet clear whether Bitcoin is money, or whether it is some strange new hybrid of asset and currency for which conventional wisdom does not apply and for
by jl6 14y ago
It's not yet clear whether Bitcoin is money, or whether it is some strange new hybrid of asset and currency for which conventional wisdom does not apply and for which historical analogies fail.
- jwr 14y agoExactly. I'm also growing tired of people endlessly repeating the 'deflation is bad' mantra. Even if we agree to call what will happen to bitcoin 'deflation', the argument that people will just stop producing and just hold on to their money is bogus. Does it describe you? Because it certainly does not describe me.
- dragontamer 14y agoAre you willing to loan out your bitcoins? Do you believe that you will be able to purchase say... a house or a car using bitcoins? Do you think any financial institution will come out and loan you bitcoins? As a financial instrument, this massive deflation will prevent any form of financing (ie: Credit Cards, Mortgages, Car Loans, etc. etc.) from growing inside of the Bitcoin world.
- rjtavares 14y agoAre you willing to provide services for a BTC denominated amount?