Bitcoin is NOT a currency debate! - page 8.

Frijj

member

Activity: 66

Merit: 10

Quote from: loiterin9 on July 15, 2015, 12:05:05 PM

Bitcoin is NOT a currency!

In it's simplest form it is just payment rails. Stop thinking about is as currency and what is left to regulate?

No, it is a currency, but it's also a payment system. You can't have one without the other with bitcoin but that's what makes it special.

loiterin9

newbie

Activity: 42

Merit: 0

Quote from: Beliathon on July 15, 2015, 12:10:53 PM

Quote from: loiterin9 on July 15, 2015, 12:05:05 PM

If a merchant selling a pair of jeans for $250 accepts a 1 bitcoin and customer 2 weeks later asks for a refund with a value of a bitcoin going up to $300. Is he going to get 1 bitcoin back or a value of the jeans he bought? Naturally, the value, which means 3/4 of a bitcoin at the time of the refund. So, how does it make bitcoin a currency. ITS NOT!

So because different currencies have varying exchange rates with one another, they aren't currencies? Nonsense, all currencies do this with one another, bitcoin simply has more volatility because it's so knew, and most people haven't figured out how valuable it is yet.

Ok let's assume you get a bitcoin back. Which is now $300 all you have to do is sell it for $300 and pay 3/4 of for the pair of jeans. Which mean you made $50 on this transaction. How ridiculous is that?

Beliathon

hero member

Activity: 784

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https://youtu.be/PZm8TTLR2NU

Quote from: loiterin9 on July 15, 2015, 12:05:05 PM

If a merchant selling a pair of jeans for $250 accepts a 1 bitcoin and customer 2 weeks later asks for a refund with a value of a bitcoin going up to $300. Is he going to get 1 bitcoin back or a value of the jeans he bought? Naturally, the value, which means 3/4 of a bitcoin at the time of the refund. So, how does it make bitcoin a currency. ITS NOT!

So because different currencies have varying exchange rates with one another, they aren't currencies? Nonsense, all currencies do this with one another, bitcoin simply has more volatility because it's so knew, and most people haven't figured out how valuable it is yet.

OmegaStarScream

staff

Activity: 3500

Merit: 6152

Why he get a refund of the value , It should be 1 BTC and not the value on USD .
Let's say you loaned here 0.1 BTC , you will give back 0.1 BTC (unless interesst) no matter how the price is . and that's why for example Theymos left "VIP" rank for people who donate 50 BTC even with the price change over the years , because 50 BTC = 50 BTC .
So you can call it whatever you want , it wouldn't make any difference IMHO

loiterin9

newbie

Activity: 42

Merit: 0

Bitcoin is NOT a currency!

In it's simplest form it is just payment rails. Stop thinking about is as currency and what is left to regulate?

If a merchant selling a pair of jeans for $250 accepts a 1 bitcoin and customer 2 weeks later asks for a refund with a value of a bitcoin going up to $300. Is he going to get 1 bitcoin back or a value of the jeans he bought? Naturally, the value, which means 3/4 of a bitcoin at the time of the refund. So, how does it make bitcoin a currency. ITS NOT!

What do you think?

Topic: Bitcoin is NOT a currency debate! - page 8. (Read 6199 times)