Bitcoins

DiggerUK

dryhat wrote: »

Exactly. Gold doesn't need fiat and nor does Bitcoin......

Which is not what I am saying. Gold stands on it's own two feet as a means of exchange and value, bitcons don't.
You really are having a laugh if you think a Ghanaian coffee farmer will take bitcons for their crop following a major debasement. They wouldn't take them now.

In a prisoner of war camp, soap become a means of exchange with accepted value. End the war and close the camp, soap goes back to being as cheap as chips.

Bitcon has value to some affluent chumps who have no gorm when it comes to how the world functions, or exists, for most on the planet.
..._

sabretoothtigger

Who is restricting normal soap values then, the Fed ?

If BTC should help fell the dollar system would that not make it a long term prospect

dryhat

DiggerUK wrote: »

You really are having a laugh if you think a Ghanaian coffee farmer will take bitcons for their crop following a major debasement. They wouldn't take them now.

I wouldn't be so sure ...

http://www.coindesk.com/bitcoin-can-free-coffee-from-the-middlemen/

BoracicLint

DiggerUK wrote: »

In case you haven't been keeping up on your history lessons, gold was an internationally recognised means of exchange before fiat was thought of. Gold would instantly convert into whatever replacement fiat came along. Bitcon would not.

If you have no bank a/c, how do you either get the means to mine, or buy bitcon in the first place.
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Why would Bitcoin not convert into any replacement fiat in the same way gold does?

I dont understand why some people use the third world as justification that bitcoin is doomed to fail. There are as many reasons to believe in bitcoin as there are reasons not to trust in fiat currency!

If confidence in the USD falls, Chinese yuan will likely take its place as reserve currency, the average man on the street with all his wealth in dollars will lose everything. Why not hedge against fiat currencies with bitcoin? Chinese bitcoin exchanges are now bigger than anywhere else on the planet.

Also, with regards to bitcoins dependance on the internet, look up "internet.org" and read about Zuckerburgs vision of connecting the entire world. Granted, a collapse of the internet would see bitcoin fail, but then so would every trading platform and financial institution.

DiggerUK

sabretoothtigger wrote: »

mobiles are surprisingly common even to those who can barely recharge them. If they can btc on mobile thats how prevalent it can be, of course it must be useful to them like a mobile can be

Yes, mobiles are near ubiquitous on the planet. It allows many to observe our affluent life style with access to the net, and makes them determined not to live on a bowl of rice and a dollar a day for longer than necessary.
But they still live in mainly cash economies, poverty, and scant access to bank a/c's.....bitcon will not change this.

No, bitcon is discussed with the hope of making a big return, that's just nonsense. It's the peacetime equivalent of a pow's bar of soap. It's a fools paradise.

The silence around here over bitcon, will turn out to be a rerun of the silence over Icelandic saving accounts.
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DiggerUK

sabretoothtigger wrote: »

Who is restricting normal soap values then, the Fed ?
If BTC should help fell the dollar system would that not make it a long term prospect

The market will always reveal true price and value, no matter who intervenes. How the world changes is not ours to decide, it is the conseqences of our actions.....and that is generally unknown.

The dollar, strong or weak, remaining or replaced, is not determined by bitcon. But bitcon is tied to the coat tails of a functioning and healthy world system of fiat exchange.
Try figuring out how bitcon would function as a fully fledged forex instrument......now that does take me back to discusions over Rizlas and 12" LP covers.
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andy.m_2

I hold some bitcoins, but to be fair, the only method I have of applying any value to them is the current USD/GBP exchange rate on the exchanges.

I dont have any need for inapprpriate aged material or drugs, so therefore their only value and perceived rise in value is in the tulip fields at the moment.

BoracicLint

DiggerUK wrote: »

Which is not what I am saying. Gold stands on it's own two feet as a means of exchange and value, bitcons don't.
You really are having a laugh if you think a Ghanaian coffee farmer will take bitcons for their crop following a major debasement. They wouldn't take them now.

In a prisoner of war camp, soap become a means of exchange with accepted value. End the war and close the camp, soap goes back to being as cheap as chips.

Bitcon has value to some affluent chumps who have no gorm when it comes to how the world functions, or exists, for most on the planet.
..._

What makes you think gold stands up on its own? Simply because of its established history as a store of wealth?

How would you even measure golds worth? today an ounce of gold costs you $1200, but when the dollar collapses, how many coffee plantations can I get for my ounces?

If a major debasement occurs, then gold will be just as useless as bitcoin by your logic. We all might as well hedge against collapse by buying toilet rolls, water and canned foodstuffs!!

DiggerUK

BoracicLint wrote: »

Why would Bitcoin not convert into any replacement fiat in the same way gold does?,.......

How would you value it......the high price of bitcons is measured in the major reserve currencies, and the new kids on the block.
But bitcons are not backed by any assets other than it's fiat value.
The $US is at least backed by value in the land and infrastructure of the USA at the end of the day. Bitcon has never had this type of value, it's only comparable value is as a fashion item....all the rage today.

I don't care how many exchanges are opened in China, Chile, or Antarctica.......it is insignificant in the scale of things. Fools and their money went with Icelandic savings a/c's....seem they have all gone to bitcon now.
..._

grey_gym_sock

DiggerUK wrote: »

But bitcon is tied to the coat tails of a functioning and healthy world system of fiat exchange.

no, it isn't,, as has been explained.

i suspect you're upset that bitcoin has been going up while gold has been going down. (no-one sensible would hold more than a very small amount in either.)

(if you want something to measure bitcoin in without using fiat, you could use the bitcoin-to-gold exchange rate.)