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[PCGamer] Steam is reportedly planning to accept Bitcoin - Page 4

post #31 of 76
Quote:
Originally Posted by Anateus View Post

Oh boy, you know nothing about modern currencies. You really think that all money in the world is backed by gold or something similar? That there as many dollars as gold allows? thumb.gif



I teach economics.. fiat currency is backed by the country and/or central bank issuing the currency. I literally said that in my post.
Edited by Darkpriest667 - 8/22/16 at 2:06pm
 
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post #32 of 76
Quote:
Originally Posted by Darkpriest667 View Post

I teach economics.. fiat currency is backed by the country and/or central bank issuing the currency. I literally said that in my post.


This is me 5 minutes ago, I had a student take it since you guys are such keyboard warriors what are your credentials in economics and finance?


Idk. Definition says:

1. A medium that can be exchanged for goods and services and is used as a measure of their values on the market, including among its forms a commodity such as gold, an officially issued coin or note, or a deposit in a checking account or other readily liquefiable account.

Seems like Bitcoin fits that.

What's the point of arguing it though? Some vendors accept it and you can buy legitimate products with it. BTC doesn't seem a whole lot different than USD if you're buying something.
post #33 of 76
Bank account cash is electronic and the value can in/decrease, just like BTC. Money is not worth it's weight, nor is it worth the paper it's written on. Money is limitless, but man puts limits and value into the mix for measures of control over the mass population only for said people to remain poor. This ensures a social heirachy. Welcome to the human race.......

Go back 250 years, for example, the British occupation of the US, money during that time in the US was worth it's value in material or by a bank note reserve. This is no longer the case.
Edited by BradleyW - 4/22/16 at 6:41am
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post #34 of 76
Quote:
Originally Posted by BradleyW View Post

Bank account cash is electronic and the value can in/decrease, just like BTC. Money is not worth it's weight, nor is it worth the paper it's written on. Money is limitless, but man puts limits and values into the mix for measures of control over the mass population only for said people to remain poor. This ensures a social heirachy. Welcome to the human race.......

The bitcoin supply limit is designed to guard against currency inflation and avoid situations where governments print out more money while devaluing existing currency. The problem is that a limited supply will become outstripped by demand, creating hyper deflation. While deflation (the increase in currency value) sounds like a good thing, it is highly unstable because a currency that rockets in value must come crashing down at some point.
post #35 of 76
Quote:
Originally Posted by lombardsoup View Post

The bitcoin supply limit is designed to guard against currency inflation and avoid situations where governments print out more money while devaluing existing currency. The problem is that a limited supply will become outstripped by demand, creating hyper deflation. While deflation (the increase in currency value) sounds like a good thing, it is highly unstable because a currency that rockets in value must come crashing down at some point.

God bless you... If we were in a room together I would legitimately hug you.
 
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post #36 of 76
Quote:
Originally Posted by lombardsoup View Post

The bitcoin supply limit is designed to guard against currency inflation and avoid situations where governments print out more money while devaluing existing currency. The problem is that a limited supply will become outstripped by demand, creating hyper deflation. While deflation (the increase in currency value) sounds like a good thing, it is highly unstable because a currency that rockets in value must come crashing down at some point.

Quote:
Originally Posted by Darkpriest667 View Post

God bless you... If we were in a room together I would legitimately hug you.

All fiat ends up the same way in the end, regardless of the route taken.
post #37 of 76
Quote:
Originally Posted by lombardsoup View Post

The bitcoin supply limit is designed to guard against currency inflation and avoid situations where governments print out more money while devaluing existing currency. The problem is that a limited supply will become outstripped by demand, creating hyper deflation. While deflation (the increase in currency value) sounds like a good thing, it is highly unstable because a currency that rockets in value must come crashing down at some point.

I don't think limited supply matters when they can just be broken down to a hundred millionth of a single bitcoin and further if need be: https://en.bitcoin.it/wiki/Satoshi_%28unit%29 http://bitcoin.stackexchange.com/a/117
post #38 of 76
Quote:
Originally Posted by xxdarkreap3rxx View Post

I don't think limited supply matters when they can just be broken down to a hundred millionth of a single bitcoin and further if need be: https://en.bitcoin.it/wiki/Satoshi_%28unit%29 http://bitcoin.stackexchange.com/a/117

That sure makes being a unit of account difficult.
 
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post #39 of 76
Quote:
Originally Posted by Darkpriest667 View Post

That sure makes being a unit of account difficult.

At least from my experience with purchasing things with bitcoin, if you buy some items for $300 let's say, USD gets converted to BTC and then you just send "#.############ BTC to [wallet address]". So log onto the site (Coinbase, Circle, whatever), buy the #.############ BTC and ###.## USD gets withdrawn from the bank. Then just send the BTC over to the wallet address and done. Wicked easy.
post #40 of 76
Quote:
Originally Posted by Darkpriest667 View Post

No they didn't. Modern currencies are backed by the government and central banks. Bitcoin is backed by jack and crap.... In fact, it doesn't even meet 2 of the qualities of money. A medium of exchange (It's not to be a medium of exchange almost everyone in the economy has to accept it as payment) and unit of account. No one prices anything in bitcoin. Sorry. It's not money or a currency. I would call it a commodity but it is not even that!

Ultimately modern currencies rest on the faith of the people using them (the same as bitcoin). Being backed by banks is ultimately a detriment for the dollar vs the bitcoin as witnessed by what they've done in the last 15 years. And the govt is just a proxy for the people.
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