Quote from: raid_n on October 31, 2014, 05:33:25 PM

Quote from: sublime5447 on October 31, 2014, 04:17:37 PM

Bitcoin is not currency its a digital collectible. It is the equivalent of a digital baseball card. A lot of people around here dont see that as a problem, but if your goal is mass adoption or price stability it's a massive problem.

Your analogy makes no sense to me. If you compare bitcoin to a government backed currency whose use they enforce then yes, it is probably harder to convince someone why they should use it.
Either you want massive external control and intervention (then you might get your stability and possibly adoption) or you want something decentralized and have to accept that your control options are limited.

Value always lies in the eye of the beholder so although you may think your precious paper bill of legal tender from country a is worth x, it is only because the current circumstances make you (and others) believe so.
Just look at extreme situations such as natural disasters etc. Suddenly your currency might be nothing more than a piece of paper, a collectible, yet that bottle of fresh water becomes a desirable trade good.

Yeah you're not telling me anything.

Just because its decentralized doesn't mean it can't have price stability.

Two Kinds of Money

1.The Scarcity Model: A single uniform quantity in limited supply made valuable by its own scarcity.
In other words, the value of this type of money depends on the supply of, and demand for, the money commodity itself. Conventional definitions of money define money only in terms of this model, a "medium of exchange". Examples are: cowries, gold and silver, fiat cash and coins, bank credit, and now, in the model's purest and most spectacularly speculative form, Bitcoin.

2. The Abundance Model. A promise of something specific from someone specific made valuable by its redemption in real production. The value of this type of money is defined by the promised redemption in goods and/or services. As such, this type of money is promises of an indefinite number of non-uniform commodities in indefinite supply and, unlike the limited quantity "coin" concept of money, the total quantity of these credits in circulation does not affect their value, because the value of a credit is defined by what its issuer will redeem it for in real goods and/or services. Examples are: business-to-business barter credits, customer rewards, travel points, discount coupons, mutual credit systems.