Quote from: RealBitcoin on June 20, 2015, 12:39:25 PM

Quote from: deisik on June 19, 2015, 10:25:25 PM

You forget that disk shaped objects from lumber are not considered a legal tender anywhere in the world (afaik), therefore they cannot be (officially) used as money, unless they are declared as such and you are able to pay taxes with them. Besides that, central banks do not hoard timber, they hoard gold. If you are curious, very different objects served as money in various societies throughout the history of humanity. So your analogy is flawed at best, and you can't get away from the fact (or ridicule it somehow)...

Money is an abstract idea, thereby any object (kind of) can potentially serve as it (provided they can perform its functions well enough)

Ok but legal tender needs alot of time to go through. I am saying that because people could do commerce in it, by somehow only using fiat as much as its necessary, then it is a viable currency.

Look if you are a grocery shop owner, and you can buy all the vegetables from the farmers for bitcoin, and the transport guy can also be paid in bitcoin, then you won because all you need to pay in fiat is your taxes, everything else is in bitcoin. And as the legislators see that bitcoin is a currency they will have to make it legal tender sooner or later.

Do you know the primary reason why the gold standard was almost universally abandoned? The same flaw behind gold standard failure will inexorably plague Bitcoin in the end, if it ever happens to get into mainstream...

Fundamentally, Bitcoin is not much better than gold