just one google search will come up with any number of magazine, news and other types of articles talking about bitcoin. they seem to endlessly go back and forth, either being pro or con in describing the lastest news about bitcoin?
what do you guys think of the fad that is bitcoin?
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I think it's just that - a fad. It'll reach it's maximum in a few years and the prices will plummet as the 'bit' rush ends, with everyone switching to the next new thing.
It's an amazing study of economics in a microcosm, however.
From what ive read on reddit basically this is the most unstable investment you can curently make. It was worth nothing a few years ago and a few weeks ago i saw it jackhammer to over 300, then it dropped again. The entire networth is tied up in people who have it, who have little means to cash in on it. A company in thailand went under which is the reason for its most recent drop as they were using the currency. You are better off investing in gold, or hell, even legacy staples compared to bitcoins.
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Cockatrice: Infallible
Mhjames: mtgsalvation: I DON'T SEE HOW THIS CARD IS GOOD. I KNOW PATRICK CHAPIN USED IT AND WENT 8-0, BUT THAT WAS A SMALL TOURNAMENT. THE CARD IS TOO SLOW. YOU NEED TO MAKE SURE THE OPPONENT HAS A SPELL IN THE GRAVEYARD
Bitcoin and cryptocurrency in general are next to impossible to explain in laymen's terms to others. That (in and of itself) is what will doom it to obscurity.
Also, it was heavily tied to the Silk Road, which probably paints it in a poor light.
I read an interesting story on Vocativ.com about it, basically expounding on why Bitcoin probably will not grow anymore. I can't look it up on my work computer but I'll post it when I get home.
I thought there was a recent thread on Bitcoins, either here or in Debate.
I don't think it's a good idea, to be honest. It doesn't have much security or stability, and its severely stigmatised so it'll never become a legitimate currency or even financial instrument (which it is classified as according to a number of finance ministries and federal bank).
I read an interesting story on Vocativ.com about it, basically expounding on why Bitcoin probably will not grow anymore. I can't look it up on my work computer but I'll post it when I get home.
My former roommate invests in Bitcoin. He claims it's "the future of currency". I told him I'd rather have a bag of gold coins than a Bitcoin wallet, because gold is something quantifiable to people (especially those with no concept of Bitcoin), particularly in some sort of situation where global war is occurring and an EMP gets dropped on our country...who's going to want Bitcoin, then? No one, that's who. People will always value gold.
2011: Best Mafia Performance (Individual) - Best Newcomer
2012: Best (False?) Role Claim - Worst Town Performance (Group) - Best Mafia Performance (Group) - Best SK Performance - Best Overall Player
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2014: Best Town Performance (Individual) - Best Town Performance (Group) - Most Interesting Role - Best Game - Best Overall Player
2015: Worst Mafia Performance (Group) - Best Read
2016: Best Town Performance (Group) - Best Town Player - Best Overall Player
My former roommate invests in Bitcoin. He claims it's "the future of currency". I told him I'd rather have a bag of gold coins than a Bitcoin wallet, because gold is something quantifiable to people (especially those with no concept of Bitcoin), particularly in some sort of situation where global war is occurring and an EMP gets dropped on our country...who's going to want Bitcoin, then? No one, that's who. People will always value gold.
Au may have properties that make it superior to Ag, but it really boils down to its applications and, if you know anything about chemistry or, really, the application of chemical knowledge (such as in chemical engineering, electrical engineering, material science, etc.), you would know and understand that silver is in fact more valuable to society than gold. However, even if gold were more valuable in itself as well as according to its usage (and, indeed, gold has various properties and characteristics that make it so useful in multifarious applications; there's no denying this), the value of gold should then be determined by the value placed in it by those who use it, either as a commodity or as currency (and, depending on whether it is used as a commodity or as a currency, its value again would fluctuate).
In any case, with due respect, that's paranoid prattle. There isn't going to be a global war, and no EMPs are going to be detonated on Western nations.
As with other cryptocurrencies, part of the problem with them is their lack of legitimacy or at least the absence of any certainty. In part, this is no doubt due to their ill-defined or undefined status, legally.
Some claim that Bitcoin is an appalling instrument, as it is too labile or volatile and indeed liable to epic deflation. Certainly, there is some validity to this and there are specific assumptions in this assessment; but, from what is known about Bitcoins thus far and how things have been, these are reasonable ones to hold. However, regardless of the fact that Bitcoins may be a deflationary currency, instrument, or commodity, it really doesn't matter; rather, the issue is the aforementioned volatility and the fact that the numbers do not add up or there isn't a balance.
Ok I have a very basic understanding of bitcoin. I know about mining and have been following news since it first hit the scene when trendy businesses started accepting it.
First impression is that as an unregulated currency, who is to stop someone, say bitcoins creater from creating coins and flooding the market. Or a hacker from doing the same?
Ok I have a very basic understanding of bitcoin. I know about mining and have been following news since it first hit the scene when trendy businesses started accepting it.
First impression is that as an unregulated currency, who is to stop someone, say bitcoins creater from creating coins and flooding the market. Or a hacker from doing the same?
Something about the algorithm used, I believe, makes it very hard to create 'fake' bitcoins. I believe the creator has a huge stockpile of bitcoins out there, so he could potentially flood the market.
We do need alternate currencies because it is not right to be forced to use a currency that you don't agree with our that you don't stand behind. In the olden days, each bank had its own money and you just spent money of the bank you were a member of, then at the end of the business, all the banks would trade back for their own currency. When the government tightened their attacks against bank robbers in the 1800's, may of them went to Canada, who were still using this system. At 5 PM, there would be all these unarmed men carrying bag fulls of cash from different banks. Easy money.
We do need alternate currencies because it is not right to be forced to use a currency that you don't agree with our that you don't stand behind. In the olden days, each bank had its own money and you just spent money of the bank you were a member of, then at the end of the business, all the banks would trade back for their own currency. When the government tightened their attacks against bank robbers in the 1800's, may of them went to Canada, who were still using this system. At 5 PM, there would be all these unarmed men carrying bag fulls of cash from different banks. Easy money.
Are you making a joke? That we need alternate currencies that are easier to steal?
First impression is that as an unregulated currency, who is to stop someone, say bitcoins creater from creating coins and flooding the market. Or a hacker from doing the same?
Not that are easier to steal, but you should have some choice in your currency. If I don't like that way one product or business conducts themselves, I can go with one I agree with. Not so much with money.
It's amusing to see a lot of negative sentiments towards bitcoin in this thread. I've been using them for over a year, and I'm interested in them enough to the point that I'm accepting them for my MTG store!
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Very good prices for Magic singles! Accepting bitcoin!
First and only store in the world offering to pay buylist orders in bitcoin!
@blacklotusgo on twitter
facebook.com/blacklotusgo
Bitcoin is guaranteed to be worthless in a decade. The primary problem is not so much the inherent value; but, the highly deflationary nature of the currency. (Yes, Bitcoin is more deflationary than gold, silver, etc.) This deflationary model conflicts with the ever increasing net value of the world's assets. Furthermore, Bitcoins are already valued in the hundreds of dollars. With such a high value and an arbitrarily limited supply, Bitcoin can never be used by a wide audience as a medium of exchange.
This is not a shot at cryptocurrencies because some currency may make it work; but, the Bitcoin algorithm, in particular, will fail be design. An elementary understanding of economics would have served the inventors of Bitcoin well. Of course, others critics continue to accuse Bitcoin of being a simple Ponzi scheme and, if that is the case, then the inventors of Bitcoins have indeed succeeded in their endeavor and are probably very wealthy at this point.
Furthermore, Bitcoins are already valued in the hundreds of dollars. With such a high value and an arbitrarily limited supply, Bitcoin can never be used by a wide audience as a medium of exchange.
This is flawed reasoning. 1 bitcoin is an arbitrary unit of measure, as each "coin" can be divided into 100 million pieces (8 decimal places). This allows for a total of 2100 trillion units of measure.
Even now, people are starting to adopt 1 mBTC (milli-bitcoin) as the base unit of measure, since it is ~$1.
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BlackLotusGo.com
Very good prices for Magic singles! Accepting bitcoin!
First and only store in the world offering to pay buylist orders in bitcoin!
@blacklotusgo on twitter
facebook.com/blacklotusgo
2011: Best Mafia Performance (Individual) - Best Newcomer
2012: Best (False?) Role Claim - Worst Town Performance (Group) - Best Mafia Performance (Group) - Best SK Performance - Best Overall Player
2013: Best Non-SK Neutral Performance
2014: Best Town Performance (Individual) - Best Town Performance (Group) - Most Interesting Role - Best Game - Best Overall Player
2015: Worst Mafia Performance (Group) - Best Read
2016: Best Town Performance (Group) - Best Town Player - Best Overall Player
BitCoins are opensource, so there is the method of just creating another cryptocurrency with another name, if this caught on there there would be unregulated inflation and they would become worthless.
We already have a currency that has no value, Fiat currency, but these retain value via the trade deficit, and are usable because they are made to encourage spending via inflation over deflation. If you haven't read about deflationary and unstable currencies they usually are hoarded and treated as investments more than usable currency. It matters little that the currency is divisible into smaller units it does not prevent the deflation. Its the same as saying that if a Kg of gold is 100$ we'll use 10 grams for 1$, but then gold goes up to 1000$ per Kg so we use .1grams for 1$. Now if you are sane why would you spend the gold when it is 100$ per kg when you can wait till it's 1000$ per kg and you have more value for nothing, but if you spend it today your losing more than just 1$ your losing 10$ in future value, so knowing this you'll never spend your gold as $$ because it has more value just sitting there, this is what deflation looks like. Now since Bitcoins are intangible and deflationary they are likely to not be used as a effective currency nor are they likely to retain value because they are intangible and thus have no intrinsic value. Since their only value lies in being a currency and being deflationary means that it is a useless currency they have no value. One thing to remember about currency is that it is a medium of exchange and a representation of value but intrinsically has no value, so a currency that gains in value makes it more difficult to use as a medium of exchange because it becomes a commodity, and a commodity with no value is worthless, as is a currency that does not change hands. Remember that money is an invention used to give us a better way to exchanging goods than bartering, which we already have, and is worth less than bit coins, so why spend bit coins on things when one can spend $$ and not have to give up the increasing "value" of the deflationary coins.
BitCoins are opensource, so there is the method of just creating another cryptocurrency with another name, if this caught on there there would be unregulated inflation and they would become worthless.
Many "alt coins" have already been created, the most popular being litecoin. Most of them are considered worthless. In theory, another cryptocurrency could come along that is technically superior to bitcoin, but the most important factor is adoption.
We already have a currency that has no value, Fiat currency, but these retain value via the trade deficit, and are usable because they are made to encourage spending via inflation over deflation. If you haven't read about deflationary and unstable currencies they usually are hoarded and treated as investments more than usable currency. It matters little that the currency is divisible into smaller units it does not prevent the deflation. Its the same as saying that if a Kg of gold is 100$ we'll use 10 grams for 1$, but then gold goes up to 1000$ per Kg so we use .1grams for 1$. Now if you are sane why would you spend the gold when it is 100$ per kg when you can wait till it's 1000$ per kg and you have more value for nothing, but if you spend it today your losing more than just 1$ your losing 10$ in future value, so knowing this you'll never spend your gold as $$ because it has more value just sitting there, this is what deflation looks like. Now since Bitcoins are intangible and deflationary they are likely to not be used as a effective currency nor are they likely to retain value because they are intangible and thus have no intrinsic value. Since their only value lies in being a currency and being deflationary means that it is a useless currency they have no value. One thing to remember about currency is that it is a medium of exchange and a representation of value but intrinsically has no value, so a currency that gains in value makes it more difficult to use as a medium of exchange because it becomes a commodity, and a commodity with no value is worthless, as is a currency that does not change hands. Remember that money is an invention used to give us a better way to exchanging goods than bartering, which we already have, and is worth less than bit coins, so why spend bit coins on things when one can spend $$ and not have to give up the increasing "value" of the deflationary coins.
The concerns regarding deflationary spending are valid, though there are arguably other benefits to a deflationary currency.
Leaving the long-term theoretical analysis alone, on a practical day-to-day basis there are many people who are looking to spend BTC because they have gained purchasing power as a result of holding bitcoin and wish to "realize" these gains via spending on goods or services.
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Very good prices for Magic singles! Accepting bitcoin!
First and only store in the world offering to pay buylist orders in bitcoin!
@blacklotusgo on twitter
facebook.com/blacklotusgo
Ok first off everyone should go listen to Joe Rogan Experience #446 that has guest Andreas Antonopoulos. This guy is a security expert, entrepreneur, and coder and has a resume that gives him credibility. This podcast is a three hour conversation where Andreas talks about all the aspects of bitcoin that are mostly unclear. In fact i was well versed in bitcoin knowledge prior, but he showed how many of the current popular notions people use to explain it are ompletely wrong. I walked away shocked at how much i learn and how much of what i learned what not accurate. Its one of the greatest podcasts in terms of cluing people into the reality of bitcoin. There are some ideas that really struck out that I have only heard this guy talk about and as of now, this sounds like as much of a change for the world as the internet ushered in, so let me share some ideas.
What I think is amazing is how it bypasses human corruption in the banking system to give a global economy that can not be tampered by a group of people controling a regulatory board. the bit coin economy is a enclosed economy where people participating backs the value (like the US dollar- its not backed by anything) without the middlemen who historically have never been fair or just with monitoring economies.
This also helps build a new global world. Heres a great example....
World banks don't want to fund Somolia to imporve the conditions of the nation because the conditions are currently bad and will not cash growth. That is cyclical thinking and at the end of the day Somolia does not get better by being excluded from the global economy. But with bitcoin Somolians who have access to the internet (they can get it) can now trade with whoever want to trade bitcoins. So now more real wealth will flow through the country. With wealth in circulation, you can support jobs and education which furthers the economy driving away elements like Al-Shabba that keep Somalia in the intellectual dark ages. This will help modernize the world without gatekeepers saying what cultures get to participate. And thats the biggest tool to make the world better, access; access to economy, wealth, knowledge, or people.
Bitcoin also improves the world by ending the ability of people (bankers) to create a class of people who own and regulate the economy based on their own sustainability without doing anything. You put money in banks to save it, the banks then move that money around while you don't need it create a working economy of trust. But why do bankers get rich using are cash? Well bottom line they don't and we all know how bankers use their endless wealth to influence and undermine governments. So now we can have a new economy where they don't get to rob people for nothing. Basically wealth should stay with the people working and making things, no do nothing liar banker pigs.
Bitcoin, or better yet crypto-currency will never replace the US dollar or all other physical money. Crypto-currency is to be used in conjunction with localized economies. The worst thing in the world is one option. Competition breeds evolution and the best possible solution. Bitcoin with US or whatever localized currency will help make a divergent but connected global economy.
So give it a listen or let me know what you think about some of these non-imperial-globalizing ideas.
It doesn't matter if bitcoin goes down, another two will replace it. In fact bitcoin might suffer from a MySpace fallout once it becomes popular. Crypto-currency will influence the world more than the internet has/will. The internet is essentially communication and knowledge with gatekeepers cut out. Crypto-currency will cut the gatekeepers or at least de-power them(by giving them valid competition they can't cheat away. But I also like the idea it could be used to create a MTGcoin to fule an MTG based economy.
I think one reason why bit coins has little validity to me is that there is no group who has a monopoly on violence saying that we use this to do business. It might be the case where eventually you can use it to purchase anything anywhere, but i doubt it being any time soon. I wonder what incentive bitcoins give stores to use it? If its volatile as it is currently then there is overhead in recalculating the price of goods. Then what does the owner do with the bitcoins when he has them, sell the coins for another curency? more overhead in exchanging the currency. What if the supplier does not use bitcoins well then we must exchange the bitcoins for another currency to continue to sell goods. Ok so what if we have the supplier that accepts bitcoins, what then does the supplier do with them? sell them or use them to purchase raw goods and pay wages. What if the workers refuse to accept payment in bitcoins, or the rawgoods supplier and its employees ect... I don't think that unless it becomes absolutely pervasive that it will succeed, and since that it does not have any enforcement to force that case it will not ever fully saturate the economy.
I think that people believe incorrectly that the imaginary value tokens we use is a problem that needs solving. Its the least of the problem. The value is not in its representation but the goods and labor that they represent, we could use rocks and we would still have a currency, we could use jar's of farts as currency, we can use anything as currency but we use fiat money as currency why? because the government says that you have to accept it with the law and if you fail the follow they will come and fine you and if you resist they will imprison you. That is why we use fiat because countries with armies and police which collect taxes demand that you do so or else. Bitcoins will not change this they will just be another imaginary token of value that will eventually be worthless as rocks or taxed.
What incentive bitcoins give stores to use it? Wells its an instantaneous transaction that is not taxed by a bank. And each year the bitcoin value has be gaining stability. It also gets around services the fact banks control how you can spend. For example some banks don't support Wikilinks so they would let paypal or VISA account donate to their account. Consider also how banks don't want to support the need legalized weed market in Washington and Colorado and won't take their money. These working people can now have a viable economy to do business in without having people telling them what they can and can't do despite the fact its legal. I agree we don't need a new monetary style- bitcoin is a faith based system, but it removes many human factors that have always been corrupted. Also, we have never had a resource backed money that was not fixed outside of its actual base amount. Outside of hording and corruption and the fact you cant count destroyed stuff if you didn't see if destroyed this is by the fact its impossible to know how much of a physical thing that can be dug up and destroyed around the world at any given time. Bitcoin account for this by calculating this every 10 minutes. The program runs all transactions to check where ever bit is every 10 minutes so that is why its for accurate. Also the bit needs a physical paper to support it. Cars replaced horses popularity but their not gone. Also bitcoin is a program like the internet, you can't just shut it off if the government doesn't like it. Its illegal in Russia and other dictatorial states but its still going. And it devalues the ability of countries to force people to play by their rules because their is a new current technology that can't be stopped. You can't kill and idea.
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what do you guys think of the fad that is bitcoin?
http://en.wikipedia.org/wiki/Bitcoin
Twitter- RogueSource.
Decks: "Name one! I probably got it built In one of these boxes."
---------------------------------------------------
Vintage will rise again! Buy a Mox today!
---------------------------------------------------
[I]Some call it dig through time, when really your digging through CRAP!
Merfolk! showing magic players what a shower is since Lorwyn!
It's an amazing study of economics in a microcosm, however.
TerribleBad at Magic since 1998.A Vorthos Guide to Magic Story | Twitter | Tumblr
[Primer] Krenko | Azor | Kess | Zacama | Kumena | Sram | The Ur-Dragon | Edgar Markov | Daretti | Marath
The basic idea of cryptocurrencies is interesting, but Bitcoin is starting to feel more like a libertarian fetish-toy than a useful system of money.
Link to an editorial that says things more eloquently and with more sources than I will.
Art is life itself.
By: ol MISAKA lo
Cockatrice: Infallible
Also, it was heavily tied to the Silk Road, which probably paints it in a poor light.
I read an interesting story on Vocativ.com about it, basically expounding on why Bitcoin probably will not grow anymore. I can't look it up on my work computer but I'll post it when I get home.
I don't think it's a good idea, to be honest. It doesn't have much security or stability, and its severely stigmatised so it'll never become a legitimate currency or even financial instrument (which it is classified as according to a number of finance ministries and federal bank).
Good idea. Thanks.
Looking forward to reading it.
{мы, тьма}
2012: Best (False?) Role Claim - Worst Town Performance (Group) - Best Mafia Performance (Group) - Best SK Performance - Best Overall Player
2013: Best Non-SK Neutral Performance
2014: Best Town Performance (Individual) - Best Town Performance (Group) - Most Interesting Role - Best Game - Best Overall Player
2015: Worst Mafia Performance (Group) - Best Read
2016: Best Town Performance (Group) - Best Town Player - Best Overall Player
Au may have properties that make it superior to Ag, but it really boils down to its applications and, if you know anything about chemistry or, really, the application of chemical knowledge (such as in chemical engineering, electrical engineering, material science, etc.), you would know and understand that silver is in fact more valuable to society than gold. However, even if gold were more valuable in itself as well as according to its usage (and, indeed, gold has various properties and characteristics that make it so useful in multifarious applications; there's no denying this), the value of gold should then be determined by the value placed in it by those who use it, either as a commodity or as currency (and, depending on whether it is used as a commodity or as a currency, its value again would fluctuate).
In any case, with due respect, that's paranoid prattle. There isn't going to be a global war, and no EMPs are going to be detonated on Western nations.
As with other cryptocurrencies, part of the problem with them is their lack of legitimacy or at least the absence of any certainty. In part, this is no doubt due to their ill-defined or undefined status, legally.
Some claim that Bitcoin is an appalling instrument, as it is too labile or volatile and indeed liable to epic deflation. Certainly, there is some validity to this and there are specific assumptions in this assessment; but, from what is known about Bitcoins thus far and how things have been, these are reasonable ones to hold. However, regardless of the fact that Bitcoins may be a deflationary currency, instrument, or commodity, it really doesn't matter; rather, the issue is the aforementioned volatility and the fact that the numbers do not add up or there isn't a balance.
First impression is that as an unregulated currency, who is to stop someone, say bitcoins creater from creating coins and flooding the market. Or a hacker from doing the same?
Something about the algorithm used, I believe, makes it very hard to create 'fake' bitcoins. I believe the creator has a huge stockpile of bitcoins out there, so he could potentially flood the market.
TerribleBad at Magic since 1998.A Vorthos Guide to Magic Story | Twitter | Tumblr
[Primer] Krenko | Azor | Kess | Zacama | Kumena | Sram | The Ur-Dragon | Edgar Markov | Daretti | Marath
[Clan Flamingo]
Are you making a joke? That we need alternate currencies that are easier to steal?
TerribleBad at Magic since 1998.A Vorthos Guide to Magic Story | Twitter | Tumblr
[Primer] Krenko | Azor | Kess | Zacama | Kumena | Sram | The Ur-Dragon | Edgar Markov | Daretti | Marath
The lack of regulation is more of a problem because it allows people to set up markets in assassination or set up links to child pornography than because of currency security. Tax evasion is also potentially an issue.
Art is life itself.
[Clan Flamingo]
Very good prices for Magic singles! Accepting bitcoin!
First and only store in the world offering to pay buylist orders in bitcoin!
@blacklotusgo on twitter
facebook.com/blacklotusgo
This is not a shot at cryptocurrencies because some currency may make it work; but, the Bitcoin algorithm, in particular, will fail be design. An elementary understanding of economics would have served the inventors of Bitcoin well. Of course, others critics continue to accuse Bitcoin of being a simple Ponzi scheme and, if that is the case, then the inventors of Bitcoins have indeed succeeded in their endeavor and are probably very wealthy at this point.
This is flawed reasoning. 1 bitcoin is an arbitrary unit of measure, as each "coin" can be divided into 100 million pieces (8 decimal places). This allows for a total of 2100 trillion units of measure.
Even now, people are starting to adopt 1 mBTC (milli-bitcoin) as the base unit of measure, since it is ~$1.
Very good prices for Magic singles! Accepting bitcoin!
First and only store in the world offering to pay buylist orders in bitcoin!
@blacklotusgo on twitter
facebook.com/blacklotusgo
{мы, тьма}
2012: Best (False?) Role Claim - Worst Town Performance (Group) - Best Mafia Performance (Group) - Best SK Performance - Best Overall Player
2013: Best Non-SK Neutral Performance
2014: Best Town Performance (Individual) - Best Town Performance (Group) - Most Interesting Role - Best Game - Best Overall Player
2015: Worst Mafia Performance (Group) - Best Read
2016: Best Town Performance (Group) - Best Town Player - Best Overall Player
BitCoins are opensource, so there is the method of just creating another cryptocurrency with another name, if this caught on there there would be unregulated inflation and they would become worthless.
We already have a currency that has no value, Fiat currency, but these retain value via the trade deficit, and are usable because they are made to encourage spending via inflation over deflation. If you haven't read about deflationary and unstable currencies they usually are hoarded and treated as investments more than usable currency. It matters little that the currency is divisible into smaller units it does not prevent the deflation. Its the same as saying that if a Kg of gold is 100$ we'll use 10 grams for 1$, but then gold goes up to 1000$ per Kg so we use .1grams for 1$. Now if you are sane why would you spend the gold when it is 100$ per kg when you can wait till it's 1000$ per kg and you have more value for nothing, but if you spend it today your losing more than just 1$ your losing 10$ in future value, so knowing this you'll never spend your gold as $$ because it has more value just sitting there, this is what deflation looks like. Now since Bitcoins are intangible and deflationary they are likely to not be used as a effective currency nor are they likely to retain value because they are intangible and thus have no intrinsic value. Since their only value lies in being a currency and being deflationary means that it is a useless currency they have no value. One thing to remember about currency is that it is a medium of exchange and a representation of value but intrinsically has no value, so a currency that gains in value makes it more difficult to use as a medium of exchange because it becomes a commodity, and a commodity with no value is worthless, as is a currency that does not change hands. Remember that money is an invention used to give us a better way to exchanging goods than bartering, which we already have, and is worth less than bit coins, so why spend bit coins on things when one can spend $$ and not have to give up the increasing "value" of the deflationary coins.
Many "alt coins" have already been created, the most popular being litecoin. Most of them are considered worthless. In theory, another cryptocurrency could come along that is technically superior to bitcoin, but the most important factor is adoption.
The concerns regarding deflationary spending are valid, though there are arguably other benefits to a deflationary currency.
Leaving the long-term theoretical analysis alone, on a practical day-to-day basis there are many people who are looking to spend BTC because they have gained purchasing power as a result of holding bitcoin and wish to "realize" these gains via spending on goods or services.
Very good prices for Magic singles! Accepting bitcoin!
First and only store in the world offering to pay buylist orders in bitcoin!
@blacklotusgo on twitter
facebook.com/blacklotusgo
What I think is amazing is how it bypasses human corruption in the banking system to give a global economy that can not be tampered by a group of people controling a regulatory board. the bit coin economy is a enclosed economy where people participating backs the value (like the US dollar- its not backed by anything) without the middlemen who historically have never been fair or just with monitoring economies.
This also helps build a new global world. Heres a great example....
World banks don't want to fund Somolia to imporve the conditions of the nation because the conditions are currently bad and will not cash growth. That is cyclical thinking and at the end of the day Somolia does not get better by being excluded from the global economy. But with bitcoin Somolians who have access to the internet (they can get it) can now trade with whoever want to trade bitcoins. So now more real wealth will flow through the country. With wealth in circulation, you can support jobs and education which furthers the economy driving away elements like Al-Shabba that keep Somalia in the intellectual dark ages. This will help modernize the world without gatekeepers saying what cultures get to participate. And thats the biggest tool to make the world better, access; access to economy, wealth, knowledge, or people.
Bitcoin also improves the world by ending the ability of people (bankers) to create a class of people who own and regulate the economy based on their own sustainability without doing anything. You put money in banks to save it, the banks then move that money around while you don't need it create a working economy of trust. But why do bankers get rich using are cash? Well bottom line they don't and we all know how bankers use their endless wealth to influence and undermine governments. So now we can have a new economy where they don't get to rob people for nothing. Basically wealth should stay with the people working and making things, no do nothing liar banker pigs.
Bitcoin, or better yet crypto-currency will never replace the US dollar or all other physical money. Crypto-currency is to be used in conjunction with localized economies. The worst thing in the world is one option. Competition breeds evolution and the best possible solution. Bitcoin with US or whatever localized currency will help make a divergent but connected global economy.
So give it a listen or let me know what you think about some of these non-imperial-globalizing ideas.
So Pro I have an alpha Volcanic Island
I think that people believe incorrectly that the imaginary value tokens we use is a problem that needs solving. Its the least of the problem. The value is not in its representation but the goods and labor that they represent, we could use rocks and we would still have a currency, we could use jar's of farts as currency, we can use anything as currency but we use fiat money as currency why? because the government says that you have to accept it with the law and if you fail the follow they will come and fine you and if you resist they will imprison you. That is why we use fiat because countries with armies and police which collect taxes demand that you do so or else. Bitcoins will not change this they will just be another imaginary token of value that will eventually be worthless as rocks or taxed.