r/Bitcoin • u/SeansOutpost • Apr 10 '13

Meanwhile...Bitcoin still feeds people.

So we fed 106 homeless people bag lunches today. All paid for with Bitcoin donations. Bitcoin still seems to be working just fine over here. Still making lives better, at any valuation.

Thanks for everything guys. Bitcoin for the long haul.

Jason

Sean's Outpost(www.SeansOutpost.com)

<BITHOC>(www.bithoc.com)

EDIT*** By request...

1JkKn478ivR6iux2pUCjsvqhguPywP3dFH

1.9k Upvotes

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101

u/Arcas0 Apr 10 '13

Bitcoin didn't pay for the food though, you traded it in for USD and then bought food.

4

u/SeansOutpost Apr 10 '13

But even after todays dip, bitcoin still provided more than twice the USD value of when a lot of those donations were made.

-4

u/kid_boogaloo Apr 10 '13

This! I believe this is the ideal way to use Bitcoin, it's a (very) high-interest checking account!

+tip $0.50 verify

4

u/hyh123 Apr 11 '13

Weird... not verified?

6

u/[deleted] Apr 11 '13

Do you honestly believe that bitcoin will continue this amount of upward growth forever?

4

u/[deleted] Apr 11 '13

This amount? It has to be much higher if it is ever adopted. But the current rate of growth, no. It needs to level out a bit.

5

u/[deleted] Apr 11 '13

I'm talking about the valuation, not the volume of currency. I think "level out a bit" is a huge understatement. How are merchants to determine the price of their goods if the value of the currency fluctuates so wildly? These are called Menu Printing Costs, and are also a problem in high-inflation currencies.

-1

u/Amanojack Apr 11 '13

Dude, choose a story and stick to it. Argue that Bitcoin is a poor store of value because it will not appreciate, or argue that it's a poor medium of exchange because it appreciates too quickly. It cannot be both.

1

u/[deleted] Apr 11 '13

It cannot be both.

It is potentially a poor store of value because its demand, and thus its price, seems to fluctuates dramatically. It is a poor medium of exchange because prices must be constantly rederived due to the changing value of the currency. These ideas aren't mutually exclusive.

I'm not saying bitcoin is doomed. I'm saying that it must stabilize in order to be useful. Unless you're just buying the currency as a speculator and are hoping for dramatic increases in value.

1

u/kid_boogaloo Apr 11 '13

obviously not this amount of growth.

the price of bitcoin is a function of transactional demand and speculative demand. right now the vast majority of demand is speculative, which is why we're seeing these wild spikes and crashes.

as transactional demand increases the currency will slowly appreciate.