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comment by user-inactivated
user-inactivated  ·  4398 days ago  ·  link  ·    ·  parent  ·  post: Bitcoin-based casinos

I'm not a fan of bitcoin, it isn't a viable digital currency, it was an experiment not designed to go on perpetually. But yet there's no real alternatives...it's rather frustrated to watch.





mk  ·  4398 days ago  ·  link  ·  

I'm curious why you don't think it is viable. It's my impression that the creator(s) intended for it to continue to be used. I am surprised that there hasn't been more effort to create alternates. I did post an article about Ripple the other day, which is a kind of alternate digital currency.

However, one thing I do like about bitcoin is that it has lead to a lot of interesting debates about the nature of currency. It is an experiment, for sure.

user-inactivated  ·  4397 days ago  ·  link  ·  

I was under the impression that bitcoin was designed to inflate indefinitely...but I did some research and it appears that I'm wrong. https://en.bitcoin.it/wiki/Myths#Bitcoin_can.27t_work_becaus...

AlderaanDuran  ·  4397 days ago  ·  link  ·  

Yeah, that problem is it will deflate, as there is a planned limited number of them to go into circulation. So as the usage picks up, each bitcoin will be worth more and more, which will result in people hoarding them early, and adopting to use them later would be difficult and cost prohibitive for anyone looking to start using them. Plus, if you were to have any debts based in BTC, they would only become more difficult to pay.

Deflation is what caused the great depression, and it's what Japan is still struggling with economically. Inflation, in small and controlled amounts is a good and necessary thing. Deflation, however, is bad news for any currency. And Bitcoins are bound to inflate simply by design.

mk  ·  4397 days ago  ·  link  ·  

I see. I'm not sure if I agree with that assessment. However, IMO the real question isn't whether or not bitcoin can be a successful currency in a traditional sense. It interacts with currencies, but I think most important is the question of whether or not it is a valuable tool. I would have serious doubts that any country could use btc instead of an issued currency, but IMO that doesn't prevent btc from being useful, and thus valuable.