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Recommended ways to buy Bitcoin?

Discussion in 'off topic' started by paulfromcamden, Feb 17, 2021.

  1. deebster

    deebster Half Man Half Biscuit

    Yeah, only time will tell how it all pans out. Interesting to watch though, and a brilliant idea IMO.

    Agreed on the scarcity front, but then bitcoin is easily divisible (100,000,000 Satoshis per bitcoin) and transferrable, immutable, uncounterfeitable, so a decent attempt at making a digital currency to compare with gold.
     
  2. Le Baron

    Le Baron Well-Known Member

    Well actually it isn't just a random decision of 'the people' that gives something value. It is
    As long as tax liabilities have to be met in those currencies, you will value them. It is the fundamental source of its value. It doesn't even matter if you are tax exempt because all the people who aren't, want and will only accept the currencies redeemable as tax. So they drive it for everyone else.

    The dollar hasn't 'lost 90% of its initial value'. People aren't 'pulling out' of fiat currencies either. It's popular to say these things, but really, like it or not, you have no choice to 'pull out' of it.
     
  3. Nagraboy

    Nagraboy pfm Member

    @Le Baron

    Eventually there will be a total lack of belief in the dollar and other currencies and that does matter. Civilisations don’t go on forever and one day this one will collapse, including the tax laws that you think bind people to the currency.
     
  4. Le Baron

    Le Baron Well-Known Member

    When one currency ends another just replaces it. There are clay tablets from Mesopotamia showing the same monetary accounting or credit/debt (no idiotic metallism for them). This has a history of thousands of years and seems to reproduce itself in the same way.
    You don't have a cohesive civilisation with a modern monetary-type economy if people have lots of competing currencies within it. Perhaps people want that - I'm not saying either way - but to imagine this type of economy carries on and people just use things like Bitcoin on the strength of 'agreement' is fantasy.
     
  5. paulfromcamden

    paulfromcamden Baffled

    Though I guess you could also look at the museums stuffed full of thousands of years of hoards of silver hoards, ingots, trade coins etc.

    I'm not sure it's useful to be too dogmatic about these things.
     
  6. Le Baron

    Le Baron Well-Known Member

    I'm not being dogmatic. Physical coinage is not really the history of money. It means very little that e.g. the people of Rome used the Denarius at a certain time, followed by another currency name (Antoninia) or that centuries later the Italians then used the Lira or now the Euro. The concept of how they are put into acceptance is the same.
    It's not about currencies falling and being replaced, that happens, but that they are replaced by either a new sovereign currency, or you use someone else's, or you have your currency pegged to someone else's. People do the last two because they know acceptance is guaranteed and that someone can issue it in a discretionary way.

    Bitcoin is like Milton Friedman ideas of money supply control. What user or government would want to actually have the possibility of actual financial bankruptcy for no good reason?
     

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