Comment · Wed, November 20, 2013
What most investors don't get about Bitcoin as a currency
Original post in this thread
BCLaraby · 96 points
Is that we're on the edge of creating a truly single global currency backed by the full faith of the world.
Now, I'm admittedly simplifying here but think about it. The USD is supported by all that America has to offer, the full force of the promise of the United States. Its workers, its output (GDP), Exports, you name it. It's all just a promise, an IOU, but a promise backed by real econonmic might.
Same with the UK, with China. Same with India. And Australia and Canada.
All these nations singular currencies are representative of the work put into them by us, the people, who build and maintain the economy.
Now Imagine all of the people of the world willingly trading in their own currencies for Bitcoin, voluntarily creating a single universal currency backed by the full faith of the world's economies. Essentially creating a Net that allows for a stable, instantly transferrable currency no matter where you are or how much you need.
Some guy in China wants to do business with someone in Australia? Done. Instantly. No exchange rates or time wasted or middlemen. Just done. Its the Internet of Money.
The long and short of it?
In Bitcoin we've created the real-life Sci-Fi…
What they were answering
BCLaraby · 2 points
Yes. Yes they did.
I would've bought that argument if they had only built one city, realized that it wasn't making any money and they stopped.
But they didn't. They kept building knowing that no one was buying. That no one could possibly buy into these cities, to fill them up.
That is the very definition of throwing away Billions of dollars.
u/MisterYouAreSoDumb
China knew what they were doing. They knew their currency was overinflated, and needed to maintain a level of demand for building materials to justify it. It was a calculated plan, not a mistake.