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Hoarding creates the value necessary per unit to make large funds transfers possible. Hoarding is good.
by gnaritas 13y ago
Hoarding creates the value necessary per unit to make large funds transfers possible. Hoarding is good.
- tethis 13y agoBut to succeed as a currency, it needs to encourage people to spend.
- gnaritas 13y agoIt doesn't need to succeed as a currency to succeed.
- logicallee 13y agobingo. It can succeed the way beanie babies did, which were never used as a unit of account or medium of exchange. /s
- gnaritas 13y agoDon't be so simple minded. It can succeed as a remittance mechanism without succeeding as a currency. If it does nothing more than eliminate Western Union for international wire transfers it'll be massively successful.
- logicallee 13y agoI think by definition it is a currency if it succeeds as a remittance mechanism - because you can really only send BTC using the bitcoin network, it can't track USD values directly (as a network.) Using the Western Union network you can literally "send dollars" (or euros or pounds) but the same isn't true of bitcoin. It's a remittance network tied to a currency, and that currency is bitcoin. In this sense its use as a remittance network implies its success as a currency. For this reason, I had no idea this is what you meant - I thought you meant it can succeed as an investment, without succeeding as a currency.
- gnaritas 13y agoNo, IMHO it can fail as a currency and succeed as a remittance mechanism. It can fail as a stable currency and thus not be a valid unit of account while still succeeding for remittance.