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Author Topic: Bitcoins, Alt. coins, Pizzas and Haircuts.  (Read 602 times)
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November 02, 2013, 01:31:04 AM

So, I just responded to this thread "What will happen to your favorite alt-coin?"

See: a thread that attracted Gavin's attention.

With regards to the plethora of alt. coins, that I personally very much approve of, I wanted to share some text that was on the original website and was probably written (or at least approved) by Satoshi ...

What is Bitcoin’s value backed by?

Bitcoin is valued for the things it can be exchanged to, just like all the traditional paper currencies are.

When the first user publicly announces that he will make a pizza for anyone who gives him enough Bitcoins, then he can use Bitcoins as payment to some extent – as much as people want pizza and trust his announcement. A pizza-eating hairdresser who trusts him as a friend might then announce that she starts accepting Bitcoins as payment for fancy haircuts, and the value of the Bitcoin would be higher – now it would be backed by pizzas ”and” haircuts. When Bitcoins have become accepted widely enough, he could retire from his pizza business and still be able to use his Bitcoin-savings.

Bitcoin is now backed by Pizzas, Haircuts and Alt. coins.

What I'm trying to say is that Satoshi designed Bitcoin to work on a local, national and international level.

Yes continue to make lots of Alt. coins, but don't neglect to create and/or offer goods and services. Without the goods and services that create 'economy' in the first place we in fact discredit our means of exchange. Think about the central banks just printing more money in our currently broken fiat economies! The bankers who have created and traded fake derivatives on top of fake derivatives only to make this situation worse.

Again, we must listen to Satoshi.

I support BCH Cøbra = User Activated No Fork | BTC = Bitcoin | Get a Gapcoin slice of Mathematically constant π + new world record attempt on 21st Oct. 2018 | "The industry of the integrated spectacle and immaterial command owes me (us all) money." - We do not Forgive. We do not Forget. Expect Revolution Renaissance! for we are all Satoshi now? - - "the multiple and the multiplex!" - Mostly AWOL hunting 4 (Zk-)SNARKS ... - "Beware of Boojum's"!?! - NSFW + 21e8 = ? lolz - 42/ is the answer -
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