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Author Topic: Bitcoin is a commodity rather than money  (Read 766 times)
heskey
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December 20, 2014, 02:27:29 PM
 #1

People are not buying bitcoins so that they can buy stuff with it (with the exception of illegal stuff). Bitcoins are an easily exchanged commodity, people buy it because it's a way of storing money.

Paycoin is a Paycon.

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The Chainmaker
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December 20, 2014, 07:29:19 PM
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I just bought 3 btc so I could make a transfer overseas and pay far cheaper rates.  Btc is used for more than just a commodity, but I do think your are right that it is mainly a commodity. 

No crypto has made the leap yet from commodity to currency, but in a year or two Bitcoin might. 

For the most part other than Bitcoin and maybe Litecoin, no other coin is even a decent commodity yet, more just like cheap pumps. 

If it can be digitized, it should be decentralized
Sir Alpha_goy
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December 21, 2014, 02:01:16 AM
Last edit: December 12, 2015, 02:13:03 PM by Sir Alpha_goy
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Sir Alpha_goy
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December 21, 2014, 02:03:44 AM
Last edit: December 12, 2015, 02:13:15 PM by Sir Alpha_goy
 #4

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coinits
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December 21, 2014, 02:08:34 AM
 #5

People are not buying bitcoins so that they can buy stuff with it (with the exception of illegal stuff). Bitcoins are an easily exchanged commodity, people buy it because it's a way of storing money.

Paycoin is a Paycon.

Funny that you should say this. The US government has passed a law, with nary a mention in their Mass Hysterical Media, that cash in the bank (deposits) is now a commodity and can be used to bail the banks out. The USA has been Cyprused in advance: http://www.theguardian.com/business/2014/dec/10/congressional-budget-big-bank-bailouts

Jump you fuckers! | The thing about smart motherfuckers is they sound like crazy motherfuckers to dumb motherfuckers. | My sig space for rent for 25 btc per week.
Sir Alpha_goy
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December 21, 2014, 02:22:52 AM
Last edit: December 12, 2015, 02:13:45 PM by Sir Alpha_goy
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December 21, 2014, 02:26:32 AM
 #7

People are not buying bitcoins so that they can buy stuff with it (with the exception of illegal stuff). Bitcoins are an easily exchanged commodity, people buy it because it's a way of storing money.

Paycoin is a Paycon.

Funny that you should say this. The US government has passed a law, with nary a mention in their Mass Hysterical Media, that cash in the bank (deposits) is now a commodity and can be used to bail the banks out. The USA has been Cyprused in advance: http://www.theguardian.com/business/2014/dec/10/congressional-budget-big-bank-bailouts

I could see that.

Lumber is a commodity Wink

Of which baseball bats are made from. Sugar Maple is a nice hard wood.

Jump you fuckers! | The thing about smart motherfuckers is they sound like crazy motherfuckers to dumb motherfuckers. | My sig space for rent for 25 btc per week.
kekek
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December 21, 2014, 02:43:27 AM
 #8

And? Isn't Hashtalk the paycoin circlejerk?

Creampuff
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December 22, 2014, 08:43:47 PM
 #9

I also see Bitcoin becoming more of a way to transfer large sums of money cheaply

But unfortunately the transaction times make it far to slow to ever become truly mainstream for most merchants and impatient people.

In a perfect world a Coin would need to get down to sub 15 second confirmations to become widely accepted

Andy
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December 22, 2014, 10:45:52 PM
 #10

Bitcoin is money, it isn't a commodity its simply a safe store of wealth which we have forgotten that was was what money was susposed to serve as as well before mass printing, inflation and unstable economic systems.
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