Post
Topic
Board Speculation
Re: Wall Observer - MtGoxUSD wall movement tracker - Hardcore
by
Le Happy Merchant
on 15/05/2013, 10:23:25 UTC
The moment it becomes impossible to get any money out of the system (back into fiat) that's the moment it becomes near worthless.

I don't think you understand how Bitcoin works.

If I am willing to sell $100 worth of goods for a Bitcoin, and I can safely assume that an equitable exchange is being offered by somebody else, then that sets the value. It isn't about getting dollars back out at the end.

Looking at it as a price-first-then-trade instead of trade-first-then-price valuation system is putting the cart before the horse, and has a negative impact on the actual utility of Bitcoins.