[Chugalug] More on Bitcoin:

Chris Mowery cmowery at gmail.com
Thu Aug 22 17:37:43 UTC 2013

If you take pesos to a gas station, do they take those?

On Thursday, August 22, 2013, Stephen Kraus wrote:

> Lynn.
> Doesn't matter. Its still a fiat currency and non-negotiable at any major
> retailer that cannot convert it to cash.
> Its like you went to the arcade and cashed in for some tokens and expect
> everyone to accept them because of the value the arcade places on the token
> On Aug 22, 2013 1:32 PM, "Stephen Kraus" <ub3ratl4sf00 at gmail.com> wrote:
> Go to a gas station. Right now. Pay for gas and a soda with bitcoins.
> Don't take out your credit card. Don't use cash. Use bitcoins.
> Why can't you? Because they don't understand its value?
> I could say I have sea shells. I believe they have some value to me, but
> people don't understand their value, so I can't use them to pay for
> products immediately. But maybe I can trade someone else who values sea
> shells in trade for cash. Suddenly my sea shells have worth, despite the
> apparent lack of actual value as a wide currency.
> But that does not mean I can magically declare the major currency accepted
> globally as dead becauwe my sea shells hava negotiable value among a select
> group
> On Aug 22, 2013 1:26 PM, "Tyler Mittan" <flashbatmanquestion at gmail.com>
> wrote:
> Randy and Lynn are right on.
> The more important part of this is that we ought to have competing
> currencies to keep whomever the issuers are honest. No one wants bad money.
> This criticism of no one taking Bitcoins is totally off base. First, not
> everyone knows about bitcoins or how it works. Secondly, the dollar is
> propped up for two reasons.. People have to use dollars because that's what
> the government forces banks to accept and because people think the
> government's handling of the money supply us trustworthy because most
> people don't understand the political motive to devalue currency
> On Aug 22, 2013 1:19 PM, "Stephen Kraus" <ub3ratl4sf00 at gmail.com> wrote:
> Lynn, while you may MAKE money off bitcoins, the value of the traded
> bitcoins and the inherint value you get from them is.....in dollars.
> While some (very few) retailers may accept bitcoin, even their expectation
> is to either gain more bitcoins which they can then launder into dollars or
> exchange them as well for another service, but even THAT service expects
> the value of the bitcoins they pay to transfer to dollars somehow.
> Until you can go to a local grocer or gas station and directly pay with
> bitcoins, its going to remain a neat, yet niche idea.
> On Aug 22, 2013 1:15 PM, "Lynn Dixon" <boodaddy at gmail.com> wrote:
> Chad,
> I disagree.  Bitcoins are just like anything, the value of it is
> determined by the demand/supply for it.  The supply is very fixed by the
> network, and cannot be manipulated.  Therefore the value is directly linked
> to the demand of the currency.
> The exception with Bitcoin is that people are actually using as a medium
> of exchange for goods, services, and even currency exchange.  I use it for
> all 3 of these.  I don't think people used POGs as a medium of exchange.
> On Thu, Aug 22, 2013 at 12:52 PM, Chad Smith <chad78 at gmail.com> wrote:
> It's like POGs.
> Remember POGs?
> BitCoins are like POGs.  Really, in and of themselves, that have
> absolutely no value.  But, for a while in the 90s, some people got RICH off
> of POGs.  Why?  Because they were able to convince people they needed to
> have them.
> People bought into it - and some of *those *people also got rich -
> because they collected and traded and sold them.
> Eventually, it all came crashing down, because it is very hard to keep
> convincing people they need to spend actually real-world money on little
> cardboard discs.
> BitCoin is POGs for the Twenty-Teens Tech Geek.  It won't last.  But there
> will be people who make
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