Bitcoin and Gresham’s Law “Bad money drives out the good.” -Sir Thomas Gresham (1519–1579), English financier during the Tudor dynasty What bitcoin hodlers know — or think they know — is that bitcoin is “good money” while dollars are “bad.” In turn, bitcoin price would likely rise as well since its supply is hard-capped at 21 million. According to Gresham’s Law, bad money would drive out good money, which in this case would be bitcoin that people would be incentivized to hold as a store value against a constantly depreciating currency like the US dollar. Yang Accepts Bitcoin . As Bitcoinist reported this week, Yang has a ... At this point, Bitcoin isn’t widely spent due to Gresham’s law, which states that bad money drives out good money. What this means is that, when presented with two kinds of currency, individuals will be inclined to spend the inferior one and to hoard the superior one. Users of Bitcoin prefer to spend fiat currencies, as they have little faith in their long-term survival. They hold (or I recently read about Gresham's law, and it seemed kind of counterintuitive at first, but it makes sense. However does this mean that bitcoin will be driven out of circulation, if more people hold it because its commodity value is more than its 'face' value? Is this a good or bad thing? And would this be likely... In another point Stross argues that Bitcoin violates Gresham’s Law meaning that it would be more profitable to steal electricity with a giant botnet rather than mine legitimately. He cites this paper, that says botnets will come to dominate Bitcoin mining. The math in it is good. There’s just one problem. The paper was written in 2011, before the rise of ASICs (Application Specific ... Many, if not the majority, of Bitcoin users who are truly enthusiastic, and use it as a real currency rather than an investment to be cashed in at the right price, have no desire to reconcile crypto-currency with the standing financial system of governmental control, which involves theft, extortion, and intimidation. They do not use Bitcoin while hoping that one day the government will ... In turn, bitcoin price would likely rise as well since its supply is hard-capped at 21 million. According to Gresham’s Law, bad money would drive out good money, which in this case would be bitcoin that people would be incentivized to hold as a store value against a constantly depreciating currency like the US dollar. Yang Accepts Bitcoin . As Bitcoinist reported ... In turn, bitcoin price would likely rise as well since its supply is hard-capped at 21 million. According to Gresham’s Law, bad money would drive out good money, which in this case would be bitcoin that people would be incentivized to hold as a store value against a constantly depreciating currency like the US dollar. Yang Accepts Bitcoin Gresham's law *only applies if the two currencies in question have their exchange rate set by law (this is missed by many). Completely doesn't apply here. level 2. 6 points · 2 years ago. Right. Imagine that you had silver quarters that are worth $0.25 (by law) and contain 90% silver. And in 1965 the US government decided that new silver quarters minted henceforth would still be worth $0.25 ... #Bitcoin dangerously close to the 200 DMA. Will support hold? Why Bitcoin’s settlement is revolutionary compared to fiat or gold, Square first time BTC buyers double, Fed posts job for crypto researcher, $55k BTC by 2020, crypto news, and more!
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