Whoooo-hoooooo, modern day "mining".
Posted on 03/09/2014 11:21:43 AM PDT by SeekAndFind
Perhaps you can demonstrate an example of a “defined” exchange rate other than market-defined.
A defined exchange rate is one that is fixed by law. One example would be the Bretton Woods Accord which set the exchange rates for all participating currencies in terms of dollars, then set a fixed exchange rate for dollars in terms of gold (albeit redeemable only by central banks).
So you are saying you can’t give a current example of a “defined” (by your definition) exchange rate. But for some reason I am supposed to provide one to you for a virtual currency. Do you see the double standard?
Where did I say that?
You asked for an example and I gave you one. Go to Cuba, exchange your dollars for pesos, and you will get to see a currently defined exchange rate. The definition of "defined exchange rate" doesn't change over time.
But for some reason I am supposed to provide one to you for a virtual currency. Do you see the double standard?
Who is being intentionally obtuse now? Provide an old example of a define exchange rate for Bitcoin if you have one.
Since you seem to need everything spelled out: gold is denominated in bitcoin (contrary to your assertion) just as gold is denominated in dollars. The price is set by the market and fluctuates. There were times before 1933 when there was a de facto defined (your definition) rate for gold and 1968 for silver, but there has not been any since.
Since that is how all currencies currently work, except for a few thug currencies, then that makes bitcoin equal to gold or any other store of value since the value is defined in the same way as gold.
How many banks have failed? Did the USD go away?
No?
How about that...
LOL. So, unable to back up your assertions with even a single example, you now resort to redefining words. Denominated means defined in terms of. Bitcoin is not defined in terms of anything.
I’m not the one reaching into the trashbin for Cuba or Bretton Woods. Enjoy your gold because I know I like having mine. As for bitcoin it looks like you will be left behind.
Omg
Agree on all points.
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