[2013-12-15] TheAtlantic - Why Bitcoin will never be a Currency - in 2 Charts - page 2.

cr1776

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OR "Why The Atlantic Will Never be a Reliable News source" in one article....

Quote from: ButchHashidy on December 15, 2013, 01:51:12 PM

http://www.theatlantic.com/business/archive/2013/12/why-bitcoin-will-never-be-a-currency-in-2-charts/282364/

I'm curious what people's opinions are on this. FUD? The author doesn't take into consideration the divisibility of bitcoins or the use of it to buy goods and services instead of just it's exchange. If bitcoins were in circulation being exchanged for actual products, it'd be used as a commodity, rather then how most of us see it now, as an investment.

spooderman

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It will work , but only in the context of having other currencies to instantly convert it to.

I genuinely feel that deflationary currencies like bitcoin are like the author says, something people really really don't want to spend. I've spent a few and now realize that at the time I spent 5k future dollars on a phone or something. Having learned from this, I'm now very apprehensive to ever sell them.

However I am also hesitant to get rid of my inflationary money too....So....I actually take this all back. Cheesy

e521

full member

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this article is really stupid, I don't even understand how people can write shit like this.

Bitcoin, the virtual currency you can theoretically use to buy things online. >> you can already buy things, not only online.
But prices aren't set in terms of Bitcoin. They're set in terms of dollars. >> service aren't, good are because they seller use FIAT to buy them I guess
Why spend bitcoins today when they might be worth much more tomorrow? The only reason would be to buy or do things online that you can't buy or do with dollars (or euros or yuan)—something illegal. >> they guy is a genius, I think this is the first time I read this..

Quote

What Bitcoin really needs is a central bank to stabilize its value. When the demand for Bitcoin goes up, they need to print more to keep it from skyrocketing. That is, they need to decide whether they want Bitcoin to be a Ponzi scheme for techno-libertarians or an actual medium of exchange.

seriously?

RoadTrain

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Tired of that keynesian nonsense about deflation.

Carlton Banks

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Um, you can already buy with bitcoin.

All these people that say "well, technically..." fail to recognise that businesses already accept it, and that some of those businesses have already priced goods in bitcoin. And they also fail to see that upstart currencies have a tendency to have wobbly exchange rates, especially when they start with such low levels of support that they're close to zero in terms of established currencies. All the more so if the supply is handled conservatively.

ButchHashidy

member

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Merit: 10

...and the BitcoinKid

http://www.theatlantic.com/business/archive/2013/12/why-bitcoin-will-never-be-a-currency-in-2-charts/282364/

I'm curious what people's opinions are on this. FUD? The author doesn't take into consideration the divisibility of bitcoins or the use of it to buy goods and services instead of just it's exchange. If bitcoins were in circulation being exchanged for actual products, it'd be used as a commodity, rather then how most of us see it now, as an investment.

Topic: [2013-12-15] TheAtlantic - Why Bitcoin will never be a Currency - in 2 Charts - page 2. (Read 2606 times)