Free Republic
Browse · Search
General/Chat
Topics · Post Article

To: SeekAndFind
When I think of bit coin why do I think of this?


6 posted on 02/07/2014 10:17:35 AM PST by Slyfox (We want our pre-existing HEALTH INSURANCE back!)
[ Post Reply | Private Reply | To 1 | View Replies ]


To: Slyfox

10 posted on 02/07/2014 10:28:13 AM PST by Justa
[ Post Reply | Private Reply | To 6 | View Replies ]

To: Slyfox

Funny. Monopoly money has more intrinsic value.


11 posted on 02/07/2014 10:34:01 AM PST by FatherofFive (Islam is evil and must be eradicated)
[ Post Reply | Private Reply | To 6 | View Replies ]

To: Slyfox
When I think of bit coin why do I think of this?

Because you understand neither Bitcoin nor money.

Money is an agreement between people.

When you are playing monopoly you agree with the other players to deal with each other in Monopoly money. If you were to bring Federal Reserve Notes or gold bars to the game table, they would in no way help you win the game.

If you bring Monopoly money to McDonalds they may or may not accept it depending on the value that each of you ascribed to a certain quantity of them. They may actually be in the middle of one of their Monopoly promotions and decide trading you a hamburger for a couple thousand Monopoly bills would be a good way to secure supplies for the promotion.

Doing this on a large scale would be a tricky proposition though because people could find cheaper and cheaper way of printing their own Monopoly money. It would not be a viable long term means of enabling transactions.

Bitcoin on the other hand has many safe guards built into it to make it more stable than Monopoly money.

The real test of a currency is to judge it's potential stability against the entire market long term. Not just comparing it to one other currency or one other commodity. THE WHOLE MARKET.

When you compare the stability of Federal Reserve Notes against THE WHOLE MARKET for the past 50 years, what does that tell you about it's stability? Seems to me one Federal Reserve Note doesn't buy as much gasoline or gold or lead as it did in 1963. That is not very stable if you ask me.

Bitcoin is designed in a way to prevent what has happened to the Federal Reserve Notes.

Millions of people around the world are mutually ascribing value to Bitcoin by agreeing with each other to deal with one another through that medium because they see it as a better currency.

13 posted on 02/07/2014 10:42:49 AM PST by nitzy (You can avoid reality but you can't avoid the consequences of avoiding reality.)
[ Post Reply | Private Reply | To 6 | View Replies ]

To: Slyfox

“When I think of bit coin why do I think of this? “

Excepting that the value of Monopoly money is more stable than bitcoin, not to mention you can actually put Monopoly money in your pocket.


20 posted on 02/07/2014 11:14:03 AM PST by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
[ Post Reply | Private Reply | To 6 | View Replies ]

Free Republic
Browse · Search
General/Chat
Topics · Post Article


FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson