[Chugalug] More on Bitcoin:

Chad Smith chad78 at gmail.com
Thu Aug 22 18:01:26 UTC 2013


You could buy lunch with Pesos if you're Pesos were in the bank and you had
a debit card that automatically converted for you (like I paid for software
in Euros yesterday through PayPal without ever owning a Euro in my life).
 The same cannot be said for BitCoins - or POGs - or Beanie Babies - or
Baseball cards - or Star Wars action figures - or Yugioh cards - or Pokemon
- or Level 80 WoW characters...

All of those things have some value to some people - and they will gladly
trade with you for them - but they are not actual currency.  You can't take
your comic book collection to the bank and ask them to give you the
equivalence in Pounds Sterling.

*- Chad W. Smith*


On Thu, Aug 22, 2013 at 12:55 PM, Lynn Dixon <boodaddy at gmail.com> wrote:

> 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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