[Chugalug] More on Bitcoin:

Lynn Dixon boodaddy at gmail.com
Thu Aug 22 17:55:11 UTC 2013


Chris,
This is an excellent point! Peso are a "world recognized currency", but
yet, I can't buy my lunch with Pesos.  Well I probably could here in Dalton
(local yocals will get that joke), but in Benton, probably not.


On Thu, Aug 22, 2013 at 1:37 PM, Chris Mowery <cmowery at gmail.com> wrote:

> 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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