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post #71 of 76
If a currency may not be used to pay property taxes it is worthless. That is the difference between fiat currency and crypto nonsense. Bitcoins are the beanie babies of monies and will serve as a contemporary refutation of Austrian Economics for the IT crowd.
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post #72 of 76
If bitcoin is so trustworthy then why all places that accept bitcoin calculate price based on current bitcoin exchange rate compared to USD or EUR?

Let's say full priced game is 60 USD, which right now translates to about 0.13 Bitcoins. Does that mean all new games will cost 0.13 bitcoins a month from now? a year from now? No they won't. Steam will just calculate rate based on current bitcoint exchange rate, just like all other places do. That's because no one really trusts bitcoin. They just use it as an intermediary hard to track currency, which a lot of the time was acquired illegally or from shady methods.
post #73 of 76
Quote:
Originally Posted by WhiteCrane View Post

If a currency may not be used to pay property taxes it is worthless. That is the difference between fiat currency and crypto nonsense. Bitcoins are the beanie babies of monies and will serve as a contemporary refutation of Austrian Economics for the IT crowd.

In my country, I cannot pay property taxes in USD. According to you, then USD is worthless. This isn't true, of course. Neither is it true for Bitcoin.

Which attributes do cryptocurrencies share with beanie babies in the context of money?
post #74 of 76
Quote:
Originally Posted by WhiteCrane View Post

If a currency may not be used to pay property taxes it is worthless. That is the difference between fiat currency and crypto nonsense.

I cannot pay property taxes with the overwhelming majority of fiat currency.

The IRS only takes USD, which makes every other form of fiat currency worthless by your silly metric.
Quote:
Originally Posted by Glottis View Post

If bitcoin is so trustworthy then why all places that accept bitcoin calculate price based on current bitcoin exchange rate compared to USD or EUR?

Because USD and EUR are more liquid.

Has nothing to do with trustworthiness, but liquidity and volatility.
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post #75 of 76
Quote:
Originally Posted by Glottis View Post

If bitcoin is so trustworthy then why all places that accept bitcoin calculate price based on current bitcoin exchange rate compared to USD or EUR?

Let's say full priced game is 60 USD, which right now translates to about 0.13 Bitcoins. Does that mean all new games will cost 0.13 bitcoins a month from now? a year from now? No they won't. Steam will just calculate rate based on current bitcoint exchange rate, just like all other places do. That's because no one really trusts bitcoin. They just use it as an intermediary hard to track currency, which a lot of the time was acquired illegally or from shady methods.

On many non-US airports one can pay with USD. However, the amount to pay is calculated based on the current exchange rate between the local currency and USD. This is not an indication that USD is not trustworthy. It only means that the shops at the airport have their expenses and revenues denominated in another currency. At this point in time there is hardly a closed Bitcoin economy. In fact, the only ones who are really paid in BTC are Bitcoin transaction processors, aka miners. Every miner that adds a block to the Blockchain earns a fixed amount of money, denominated in BTC (25 BTC + fees now, which will drop to 12.5 BTC + fees in July -- which will remain for the next 4 years). However, there are quite some people who have savings in BTC. like I do. Do I trust BTC? Yes. I expect it to increase in value over time (so far so good, I'm up 165% on my initial purchase of BTC). However, I'm fully aware this goes with ups and downs. It's a risk I take.

But the main reason I trust Bitcoin is because it's cryptographically secured. I know BTC can't be created at a different rate than the algorithm dictates. I know there will never be more than 21 million BTC. I know they can't be counter-fitted. That's why I trust Bitcoin.

Finally, Bitcoin is way easier to track than cash money. The Bitcoin Blockchain public, for anyone to see with various Block explorers, as they are called:
https://blockchain.info/
https://tradeblock.com/bitcoin/
https://blockexplorer.com/
http://blockr.io/
https://www.blocktrail.com/BTC
https://bitcoinchain.com/block_explorer
post #76 of 76
Quote:
Originally Posted by Blameless View Post

Because USD and EUR are more liquid.

Has nothing to do with trustworthiness, but liquidity and volatility.

It only has to do with volatility (most companies prefer not to be exposed to echange rate risks). The fact that merchants can opt for instant liquidation of any BTC received from customers shows that BTC is actually sufficiently liquid. Not as liquid as USD or EUR, but enough for merchants who want to accept BTC but not hold on to it.
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