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Author Topic: Bitcoin, the Global Money  (Read 1332 times)
no to the gold cult
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"Godshit"


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February 22, 2011, 02:25:14 PM
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I think bitcoin will succeed, as even if it's only traded by a slowly growing population of Klingon-speaking bitcoin-geeks, it'll still by definition of what it is be an effective way of storing and transporting wealth. Because of this definitave fact it won't remain of interest to only Klingon-speakers... btc has a natural tendency toward expanding use is my point. And besides scammers are already trying to steal the things, there can be no greater endorsement of value in my opinion than theives thinking a thing is worth stealing. If Jack (of beantsalk fame) having exchanged the family cow for Magic Beans had been on his way home when suddenly bandits jumped out and demanded "Gimme all the beans bitch or we'll cut ya!" then well... that would cast the Magic Beans in a whole new light is what I'm saying.

So, at some point bitcoins will be brisquely traded all over the world, ok they already are but even more brisquely, first among even more Klingon-speakers but then among even more people just wanting to store and transport value. In this case bitcoin will tend towards being the worlds first form of Global Money. In economics is a concept called Purchasing Power Parity.  Here's a map of PPP...



Abit outdated as Ireland still has red purchasing power in terms of the dollar, which I suspect is no longer the case.

But what do you think the consequences might be when people in the UK, Russia, China, Madagascar, Bolivia, Cuba and the United States, all across the world can all use the same money? At first it'll be a matter of exchange rate with bitcoin, so slowly, abit like the story about Brazils "Real" other currencies will start to be measured against bitcoins. What will be the effect of this on economies, will bitcoin end the world somehow? Sad

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ArsenShnurkov
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February 22, 2011, 03:03:24 PM
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I don't understood your question. The map reflects the difference in currecy rates.
Bitcoin will have different rates to different local currencies. That's all, no further consequences.

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February 22, 2011, 03:30:31 PM
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Now that you mention it, I'm not sure I understand my question either. Sad




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February 22, 2011, 06:14:45 PM
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The map reflects the difference in currecy rates.

How can that be the case when different countries using the Euro are ranked differently?

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February 22, 2011, 06:45:52 PM
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How can that be the case when different countries using the Euro are ranked differently?

Might be different taxes leads to different prices. Or it can be the cost of transportation.
I don't believe that bitcoin is able to create new crosscountry delivery paths now.
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February 22, 2011, 06:53:01 PM
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How can that be the case when different countries using the Euro are ranked differently?

Might be different taxes leads to different prices. Or it can be the cost of transportation.
I don't believe that bitcoin is able to create new crosscountry delivery paths now.

OK, I must have misunderstood your first statement.

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February 22, 2011, 07:49:36 PM
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Now that you mention it, I'm not sure I understand my question either. Sad


I cannot read your mind, of course. But if you're asking whether a global acceptance of bticoins would end current purchasing power parity, I think it will - on paper, that is. A bitcoin will be equal to one bitcoin everywhere. However, untill material goods can somehow be magically teleported from any place, people will still have to buy locally. This means that the same rules that govern standards of living and purchasing power will continue to apply. You could import from overseas, but this is often a lengthy and expensive process. So you will continue to buy food at your nearest grocery store, and products manufactured within your own or neighboring countries. The work you do daily will likely contribute to the economy of your city, and not to one on anther continent. Because of that, what you can buy with a bitcoin will vary greatly from place to place (and will continue to follow a similar pattern to this map ). I have a hunch that the power of purchasing digital content will become very equalized, though.
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February 22, 2011, 08:28:58 PM
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I cannot read you mind, of course. But if you're asking whether a global acceptance of bticoins would end current purchasing power parity, I think it will - on paper, that is. A bitcoin will be equal to one bitcoin everywhere. However, untill material goods can somehow be magically teleported from any place, people will still have to buy locally. This means that the same rules that govern standards of living and purchasing power will continue to apply. You could import from overseas, but this is often a lengthy and expensive process. So you will continue to buy food at your nearest grocery store, and products manufactured within your own or neighboring countries. The work you do daily will likely contribute to the economy of your city, and not to one on anther continent. Because of that, what you can buy with a bitcoin will vary greatly from place to place (and will continue to follow a similar pattern to this map ). I have a hunch that the power of purchasing digital content will become very equalized, though.

A knowledge worker's output can be traded! From there, we could start demanding open border to facilitate even more trade.

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