Quote from: Ibian on March 23, 2014, 07:33:01 PM

The value of bitcoin lies in bitcoin. It is digital gold. When paper money first came about most people wouldn't touch the stuff. What value does ink on a piece of paper have? You would have to be insane to accept that instead of proper currency.

ZZZzzzz

THE LEGAL AUTHORITY OF THE GOVERNMENT AND IT'S ABILITY TO TAX IT'S POPULATION!

Quote from: pungopete468 on March 23, 2014, 07:33:08 PM

I think in a global fiat crisis you would be inclined to accept those lines of algorithmic code. You see; trade is an old game. International traders have always been threatened by piracy, border controls, seizure, etc... Bitcoin will be particularly useful in the post-economic collapse where the level of corruption is intensified.

I might not trade internationally, but if I know that Bitcoin is used for international trade; I'll be very inclined to accept it. Nobody will feel safe entrusting wealth to a bank in the near term and Bitcoin offers many of the benefits of a bank account.

The case of "why Bitcoin?" Bitcoin has the largest network, the most current investment, and the widest current adoption. I think it's safe to assume the current adopters are familiar with Bitcoins ability to escape capital controls, theft, counterfeit, and the list goes on.

I can see Bitcoin being very useful in the global trade arena post-fiat.

Indian tribes used to trade beads or feathers amongst each other and use those as money because the tribe chief would reliably accept them as a show of homage to his authority (taxes). But should that chief die and be replaced by some dude who don't give two craps about beads or feathers then guess what happens?

Bitcoin is the beads. The USD is the chief.

Just try using Bitcoin for any sort of trade if the chief has stopped accepting USD.

As you say, in such a scenario Bitcoin would have to be revalued but by then there will be far better alternatives to Bitcoin and no good reason not to use one of the improved alternatives.