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by zaguios
3399 days ago
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Yea, you are correct in stating that Bitcoin is much more similar to gold than it is an actual currency. That's one thing that I'm attempting to solve with Swift Demand, since coins are constantly being added to the economy you can't really use them as a long term investment and hope the price will increase. This will ideally lead to the currency having a stable value. As for making the currency move at a high velocity this is definitely one of my primary goals for making Swift Demand successful. My current plan is to implement an easy to use API and then get some online services on board to start accepting the currency to get the economy moving at a healthy speed. |
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That's not guaranteed. If I can't spend it on anything, it's monopoly money: regularly printed, but not actually currency.
Monopoly money is a stable state item, too. We've no reason, barring outside influence, to believe that anyone will ever start accepting monopoly money as a currency. The first person that did would be taking tremendous risk; there's an awful lot of monopoly money sitting in peoples cupboards. If they break ranks and no one follows, they'll be left with piles of worthless paper.
If too many of your coins enter circulation before someone starts accepting them as a currency, you could be left in the awkward situation where in order for a merchant to mitigate the risk of accepting your coins, they have to set the price of a loaf of bread so high that no single user of your service actually has enough coins to purchase a loaf.