51–60 of 66 posts
Earlier quoted context omitted.
Considering all of the uproar caused by the Newsweek article, if people knowing you have bitcoins puts you in danger, then I'd say it's not a currency I want anything to do with.
Let's say you have 400 MUSD, or a ton of gold, and it becomes widely known.
In that moment, shells were a currency. It doesn't matter that no adults on the beach would accept the shells as payment for their Coke or that shells aren't legally endorsed by a government.
If we played this game today, we would have our phones out and trade our wares in bitcoin and it too would be a currency. Whether or not it's a good or reliable or sustainable currency is a totally different matter.
Earlier quoted context omitted.
Bitcoin isn't legal tender anywhere. One could argue that a currency is something which is legal tender somewhere in the world.
If I had 30 million British pennies it wouldn't be legal tender, because nobody is required to accept that volume by law. Does that mean my 30 million pennies aren't currency?
If you owed someone a debt of 30,000 British pounds, you could repay that debt with the pennies, and they would have to accept it. So pennies are both a legal tender and a currency in that case.
His argument (that articles priced in bitcoin change their priced based on the value of a fiat currency such as USD) is valid as a qualitative judgement of bitcoin's utility as a currency, but isn't really a valid test of what is or isn't a currency. Case in point: The Zimbabwean dollar remained a currency through its hyperinflation period, and is still considered a currency (however useless) even though it is no lon…
Bitcoin isn't legal tender anywhere. One could argue that a currency is something which is legal tender somewhere in the world.
Earlier quoted context omitted.
If I had 30 million British pennies it wouldn't be legal tender, because nobody is required to accept that volume by law. Does that mean my 30 million pennies aren't currency?
That is not what legal tender means. Legal tender means that the form of payment is a legally accepted option for extinguishing a debt. If you owed someone a debt of 30,000 British pounds, you could repay that debt with the pennies, and they would have to accept it. So pennies are both a legal tender and a currency in that case.
Pennies are only legal tender for amounts not exceeding 20p
edit: Also, as the link makes clear, you don't have to accept them even below 20p. All that legal tender means is:
> that a debtor cannot successfully be sued for non-payment if he pays into court in legal tender. It does not mean that any ordinary transaction has to take place in legal tender or only within the amount denominated by the legislation
His argument (that articles priced in bitcoin change their priced based on the value of a fiat currency such as USD) is valid as a qualitative judgement of bitcoin's utility as a currency, but isn't really a valid test of what is or isn't a currency. Case in point: The Zimbabwean dollar remained a currency through its hyperinflation period, and is still considered a currency (however useless) even though it is no lon…
Does Bitcoin meeting a dictionary definition of a currency (that is being a medium of exchange) really matter given his actual point (which you've clearly understood)? Also, if your defence of Bitcoin as a currency is to compare it to the Zimbabwean Dollar (a currency ridiculed and later abandoned) then is it OK if I ever need a lawyer that I pass on you and go to the next guy? ;-)
Earlier quoted context omitted.
Would have posted it but for some reason HN has taken away my posting privileges. All my links are auto-dead now. I can only comment :-(
Your last submissions were about Ukraine and the current situation there; maybe some mod got trigger happy with banning "mainstream news" posts? :(
But they seem to allow military A10 and F15 posts, no problem.
Now they suddenly just made it so I can only reply in comments like once an hour, I had to wait a long time to reply to this.
You're submitting too fast. Please slow down. Thanks.
This is someone's cowardly way of bullying me off HN, or a big bug - I suspect the former.
Earlier quoted context omitted.
That is not what legal tender means. Legal tender means that the form of payment is a legally accepted option for extinguishing a debt. If you owed someone a debt of 30,000 British pounds, you could repay that debt with the pennies, and they would have to accept it. So pennies are both a legal tender and a currency in that case.
You are incorrect: http://www.royalmint.com/aboutus/policies-and-guidelines/leg... Pennies are only legal tender for amounts not exceeding 20p edit: Also, as the link makes clear, you don't have to accept them even below 20p. All that legal tender means is: > that a debtor cannot successfully be sued for non-payment if he pays into court in legal tender. It does not mean that any ordinary transaction has to take plac…
Earlier quoted context omitted.
If I had 30 million British pennies it wouldn't be legal tender, because nobody is required to accept that volume by law. Does that mean my 30 million pennies aren't currency?
That is not what legal tender means. Legal tender means that the form of payment is a legally accepted option for extinguishing a debt. If you owed someone a debt of 30,000 British pounds, you could repay that debt with the pennies, and they would have to accept it. So pennies are both a legal tender and a currency in that case.