Ask HN: When will cryptocurrencies be currency?

Re:Ask HN: When will cryptocurrencies be currency? by atmosx on Monday July 03, 2017 @06:27AM (#14687221)

We'd have a succinct conversation if you'd take the time to express what's on your mind instead of playing around with questions. I feel you're trying to make a point but I can't tell what it is :-)

I'll bite the bullet though:

> Hmm... so gold cannot be a currency?

Everything can be a currency. Ascorbic acid could be a currency in the future if the humankind moves to planets where Citreae are hard to find.

If I'm not mistaken, the topic was about the effectiveness of bitcoin as a currency.

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Re:Ask HN: When will cryptocurrencies be currency? by MarkMc on Monday July 03, 2017 @11:03AM (#14688733)

My point is that gold has similar properties to Bitcoin. That is, there is limited supply, very limited government control and many people treat it as a store of value.

You said earlier that "Currencies are enforced and controlled by central, powerful authorities". There is no central authority for gold yet it has been a currency for thousands of years. You seem to accept the special status of gold by implying that a cryptocurrency could be effective as a currency if it was backed by gold. So my question is what makes gold so special? Why can't the current design of cryptocurrencies be just like gold, only more convenient?

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Re:Ask HN: When will cryptocurrencies be currency? by atmosx on Monday July 03, 2017 @11:59AM (#14689212)

> My point is that gold has similar properties to Bitcoin.

I see, the correct version would be: Fiat currencies [...].

> My point is that gold has similar properties to Bitcoin.

I agree with your point.

> Why can't the current design of cryptocurrencies be just like gold, only more convenient?

Cryptocurrencies are a lot like gold. But as you said, gold is around for centuries. Can you bet 10 million USD that bitcoin will be around next year?

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