this post was submitted on 15 Nov 2023
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Bitcoin. Heard you can buy a digital coin that has no use for only 20 cents. Why would I want a fake coin that can't be used for anything?
This comment strikes me as uninformed. The creator of bitcoin wasn’t an entrepreneur. It wasn’t a business idea, at all. It’s a technological experiment.
Bitcoin isn’t about “having a fake coin.” It was about a global, decentralized, (theoretically) secure and impossible to hack technology that would allow anyone in the world with internet to access effective banking services.
If I want to send money to someone in Japan right now, how do I do that? We both need banks, we both need accounts, I have to tell my bank to send money to his bank, it has to go through clearing houses, exchange rates, etc. And if there are political issues that prevent capital exchange, you can’t do it.
With bitcoin, the global network was decentralized and secure. That was the goal of it. Saying “it’s fake money” is just meaningless; ALL money that is not heavily commoditized, all fiat money, including US Dollars, are fake
The real problem with bitcoin, the reason that IMO it cannot ever become ubiquitous as an actual currency, is that it is deflationary by nature. Everything I’ve ever learned about economics tells me that deflationary currencies don’t work.
Deflationary currencies can work. The problem was always divisiblility. You start working with decimals.
And you also inverse the problem with wages. The richest need to constantly keep up with what the actual price of a banana (rather than the poorest need to keep up with the value of their labor).