plock

6 ms·

1.
by plock 13y ago
>In that case, no currency has intrinsic value. I just gave you my definition of intrinsic value and explained exactly why the dollar has intrinsic value according to that definition. If you want to argue that what I said was wrong, you
2.
by plock 13y ago
The argument I'm putting forth is that: 'Intrinsic value' meaning 'objective value' is a useless concept because all value is subjective. What I think people generally mean when they say 'intrinsic value',
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by plock 13y ago
In exchange for not having transfer fees, you get no protection against fraud or theft. Not such a great 'advantage' for the average person, is it? Oh, I know, you can use escrow and other services to guard against that. But guess
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by plock 13y ago
>If your argument is that I'd have to convert bitcoin to dollars in order to pay taxes, that's a nonargument. It's not a 'nonargument'. It's true, and very relevant. >I am sure they would take Bitcoin dir
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by plock 13y ago
>You're still confusing the burden to pay taxes under the penalty of law in one particular country with value. Let's say I'm a schoolyard bully. An honest one. I hand out slips of paper that say "Keep your lunch"
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by plock 13y ago
>All that barrel does is stop counterfeiters and tax evaders. Neither of those things are "intrinsic value". If anything can be said to have 'intrinsic value', being free from prosecution is surely one of those things
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by plock 13y ago
>First of all, I can pay taxes in Bitcoin. There's a company that handles it for me. That company doesn't pay the US government in bitcoin. They just buy dollars on your behalf. Every dollar owed in taxes must be paid in USD. &
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by plock 13y ago
>not to mention that there's no freedom from being prosecuted for non-payment of taxes. What? If I pay my taxes, I won't be prosecuted for non-payment of taxes. >in that case Bitcoin's intrinsic value is that it's
9.
by plock 13y ago
>If I have a comparable amount of confidence in my snail tail guy as I do in the USG's hunger for USD, then snail tails are suddenly "intrinsically valuable"? According to the definition I gave, yes. If you're thinkin
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by plock 13y ago
The degree to which you believe the guy will make good on his promise to always buy snail tails in exchange for water is the degree to which you believe snail tails are backed by water. We can be pretty sure the US government will generally
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by plock 13y ago
If we take 'intrinsic value' to mean 'having some use other than to simply trade away again to someone else, or being backed by something with intrinsic value', then the dollar has intrinsic value in that it is backed by
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by plock 13y ago
>Deflation, by providing a risk free return for sitting on currency How is it 'risk free return'? What guarantee is there that the currency will continue deflating?
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by plock 13y ago
They're not out of control, those people just happen to be very poor. They haven't been going up like crazy like health care costs have.
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by plock 13y ago
The point is that consumers are still able to bid down prices despite having no choice but to participate in the market. Individual sellers still have to convince individual buyers to buy their products, and to do so they have to price thei
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by plock 13y ago
The consumer also can't entirely walk away from the food market. That doesn't make food prices go out of control.