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20k DOW vs BITCOIN
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<blockquote data-quote="LarryBird" data-source="post: 4110110" data-attributes="member: 76548"><p>Gold is considered a commodity and not a currency, and it's traded as such.</p><p></p><p>While gold was a times throughout history used as currency, it has long since been replaced by paper money, and paper money that isn't even backed by gold anymore, for that matter. So gold has since become nothing more than a commodity to be traded on an exchange, albeit one that does have real world applications in electronics and a few other things.</p><p></p><p>Bitcoin was positioned as a currency. A decentralized currency to replace the fiat money issued by central banks. It has also become a commodity instead of a currency.</p><p></p><p>I think what we're finding out, is that without a central authority to set and regulate the value, and to keep it stable without wild fluctuations up or down, it cannot be considered a currency, or at least can't function as one because of the wild fluctuations. This seems to be the flaw in crypto currency as an actual currency. At least, in my admittedly limited understanding of crypto. I'm not an expert, and I know that. </p><p></p><p>But the value/cost of goods and services remain stable, while the value of bitcoin doesn't. Who wants to pay using bitcoin for a service, only to find out a week later that they paid $2000 for a massage(without a happy ending), and who wants to accept it, only to find out they were paid $2000 for $5000 worth of products or services when the value of bitcoin plunges suddenly?</p></blockquote><p></p>
[QUOTE="LarryBird, post: 4110110, member: 76548"] Gold is considered a commodity and not a currency, and it's traded as such. While gold was a times throughout history used as currency, it has long since been replaced by paper money, and paper money that isn't even backed by gold anymore, for that matter. So gold has since become nothing more than a commodity to be traded on an exchange, albeit one that does have real world applications in electronics and a few other things. Bitcoin was positioned as a currency. A decentralized currency to replace the fiat money issued by central banks. It has also become a commodity instead of a currency. I think what we're finding out, is that without a central authority to set and regulate the value, and to keep it stable without wild fluctuations up or down, it cannot be considered a currency, or at least can't function as one because of the wild fluctuations. This seems to be the flaw in crypto currency as an actual currency. At least, in my admittedly limited understanding of crypto. I'm not an expert, and I know that. But the value/cost of goods and services remain stable, while the value of bitcoin doesn't. Who wants to pay using bitcoin for a service, only to find out a week later that they paid $2000 for a massage(without a happy ending), and who wants to accept it, only to find out they were paid $2000 for $5000 worth of products or services when the value of bitcoin plunges suddenly? [/QUOTE]
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