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Would you buy bitcoin if it was linked to major currencies?

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Comments

  • #52
    oppenheimer1
    Closed Accounts Posts: 6,084 ✭✭✭oppenheimer1


    af_thefragile wrote: »
    Its a use able currency as long as sellers are willing to deal with it.
    No one can stop sellers from dealing in bit coins. It has many advantages that its not taxed, your bank won't charge a fee for international transactions, its very informal so difficult to track although bit coin does keep logs of every transaction. The way it is designed, its value should theoretically remain stable.

    Although right now people are hoarding it hoping its value goes up in the future and they'll make a nice profit off it. This is driving a bubble as more and more people look to hoard bit coins and its demand is increasing driving up its value. But the clever thing about bitcoins is its supply is limited so no one can go hoarding bit coins. Bit coins are released at a set rate and although there is a race to mine bit coins going on, they can't mine it any faster than the rate at which bit coins are designed to be released. This keeps the supply limited which in theory should keep its value stable.

    Truth is no one can predict what the future holds for bit coins. Economics can make predictions but at the end of the day they're just predictions are economic predictions are often wrong.

    One can assume more vendors and private sellers will prefer to deal with bit coins in the future as its hassle free and as long as there are sellers willing to accept bit coins as a form of currency, bit coins will remain as a valuable form of currency.

    You've got it completely wrong. The reason why the value is so volatile is because supply is fixed. In a traditional currency the central bank would issue more currency to prevent a massive increase in price. This is essentially what the Swiss had to do when the euro crisis prompted a flight to the franc.

    The reason bitcoin is currently useless as a currency is because of its inherent design flaw, that supply isn't flexible. Its the same flaw that brought down the gold standard. No one will buy anything with it if they cannot reasonably predict the price of assets in a few weeks or months, let alone days or hours with bitcoin.

    Bit coin can best be seen as an investment, like gold or any other useless commodity.


  • #53
    hooradiation
    Closed Accounts Posts: 3,922 ✭✭✭hooradiation


    hatrickpatrick wrote: »
    That pretty much sums up all major currencies worldwide. The only difference is they are "backed" by government - fat lot of good that's done them. What does it even mean? Backed by what? They're no longer tied to anything meaningful so how are they any less "real" than bitcoin?

    When I can buy something useful with bitcoins then it can be something more than a scam.

    Well, it'll always be a scam. I guess there's no changing that.


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