3 ms·
Pets.com stock isn't being put forward as an immediate medium of exchange for services and goods, though. And if it was, we might want to have a word describing
by morsch 14y ago
Pets.com stock isn't being put forward as an immediate medium of exchange for services and goods, though. And if it was, we might want to have a word describing that commonality with BTC. As long as BTC is nothing more than an investment, I agree.
- tptacek 14y agoThe dollar is more than just a commodity with a liquid market. It is also a store of value that is stable enough that it can be used as a unit of account. Bitcoin can't currently be: its value could double tomorrow, or go to zero. If the dollar doubled or went to zero tomorrow, Bitcoin would be irrelevant, because there wouldn't be an Internet to transact in it over. The reality is that every item for Bitcoin-denominated sale has an underlying intended value denominated in dollars; the correspondance between BTC and USD is (a) virtually always unbreakable and (b) wishful and fraught for (depending on phase of moon) buyer and seller alike. The notion of Bitcoin as "money" is counterfeit for the overwhelming majority of its users; for one group, BTC is a P2P alternative to Paypal; for the other, they're virtual tulip bulbs.
- deleted 14y ago[deleted]