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<blockquote data-quote="Oxan" data-source="post: 996477" data-attributes="member: 97484"><p>That's not entirely true. Both bitcoins and dollar bills have an intrinsic value of (almost) zero. If nobody wants them, it's just a bit of paper or an arrangement of some bits. However, both bitcoin and dollars are a currency, because people accept them in exchange for other things. They both store value: you've to invest a certain amount of something to get them (whether that's computing power, labour or another currency doesn't matter), and you can exchange them back for something else (sure, you can exchange Bitcoins less divers products than dollars, but you can exchange them, and that's the imprtant part). Both may be twice or half as much worth tomorrow as they are today. Sure, it's less likely that it happens with the dollar, but if the US government defaults on its debt, you can be sure the dollar dives in value. A non-volatile exchange rate isn't a requirement to be a currency, nor is association with a country (otherwise the Euro wouldn't be a currency either, since it's associated with 27 countries and none of them can change the exchange rate or regulate the money flow into their country). </p><p></p><p></p><p>Sure, I completely agree with that. But it's still a currency and has a valid function as such. Everyone should decide for their themselves whether (s)he wants to take the risk of using it (whether using it is responsible depends on a lot of factors: converting all your money to it probably isn't, but using it to invest 1% of your capital can be fine). The same is true for the US dollar or the Euro, the risk involved in using them is just a lot lower.</p></blockquote><p></p>
[QUOTE="Oxan, post: 996477, member: 97484"] That's not entirely true. Both bitcoins and dollar bills have an intrinsic value of (almost) zero. If nobody wants them, it's just a bit of paper or an arrangement of some bits. However, both bitcoin and dollars are a currency, because people accept them in exchange for other things. They both store value: you've to invest a certain amount of something to get them (whether that's computing power, labour or another currency doesn't matter), and you can exchange them back for something else (sure, you can exchange Bitcoins less divers products than dollars, but you can exchange them, and that's the imprtant part). Both may be twice or half as much worth tomorrow as they are today. Sure, it's less likely that it happens with the dollar, but if the US government defaults on its debt, you can be sure the dollar dives in value. A non-volatile exchange rate isn't a requirement to be a currency, nor is association with a country (otherwise the Euro wouldn't be a currency either, since it's associated with 27 countries and none of them can change the exchange rate or regulate the money flow into their country). Sure, I completely agree with that. But it's still a currency and has a valid function as such. Everyone should decide for their themselves whether (s)he wants to take the risk of using it (whether using it is responsible depends on a lot of factors: converting all your money to it probably isn't, but using it to invest 1% of your capital can be fine). The same is true for the US dollar or the Euro, the risk involved in using them is just a lot lower. [/QUOTE]
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