Differences between Bitcoin and Monopoly Money - Revision history

Midnightmagic: removing old broken link mtgoxUSD doesn't exist anymore, and there's no such thing as a market cap of bitcoin

2017-06-07T19:04:39Z

removing old broken link mtgoxUSD doesn't exist anymore, and there's no such thing as a market cap of bitcoin

← Older revision		Revision as of 19:04, 7 June 2017
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	* [https://en.bitcoin.it/wiki/Trade List of online and real world businesses that currently accept Bitcoin]		* [https://en.bitcoin.it/wiki/Trade List of online and real world businesses that currently accept Bitcoin]
	* [http://www.forbes.com/sites/jonmatonis/2012/07/31/top-10-bitcoin-statistics/ Top 10 Bitcoin statistics (2012)]. In particular:		* [http://www.forbes.com/sites/jonmatonis/2012/07/31/top-10-bitcoin-statistics/ Top 10 Bitcoin statistics (2012)]. In particular:
	** [http://blockchain.info/charts/market-cap Market Cap] and [http://bitcoincharts.com/charts/mtgoxUSD#tgSzm1g10zm2g25zvzl Price] (log scale!)
	** [http://blockchain.info/charts/n-transactions Number of transactions]		** [http://blockchain.info/charts/n-transactions Number of transactions]
	** [http://bitcoin.sipa.be/ Total Network Hash Rate]		** [http://bitcoin.sipa.be/ Total Network Hash Rate]

Omar: /* Bitcoins are like fiat currencies */

2012-08-08T19:07:26Z

Bitcoins are like fiat currencies

← Older revision		Revision as of 19:07, 8 August 2012
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	USD doesn't have value because "the US government backs it". There is no backing. It is not backed by bars of gold. It is not backed by other currencies (the US government does not promise they hold in their vaults 0.5 euro per every USD out there). '''This "backing" is a myth'''. The thing backing the US Dollar is the state of the US economy, and the thing backing Bitcoin is the state of the Bitcoin economy ('''speculation included!'''). However the US government does support the USD by requiring tax payments be made in USD. Also OPEC and other global trade organizations supports the USD by requiring payment for oil and other commodities in USD, thus giving the USD the status of the world reserve currency.		USD doesn't have value because "the US government backs it". There is no backing. It is not backed by bars of gold. It is not backed by other currencies (the US government does not promise they hold in their vaults 0.5 euro per every USD out there). '''This "backing" is a myth'''. The thing backing the US Dollar is the state of the US economy, and the thing backing Bitcoin is the state of the Bitcoin economy ('''speculation included!'''). However the US government does support the USD by requiring tax payments be made in USD. Also OPEC and other global trade organizations supports the USD by requiring payment for oil and other commodities in USD, thus giving the USD the status of the world reserve currency.
			http://www.nypost.com/p/news/opinion/opedcolumnists/how_us_debt_risks_dollar_doomsday_j8dxHSYWUa22QpSN7ttOIL


	[[Category:Introduction]]		[[Category:Introduction]]

Omar: added that USD is required for paying taxes in US and used as the world reserve currency

2012-08-08T19:03:51Z

added that USD is required for paying taxes in US and used as the world reserve currency

← Older revision		Revision as of 19:03, 8 August 2012
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	Fiat currencies (USD, Euro, ...) only have value because people believe they have value, and '''for no other reason'''. If everybody in the world suddenly thought the US was going to go into a major economic breakdown, then the value of USD would plummet, because it is only based on this belief (this process might be happening right now).		Fiat currencies (USD, Euro, ...) only have value because people believe they have value, and '''for no other reason'''. If everybody in the world suddenly thought the US was going to go into a major economic breakdown, then the value of USD would plummet, because it is only based on this belief (this process might be happening right now).

	USD doesn't have value because "the US government backs it". There is no backing. It is not backed by bars of gold. It is not backed by other currencies (the US government does not promise they hold in their vaults 0.5 euro per every USD out there). '''This "backing" is a myth'''. The thing backing the US Dollar is the state of the US economy, and the thing backing Bitcoin is the state of the Bitcoin economy ('''speculation included!''').		USD doesn't have value because "the US government backs it". There is no backing. It is not backed by bars of gold. It is not backed by other currencies (the US government does not promise they hold in their vaults 0.5 euro per every USD out there). '''This "backing" is a myth'''. The thing backing the US Dollar is the state of the US economy, and the thing backing Bitcoin is the state of the Bitcoin economy ('''speculation included!'''). However the US government does support the USD by requiring tax payments be made in USD. Also OPEC and other global trade organizations supports the USD by requiring payment for oil and other commodities in USD, thus giving the USD the status of the world reserve currency.


	[[Category:Introduction]]		[[Category:Introduction]]

Opx1207 at 14:54, 3 August 2012

2012-08-03T14:54:06Z

← Older revision		Revision as of 14:54, 3 August 2012
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	This article is meant to explain the differences in a newb-friendly manner.		This article is meant to explain the differences in a newb-friendly manner.

	TL;DR - Bitcoins are valuable because people can use them in ways they deem valuable. This does not mean they are a "monopoly currency", any more than other currencies.		TL;DR - Bitcoins are valuable because people can use them in ways they deem valuable, and they are scarce. This does not mean they are a "monopoly currency", any more than other currencies.

	== There is a finite (rather small) amount of Bitcoins ==		== There is a finite (rather small) amount of Bitcoins ==

Opx1207 at 14:50, 3 August 2012

2012-08-03T14:50:13Z

← Older revision		Revision as of 14:50, 3 August 2012
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	This article is meant to explain the differences in a newb-friendly manner.		This article is meant to explain the differences in a newb-friendly manner.

	TL;DR - Bitcoins are valuable because people ~~think~~ they ~~are~~ valuable. This does not mean they are a "monopoly currency", any more than other currencies.		TL;DR - Bitcoins are valuable because people can use them in ways they deem valuable. This does not mean they are a "monopoly currency", any more than other currencies.

	== There is a finite (rather small) amount of Bitcoins ==		== There is a finite (rather small) amount of Bitcoins ==

Garyrowe at 11:47, 3 August 2012

2012-08-03T11:47:56Z

← Older revision		Revision as of 11:47, 3 August 2012
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	** [http://blockchain.info/charts/estimated-transaction-volume-usd Daily Transaction Volume in USD]		** [http://blockchain.info/charts/estimated-transaction-volume-usd Daily Transaction Volume in USD]

	== Bitcoins are ~~goods~~ means of exchange ==		== Bitcoins are good as a means of exchange ==
	http://bitcoin.stackexchange.com/questions/305/what-are-the-perceived-advantages-of-bitcoin-as-a-means-of-exchange		http://bitcoin.stackexchange.com/questions/305/what-are-the-perceived-advantages-of-bitcoin-as-a-means-of-exchange

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	Empirical evidence, in the time period 2009-2012 at least, have shown them to be excellent store of value. This is not yet concrete proof that this trend will remain, but it's a start.		Empirical evidence, in the time period 2009-2012 at least, have shown them to be excellent store of value. This is not yet concrete proof that this trend will remain, but it's a start.

	== Bitcoins are like ~~Fiat~~ currencies ==		== Bitcoins are like fiat currencies ==
	Fiat currencies (USD, Euro, ...) only have value because people believe they have value, and '''for no other reason'''. If everybody in the world suddenly thought the US was going to go into a major economic breakdown, then the value of USD would plummet, because it is only based on this belief (this process might be happening right now).		Fiat currencies (USD, Euro, ...) only have value because people believe they have value, and '''for no other reason'''. If everybody in the world suddenly thought the US was going to go into a major economic breakdown, then the value of USD would plummet, because it is only based on this belief (this process might be happening right now).

Ripper234: /* Empirical Evidence */

2012-08-03T08:14:20Z

Empirical Evidence

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	'''Some links:'''		'''Some links:'''
	* [http://bitcoincharts.com/charts/mtgoxUSD#tgSzm1g10zm2g25zvzl Real value of Bitcoin compared to the USD] (log scale!)
	* [https://en.bitcoin.it/wiki/Trade List of online and real world businesses that currently accept Bitcoin]		* [https://en.bitcoin.it/wiki/Trade List of online and real world businesses that currently accept Bitcoin]
	* [http://www.forbes.com/sites/jonmatonis/2012/07/31/top-10-bitcoin-statistics/ Top 10 Bitcoin statistics (2012)]		* [http://www.forbes.com/sites/jonmatonis/2012/07/31/top-10-bitcoin-statistics/ Top 10 Bitcoin statistics (2012)]. In particular:
			** [http://blockchain.info/charts/market-cap Market Cap] and [http://bitcoincharts.com/charts/mtgoxUSD#tgSzm1g10zm2g25zvzl Price] (log scale!)
			** [http://blockchain.info/charts/n-transactions Number of transactions]
			** [http://bitcoin.sipa.be/ Total Network Hash Rate]
			** [http://blockchain.info/charts/estimated-transaction-volume-usd Daily Transaction Volume in USD]

	== Bitcoins are goods means of exchange ==		== Bitcoins are goods means of exchange ==

Ripper234: /* Empirical Evidence */

2012-08-03T08:10:19Z

Empirical Evidence

← Older revision		Revision as of 08:10, 3 August 2012
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	* [http://bitcoincharts.com/charts/mtgoxUSD#tgSzm1g10zm2g25zvzl Real value of Bitcoin compared to the USD] (log scale!)		* [http://bitcoincharts.com/charts/mtgoxUSD#tgSzm1g10zm2g25zvzl Real value of Bitcoin compared to the USD] (log scale!)
	* [https://en.bitcoin.it/wiki/Trade List of online and real world businesses that currently accept Bitcoin]		* [https://en.bitcoin.it/wiki/Trade List of online and real world businesses that currently accept Bitcoin]
			* [http://www.forbes.com/sites/jonmatonis/2012/07/31/top-10-bitcoin-statistics/ Top 10 Bitcoin statistics (2012)]

	== Bitcoins are goods means of exchange ==		== Bitcoins are goods means of exchange ==

Ripper234: /* Empirical Evidence */

2012-08-03T08:09:06Z

Empirical Evidence

← Older revision		Revision as of 08:09, 3 August 2012
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	It is a bit of a self-sustaining prophecy ... but that doesn't make it false.		It is a bit of a self-sustaining prophecy ... but that doesn't make it false.

			'''Some links:'''
			* [http://bitcoincharts.com/charts/mtgoxUSD#tgSzm1g10zm2g25zvzl Real value of Bitcoin compared to the USD] (log scale!)
			* [https://en.bitcoin.it/wiki/Trade List of online and real world businesses that currently accept Bitcoin]

	== Bitcoins are goods means of exchange ==		== Bitcoins are goods means of exchange ==

Ripper234: Ripper234 moved page Differences between Bitcoin and Monopoly money to Differences between Bitcoin and Monopoly Money

2012-08-03T08:05:01Z

Ripper234 moved page Differences between Bitcoin and Monopoly money to Differences between Bitcoin and Monopoly Money

← Older revision	Revision as of 08:05, 3 August 2012
(No difference)