Bitcoin's Use in Commerce Keeps Falling
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Bitcoin's Use in Commerce Keeps Falling
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Re: Bitcoin's Use in Commerce Keeps Falling
#2When can we call Bitcoin a failed experiment? And don't tell me it was "always about storing value", that's not in the original paper.
Re: Bitcoin's Use in Commerce Keeps Falling
#3When can we call Bitcoin a failed experiment? And don't tell me it was "always about storing value", that's not in the original paper.
A failed experiment to me would be one that wasn't able to run its full course, or from which no information can be gleaned. Bitcoin has run for a long time, we have gleaned a ton of useful information - as far as experiments are concerned this seems like it went bigger and better than expected, so it should be a very GOOD experiment!
Re: Bitcoin's Use in Commerce Keeps Falling
#4Better believe it could be like last year https://dailycoinprice.com/live/bitcoin
Re: Bitcoin's Use in Commerce Keeps Falling
#5Bitcoin advocates have long suggested the virtual money would one day replace fiat currencies as a means of doing business
That's not the case anymore either. We have few powerful miners than own more than 50%. Sure they separate entity per se, but if they talk and agree together, they can do whatever they want.
They whole premise that crypto is free and decentralized and "banks cannot control it" is a good idea.. unless you quickly realize the flaw that biggest miners can get together and form a "crypto mob" if you will, and control currency future anyways.
Re: Bitcoin's Use in Commerce Keeps Falling
#6When can we call Bitcoin a failed experiment? And don't tell me it was "always about storing value", that's not in the original paper.
Ask again after the next major financial crisis.
Re: Bitcoin's Use in Commerce Keeps Falling
#7Bitcoin (and crypto) is not a currency, commodity, stock or bond. It's a combination which makes it a completely new and different kind of asset class. It's a programmable asset that primarily serves as a 'trading vehicle' in the mind of traders and Wall St. Understanding this helps to understand why Goldman and others are stepping over themselves to setup trading desks for most crypto now and in the future.
Re: Bitcoin's Use in Commerce Keeps Falling
#8Re: Bitcoin's Use in Commerce Keeps Falling
#9Bitcoin advocates have long suggested the virtual money would one day replace fiat currencies as a means of doing business That's not the case anymore either. We have few powerful miners than own more than 50%. Sure they separate entity per se, but if they talk and agree together, they can do whatever they want. They whole premise that crypto is free and decentralized and "banks cannot control it" is a good idea.. un…
The whole system consists of flaws the authors would have forseen if they understood economic thinking. Instead, they pretended that all the tenets of economics magically go away if you apply a little cryptography.
The flaw you're pointing out is that whoever has access to cheap electricity and scale will be able to control the system. There is not sufficient incentive for others to jump in to a money losing proposition.
Re: Bitcoin's Use in Commerce Keeps Falling
#10It has been clear for a while now that Bitcoin is an inferior payment system for the consumer:
* The fees are higher.
* The risk to the consumer is higher.
* The difficulty of use is higher.
* It is accepted at an extremely low amount of vendors and even that is falling.
So you really how to wonder why people ever thought consumers would use it en masse.