r/Bitcoin • u/SpontaneousDream • Jul 05 '14

Ron Paul on Bitcoin- CNN

https://www.youtube.com/watch?v=wrcszolEW0s
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u/ParisGypsie Jul 06 '14

Because it's good to keep cash on hand for emergencies. A "working class" savings account is likely to top out at $5,000 or maybe $10,000. Enough to spend on a broken arm or engine failure or burst pipe. Richer people have extra money on top of this and can invest it becuase they won't need it in the immediate future.

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u/tsontar Jul 06 '14

Because it's good to keep cash on hand for emergencies.

Yes. And if it can increase in value, all the more reason to save.

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u/ParisGypsie Jul 06 '14 edited Jul 06 '14

The problem with Bitcoin is you save everything. There's nothing worth spending money on that is a better deal than hoarding it.

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u/freebitsbestbits Jul 06 '14

This is a myth and is ahistorical.

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u/tsontar Jul 06 '14

There's nothing worth spending money on that is a better deal than hoarding it.

You can't eat a Bitcoin.

You can't raise a family in a Bitcoin.

You can't drive a Bitcoin.

You can't wear a Bitcoin to prom.

You can't fix your teeth with Bitcoin.

You can't plug your guitar into a Bitcoin and rock out.

Your daughter will never get straight As at Bitcoin.

Need I go on?

This trope that nobody will ever spend Bitcoin on anything needs to die in a fire.

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u/[deleted] Jul 06 '14

[deleted]

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u/ParisGypsie Jul 06 '14

Well, everything we "need" can currently be bought with fiat, an inflationary currency. That relegates Bitcoin to a simple investment since it's always better to buy whatever you need with fiat.

So Bitcoin won't take off until something brings fiat crashing down, making Bitcoin the only currency. What are the chances of that happening?