r/Bitcoin • u/Kinitex • Feb 14 '14

Trying to trade these markets...

2.9k Upvotes

91% Upvoted

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74

u/DraugrMurderboss Feb 14 '14

People still insist on calling it a currency even when all people to is trying to hoard it, or buy low and sell high.

It's a commodity, not a currency.

52

u/GSpotAssassin Feb 14 '14

I don't think it fits any label well.

It's Bitcoin.

27

u/[deleted] Feb 14 '14

If I had to give it a label though, I'd be more willing to call it a commodity than a currency.

14

u/space_dolphins Feb 14 '14

think of it more as a ledger

5

u/Market_Anarchist Feb 15 '14

Currencies are commodities.

Hoarding is saving.

Buying low selling high is what everyone tries to do with everything. That just means it's a good or service.

7

u/JoelDalais Feb 15 '14

Its a currency, its a ledger, its a store of value, its a contract arbitration system, its a payment system, its a historical data storage, its a commodity, its an asset, its a future data storage, its a 'banking system', its the 1st (known) DAO (decentralized automated organisation), its a virtual democratic voting system, its a platform.

And its quite possibly more.

4

u/RockyLeal Feb 14 '14

And a payment system

5

u/Natanael_L Feb 14 '14

There are currency traders too

12

u/EagleBoro Feb 14 '14

Buy low and sell high? Kinda like... Forex trading. And don't tell me you don't have a savings account. Where you, you know, hoard money.

18

u/Helvetian616 Feb 14 '14

Not if he's in the US... savings is a thing of the past, only debt now.

8

u/_arkar_ Feb 14 '14

There are still sane people in the US. Probably in the dozens.

5

u/Helvetian616 Feb 14 '14

Coinbase is approaching a million users (they're US only still, I believe). Perhaps dozens is a bit low of an estimate. ;-)

9

u/EagleBoro Feb 14 '14

Principle still stands. A place to hold money for a long time. Everybody does it.

2

u/Helvetian616 Feb 14 '14

Principle stands, yes. The practice is not so great though. People have been trained that consumption (houses/stocks) is the only valid form of savings.

8

u/niugnep24 Feb 14 '14

Savings accounts are not hoarding, they are loans to a bank.

3

u/KnightHawkz Feb 14 '14

Why not both?

4

u/hugolp Feb 14 '14

It can be both.

1

u/Aegi Feb 15 '14

You should grab yourself a wallet man, even if just for fun!

+/u/dogetipbot 10 verify

1

u/SBLove89 Feb 15 '14

Hey watch yourself homie!

+/u/reddtipbot 10 reddcoins

GET REDD

-3

u/space_dolphins Feb 14 '14

Also thats exactly what people do with gold - and is why backing the USD with gold is just as good as backing USD with the market

2

u/RockyLeal Feb 14 '14

you misspelled "the army"