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>We're not talking about all commodities: we're talking about money. BTC isn't money. You make a great comparison of BTC to gold, a commodity. Gold isn't used
by VladRussian2 13y ago
>We're not talking about all commodities: we're talking about money.
BTC isn't money. You make a great comparison of BTC to gold, a commodity. Gold isn't used anymore as money because there isn't enough of it for that role. BTC is in even worse situation. BTC is a great collectible commodity that will be growing in value, like Campbell soup paintings or Ferrari California. Great storage of value, yet not usable as money.
The next cryptocurrency which would contain infinite mining, balanced by infinitely increasing complexity, will very possibly make it as a money. It is understandable that BTC in order to crack the glass ceiling and gain trust and acceptance had deflation built-in. Now that POC succeeded the full-featured release is to come (though lets see about alpha/beta/etc... :)
- sergiosgc 13y agoHowever, if Bitcoin is expected to be completely mined by 2140, then for all intents and purposes it has no glass ceiling. Note that our current post Bretton-Woods system has 42 years, and that Bretton-Woods lasted ~40 years before collapsing (leading some to postulate, with the current crisis, that monetary systems blow up every 40 years). Bitcoin can last 40 years of use without hitting the ceiling.
- VladRussian2 13y agoi meant "glass ceiling" is the acceptance beyond narrow niche of "cyber-punks-nerds"-etc...