Bitcoins Are Digital Collectibles, Not Real Money
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Re: Bitcoins Are Digital Collectibles, Not Real Money
#2Sorry to submit yet another Bitcoin article, but this one turned out to be somewhat of a revelation for me. Thinking of bitcoins as digital collectibles seems a much better metaphor than thinking of them as money. Collectibles have a fixed supply, and their value depends on some concept that people are interested in. Consider e.g. Nazi memorabilia from WW2: fewer and fewer are discovered each year, the total supply is fixed, their value depends a lot on hobbyists' varying interest in WW2. Bitcoin is also unusual for a digital good in that it has a fixed supply, and its value depends a lot on enthusiasts who are interested in cryptocurrencies, fixed money supply etc.
Re: Bitcoins Are Digital Collectibles, Not Real Money
#3If Bitcoins are valued at around $100 dollars a piece is it possible for me to make a $10 dollar purchase using bitcoins?
Re: Bitcoins Are Digital Collectibles, Not Real Money
#4If Bitcoins are valued at around $100 dollars a piece is it possible for me to make a $10 dollar purchase using bitcoins?
Yes, they can be subdivided by up to eight decimal places.
Re: Bitcoins Are Digital Collectibles, Not Real Money
#5If Bitcoins are valued at around $100 dollars a piece is it possible for me to make a $10 dollar purchase using bitcoins?
Yes, you use fractions. In that respect it is different from pennies etc.
Re: Bitcoins Are Digital Collectibles, Not Real Money
#6Sorry to submit yet another Bitcoin article, but this one turned out to be somewhat of a revelation for me. Thinking of bitcoins as digital collectibles seems a much better metaphor than thinking of them as money. Collectibles have a fixed supply, and their value depends on some concept that people are interested in. Consider e.g. Nazi memorabilia from WW2: fewer and fewer are discovered each year, the total supply i…
Memorabilia market prices vary by the quality and history of the piece; pieces with "richer" history fetch higher prices. BitCoin behaves more like a commodity. I expect derivative instruments based on BitCoin mining rates any day now.
Re: Bitcoins Are Digital Collectibles, Not Real Money
#7Re: Bitcoins Are Digital Collectibles, Not Real Money
#8And another article on the farcial financial train choo choo! Btw, we need more perpetual motion, cold fusion, and red mercury investor stories posted too.
Re: Bitcoins Are Digital Collectibles, Not Real Money
#9If Bitcoins are valued at around $100 dollars a piece is it possible for me to make a $10 dollar purchase using bitcoins?
Yes, they can be subdivided by up to eight decimal places.
Transactions on the blockchain actually occur in "satoshi," (currently) the smallest divisible unit of a Bitcoin.
https://en.bitcoin.it/wiki/FAQ#What_do_I_call_the_various_de...
Re: Bitcoins Are Digital Collectibles, Not Real Money
#10Earlier quoted context omitted.
Yes, they can be subdivided by up to eight decimal places.
And I believe that they could be changed to divide even further if necessary in the future.
That bitcoins are infinitely divisible is one of the ways in which problems associated with deflation are mitigated once the 21M bitcoin cap is reached.
https://en.bitcoin.it/wiki/FAQ#Won.27t_loss_of_wallets_and_t...