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Comment: Re:The same is true of the US dollar (Score 1) 438

by rebrane (#41693491) Attached to: Vast Bulk of BitCoins Are Hoarded, Not Used

The analogy isn't perfect because the Federal Reserve "creates" more money than is actually printed, so the dollar is really a "virtual" currency as well. But the point stands that the total amount of _commitments_ made in dollars exceeds the amount of dollars that "exist" by any central measure.

The physical (virtual?) Bitcoin example would be: if you have an account with a Bitcoin bank and you make a transfer to someone else who's using the same Bitcoin bank, they don't have to generate a Bitcoin transaction to honor that transaction.

The virtue of Bitcoin is that it allows anyone to perform transactions in a way that only banks can do with dollars, but this is not the only way to perform transactions with Bitcoins any more than it is with dollars.

Comment: The same is true of the US dollar (Score 1, Informative) 438

by rebrane (#41692923) Attached to: Vast Bulk of BitCoins Are Hoarded, Not Used

There are more $100 bills than all other types of bills put together. The majority aren't even in the United States.


As we all know, you don't have to possess a physical dollar bill to spend a dollar. There's no reason the same shouldn't be true of Bitcoins; you shouldn't need to "possess" a "real" Bitcoin in order to spend one.

The trouble with being punctual is that nobody's there to appreciate it. -- Franklin P. Jones