On 2012-02-27 1:28 AM, Benjamin Kreuter wrote:
If the US
Dollar were to fail, Bitcoin would be the last thing on anyone's mind;
we would probably wind up switching to some other government's currency
while we sorted out the mess (Yuan perhaps), or we would just spend our
time killing each other and not worrying too much about money.
There has never been a time when we were too busy killing each other to
worry about money.
Even before the bronze age there were a curiously large number of
carefully made stone axe heads that were never used for chopping anything.
Perhaps you just need a short list of reasons why Bitcoin is not
going to replace government issued currencies:
1. No offline transactions, which makes Bitcoin useless for a large
class of transactions.
Smartphones.
2. Fixed upper bound on the number of currency units, which creates
deflationary trends as economies and populations grow.
Deflation, oh the horror, the horror. How did we ever survive during
the several hundred years when deflation was normal?
3. No governments allow tax payments made using Bitcoin
Oh the horror.
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