Quote from: odolvlobo on April 13, 2013, 03:47:53 AM

Quote from: WSwatch on April 13, 2013, 02:10:23 AM

This is an interesting discussion. However, realistically speaking, bitcoins seem to be more useful as a store of value rather than as a medium of exchange. Perhaps bitcoin's utility in the future will be like that of gold--good for storing value or backing other currencies, but not so good for buying things.

That scenario will mean the death of bitcoin because its only intrinsic value is its utility as a medium of exchange. In order for the currency to have any value at all, the Bitcoin system must be viable. Speculative bubbles like this one are the direct result of bitcoin being overvalued as a store of value.

Exactly.

BTC is not fractional. BTC is usury free. That is why I believe in it. That is why I bought it.

Hundredth or centiBTC (cBTC) and thousandth or milliBTC (mBTC) and millionth or microBTC (uBTC) need to be introduced as needed so BTC can continue to be used as currency which is where its value lies at a level which is confortable to people everywhere.

$266 BTC are unwieldly for most people to use as currency.

When BTC reaches $200+ again it should be reset to $2+ (cBTC) so it can continue to easily be used as currency. BTC value is as a currency. There are a fixed amount of units. To accomodate new users and fluid trade a currency reset or splitting at successive points is required. No wealth or value is ever lost and BTC stays at a currency comfort level for trade.