Earlier quoted context omitted.
You seem very confused about what money is .
I don't see the confusion. Care to explain?
Countries and their economies collapsing now and then are not that rare.
Ending Bitcoin Support
111–120 of 659 posts
Re: Ending Bitcoin Support
#112Re: Ending Bitcoin Support
#113Earlier quoted context omitted.
Stripe cofounder here. I think you're reading too much into it. We do think Bitcoin is cool. We're just trying to be as plainspoken and clear as possible about why we're doing what we're doing.
Do you see yourself picking up another cryptocurrency in the future? One that isn't just an asset to be held but was accepted as a form of payment on a larger scale?
The original post mentions Lightning, OmiseGO, Ethereum, Stellar, Bitcoin Cash, Litecoin, and "Bitcoin itself" as future possibilities that they might be interested in implementing support for.
Re: Ending Bitcoin Support
#114Earlier quoted context omitted.
> What future does an asset have if people don't actually buy stuff with it? Lots of assets have value without people buying things with them. Gold, houses, stocks, etc. The more interesting question is how long Bitcoin will remain top dog merely as a store of value if other cryptocurrencies solve this on-chain / off-chain scaling problem better / faster. There's definitely some amount of value in the name alone, and…
> Gold, houses, stocks, etc. With a caveat that houses and stocks can provide cashflow in terms of rent payments and dividends / option income.
Cryptos have this in the form of gas (Ethereum and NEO for now).
With the cryptocurrency NEO, because it's algorithm is Proof-of-Stake, merely holding some amount of NEO means you can sign transactions, and signing transactions earns you GAS, which has value.
Re: Ending Bitcoin Support
#115I've said this elsewhere, but it bears repeating. Bitcoin is capable of handling high transaction volume with low fees. The BCH fork was created to support this case. The BTC chain's devs mostly work for Blockstream, who's business model is to create layer 2 payment solutions, so it's in their interest to choke off the main chain. And it looks like they are succeeding.
Don't worry - scaling solutions won't matter when Tether bubble pops and takes crypto market down for two years. BTC and BCH both are going to suffer equally.
Re: Ending Bitcoin Support
#116Earlier quoted context omitted.
Stripe cofounder here. I think you're reading too much into it. We do think Bitcoin is cool. We're just trying to be as plainspoken and clear as possible about why we're doing what we're doing.
Do you see yourself picking up another cryptocurrency in the future? One that isn't just an asset to be held but was accepted as a form of payment on a larger scale?
Why stop there? Why not allow people to pay with stocks and stock options?
Re: Ending Bitcoin Support
#117Earlier quoted context omitted.
Gold as a metal has an inherent value though. If not only for jewelry, it also has important uses in electronics. The value associated with bitcoin seems purely sentimental.
This is why I hate the comparison of crypto to gold or any other "value asset'. Houses are lived in. Stocks act as a cashflow for companies. Even if the world economy collapses you can still use a solid gold bar as a blunt instrument to kill an animal and eat it. Cryptocurrencies have exactly 0 secondary uses.
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Re: Ending Bitcoin Support
#118Stripe’s entire business is built on credit card transactions. They added half assed bitcoin support and then killed it. This makes sense for a company that has every incentive to prolong a move away from credit cards. As soon as we switch to a decentralized “currency” stripes business will begin its decline.
Bitcoin transactions take hours to confirm now, making Bitcoin useless as a transactional medium. When people are paying 25%, 50%, and more to send Bitcoin of typical levels of purchase, it's time to get out. Stripe is honestly a bit late in dropping Bitcoin for transactions.
Re: Ending Bitcoin Support
#119Earlier quoted context omitted.
> What future does an asset have if people don't actually buy stuff with it? I look at it (maybe naively) like a solid gold bar. You're not going to walk in to a convenience store and pay with a bar of solid gold; you might flee the country with one though. Beyond that, I totally agree with your read on the post. Linking the pull request[0] was especially backhanded. It feels like there's some underlying frustration…
Gold as a metal has an inherent value though. If not only for jewelry, it also has important uses in electronics. The value associated with bitcoin seems purely sentimental.
Very little though. If the demand for gold were merely industrial it would not need to be mined in such quantities as it has throughout history. I would put jewelry in the 'sentimental' category as well.
Not only is Bitcoin purely sentimental, it represents has huge costs in the form of raw energy.
Bitcoin's only claim to value is that it is an artifact of an act of ritual sacrifice. One might imagine a precedent in some system of tokens issued by some ancient priesthood.
Re: Ending Bitcoin Support
#120This reads a bit like the sort of things people say when breaking up so as not to upset the other person too much. You're a great person, but you're just more of an asset than a medium of exchange, and what I need in my life right now is a medium of exchange. What future does an asset have if people don't actually buy stuff with it? That is not a purely rhetorical question; cryptocurrencies change things a lot. But t…
> What future does an asset have if people don't actually buy stuff with it? I look at it (maybe naively) like a solid gold bar. You're not going to walk in to a convenience store and pay with a bar of solid gold; you might flee the country with one though. Beyond that, I totally agree with your read on the post. Linking the pull request[0] was especially backhanded. It feels like there's some underlying frustration…
Who ever buys a solid gold bar? nobody. Even gold coins etc as an investment are very unusual.