Bitcoin
Out of context: Reply #96
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- ETM0
@omg
I find Americans often can't see past a currency except what it's worth in USD. Understandable, given the greenback's status, but you don't get it. Currency exchange is a moot point unless you have to EXCHANGE it, or go outside your borders to purchase (bitcoins have no borders).
Bitcoins are worth what they're worth to those that use the currency. This constant comparison to the USD is the most grand demonstration of people unable to wrap their heads around the concept. It's not hinged on the greenback, the gold standard or a single nation's economic status. People's need to comprehend it by trying to find a value next to existing currencies is flawed. Bitcoins are a way around this general concept. And I find often that Americans and Brits, understandably, find it the hardest to understand since their currency's have been a standard for so long.
The bitcoin marketplace/economy/holders/take... will determine the value of items within that currency. No country's economic success, GDP growth or buying power is a factor in this. No precious metal is mined for these providing a boon to geographic location or nation.
However, barriers still exist based on class, while the creation of bitcoins persist, as those with more GPU power to through at creating hashes can create more wealth.