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Author Topic: Will bitcoins ever become so valuable that people only lend them?  (Read 1048 times)
notig
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February 09, 2013, 05:43:08 AM
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Just a weird Idea I had. I don't think this would be the case because you can't enforce any kind of repayment. So people would simply take your money and run.

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robamichael
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February 09, 2013, 05:49:11 AM
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If bitcoins become very valuable, it will attributable to their value as a currency.

A currency is often 1 half of every transaction, and it must flow freely between individuals if it is to be adopted.

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February 09, 2013, 08:27:49 AM
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Definitely not.
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February 09, 2013, 04:09:32 PM
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Just a weird Idea I had. I don't think this would be the case because you can't enforce any kind of repayment. So people would simply take your money and run.
I can't see a situation where that could happen.

As a matter of fact, I can't think of anything in all of history that has ever been so valuable that people would only lend it.  Even the most valuable gemstones, or artwork, or buildings are sold at times.

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February 09, 2013, 08:37:44 PM
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Bitcoin is designed as an ideal currency - 8 decimal spaces, easy, cheap to transfer, non-refundable... If noone in the world would want to sell their bitcoins, they wouldn't either want to sell the dollars, euros, gold stacks, jewels (all the things that are less practical than bitcoin for trading and more practical for hoarding). So in that hypothetical scenario nothing would ever be sold or bought. So no.

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February 10, 2013, 08:03:23 AM
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I would think it would be difficult.  BTC's value fluctuates and is currently increasing... How would you decide the value of the BTC loan.. say right now?  and guess the value of them (BTC) from a year from now?.. Good question.  Seems futures would be interested in that type of loan. Cheesy

Unless it was investing in a massive mining operation or a business similar to BitPay (with dividends)

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February 10, 2013, 08:09:04 AM
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Money isn't created from nothing (despite what the banks seem to think.)  So eventually, SOMEBODY has to start spending some coin, else there's no one to loan to.

Though I personally don't like the idea of loaning at all; credit card companies get rich off people failing to pay back their loans, and they sleep at night just as well as the next guy.  In other words, they make money because they have money, and somebody felt it was wiser to take the blow from a loan's interest than raise the money to get what they wanted to do on their own.  But we all wanna live in the fast lane, I suppose.  A society of loaners means everyone has money, which means nobody needs a loan.  Which means people would have to use money like money, opposed to using money to make money  Smiley

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