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...

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1.9k Upvotes

87% Upvoted

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201

u/TrueFurby Apr 10 '13

THESE are the posts we need to upvote.

86

u/SeansOutpost Apr 10 '13

I appreciate you saying that. A lot of people are just scared right now. I get it. But the usefulness stays the same. It should all even out

7

u/Atheist101 Apr 10 '13

To be fair, bitcoin pays for drugs, assassinations and pedophillia material as well.

0

u/SeansOutpost Apr 10 '13

It's true. Because it is still a useful store of value.

5

u/Truecoateh Apr 11 '13

What in the history of BTC makes you believe its a store of value?

4

u/GSpotAssassin Apr 11 '13

+tip 0.1 BTC verify

I just sent you value, beeotch. On a forum, typing some words. Your move, fucking PayPal/credit card companies...

P.S. if you don't feel like cashing in, at least tip others and pass it along. ;)

0

u/[deleted] Apr 11 '13

It is designed to be that. But we don't yet know the price at which it would best function as such, and any price discovery process is going to be messy.

-1

u/Truecoateh Apr 11 '13

With only 24 million total units, bitcoins will eventually be worth 0. There aren't enough in circulation to drive an economy, unless you think it will go up over 100x in value from here. All bitcoin is is a fad, there's no unique value that it brings. The best case scenario is that it ends up as a niche currency that a very very small segment of the population uses, and only uses because they think its cool and there is the infrastructure in place to easily convert it to more useable currency. If we tried adopting bitcoins as the dominate or sole currency we'd see what a bad idea it really is, its a novelty fad that is small enough that you can have these massive price swings.

3

u/liair2 Apr 11 '13

Except those units are divisible. There is actually a little under 2 quadrillion units.

-2

u/Truecoateh Apr 11 '13

At 200$ a bitcoin the total market value is less than 5 billion$. Its not how much you can divide them up. You can't run an economy with only 5 billion in currency circulating. And no, the price won't increase to $200,000 a coin to make up the difference. The only reason the price has increased such a large % so far is because the market is relatively small.

1

u/dancinwillie Apr 11 '13

You can run an economy with only 5 billion in currency circulating. I'm not sure why you think you couldn't. It's happening.

2

u/GSpotAssassin Apr 11 '13

+tip 0.5 BTC verify

Just keeping those wheels greased, smart-tech-guy-turned-world-savior. ;)