Purpose of holding Bitcoin useless if you're doing it for USD

intighet

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mene mene tekel upharsin

Quote from: Boxman90 on September 27, 2014, 05:53:05 PM

"Spending to keep the economy alive" only works when inflationary currency is being used.

Sorry.

This is absurd. Spending underpins a strong economy no matter what type of currency is being used. The entire argument against the deflationary debt spiral is that Austrian economic models do not actually incentivise hoarding. This does not mean that mass hoarding does not lead to nasty consequences.

awesome31312

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Quote from: Boxman90 on September 27, 2014, 05:53:05 PM

"Spending to keep the economy alive" only works when inflationary currency is being used.

Sorry.

The only reason Bitcoins were up at $1000 at one point was because so many users were just sitting there holding Bitcoins but not buying shit, then when they saw it was 1k they all sold it down, back to 576

Boxman90

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"Spending to keep the economy alive" only works when inflationary currency is being used.

Sorry.

awesome31312

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Merit: 504

People always claim, that in thirty years or so, Bitcoin would be valued at $100k

Now we have Bitcoins, and they're divisible by 10 nanodigits, which is really incredible to combat problems caused by inflation of wealth.

As of now, 1 microbit, or mBTC (.001 BTC) is worth 40 cents. When Bitcoin was at $1000, 1 mBTC was worth a dollar. IF Bitcoin reaches the often speculated $10k USD point, 1 mBTC would be worth ten dollars, and at the $100k mark, 1 mBTC would be worth $100 dollars, making you walk around with your wallet of millibits like a proud millionaire by the year 2037, right?

...Except by the time Bitcoins are speculated to be worth that much, in the unlikely event that the USD still exists in that future, it would be so heavily inflated, that with your 100 bucks that you swap out for your millibit, you'd be able to buy like, one egg (fiat doesn't last very long, inflation will always wreck it, it's law)

Spend your Bitcoins people, don't hold them. Not only does the holding constrict the economy, but in the end it would be a total waste of your time!

There is no guarantee on the USD, stop making the comparison!

Topic: Purpose of holding Bitcoin useless if you're doing it for USD (Read 1134 times)