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Bitcoin Token
lilshawn:
--- Quote from: Slippyblade on November 11, 2013, 02:02:40 am ---No more a scam than any fiat currency in the history of mankind. Bitcoin has value because the people who use it mentally assign a value to it.
--- End quote ---
....And that's the problem, it's only worth something because they say it is. "real" money has stuff to back it up. Gold, Silver, Platinum. Real tangible things.
the problem with something like that, is that inflation drives the value. Remember in Zimbabwe when you had to have 100's of trillions of dollars just to buy a loaf of bread...and a literal wheelbarrow FULL of money to buy things like clothes? People where literally wallpapering the walls in the cities in retaliation.
DarakuTenshi:
Actually... that's not so much the case anymore. The gold standard has not been used for some time.
Fursphere:
--- Quote from: lilshawn on November 11, 2013, 03:29:10 am ---
--- Quote from: Slippyblade on November 11, 2013, 02:02:40 am ---No more a scam than any fiat currency in the history of mankind. Bitcoin has value because the people who use it mentally assign a value to it.
--- End quote ---
....And that's the problem, it's only worth something because they say it is. "real" money has stuff to back it up. Gold, Silver, Platinum. Real tangible things.
the problem with something like that, is that inflation drives the value. Remember in Zimbabwe when you had to have 100's of trillions of dollars just to buy a loaf of bread...and a literal wheelbarrow FULL of money to buy things like clothes? People where literally wallpapering the walls in the cities in retaliation.
--- End quote ---
Did Zimbabwe ever stabilize their currency? It seemed to be in a state of free-fall for awhile there.
lilshawn:
not really... after all this, they just shaved 12 zeros off. their money still had absolutely no value because the government continued to be all like" hey we need more money, let's print up 900 trillion more" and people were starting to get annoyed with having to pay with huge stacks of money.
they removed zeros off their money 3 or 4 times i believe.
they finally legalized paying for items and debts with foreign currency. (mainly US dollars) wile they worked on restoring the bank system and trying to get some value to their money...but a country with nothing, has nothing to build money with.
Turvey:
I really don't understand the whole 'bitcoin' thing but.......
Ouch!!!
http://www.theguardian.com/technology/2013/nov/27/hard-drive-bitcoin-landfill-site
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