Re:Bitcoin exchange rate reached $100 USD per BTC
by grovulent on Monday April 01, 2013 @11:37AM
(#5473698)
Bitcoin hasn't yet proved it can do either 1 or 2 yet. If it succeeds in either it will do better than gold is currently doing as currency.
But I wasn't trying to measure currency dick size. I was just making the point that not being good at 2 doesn't necessarily hurt its ability at 1.
Re:Bitcoin exchange rate reached $100 USD per BTC
by jcampbell1 on Monday April 01, 2013 @01:34PM
(#5474554)
I wasn't disagreeing with anything you said. I was trying to tighten up the language around "what is a currency". From a conceptual level, BitCoin is much more currency friendly than gold due to both divisibility and ability to process electronic transactions.
Re:Bitcoin exchange rate reached $100 USD per BTC
by fnordfnordfnord on Monday April 01, 2013 @12:53PM
(#5474263)
A person who bought ~1600 USD worth of bitcoin last year instead of an OZT of gold would be quite pleased with the performance of bitcoin in category #1.
Re:Bitcoin exchange rate reached $100 USD per BTC
by leishulang on Monday April 01, 2013 @06:21PM
(#5476322)
The other way, 99.999999% or more of human population disagree with him.
1) Store of value. Much easier to store gold/USD/Bitcoins than the food you will need in the future.
2) Medium of Exchange. Can be used to exchange for real goods, thus avoiding the headache of barter.
3) Unit of Account. e.g. is easily divisible.
Bitcoins aren't great at #2, but gold is terrible at #3. If bitcoins prove to be a lasting store of value, then it will almost certainly be more "money" like than gold.