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The author obviously understands that Bitcoin has no central bank - his point is that if it ever were to be used as a currency it would need one. Would you like
by gahahaha 13y ago
The author obviously understands that Bitcoin has no central bank - his point is that if it ever were to be used as a currency it would need one. Would you like your salary paid in bitcoins? You wouldn't know from one month to the next what you could afford to buy since prices would be so volatile. Bitcoin might have other uses like easy electronic payments - but the author points out that if you want to buy something legally it is quite convenient already today with the currencies we have.
- jpttsn 13y ago> it is quite convenient already today with the currencies we have. That's ridiculous. The friction or transferring money is a huge problem across the world. Developing nations are left out, governments shut down payments on a whim, etc.
- coinbase-craig 13y agoI get my salary paid in bitcoin and I think it's pretty awesome.
- maxerickson 13y agoHow flexible is that arrangement? If Bitcoin undergoes a sudden downturn, can you ask for dollars next month?
- coinbase-craig 13y agoI get paid a USD equivalent. So if bitcoin went down next month, I'd just get a greater amount of bitcoin. I could change to being paid in USD instead, but I choose to be paid in bitcoin.
- gnaritas 13y agoIf your salary is priced in USD, you're really just being paid in USD, not Bitcoin. When you're ready to accept a fixed amount of Bitcoin every pay period, then you're paid in Bitcoin.
- coinbase-craig 13y agoAt the end of the day I end up with bitcoin in my account, not dollars. So what you're saying does not seem correct to me. The conversion is just a way of determining how much bitcoin I should be paid.
- gnaritas 13y agoYour dollars are being delivered to you via Bitcoin, but your salary is designated in dollars, thus you are paid in dollars.
- coinbase-craig 13y agoBut dollars are not being delivered to me, that's the point. Bitcoin isn't acting as a middleman here-it's the end. If I were your employer and decided to price your bi-weekly paycheck in terms of segways (each paycheck would be the dollar equivalent of one segway), does that mean you'd be "paid in segways"? No, you're paid in dollars. You can't really claim someone is paid in dollars unless (1) they receive actual dollars, or (2) the thing they receive instead is guaranteed to be exchangeable for that dollar amount at any point into the future. Neither of these is true of a salary that is delivered in bitcoin, regardless of how it's priced.
- gnaritas 13y ago> Bitcoin isn't acting as a middleman here-it's the end. No, Employer > USD > Bitcoin > You. If you're using dollar equivalent for any reason whatsoever, then that's what you're really being paid in. Your salary is being priced in dollars, not Bitcoin. > You can't really claim someone is paid in dollars unless (1) they receive actual dollars, or (2) the thing they receive instead is guaranteed to be exchangeable for that dollar amount at any point into the future. Yes I can. Your employer is paying out dollars, that it's converted to something along the way is not relevant, they're paying you in dollars; you just receive something else through a middleman, in this case the Bitcoin network.
- gahahaha 13y agoFrom your other comments you seem to be paid in USD but your employer buys bitcoin for you each month and gives you that. You could buy the bitcoin yourself each salary day and nothing would change.
- coinbase-craig 13y agoYep, basically. But what's your point? I don't want to do the extra work. I consider not having to a perk.
- deleted 13y ago[deleted]