Hacker Newsnew | past | comments | ask | show | jobs | submitlogin

>> People are voluntarily paying them for their coins because they, for whatever reason, value them. You can say that's silly but it's not like you are being forced to buy bitcoins or anything.

I'm saying it would be a bad idea to adopt as a de-facto currency, that's all.

>> Isn't the same true for any other finite resource? Everything will deflate/increase in value relative to rest of the economy.

Currency isn't and shouldn't be a resource, it's a medium of exchange. If BTC is a resource then cool, but lets stop pushing it as a currency.



>Currency isn't and shouldn't be a resource, it's a medium of exchange.

Well why not? A medium of exchange is a resource. There are exchanges and markets for currencies, people speculate on them, etc. They are definitely a resource.


Resource in the sense that the item in question has some inherent value. If I can't exchange Bitcoin for anything, then Bitcoins have zero value. If I can't exchange rice for anything, that rice will still have some value to me.

It's important to realize that all currencies, including Bitcoin and the USD, are only as valuable as the stuff I can buy with them. There's no point in having a million dollars, if I can't buy anything with it. That makes currencies distinctly different from "resources".


Because we have history to show us it doesn't work very well, screws up the economy, concentrates wealth etc etc.




Guidelines | FAQ | Lists | API | Security | Legal | Apply to YC | Contact

Search: