| > So it unites the drawbacks of both fiat and gold without any of the advantages. Well, if you conveniently ignore the advantages... > Yeah they can, it's called a hard fork in cryptocurrency. That's similar to me printing "Doge dollars" and claiming it increases the supply of US dollar. > Actually you can, though in this case you exchange ownership contracts of the gold, which you can swap for the gold you own at your bank. Yes... If we ignore the fact that you're not actually sending gold. > Until the tax office knocks at your door and wants to know where all that money went. Then the ease of transport is suddenly a problem. That's not an argument. Taxes are applied in the same way as cash is taxed, with benefit of you having a ledger you can reference. > It's not a medium of exchange at the moment any more than beer tops and a ballpoint pen are. Except them being instantly verifiable, have a constrained supply, are easier to transfer, are divisible, are fungible & uniform... Just the properties that money actually needs and make for a good medium of exchange. > The average customer can't even get refunds if they get scammed, how am I supposed to take it seriously as a digital currency? I guess the same way you take physical cash seriously? |
Money also needs to have stable value within some margin and small but steady inflation. If the value rises then it is a bad idea to spend it because it becomes an investment. If the value fluctuates nothing can have a nominal price. A MacBook costs $1400, but in a day it could be anything between 0.2 and 1 bitcoin. Like in the cafe story in one of the GP comments, this makes it impossible to use for any transaction.