Free Republic
Browse · Search
News/Activism
Topics · Post Article

To: who_would_fardels_bear

There’s not enough gold to replace the money anyway. In the end ALL money (even gold) get their value from people’s willingness to trade it for goods and services. Right now bitcoin isn’t money, it’s an investment commodity, because people are mostly just trading it for money. It might become money, but probably not. Between how little of it there is, the amount of effort it takes to actually trade them, and the trading price (really how the heck am I supposed to buy groceries with a non-fractional currency “worth” $1200 buck) it’s just not usable. But hey, most of our stock, commodity and bond markets now are ruled by the bigger fool philosophy (being sure that somebody out there will pay more for this than you’re paying) and actual value is basically meaningless, so good for bitcoin.


61 posted on 03/03/2017 9:50:55 AM PST by discostu (There are times when all the world's asleep, the questions run too deep, for such a simple man.)
[ Post Reply | Private Reply | To 4 | View Replies ]


To: discostu
I don't know that it is non-fractional.

So yes you could potentially buy something for 0.0203 bit coins, but how confusing would that be?

In some dystopian future where a bit coin is worth $1,045,634 are you being ripped off if your burger costs 0.0000405 bitcoins rather than the 0.0000404 you're "used to" paying?

65 posted on 03/03/2017 12:49:40 PM PST by who_would_fardels_bear
[ Post Reply | Private Reply | To 61 | View Replies ]

Free Republic
Browse · Search
News/Activism
Topics · Post Article


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