141–150 of 161 posts
Earlier quoted context omitted.
> the same BTC might buy 10 phones in a few weeks. Which is kind of crazy and defies all logic - cryptocurrencies can be manufactured without any limit, even Bitcoin can be cloned and rebooted, creating a new currency space/ledger that's fresh.
You can print out a piece of paper that says "TEN US DOLLARS" on it, but if the corner store or the bank won't take it it isn't really the same as $10.
Earlier quoted context omitted.
Citation? And remember a Bitcoin transaction is cash moving from my account to yours. Not just a promise of cash, after a few days of settlement, if no chargeback happens
You really think that a wire transfer takes a week's household of energy(Because that's the current energy per btc transaction)...?
In a world where bitcoin is actually use as currency, its value would crash into the ground.
I was having a conversation about bitcoin, and I was saying the fact that the price goes up so fast means people cant/wont actually use it as a currency. I think someone bought a pizza with 10k bitcoin? thats now 70 million $. Even in the last year it has moved up so fast, and if people think it will continue to grow 'because of adoption', people cant actually 'adopt' it and use it as a currency, because todays bitco…
Earlier quoted context omitted.
The problem with bitcoin as a currency is that it's inherently a deflationary currency which provides a disincentive to use it as a currency at all. If your BTC will buy more tomorrow than today, why spend now? Thus it turns into a speculative vehicle and not a currency and prone to a big crash.
That doesn't make sense. Of you used btc for a purchase you can always buy more. The choice isn't "do i spend bitcoin or not", the choice is "do i buy this item or not and what else could i have bought". Why spend a thousand dollars on an item when that thousand dollars could be worth more tomorrow by buying btc with it. Its the same choice. The currency you use is irrelevant.
Money is what you pay taxes with. Period. At the end of the day, that's controlled by the government.
Earlier quoted context omitted.
You really think that a wire transfer takes a week's household of energy(Because that's the current energy per btc transaction)...?
What really goes into a wire transfer in order make it happen securely? And is it as secure as a Bitcoin transfer? See also: Xiphias' comment about Proof of Military Power.
Earlier quoted context omitted.
Fiat currencies work because as a whole, we agree on its value. This is fuzzy thinking, as it doesn't even make sense to talk about the value of a currency - only it's price. Mixing up concepts like this is what makes a lot of bitcoin and related conversations very muddled. When you start off your thought with a category error, as you have here, it's hard to get anywhere useful.
You got me confused now. The price of $1 is $1, no? But the value is that I need 1 or 100 to buy a bread.
how much you need to buy a loaf of bread is purchasing power.
The price of a $1USD is always relative to another currency, you can't price it in isolation.
None of these things are valuations.
Earlier quoted context omitted.
> Do people fear what they don't understand? Yes. > Are they mad because they feel like they missed out? Eh, I doubt it. > Does Bitcoin's success mean their loss (like the banking folks and the government establishment)? I don't think so. It's not a zero sum game. > Did people hate the internet this much in its early days? Some parts of it, yes. In the end, Bitcoin is still a wildly insane proposition and technology.…
> > Are they mad because they feel like they missed out? > Eh, I doubt it. I think there is something to this. If you've been on HN for 5+ years and have followed the progress of Bitcoin, but never dived in - but then gone on to watch non-tech people make 10x+ returns while not understanding the currency - there must be something about that which grates some people. I also think it's easy to dislike the "down with ce…
Thats the most appealing part. Most people dont like the government, they just want it to do something different.