5 ms·
>Take that ability away and I'll start using gold or silver. Your move... I imagine that this type of scenario would provide a strong incentive for people to s
by miscellaneous 11y ago
>Take that ability away and I'll start using gold or silver. Your move...
I imagine that this type of scenario would provide a strong incentive for people to start using digital currencies like Bitcoin - they have a finite supply and are much easier to transact and store than physical items like gold or silver.
- skywhopper 11y agoBitcoin just feeds into the problem this article's proposal would exacerbate. Bitcoin is designed to be deflationary. There are a limited number of Bitcoins that will ever be produced. So as population and productivity grow, there is less and less currency to utilize for the necessary economic activity, and that economic activity would have to slow down. A Bitcoin-based economy would rapidly drain all capitalist incentive from the market.
- miscellaneous 11y agoI'm not proposing that Bitcoin becomes a standard currency for the world economy, just that people might use it as a store of value if Governments tried to ban cash.
- Zikes 11y agoI appreciate the sentiment, but a currency that owes its existence to being as complicated as humanly possible can't really be described as "easy".
- logfromblammo 11y agoGold and silver have the unenviable advantage of being immediately understood by absolutely everyone that has even a rudimentary knowledge of the history of commerce. Bitcoin still has to be explained.