Re:Nouriel Roubini: Bitcoin Is a ‘Ponzi Game’
by aggronn on Monday March 10, 2014 @12:23PM
(#7373827)
100% of transactions in bitcoin could be for legitimate goods and services, and his point would still stand. Its not a currency if all transactions are being translated to other currencies immediately afterwards. If that were the case, it would simply be a means of payment. Bitcoins would be no more an independent currency than the money in your paypal account.
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Re:Nouriel Roubini: Bitcoin Is a ‘Ponzi Game’
by dperfect on Monday March 10, 2014 @12:44PM
(#7373991)
"all transactions are being translated to other currencies immediately afterwards"
Many merchants that accept Bitcoin are currently converting as you say via services like BitPay, but I certainly wouldn't go so far as to say that all transactions are being converted.
As for Bitcoin vs Paypal: one basic difference is that money in a Paypal account is denominated in terms of fiat, and as such can be considered fungible with fiat. Bitcoin is not inherently tied to the value of any another currency, so it clearly has a more independent role (not to mention the numerous [1]other advantages).