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Author Topic: Why is Bitcoin so cheap?  (Read 9513 times)
Foxpup
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September 22, 2013, 04:21:12 AM
 #121

Yes, for all debt, but does that mean for goods and services too?
No. Goods and services are not debt. When you grab goods off a store shelf, you don't owe the store anything (unless you walk out with the goods without having bought them, but that has its own problems). Ever wondered how stores are allowed to refuse to accept $100 bills, even though $100 bills are legal tender? It's precisely because they're not required to accept legal tender. Now, if you steal something from the store, get arrested, and the court orders you to pay for the goods you stole, then you have a debt and the store is forced to accept legal tender, but otherwise they don't.

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September 22, 2013, 12:34:17 PM
 #122

Yes, for all debt, but does that mean for goods and services too?
No. Goods and services are not debt. When you grab goods off a store shelf, you don't owe the store anything (unless you walk out with the goods without having bought them, but that has its own problems). Ever wondered how stores are allowed to refuse to accept $100 bills, even though $100 bills are legal tender? It's precisely because they're not required to accept legal tender. Now, if you steal something from the store, get arrested, and the court orders you to pay for the goods you stole, then you have a debt and the store is forced to accept legal tender, but otherwise they don't.

Interesting. When I was in the Netherlands many merchants don't accept €500, €200 and sometimes even not €100 bills due to too much risk for counterfeit.
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