BitCoin is not "money"
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Started by GunterK - Dec. 9, 2017, 1:54 a.m.

Bitcoin is not money, the way I see it.

Of course, the promoters of crypto currencies want them to be like real money.

No, I don’t want to hear that our Dollars are really “fiat money”. My point is…. If I work on a job, getting paid a fixed salary every Friday, I know that I will be able to take that money, go to the store and buy a gallon of milk for $2.99. I also know that the money in my pocket will still buy me a gallon of milk for $2.99 two weeks from now.

Now let’s look at a Bitcoin scenario…. The car dealer down the street has an exotic sports car for sale. The price is $190,000. I really would like to buy that car. I also happen to own a log cabin in the mountains that’s valued at $190,000.

I also happen to have a BitCoin account . A quick look at the current price of BitCoin shows me they are priced at 19,000, Hurrah!!!! That means, I have the possibility to actually buy that fancy car. 

I quickly find a buyer for my mountain retreat and sell it for 10 BitCoins (=$190,000). With great joy, I walk the few blocks to where the car dealer is located, ready to buy that car. But, to my horror, Bitcoin has just dropped back down to 14,000, and my 10 Bitcoins are only worth $140,000

No car, and my mountain retreat is now gone.!!!

No, this is not “ money” in my universe….its a modern version of Tulips. Buy them, trade them, if you think you can make a profit, but don’t work 40 hours a week for a BitCoin salary

Just my opinion... others may disagree

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