Jim Rickards on Why Bitcoin Is a Legitimate Money

[the_poet]

Interesting read

http://www.nasdaq.com/article/jim-rickards-on-why-bitcoin-is-a-legitimate-money-cm604676

[Evildrum]

https://bitcointalk.org/index.php?topic=1434965.0

No one beats Litecoinguy!

"Governments have an edge because they can make you pay taxes in their money,"

This is the big issue that comes to mind for me when we think of bitcoin working outside government. What happens to the way we pay for utilities and like minded services or roads!

[Hirose UK]

If you and I have confidence that something is money and we agree that it's money, then it can be money.

I do agree with this statement. we can find so many kinds of money over the world, and also we find many kinds of cryptocurrency.

[7788bitcoin]

If you and I have confidence that something is money and we agree that it's money, then it can be money.

I do agree with this statement. we can find so many kinds of money over the world, and also we find many kinds of cryptocurrency.

I guess "you and I" needs to equal to "most people" before bitcoin can be considered money. However, there are still lots of barriers ahead of bitcoin before the world, especially the governments recognized it as money.

[nostal02]

If you and I have confidence that something is money and we agree that it's money, then it can be money.

I do agree with this statement. we can find so many kinds of money over the world, and also we find many kinds of cryptocurrency.

I guess "you and I" needs to equal to "most people" before bitcoin can be considered money. However, there are still lots of barriers ahead of bitcoin before the world, especially the governments recognized it as money.

I think some country can see it already as money and they just invest it bitcoin secretly they already know bitcoin but not just being out spoken about it.

[OROBTC]

...

Rickards is a guy I respect.  But re money, the definitions of money that I like the best share the below three criteria:

1)  Money needs to be a Unit of Account (that car is worth $5000)

2)  Money needs to be a Medium of Exchange (give me $5000, and the car is yours!)

3)  Money should be a Store of Value (a dollar next year should be worth about a dollar today)

Bitcoin fits the first two reasonably well, though more merchants accepting BTC and more consumer use would be much desired.  Re the third point, BTC is volatile and so only partially meets that criterion.

Bitcoin is "almost legitimate money".

[Snorek]

https://bitcointalk.org/index.php?topic=1434965.0

No one beats Litecoinguy!

"Governments have an edge because they can make you pay taxes in their money,"

This is the big issue that comes to mind for me when we think of bitcoin working outside government. What happens to the way we pay for utilities and like minded services or roads!

I am quite worried about this whole 'taxes and bitcoin' thing. I feel for now we are fine because bitcoin is not main economic force and rather 'virtual money' geeky nerds and hipsters use.
But as bitcoin acceptance will grow government will realize that there is money they are missing by not taxing bitcoin transactions. They can't really do that - so I suspect they either:

- Tax every cryptocurrency satellite service.

or

- Try to discredit/ban bitcoin and convince people that bitcoin is only good if you are hiding something.

[SFR10]

Good points made by Jim Rickards and totally agree in regards to governments edge over others since they could pretty much control everything and make you pay further expenditures but on his last quote, why did he mentioned "BTCitcoin and digital currencies like U$ dollar", since when $ is considered a digital currency?

~Snipped~

IIRC there are some states that already charge taxes for BTCitcoin transactions (unfortunately).

[OROBTC]

...

If/when Bitcoin becomes big worldwide is when we see its great value!

Probably the best and highest value feature of Bitcoin is the ease of avoiding capital controls.  Once BTC is big enough to be accepted as "currency" in enough jurisdictions, then we may see lots BTC sent to "BTC friendly" places (lower taxation of BTC a prime example).  It may then all depend on local rules for BTC transactions.

[Kakmakr]

I watched his video and agreed with about 80% of what he said, but this statement is not entirely true, " Bitcoin is digital. If the power grid goes down, your bitcoins are worthless. I'm not anti-Bitcoin ... but physical gold does not have the disabilities of Bitcoin and digital currencies like the [U.S.] dollar."

Read more: http://www.nasdaq.com/article/jim-rickards-on-why-bitcoin-is-a-legitimate-money-cm604676#ixzz45mETJa9n

Even if the entire power grid goes down on a global scale, it can just be powered back on and Bitcoin will continue. The Blockchain is not stored in RAM, the entries are stored on a hard drive. < Well actually on 1000's of hard drives > We all know hard drives can be powered down and they will still retain the information with magnetism on the drive platters.

We also know, alternatives like power generators exist and within a few minutes the power will be restored in different locations and the Blockchain will continue as normal. Some of these sites have UPS's to keep the power going until the generators take over, so there will be no interruption or down time in some countries. ^smile^