Posts Tagged ‘inflation’

Jul 1, 2014

Effects of a USD$10,000 Bitcoin

By Chongchen Saelee

What would happen if the value of a single Bitcoin became USD$10,000? First of all, a lot of Bitcoin investors would get filthy rich. Second, they’d get rich for nothing as they can’t really spend it.

Maybe the real issue here is what fuels economy and what defines currency. Bitcoin is a valid currency and you can buy things. But is it secure? No. It’s not. At least with the US Dollar, one friggin dollar is still worth one friggin dollar. I don’t have to worry about not being able to use it at a vending machine.

Then how do you define currency? Currency implies that people control the current of their economy. They are the lifeforce or bloodstream of their ecosystem. If people aren’t happy or content or confident with their neighborhoods, cities, governments, then they won’t recirculate their currency, thus making their economy suck. For the most part, Americans don’t understand how to put value into the US Dollar because they live so comfortably. Maybe it’s something they take for granted. After all, the value of money is imaginary. Whatever you were going to do, you didn’t require money to do it, it’s just exists as a social construct. It’s almost like manifest destiny.

So if Bitcoin’s value ever goes up to $10,000, then it’s because the investors that created the hocus pocus game that is Bitcoin are afraid they will lose their fortunes in American dollars. So being the greedy fucks they are, they convert that magic imaginary monetary value into Bitcoins, because now that people that do control the value of American dollars cannot control the value of Bitcoins.

I think I know what I’m talking about. It has something to do with great empires minting their own coins and currency. That means in the upcoming Dawn of the Planet of the Apes, Caesar should actually have his ape people pass around leaves or bark chips with his face drawn in poop on them. Then, when the heroic white man enters their forests looking for monkey magic water beer, then Caesar can say, “Your paper money is no good here, human. Caesar money is God in the jungle.”