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If a coffee shop is accepting bitcoins in exchange for coffee, they are already exposed to the FX risk that bitcoins will fall in dollar terms before they can b
by thrownaway2424 13y ago
If a coffee shop is accepting bitcoins in exchange for coffee, they are already exposed to the FX risk that bitcoins will fall in dollar terms before they can be liquidated.
In other news, the number of coffee shops which accept bitcoins is indistinguishable from zero in practice.
- junto 13y agoThis is an important point. If bitcoin had been used more as a currency, rather than investment speculation, the bitcoin community would have a much stronger case to argue that it is a currency. It probably wouldn't have changed the IRS decision since this is the first regulatory post warning shot, but bit coiners only have themselves to blame. It needs to be perceived by the outside world as a currency and not like a ponzi scheme that is full of thieves and brigands, because like it or not, that appears to be the general public's and the medias opinion to date.