Bitcoins vs. Dollars

Bitcoin Accepted Here [by freeborn]
Bitcoin Accepted Here [by freeborn] (Photo credit: Adam Crowe)
Last night we were out at an Irish pub eating steak sandwiches. My son H. and I returned to a recent argument.

See, because of a conversation with a fellow coworker at new work city, I’ve become interested in bitcoins.

Honestly, I’d be interested in kumquats or any new kind of currency to replace the almighty dollar.

I’ve spent my whole adult life — spending and making and spending and obsessing about dollars. And if this bitcoin thing takes off, then maybe I can be free from the shackles of the national pastime – the pursuit of and the obsession with the American dollar. (This blog is called To Pursue Happiness, not To Pursue Wealth.)

Beyond that, I’m sick that banks get bailed out and individuals suffer bankruptcy. Where’s the love? H. told me, “Then blame Obama.” But I’m not blaming anyone (except the big banks. I’m so incensed that congress raised the student loan rates to 6.8 percent, and yet, you still consider yourself lucky if you get 1 percent interest on your savings account. Again, where’s the love?)

from our blogging workshop at new work city.
from our blogging workshop at new work city.

But I try to be part of the solution rather than the problem. And maybe bitcoins will solve the big bank monopoly.

I took one semester of economics at NYU with a Marxist professor, so my understanding of world economics may be skewed.

But as I understand it, bitcoins are a peer-to-peer exchange of value, a digital currency. They’re “mined for” on the internet so they’re scarce. They’re global.

Bitcoins need to be spent. Like all currency, the system’s messed up if you hide them in a shoebox under your bed. And they are currently valued at something like $90. They are not overseen by any vast financial machine (thus, making them perfect for drug dealers.)

My son and I had a good, heated discussion. Like, he actually said, “Do you think middle-aged and older people who take your writing workshops are going to pay you in bitcoins?”

“They’re not all older. And I don’t know,” I said, laughing “But I’d accept them as payment.” I started laughing so hard.

The idea was funny and true. I often think I am the first to discover great ideas. I had just told my son earlier how I was the first person to discover the artist, Pink, because I’d loved that song, Get the party started. And H. admitted he was the first to discover Cee Lo Green.

I digress. “Hey,” I said, returning to our economics argument, “I could pay my web developer with a bitcoin. We already use PayPal.”

My son thinks I’m crazy. That’s nothing new. To show I’m not the only crazy one, I mentioned how the early adopters, the Winklevoss  twins, those of Facebook fame, are opening a fund for bitcoins. H. was unimpressed.

So, to conclude my 4th of July rant, let me just say, when our founding parents set up this beautiful country, they set this country up as a DEMOCRATIC not as a CAPITALIST society.

A democracy means we all count. A democracy means we are free. We have free speech and we have freedom to try different currencies. We are free to pursue kumquats or bitcoins. Or happiness.

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11 thoughts on “Bitcoins vs. Dollars

  1. You undoubtedly cause it to look not thay hard together with your demonstration however I to discover this condition to generally be really an issue that I’m sure We would never understand. It kind of feels too complex and really extensive in my opinion. I’m taking a look to your upcoming post, I will attempt to get used to the idea!

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