Post
Topic
Board Economics
Re: Bitcoin Is Not Really A Good Money
by
BobK71
on 22/08/2017, 12:40:49 UTC
Bitcoin is a modern store of value that will far exceed any other major store of value. Gold and Silver is just impractical in today's digital society. I fully support the deflationary aspect to Bitcoin, it ensure that its value will grow over time.

The scarcity is a large factor of the value that it has.

Me too, but the deflationary aspect is basically the same among all the non-state monies.

Bitcoin has the special problem that it is only software and data, and thus the safeguard against human issuance is not as secure.

Certainly, in the digital age it would be more convenient to have electronic money.  But when going electronic compromises the integrity of the system, IMO the compromise is not worth making.

The increase of convenience generally increases the degree of trust required to keep the system honest and stable.  What humans should do is not to use systems that assume their fellow humans are trustworthy.  What they need to do now is to have a sound monetary basis for their economy, use that to build a healthy and strong economy and society, where trust grows naturally.  With more trust, we can then look for convenience.  The horse before the cart, so to speak.