Quote:
Originally Posted by cstreit
...but isnt the US dollar the same thing? Since we went off the gold standard, it only has value because we all agree it does.
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Well, I would say there are some striking similarities between the two, but I wouldn't call them the same thing. The US dollar is the world's reserve currency, a role it may lose in the not-so-distant future. But having that role today means that the dollar is more useful than gold (can't buy a Big Mac with gold, or anything but US dollars for that matter).
I suppose you're right about the principle, but the difference in scope and scale is not comparable. I can piss in the ocean and I will technically be raising the level of the ocean. Or, an ice shelf can melt and raise the level of the ocean too. We're both right - we're both raising the ocean levels, but the scope and scale of the two are incomparable. I think that's probably where we're at with Bitcoin versus the dollar.
And how would Bitcoin achieve that level? First of all, I imagine it would have to become much more stable...
-Wayne