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<p>[QUOTE="medoraman, post: 2662012, member: 26302"]While I understand how those who do not trust the government may like that aspect of bitcoins, almost everyone here who does not trust the government also do not trust in something that does not have a tangible, real world value.</p><p><br /></p><p>True, bitcoins are no more made up that currency with one major exception. Theoretically something like US currency is backed by every asset in the US. The Federal government has unlimited power to tax. Therefore, that is the backing of a USD. What backing, other than mass brainwashing that a tiny bit of code somehow has a "value" does bitcoins have?</p><p><br /></p><p>Anyone else remember South Sea company, dutch tulip bulb hysteria, or anything else similar? Sure, people who get in early into frenzies can make money, a lot of money, IF they convert their profit into a real form of long term value.</p><p><br /></p><p>To me, money is a temporary medium of exchange. I get paid in something, (be it USD, sea shells, or bitcoins), only to USE them to buy a REAL asset. I use USD to buy gold, I never consider gold to be a currency, it is an asset. I would be fine using bitcoins in the future if we went with that as a currency to use to to buy a REAL asset, (be it gold, land, equity, etc), but would never believe a bitcoin itself is an asset. A bitcoin is nothing really, (some would say the same regarding a USD). But just like I believe its really dumb to hoard USD in a mattress, I believe it would be equally, (or more so), dumb to hoard bitcoins long term. Not saying you cannot play the "greater fool" game and hold it short term hoping someone else will pay you more for it, but talking long term.</p><p><br /></p><p>Economic history is littered with alternative monetary "solutions". Those who wish to hold bitcoins long term should read about how they have fared IMHO.[/QUOTE]</p><p><br /></p>
[QUOTE="medoraman, post: 2662012, member: 26302"]While I understand how those who do not trust the government may like that aspect of bitcoins, almost everyone here who does not trust the government also do not trust in something that does not have a tangible, real world value. True, bitcoins are no more made up that currency with one major exception. Theoretically something like US currency is backed by every asset in the US. The Federal government has unlimited power to tax. Therefore, that is the backing of a USD. What backing, other than mass brainwashing that a tiny bit of code somehow has a "value" does bitcoins have? Anyone else remember South Sea company, dutch tulip bulb hysteria, or anything else similar? Sure, people who get in early into frenzies can make money, a lot of money, IF they convert their profit into a real form of long term value. To me, money is a temporary medium of exchange. I get paid in something, (be it USD, sea shells, or bitcoins), only to USE them to buy a REAL asset. I use USD to buy gold, I never consider gold to be a currency, it is an asset. I would be fine using bitcoins in the future if we went with that as a currency to use to to buy a REAL asset, (be it gold, land, equity, etc), but would never believe a bitcoin itself is an asset. A bitcoin is nothing really, (some would say the same regarding a USD). But just like I believe its really dumb to hoard USD in a mattress, I believe it would be equally, (or more so), dumb to hoard bitcoins long term. Not saying you cannot play the "greater fool" game and hold it short term hoping someone else will pay you more for it, but talking long term. Economic history is littered with alternative monetary "solutions". Those who wish to hold bitcoins long term should read about how they have fared IMHO.[/QUOTE]
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