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Author Topic: Is Bitcoin placebo-money?  (Read 2473 times)
hawks5999
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June 24, 2011, 05:29:24 AM
 #21

Is there anything that is worth more than someone is willing to pay?

Taxes

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interfect
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June 24, 2011, 06:08:17 AM
 #22

Yes, it is placebo-money, but less so than other money, like the govt issued sort or gold.

I would say more so. A Bitcoin is a cryptographically secure, supply-limited, instantly and freely transferable piece of nothing. It's a symbol of value in its most abstract form.
Capitan
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June 24, 2011, 06:50:01 AM
 #23

Would it be enough if a big enough number of people believe Bitcoins are worth X amount of USD, or just believing in the price isn't enough to sustain it? What about the future if enough people believe Bitcoins are gonna be worth at least X more USD in six months, just by having enough people like that using and talking about Bitcoins would the price go in that direction or more than that would be necessary?

You just described the mechanism by which all currencies get their value. According to your definition of "placebo money", the US Dollar, Japanese Yen, China Yuan, Euro, etc, are all placebo money.
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June 24, 2011, 11:41:45 AM
 #24

Is there anything that is worth more than someone is willing to pay?

Taxes

I can document, in explicit detail, the fact that I get negative worth from the taxes I pay.

So, try again.

Civil Liberty Through Complex Mathematics
Justsomeforumuser
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June 24, 2011, 11:49:38 PM
 #25

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instantly and freely transferable piece

1. Takes however long as the client needs to catch up with blocks to confirm+"peer review", thus not "instant".
2. Without "maturing" first, you are forced to pay small amounts to be allowed to transfer the BTC again. Later on from what I understand the fees are supposed to make up the mainstay of the incentive to keep mining after all BTC have been created.

I can wire real money for free without a fee inside of the SEPA zone, and if I do it inside of the same bank, it even appears there within < 5 minutes, i.e. potentially faster than BTC.

Just pointing this out because this crap is constantly mentioned as being true or an advantage while thousands of users get the annoying "this transaction is too new/large to transfer right now, would you like to PAY xxxx to transfer it" popup in their BTC clients every day..and in the meantime can SEPA wire stuff around freely.

Ho-Hum.
FooDSt4mP
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June 25, 2011, 12:02:51 AM
 #26

Quote
instantly and freely transferable piece

1. Takes however long as the client needs to catch up with blocks to confirm+"peer review", thus not "instant".
2. Without "maturing" first, you are forced to pay small amounts to be allowed to transfer the BTC again. Later on from what I understand the fees are supposed to make up the mainstay of the incentive to keep mining after all BTC have been created.

I can wire real money for free without a fee inside of the SEPA zone, and if I do it inside of the same bank, it even appears there within < 5 minutes, i.e. potentially faster than BTC.

Just pointing this out because this crap is constantly mentioned as being true or an advantage while thousands of users get the annoying "this transaction is too new/large to transfer right now, would you like to PAY xxxx to transfer it" popup in their BTC clients every day..and in the meantime can SEPA wire stuff around freely.

It's still a valid point for us users outside the SEPA zone.

As we slide down the banister of life, this is just another splinter in our ass.
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