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Question: intuitively, which option would you pick? 1, 2 or 3 (see image in first post)
1 - bitcoins (worth USD 70)
2 - silver (worth USD 70)
3 - 50 EUR bill (worth USD 70)

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Author Topic: intuitively, which option would you pick? 1, 2 or 3 (see image)  (Read 3994 times)
BTCurious
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October 29, 2011, 01:58:34 AM
 #41

The third choice looks like monopoly money to me.
This is why the poll is not representative. Half of the world thinks monopoly money is involved Smiley

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October 29, 2011, 01:38:25 PM
 #42

Well, no doubt 1 for me. Too bad Casascius raised his price recently, I just wasn't there in time to get more.

Brass is awesome, my favorite material for money. Then I love the holograms, they just catch the eye. And finally, actual data I can look up on the outside, the serial numbers on Euro are crap compared to the public/private key combo. If you replicate these, and someone spends them, the people holding the replicas can notice it themselves, not just someone at the central bank years later!

Also, silver is playing the bubble game and EUR is being maintained by destructive idiots these days, look at the dropping value.

I live in Europe, but hold more money in BTC than in EUR or silver (zero on silver, I wanted put options on it but the trading service screwed up, damn, missed that nice 10 USD drop). Sure, I need some USD for speculation security, but I guess it's obvious what I think of EUR and silver these days.
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October 29, 2011, 01:56:49 PM
 #43

I can use fiat to buy milk and eggs.  When I can use something else, I will.

I will try to use silver at my local farmer's shop soon and tomorrow I will try to pay a ride in silver. Let's see how that goes Wink

If in Canada then you will not have a problem spending them silver maples as they are produced by the Royal Canadian Mint and are legal tender, the one of them I have here says 5 dollars face value so any purchase under that and your good.

My Chinese grocery store accepts the Maples at Spot+$2.50 any day of the week.  Wouldn't spend them for $5  Cry.
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October 29, 2011, 02:19:13 PM
 #44

Just wondering, has anybody used the Casacius coins for a purchase? When you do, do you count them as the face value of one bitcoin, or do you also add in a bit extra? The physical coin should have some value, right?

Speaking of silver coins, why would you spend it on groceries worth $5 when you could exchange it at the price of silver, which is much greater? I think you could probably sell it here for bitcoins Wink

My grocer will give me $37 worth of groceries for a Maple.

Contact me and I'll be happy to pay you bitcoins for all your silver...  Grin
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October 29, 2011, 02:22:04 PM
 #45

The third choice looks like monopoly money to me.
This is why the poll is not representative. Half of the world thinks monopoly money is involved Smiley

I think this holds for a lot of paper money.  I must admit I wasn't able to picture a USD note so I googled for a picture and the notes really don't look valuable to me (even though I know they must be).  GBP, EUR, and JPY notes look valuable because I've had experience trading them for goods and services.

Coins on the other hand look valuable even when they are not familiar (particularly if they contain more than a tonne of gold Cheesy).
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October 29, 2011, 07:31:30 PM
 #46

heh, why is fiat winning? people are zombies following a hunger for paper money.

I tell you why fiat is winning: It's still in the heads. It's indoctrination, we're brought up this way. When you constantly put value on everything using FIAT to compare, at some point, you just internalize Value == FIAT.


What a load of dingo kidneys.

Can i take the silver coins to the bakery and pay for my bread?
No.
So give me the 50,-

Can i take the bitcoin coins to the bakery and get some bread?
No
So give me the 50,-

My intuition says that the 50 euro is far more usefull than the other two.
It's not about indoctrination, it's about usefullness.
If i can go to the groceries shop and buy my stuffs with bitcoin or silver then i will propably value them in the same way.
But at the moment we do not live in such a world.

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October 29, 2011, 07:33:22 PM
 #47

What a load of dingo kidneys.

Can i take the silver coins to the bakery and pay for my bread?
No.
So give me the 50,-

Can i take the bitcoin coins to the bakery and get some bread?
No
So give me the 50,-
What a load of dingo kidneys.

So if I offer you 2000 BTC or €50, you would still take the €50, because 2000 BTC can't be used to buy bread?

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October 29, 2011, 07:42:40 PM
 #48

What a load of dingo kidneys.

Can i take the silver coins to the bakery and pay for my bread?
No.
So give me the 50,-

Can i take the bitcoin coins to the bakery and get some bread?
No
So give me the 50,-
What a load of dingo kidneys.

So if I offer you 2000 BTC or €50, you would still take the €50, because 2000 BTC can't be used to buy bread?

Well, if i could not buy bread with bitcoin i'd be dead in a few weeks, wouldn't i?
So INSTINCTIVELY i see euro's as a bread buyer, but bitcoin not.
But then when i think about it (but that is beyond instinct) i would understand that with some effort i could get a lot more euro's from the 2k BTC.

And your question is not fair anyway, we were talking about the same ammount of value.
And then the euro wins because i can spend it immediately. It has great liquidity and is accepted everywhere around here.
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October 29, 2011, 07:51:05 PM
 #49


"Fluctuation" implies 2 objects. What are you measuring fiat fluctuation against?

Fluctuation, usually, describes a value changing over time.
So you compare it against itself at a different point in time.
For doing so you try to keep all other factors as equal through time as possible.

So fluctuation implies at least one value/level/number in a space that changes over time.
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October 29, 2011, 07:56:42 PM
 #50

Don't exchange physical gold or silver for anything except land or seeds ever.  
Maybe food if you really have to... Lips sealed

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October 29, 2011, 08:04:10 PM
 #51

Well, if i could not buy bread with bitcoin i'd be dead in a few weeks, wouldn't i?
So INSTINCTIVELY i see euro's as a bread buyer, but bitcoin not.
But then when i think about it (but that is beyond instinct) i would understand that with some effort i could get a lot more euro's from the 2k BTC.
Yeah, okay, that makes more sense. I thought you were just blatantly generalizing Roll Eyes

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October 29, 2011, 08:30:56 PM
 #52

I don't see an option for a chicken or small goat.  Then, I may be a little old fashioned I guess.
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October 29, 2011, 08:52:37 PM
 #53

I don't see an option for a chicken or small goat.  Then, I may be a little old fashioned I guess.
In case that is supposed to be a smug, or sarcastic statement:

People with guns told me.

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
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October 29, 2011, 10:45:34 PM
 #54


"Fluctuation" implies 2 objects. What are you measuring fiat fluctuation against?

Fluctuation, usually, describes a value changing over time.
So you compare it against itself at a different point in time.
For doing so you try to keep all other factors as equal through time as possible.

So fluctuation implies at least one value/level/number in a space that changes over time.


The value of a kind of fiat is a relative quantity and so when we can only say whether or not it fluctuates with respect to something else.  If we fix the quantity against which we measure we can happily talk about fluctuation in value.  Most people would probably take some average of the goods and services they purchase regularly as their yardstick.  In this respect fiat is remarkably stable but I wonder how much of this is because everyone prices in fiat.

If your personal list of goods and services comprises completely of "silver" then you'll find 2 to be pretty stable. Smiley
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October 30, 2011, 12:58:19 AM
 #55


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October 30, 2011, 09:31:54 AM
 #56

For a consistent meaning of "answer" and an assumed uniform distribution for "random", 0% Smiley

To make this question more interesting you might want to make option (C) 0% and/or slightly rephrase the question.  You might also try something a little bit deeper:

If one of the following five answers to this question is chosen at random what is the chance you will be correct?
A) 0%
B) 20%
C) 40%
D) 80%
E) 40%

I take your point though, the poll could have been better worded. Wink

EDIT: This post has been edited.
payb.tc
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October 30, 2011, 09:37:02 AM
 #57

I agree though, the poll could have been worded better. Wink

yeah i think 'intuitively' was the wrong word choice...

my intuition said go for the EURO because being Aussie, it doesn't look fake to me... we're used to colourful polymer notes. it immediately looks the most valuable, because the others look like pocket change.

choosing rationally on the other hand, i'd go for the c-c-casket coins, even if i don't care to learn how to pronounce their name.
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October 30, 2011, 09:53:00 AM
 #58

yeah i think 'intuitively' was the wrong word choice...

my intuition said go for the EURO because being Aussie, it doesn't look fake to me... we're used to colourful polymer notes. it immediately looks the most valuable, because the others look like pocket change.

choosing rationally on the other hand, i'd go for the c-c-casket coins, even if i don't care to learn how to pronounce their name.

How does one pronounce "casascius" anyway?  I've been thinking "ka-sass-ee-us" the whole time.  Could it be that it's really "ka-sass-key-us"?
BTCurious
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October 30, 2011, 12:11:00 PM
 #59

How does one pronounce "casascius" anyway?
^This

To make this question more interesting you might want to make option (C) 0% and/or slightly rephrase the question.  You might also try something a little bit deeper:

If one of the following five answers to this question is chosen at random what is the chance you will be correct?
A) 0%
B) 20%
C) 40%
D) 80%
E) 40%
How does one "answer" this? My head is full of fog Tongue It is strongly reminiscent of "This sentence is false. Is that sentence correct?". Basically, if 40% is correct, you have 40% chance. But if 20% is correct, you have 20% chance. But if they are both correct, then there's 60% chance, which gives 0% chance, which gives 20% chance. So 20% wouldn't keep looping around, but 40% wouldn't either, but they can't both be correct. Should we say there is no answer, the question is a liar paradox?
I can't put my finger on what is "wrong" with the question…


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October 30, 2011, 12:15:24 PM
 #60

Silver all the way !
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