[Chugalug] More on Bitcoin:

Chad Smith chad78 at gmail.com
Thu Aug 22 18:03:04 UTC 2013


*sigh* no one ever pays me in Gum!

*- Chad W. Smith*


On Thu, Aug 22, 2013 at 1:01 PM, Chad Smith <chad78 at gmail.com> wrote:

> 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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