Earlier quoted context omitted.
It's more than 21 millions since bitcoins can be divided. And no, it could serve as a digital gold / long term investment, and others crypto currencies could be used for day to day transaction
Bitcoin can serve as both digital gold and cash. The Lightning Network (a network of bi-directional payment channels) supports instant sub-1-cent micropayments.
Bitcoin's Use in Commerce Keeps Falling
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Re: Bitcoin's Use in Commerce Keeps Falling
#162If you want fast, cheap, settled transactions, use Bitcoin (BCH).
Re: Bitcoin's Use in Commerce Keeps Falling
#163Earlier quoted context omitted.
I agree. It's almost hilariously counterintuitive. I recently needed to send a moderate sum of money (4 figures) to someone who lives across the country. There's no obvious reason why this should cost me anything or not happen in the same day. However, * Checks / ACH takes days to close, plus in many situations you might have to actually mail the person a check * EFT seems reliable, but takes days and requires having…
Last week I needed to make a highly time-sensitive transfer of ~20k that had to clear the same day. Chase charged me a flat fee of $25 for the wire (and Ally Bank would have been happy to do it for $20). Chase temporarily froze my account since the payment was so large it was immediately flagged, but I spoke to someone on the phone within a few minutes, verified it was all legitimate, and the transfer was then proces…
I get that some banks might not be as competent yet, but signs look like they'll all get there in the end.
Re: Bitcoin's Use in Commerce Keeps Falling
#164Earlier quoted context omitted.
You can literally go to a gold dealer shop; it's like forex for gold. Even in my moderately sized American city there are twenty that show up in Google Maps within a twenty minute drive. And you buy gold and it's physically in your possession; verifying it is easy, and the best part is you can verify it at some other gold dealer if you're super paranoid. With BTC, you have to find a trusted exchange and a trusted wal…
> verifying it is easy Actually, it's not. It's nearly impossible to non-destructively distinguish gold from tungsten wrapped in gold.
Re: Bitcoin's Use in Commerce Keeps Falling
#165Earlier quoted context omitted.
> verifying it is easy Actually, it's not. It's nearly impossible to non-destructively distinguish gold from tungsten wrapped in gold.
Any SEM with an EDS system will tell you non-destructively if you have tungsten wrapped in gold. X-Ray diffractometry would also do the same. Rutherford Backscattering spectrometry too. All three of these techniques are non-destructive and the first two are quite common to find at universities.
Re: Bitcoin's Use in Commerce Keeps Falling
#166Earlier quoted context omitted.
> verifying it is easy Actually, it's not. It's nearly impossible to non-destructively distinguish gold from tungsten wrapped in gold.
Any SEM with an EDS system will tell you non-destructively if you have tungsten wrapped in gold. X-Ray diffractometry would also do the same. Rutherford Backscattering spectrometry too. All three of these techniques are non-destructive and the first two are quite common to find at universities.
Re: Bitcoin's Use in Commerce Keeps Falling
#167Bloomberg's use in news keeps falling too. They have set up computational paywalls to prevent people from reading their articles. But for some reason people on HN just keep posting them. It's a weird exception to the no-paywalled article status quo.
Re: Bitcoin's Use in Commerce Keeps Falling
#168It sounds weird, but I think a big part of Bitcoin's, and other crypto's value, isn't in the day to day ability to use it to buy and sell things, it's the inability of the government to devalue it. This isn't as big a problem in many richer countries with relatively stable currencies, but I sure as hell would prefer Bitcoin to anything the Venezuelan government or the Argentinian government would issue. The kinks are…
Re: Bitcoin's Use in Commerce Keeps Falling
#169Rather cryptocurrencies are going to be revolutionary in the sense of how they can be combined with other technologies.
For example, what if World of Warcraft used a cryptocurrency based system for ingame currency? Where the ingame money was actually finite and that in theory the players in the game could suffer from an economic depression. Or a few players could hoard all the wealth in the game. etc. etc.
The game would be way different than it is now, which is to say that it just emulates an economy, not actually implements one.
This is probably a bad example to get what I am trying to say. So lets imagine a different scenario. Let's say we wanted to build a social network, where we didn't actually want everybody to just be able to say whatever they want without a threat of consequence. What we want is a social network where you have to do something to earn the ability to speak, and once you speak you lose the currency to be able to speak again until you do something once again to earn the ability to speak.
What you have to do in order to earn the ability to act depends on the service in question, but the same basic concept of a cryptocurrency is what underlying the system. In that the platform only has value when the ability to act is a limited and highly valued resource.