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Goldman Sachs Report Explores Use of Bitcoin as Currency

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Re: Goldman Sachs Report Explores Use of Bitcoin as Currency

#211

Post by redorb »

JumpCrisscross wrote: post #61
redorb wrote: post #55

Earlier quoted context omitted.

Why not paypal accounts with paypal debit cards? .. paypal can credit instantly and the card pulls to cash. How about western union? I don't think crypto coins or their blockchains solve billion dollar problems. I'd guess VC's have bet almost a trillion and the public a few trillion ~ this means a lot of trouble for investors and also perhaps it could wind down slowly and last for 10-15 years...

> Why not paypal accounts with paypal debit cards? That's a fair solution. I trust my bank more than PayPal, but that's a matter of preference. Both systems are cheap, real time and covered with decades of institutional protection.

IMHO, Paypal as a buyer is insanely good protection. Of course on the seller side it's rough - with horror stories included.

Re: Goldman Sachs Report Explores Use of Bitcoin as Currency

#212

Post by chii »

mulmen wrote: post #140
westoque wrote: post #116

Earlier quoted context omitted.

I don’t think it’s just the rarity. It’s also trustless, secure and easy to transfer. For ex, with gold, you’d have to carry blocks of it to move it around. And even then, you’d still don’t exactly trust it’s source 100% unlike bitcoin, where everything is in the ledger.

Pretty sure gold scales better than bitcoin as far as transactions over time.

you'd be hard-pressed to try and transport gold across borders in any significant amount.

Re: Goldman Sachs Report Explores Use of Bitcoin as Currency

#213

Post by brucephillips »

chii wrote: post #212
mulmen wrote: post #140

Earlier quoted context omitted.

Pretty sure gold scales better than bitcoin as far as transactions over time.

you'd be hard-pressed to try and transport gold across borders in any significant amount.

The vast majority of people own derivatives, not physical gold.

Re: Goldman Sachs Report Explores Use of Bitcoin as Currency

#214

Post by 0wing »

keymone wrote: post #208
0wing wrote: post #206

Earlier quoted context omitted.

??? The routing problem of internet nodes: the internet is not a physical space so tell me how do you measure distance between nodes? To which you have no answer. As stated in the OP: LN can't solve the TSP without either publishing a map of all nodes and routes, or having all nodes broadcasts to all nodes. Unsurprisingly you didn't read the original post, nor contribute any response to the critique or technical impl…

> the internet is not a physical space so tell me how do you measure distance between nodes? You’re the one that claimed connection to TSP, you tell me.

Your posts contribute nothing.

Shortest path requires publishing all nodes and connections.

What if nodes go offline? How fast will the LN algorithm reroute? Does this mean everyone must connect to the Winkevoss/Bitmain/WellsFargo Nodes for payments?

Why would anyone bother dealing in Bitcoin when there's other usable alternatives, faster cryptocurrencies, or just paypal/venmo?

Re: Goldman Sachs Report Explores Use of Bitcoin as Currency

#215

Post by Nursie »

ThomPete wrote: post #210
Nursie wrote: post #209

Earlier quoted context omitted.

That's not what I called nonsense. The nonsense part was you saying that the BTC community back the currency like a government. They can't, the currency doesn't work that way.

In what way are they different besides the trivial differences? Who backs the state?

Because the state can create more currency, change interest rates and various other things that cannot be done with Bitcoin. This is by design and is widely celebrated by the community.

I'm surprised you don't know this.

Re: Goldman Sachs Report Explores Use of Bitcoin as Currency

#216

Post by ThomPete »

Nursie wrote: post #215
ThomPete wrote: post #210

Earlier quoted context omitted.

In what way are they different besides the trivial differences? Who backs the state?

Because the state can create more currency, change interest rates and various other things that cannot be done with Bitcoin. This is by design and is widely celebrated by the community. I'm surprised you don't know this.

You arent answering the question. Who backs the state?

Re: Goldman Sachs Report Explores Use of Bitcoin as Currency

#217

Post by Nursie »

ThomPete wrote: post #216
Nursie wrote: post #215

Earlier quoted context omitted.

Because the state can create more currency, change interest rates and various other things that cannot be done with Bitcoin. This is by design and is widely celebrated by the community. I'm surprised you don't know this.

You arent answering the question. Who backs the state?

The question is irrelevant, there is a clear difference between the 'backing' of a state which can manipulate the currency supply directly and the backing of entities that cannot.

You claimed that bitcoin's backers have the same power as the state. They do not. End of story.

Re: Goldman Sachs Report Explores Use of Bitcoin as Currency

#218

Post by [deleted] »

root_axis wrote: post #117
toomanybeersies wrote: post #57

Earlier quoted context omitted.

I am struggling to see how cryptocurrencies would have any tangible advantage over US Dollars in developing nations. Remember that in many of these countries, most people don't have smart phones, and there's a lot of people who don't even have phones. Electricity and internet connections are intermittent at best. Good luck convincing Cambodian street hawkers that your magic internet money is better than a good old fa…

Indeed. It also requires considerable levels of technical literacy to use, maintain, and properly secure blockchain tokens, and even with all that people regularly have their bitcoins stolen or irreparably lost.

[deleted]

Re: Goldman Sachs Report Explores Use of Bitcoin as Currency

#219

Post by hanselot »

root_axis wrote: post #207
hanselot wrote: post #154

Earlier quoted context omitted.

I love how Fiat Money was designed to be impossible to use for illegal purposes, and there is no way to steal it. I mean really, if there were a way for it to be used in that way, surely your argument would be pointless, but luckily we know that the more middlemen we introduce between us and another party, the more affordable the transaction will become.

> I love how Fiat Money was designed to be impossible to use for illegal purposes, and there is no way to steal it. So, I catch the meaning behind your sarcastic quip, but all you're doing here is offering up an absurd strawman. Obviously any currency can be stolen or used for illegal purposes, that's a willfully disingenuous interpretation of the argument because nobody has ever said that. This kind of reasoning wou…

> and even with all that people regularly have their bitcoins stolen or irreparably lost.

> Obviously any currency can be stolen or used for illegal purposes

So what is the purpose of your argument if all of that simply points out that any currency can be stolen or misplaced?

Re: Goldman Sachs Report Explores Use of Bitcoin as Currency

#220

Post by root_axis »

hanselot wrote: post #219
root_axis wrote: post #207

Earlier quoted context omitted.

> I love how Fiat Money was designed to be impossible to use for illegal purposes, and there is no way to steal it. So, I catch the meaning behind your sarcastic quip, but all you're doing here is offering up an absurd strawman. Obviously any currency can be stolen or used for illegal purposes, that's a willfully disingenuous interpretation of the argument because nobody has ever said that. This kind of reasoning wou…

> and even with all that people regularly have their bitcoins stolen or irreparably lost. > Obviously any currency can be stolen or used for illegal purposes So what is the purpose of your argument if all of that simply points out that any currency can be stolen or misplaced?

On my part, I am going to end the discussion here since you appear to have ignored everything else I posted.
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