Quote:
Originally Posted by iminhell1
I may not have understood the questions, I'd like to think I did though.
No coin will be legitimate in my mind until it is a full fledged currency. As I said earlier, that equates to a private citizen being able to walk into any store and buy everyday goods with it.
Now lets just say that is the case in El Salvador (I don't believe it is right now), but for S&G I'll play along. So 4 months ago when Mr. El bought milk for his family it cost 0.00007BTC (lets call it $2.50 equivalent, made up number). He has 0.000100BTC total.
Now today he went to buy milk again. It still costs 0.00007BTC but this time the US dollar equivalence is $3.75.
And here we sit in the US bitching constantly about inflation.
You do understand this, correct?
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It’s an interesting point. I think the counterpoint I would try to make (though I’m not an economist) is that if you were trying to buy said milk in a country with hyperinflation than those factors would need to be weighed against your example against the USD.
In Argentina I believe their Peso has lost 80% of its spending power so putting their money into BTC is a way to preserve their wealth and not have that mill cost the equivalent of what it used to cost to buy the entire cow.