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National currencies, gold, silver and other commodities used to hedge against USD, EUR, banks etc. Our whole global economy and lifestyle enjoyed by billions o

National currencies, gold, silver and other commodities used to hedge against USD, EUR, banks etc. Our whole global economy and lifestyle enjoyed by billions of people needs computers and electricity, otherwise we go back to middle ages. People want one money - most liquid, most used one. Gold does not fly, USD is politically controlled and restricted. Bitcoin weights zero and unrestricted by design. http://blog.oleganza.com/post/54121516413/the-universe-wants-one-money http://blog.oleganza.com/post/54121516413/the-universe-wants...

stinkytaco 13y ago
>Our whole global economy and lifestyle enjoyed by billions of people needs computers and electricity, otherwise we go back to middle ages. Well, "whole" is a strong word here. I would try using bitcoin in Cuba. Or Russia. Or some parts of Montana. Good luck getting a wireless signal. >People want one money I'll need a citation for this. I think instability in the Eurozone has more or less turned this idea on its head. If people wanted one money, we would have one money. The fact that major economic players either never joined the Euro or now want out indicates to me that "one money" is not a universal desire.
- oleganza 13y ago
  I'm from Russia. There's internet even where the toilets are from 15 century full of shit. Half of Africa pays with mobile phones and lives in dirt. It's logically easy to prove. Which money would you choose to store permanently? Bitcoin if it's accepted everywhere in the world, or EUR if it's only accepted in 20 countries? Who knows where you'll be next year, so it's better to store money in a more liquid currency. Bitcoin can be it because there are no fees or capital controls like in EUR or USD. In Russia, in 1990s people were using dollars no problem. Until government went in with laws forcing people to put prices in roubles and other controls on flow of capital and cash.
  - djur 13y ago
    You still need to be able to convert your BTC to a legal tender currency to pay wages, debts, and taxes. As long as that requirement exists, BTC will always be a secondary currency at best (and I'm not convinced it will ever be a currency in any meaningful way).

stinkytaco 13y ago

>Our whole global economy and lifestyle enjoyed by billions of people needs computers and electricity, otherwise we go back to middle ages. Well, "whole" is a strong word here. I would try using bitcoin in Cuba. Or Russia. Or some parts of Montana. Good luck getting a wireless signal. >People want one money I'll need a citation for this. I think instability in the Eurozone has more or less turned this idea on its head. If people wanted one money, we would have one money. The fact that major economic players either never joined the Euro or now want out indicates to me that "one money" is not a universal desire.

oleganza 13y ago
I'm from Russia. There's internet even where the toilets are from 15 century full of shit. Half of Africa pays with mobile phones and lives in dirt. It's logically easy to prove. Which money would you choose to store permanently? Bitcoin if it's accepted everywhere in the world, or EUR if it's only accepted in 20 countries? Who knows where you'll be next year, so it's better to store money in a more liquid currency. Bitcoin can be it because there are no fees or capital controls like in EUR or USD. In Russia, in 1990s people were using dollars no problem. Until government went in with laws forcing people to put prices in roubles and other controls on flow of capital and cash.
- djur 13y ago
  You still need to be able to convert your BTC to a legal tender currency to pay wages, debts, and taxes. As long as that requirement exists, BTC will always be a secondary currency at best (and I'm not convinced it will ever be a currency in any meaningful way).