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Author Topic: How long will it take for people to realize Bitcoin isn't just a currency?  (Read 1715 times)
subcoin
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January 20, 2014, 10:09:05 PM
 #21

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First part of your definition is "a system".  I'm pretty sure that bitcoin does not fail that part of the definition.

The next part of your definition is "of money".  There is a lot of debate about whether bitcoin passes that test because people seem to have a difficult time agreeing on a definition of the word "money".  In the jurisdiction of the U.S. federal government a federal judge has declared that bitcoin is a Money.  Perhaps he is mistaken, perhaps not.  This is why this topic is being discussed again for the billionth time and why this discussion won't resolve anything any more than any of the other discussions.  Until there is a definition of "money" that everyone can agree with, people won't be able to agree on whether or not Bitcoin is Money.

The next part of your definition is "in general use".  I think we can all agree on the fact that bitcoin is "in use", so now we have to agree on a definition of "in general use". Good luck with that one.

And the final part of your definition is "in a particual country".  That would seem to indicate that it doesn't have to be a "money in general use" throughout the entire globe.  If even one country decides that it is a "money", and it is in "general use" in that one country, then it is a "currency".

What up with your unhealthy desire to call Bitcoin a currency?
Do you realize that there are hundreds of economic theories on how currencies work.
There are old-school economic predictions, concepts and market models - all relying on the that definition.
Fundamental quality of currency is that it is issued by single authority (country).
Bitcoin is not centrally issued - why would you want to stick together with a bunch of regular currencies?
If anything, there should be a new definition.
Let's call it Dannyrency - it will be like a regular currency just not centrally issued.
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tacoman71
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January 20, 2014, 10:09:31 PM
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In fact, it's a terrible currency. Bitcoin as a currency can't be used for micropayments, but Bitcoin derivative currencies can. Bitcoin cannot be inflated for state run money supplies, but Bitcoin derivatives can. Bitcoin cannot be used for trading legacy financial instruments, but Bitcoin derivatives can. Bitcoin cannot be backed by tangibles, but Bitcoin derivatives can. Bitcoin doesn't do any of the things traditional financial institutions want, but Bitcoin derivatives can do them better than what they currently have. Think of the Blockchain as the building blocks of a Minecraft style new World of Finance.

What if I told you money is worthless? I'm talking about the US dollar, the Euro, the Yen. We just choose to believe it has value, just like Bitcoin. It is an illusion. Almost everyone knows this at some level, but we just choose to accept it. If this illusion were to break down, so does our society, because it is based on this illusion. Point is -and I'm sure someone has said already- it is our belief that gives money, including Bitcoin, its value. And I do hope you know that most recognized currencies in the world are not back by anything tangible.

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January 20, 2014, 10:29:49 PM
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In fact, it's a terrible currency. Bitcoin as a currency can't be used for micropayments, but Bitcoin derivative currencies can. Bitcoin cannot be inflated for state run money supplies, but Bitcoin derivatives can. Bitcoin cannot be used for trading legacy financial instruments, but Bitcoin derivatives can. Bitcoin cannot be backed by tangibles, but Bitcoin derivatives can. Bitcoin doesn't do any of the things traditional financial institutions want, but Bitcoin derivatives can do them better than what they currently have. Think of the Blockchain as the building blocks of a Minecraft style new World of Finance.

What if I told you money is worthless? I'm talking about the US dollar, the Euro, the Yen. We just choose to believe it has value, just like Bitcoin. It is an illusion. Almost everyone knows this at some level, but we just choose to accept it. If this illusion were to break down, so does our society, because it is based on this illusion. Point is -and I'm sure someone has said already- it is our belief that gives money, including Bitcoin, its value. And I do hope you know that most recognized currencies in the world are not back by anything tangible.
You're preaching to the choir, brother. It's all reified nonsense. Animals don't use money and we don't need it either, but that's for another thread.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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January 20, 2014, 11:00:20 PM
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In fact, it's a terrible currency. Bitcoin as a currency can't be used for micropayments, but Bitcoin derivative currencies can. Bitcoin cannot be inflated for state run money supplies, but Bitcoin derivatives can. Bitcoin cannot be used for trading legacy financial instruments, but Bitcoin derivatives can. Bitcoin cannot be backed by tangibles, but Bitcoin derivatives can. Bitcoin doesn't do any of the things traditional financial institutions want, but Bitcoin derivatives can do them better than what they currently have. Think of the Blockchain as the building blocks of a Minecraft style new World of Finance.

What if I told you money is worthless? I'm talking about the US dollar, the Euro, the Yen. We just choose to believe it has value, just like Bitcoin. It is an illusion. Almost everyone knows this at some level, but we just choose to accept it. If this illusion were to break down, so does our society, because it is based on this illusion. Point is -and I'm sure someone has said already- it is our belief that gives money, including Bitcoin, its value. And I do hope you know that most recognized currencies in the world are not back by anything tangible.

Value is very subjective. For something to be valuable it needs 2 things: Utility + Scarcity. Money as we know it today is an illusion, yes, but a valuable illusion because it is useful as a medium of exchange AND scarce (well, kind of...).

Anything used by 2 people as a medium of exchange IS money for those people. If I purchase something with cigarettes then cigarette IS money.
I just purchased something with bitcoin but apparently China and Finland governments said I can't because bitcoin is not money because it is volatile. Oh wait..

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January 20, 2014, 11:04:53 PM
 #25

I always try to engage people in discussions on non-Bitcoin forums, and there is just a huge amount of skepticism.  But I would say this is no longer an uphill battle as far as public perception goes.  The more it makes into the mainstream news, the more willing are people willing to listen, or even better, ask questions.
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January 20, 2014, 11:11:18 PM
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Bitcoin is too volatile to be considered a currency right now by governments. It acts more like a commodity, don't you think?
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January 20, 2014, 11:43:16 PM
 #27

Bitcoin is too volatile to be considered a currency right now by governments. It acts more like a commodity, don't you think?

By governments yes but who cares if people use it as such anyway?

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January 21, 2014, 05:57:58 AM
 #28

from BTC point of view...

it totally doesn't matter what any country consider BTC to be...only thing that matters is what real people consider it to be...and if they decide to use it as a means of payment for goods who's gonna stop them?

countries can disagree, can start a dispute, but that's all they can do about it...it will always totally depend on REAL people and their trust...and that's the REAL value of BTC

never had and never gonna sell any of my BTCs for FIAT
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