The venerable Chuck E. Cheese himself responded to a Twitter post regarding bitcoin. It may seem odd at first blush that Chuck E. Cheese and bitcoin have anything to do with one another, but it makes sense as the story unfolds.
Ryan Hoover, the founder of something called Product Hunt, tweeted this out first:
And Hoover received a reply from the Head Rodent himself:
This has sparked some hilarious replies on Ryan Hoover’s feed.
For anyone living under a rock, Chuck E. Cheese has long utilized pretty little gold-colored coins for its in-house arcade games. They look suspiciously like bitcoins, so much so that Snopes had to debunk a story about them being sold as actual bitcoins.
While some may question the wisdom of a restaurant chain whose ironic primary spokes-animal is a rodent, Chuck E. Cheese has a valid point.
As I discussed on BLOCKTV the other day, bitcoin is a sucker’s bet. Except for communist and socialist dictatorships, fiat currency isn’t going anywhere.
Even if it did, bitcoin won’t help anyone in the subsequent societal collapse. Bitcoin is not a store of value. Value is not stored in anything when that value evaporates in a matter of minutes, as bitcoin did last week and continues to do so today.
Heck, baseball cards are a better store of value than BTC.
That’s because of the concept of subjective value. In normal transactions, people will trade away something they believe is of less value than what they will receive in return.
Bitcoin sellers believe they can use the fiat currency they’ll obtain in the sale to buy something that will increase in value, while bitcoin buyers believe the price of BTC will increase – apparently forever.
That’s very different from actual stores of value, which are goods that can be put to various uses depending on the situation.
In a societal collapse such as in Venezuela, where fiat currency has evaporated, the only stores of value there will be then will be food, water, shelter, toilet paper, guns, and ammo. In fact, rocks will be more valuable than bitcoin because rocks can be thrown at rioters.
More to the point, one cannot walk into a Chuck E. Cheese and play arcade games by dropping a bitcoin into a game slot. Nor can one convert bitcoin into dollars or Chuck E. Cheese coins at the redemption counter.
Should society collapse, and Chuck E. Cheese stores somehow survive, you can still play video games with Chuck E. Cheese coins and you can’t with bitcoin.
Think about that.