ST Alpha - "the Bitcoin HODLs have yet to explain what happens when every tries to convert their coins into goods and services" (Reading a Post)

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In response to "True? No clue, but not something that sounds sustainable -- (link)" by TWuG

the Bitcoin HODLs have yet to explain what happens when every tries to convert their coins into goods and services

Posted by Reagen Jan 3 '21, 11:06

or do people just trade scrip back and forth forever?

Responses:

"Trading scrip back and forth" is what happens today with USD and is the best case scenario for bitcoin -- nm - rollo Jan 3, 12:17 5
- Fiat money is at least backed by the existence of governments, even if that isn't perfect. Crypto is backed by... the faith of people who hold crypto - Reagen Jan 3, 12:34 4
  - If civilization crumbles, 1,000 years later we find caches of gold coins, wads of paper money, what happens to flash drives? -- nm - zeitgeist Jan 3, 12:49
  - at the end of the day both forms are clapping for tinkerbell to fly or whatever. That said, your IM is very intriguing. Vast rigs of solar powered - rollo Jan 3, 12:43 2
    - The other thing that would knock it back to Earth is higher tax rates or a wealth tax - Reagen Jan 3, 12:51 1
      - I stand by my Beanie Babies comment on the BBs. -- nm - TWuG Jan 3, 12:54
It's a Wonderful Digital Life -- nm - Max Jan 3, 12:10
))<>(( -- nm - Qale Jan 3, 11:41
The money is there, provided no one actually tries to go looking for it. -- nm* - znufrii, stimulated Jan 3, 11:39
Cryptocurrency is one of the biggest scams and worst ideas of my lifetime. The technology is great and useful, but the creation of the currency is - pmb Jan 3, 11:36 2
- Og, grog, and Nog, sitting around the cave fire thought the same about those lumps of gold in exchange for the cow and two daughters -- nm - zeitgeist Jan 3, 12:42
- He is working on it -- nm - Pippy - Jan 3, 12:03
Well, it's on Paypal now. So, that issue's resolved. -- nm - David Jan 3, 11:29

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the Bitcoin HODLs have yet to explain what happens when every tries to convert their coins into goods and services

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