Bitcoin Love

[RedLeg]

Greetings all,

I was just searching the classifieds for people that accept Bitcoin and came across a few. I was just wondering how the community felt about the subject.

 

[Eric Perry]

Felt in what way?

 

[RedLeg]

i dont know. positive, negative. willing to use. you tell me.

 

[pauliepaulie]

Is it new-fangled?

paulie

 

[hypapanuse]

Do hookers and drug dealers accept this form of payment? If so, I'm all in!

 

[RedLeg]

drug dealers do indeed take it on the TOR website "silkroad", but don't drug dealers and hookers also take cash? So many more legit services and goods can be purchased.

 

[Eric Perry]

I've never used them, but I wouldn't have a problem using them. My first thought was also Silk Road, but I didn't want to be the first to mention that here...

 

[Frank Tuesday]

It is a commodity with no intrinsic value.

 

[RS]

It is a commodity with no intrinsic value.

Sounds as useful as non-alcoholic beer.

 

[Baboo the Dog]

Sounds as useful as non-alcoholic beer.

+1 AH-HA!

 

[MatticusMania]

It is a commodity with no intrinsic value.

Some might say the same about the dollar bill.

 

[Frank Tuesday]

Sounds as useful as non-alcoholic beer.

The US Dollar and every other currency in circulation also has no intrinsic value. The big difference is that it is backed by the government who has an interest in creating a stable economy. Imagine the mayhem if the value of the US dollar lost 75% of its value in a few hours.

At best bitcoin is an interesting experiment into pure capitalism.

 

[bassinplace]

Money is anything people agree upon. I don't see any difference between this or paper or camel dung. Sure, if people accept it, I'd use it. Take some of the power out of the hands of that facist Federal Reserve cabal.

 

[Ziltoid]

So, let's ask the real question: How long do you have to mine to buy a 7.

 

[i_got_a_mohawk]

Another point where it differs from conventional currency is that it's finite, at least in the current format.

 

[will33]

Anything that loses less than 97% of it's value over the course of 100 years is better than a federal reserve note.

The only thing that gives anything value as "money" is other peoples willingness to accept it as such.

 

[GregC]

Anything that loses less than 97% of it's value over the course of 100 years is better than a federal reserve note.

First you have to adjust the value of everything else for inflation, too. Then you have to consider liquidity, portability, etc.

 

[chicago_mike]

Isn't this just the tulip all over again?

 

[will33]

First you have to adjust the value of everything else for inflation, too. Then you have to consider liquidity, portability, etc.

In the old days, you could take your paper notes into a bank and exchange them for pure gold or silver, there's your portability. Nowdays, you can't, there's your "fiat currency".

The closest thing we have nowdays as a hard asset to base our paper currency on is the oil trade, and even some countries are trying to move away from that.

Will we let them? That is a whole 'nother topic, and probably not appropriate for TB.

 

[chicago_mike]

Yep. Dollar bills used to say Silver certificate.