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Question: If the exchange to BTC was irreversible - would you buy BTC?
Yes (optional: reasons in post) - 22 (64.7%)
No. There are far too few uses for it. - 9 (26.5%)
No (other reason, post below) - 3 (8.8%)
Total Voters: 33

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Author Topic: If the exchange to BTC was irreversible - would you buy BTC?  (Read 904 times)
Justsomeforumuser
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June 25, 2011, 11:43:12 PM
 #1

Basically the question is: Does BTC exist for anything other than speculation that _HAS_ to be able to end up back in real world currency?

(Because some would say BTC itself is worthless and pointless other than for cheating others out of their cash via donation, ponzi logic and/or price fluctuation - drugs and bitmunchies aside).

So many people give themselves an easy time of knocking around the classic "Lul best investment ever" attitude, but I postulate that

a) it's easy to just POST about that, but, honestly, if you take it as a serious assumption for a minute, how comfortable would you be with holding the _ACTUAL_ currency BTC if it weren't for the fact that it's just a temporary placeholder for real world currency?

and
b)
most people mean this in the sense of speculation with real money to increase real money and BTC is just a speculative vehicle and interchangible with anything else that has as wild swings and can be "bet on".


Mining aside, which, although still an investment, basically is still negligible in terms of losses because you'll always have the tangible hardware, I would like to know how many people will with a straight face admit to wanting to have BTC if they were just that: BTC.
Not exchange-tokens for real currency.

I would in a heartbeat say I would have zero issues if I could not exchange my EUR into anything else(because I can get literally everything I need to live and survive with with it even if that were true "here"), but strongly believe that this will never apply to BTC for me.

Ho-Hum.
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wolftaur
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June 25, 2011, 11:59:39 PM
 #2

Basically the question is: Does BTC exist for anything other than speculation that _HAS_ to be able to end up back in real world currency?

Yeah. I've done a couple BTC purchases, I'd probably do more in the future. Bitcoins can't currently cover everything I could cover with dollars, but I can still spend them.

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June 26, 2011, 12:04:22 AM
 #3

If there was a way to stop convertibility to any particular thing it suggests something very wrong, but ignoring that, I do get some value from knowing I can get my local currency for them and so I would hold fewer if I couldn't. Otoh, other people might then undervalue them and I could get more for the same cost so maybe I would have extra.

edit: It really doesn't matter though since you could buy the easiest to convert stuff, it just adds a hassle.

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June 26, 2011, 12:05:12 AM
 #4

Yes.  My investment for bitcoins is a hedge based on the possibility that they may eventually take over the world economy.  I don't really care much about exchanging them back for dollars, since if bitcoins do take over, it will probably be because dollars (and other sovereign currencies) have become next to worthless...

If all the sovereign non-cryptocurrencies will eventually collapse from hyperinflation, you can't afford *not* to invest in Bitcoin...  See my blog at http://minetopics.blogspot.com/ .

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Batouzo
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June 26, 2011, 12:11:46 AM
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Well no, but simply because I can acquire it by mining instead.

If I would not mine, I would consider buying some BTCs.
Justsomeforumuser
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June 27, 2011, 08:01:24 PM
 #6

Thanks for those that have participated so far.

Wish there were a simpler way to get an all-encompassing measure on this.

I suspect a lot of people who are active on the forum have a strong pro-BTC bias and are more likely to also have ideological / conviction background than your "read it on wired/elsewhere, totally gonna cash in on this" sudden join-up person.

Let's see if we can get the poll close to anywhere significant in turnout(doubt it though).

Ho-Hum.
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June 27, 2011, 08:14:11 PM
 #7

This is actually an interesting, and useful, question. I would indeed buy BTC if it theoretically could never be traded back for dollars. I may buy less BTC, or be more hesitant, but I see the value in BTC as a currency in and of itself.
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