Post
Topic
Board Trading Discussion
Re: Interesting conversation with a retailer who formerly accepted Bitcoin
by
drrussellshane
on 27/07/2012, 14:36:39 UTC
I have tried to get people to accept it but they also think its overly complicacted, cumbersome and hard to manage and risky 
( all of which any new payment would have anyway )

the one person i know who does accept bitcoins is only accepting them as an "investment" (he knows they will be worth more in 5 -10 years than now )but not as a currency

this is another problem ,everybody cant just hoard coins hoping the value goes up  ,as addictive as it might be  Cheesy

they have to be traded constantly and thats just not happening enough ,its been said before but if you had a 5 dollar note and a bitcoin in your pocket you would buy your  lunch with the 5 dollar note


the bitcoin needs spendability,outside of silkroad and tax evasion if its ever going to fulfill its potential as a  serious currency 


it's called "Gresham's Law"...
https://en.wikipedia.org/wiki/Gresham%27s_law

Quote
Gresham's law is an economic principle that states: "When a government compulsorily overvalues one type of money and undervalues another, the undervalued money will leave the country or disappear from circulation into hoards, while the overvalued money will flood into circulation."[1] It is commonly stated as: "Bad money drives out good", but is more accurately stated: "Bad money drives out good if their exchange rate is set by law."

This law applies specifically when there are two forms of commodity money in circulation which are required by legal-tender laws to be accepted as having similar face values for economic transactions. The artificially overvalued money tends to drive an artificially undervalued money out of circulation[2] and is a consequence of price control.