3 CommentsThe problem with a finite asset is that the economy is not finite, and if you have a limited amount of money to match this almost unlimited capacity of people in the economy to do things, money doesn’t work.
Eulogy made by: Ann Pettifor
“A leading economist explains why bitcoin isn’t money” – BusinessInsider | $1185.01
Free Bitcoin Crash Course
Learn everything you need to know about Bitcoin in just 7 days. Daily videos sent straight to your inbox.
We hate spam as much as you do. You can unsubscribe with one click.
Any amount of money is suitable for any volume of goods. It is not a money, but the SHARE of the money which is important. So it doesn’t matter whether you have 1 or 1 million. It is important, if your money is 0.00001 or 0.001 of the total amount of money .
.
So there is no problem with BTC that it is limited in the amount.
.
But BTC is NOT A MONEY ! BTC is a TOY ! A point system like in a childish card game or so. Its value is EXACTLY ZERO.
The money has to fulfill one of the two conditions:
– should posses a material value (gold, salt, grain etc.)
– should posses a LEGAL VALUE (forced by the power of the state). For example a fiat money (fiduciary money) has one advanatge: there is someone, who CANNOT REFUSE to accept this money ! It is when you pay taxes and the state has to accept the payment ! BTC has NEITHER of those two features ! Hence this is NOT A MONEY.
Hi, these are good points to raise, I also suggest you to read this article why Bitcoin has a value, it can be useful for you: https://99bitcoins.com/know-why-bitcoin-has-value/
Gold’s finite too – don’t see that dying any time soon.
The quantum computing angle could become an issue, but surely if that is true for decryption, it will work for encryption too.