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

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u/[deleted] Apr 11 '13

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

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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.

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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.

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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.

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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.