261–270 of 412 posts
I cannot see barely any cryptocurrencies really replacing fiat currencies unless stability is kept. It's for this, I personally bet on Ripple.
Ripple, the currency that is being investigated by the SEC ?
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The volatility alone wouldn't be a huge problem if the transactions were quick, apart from having to constantly re-price the goods (not a big deal with an automated system selling digital downloads, even though it is a real PITA for the accounting afterwards!). However, getting the transaction confirmed can take many hours at the times of high demand and then it still fails because thanks to the volatility, the trans…
Eh? The volatility is a HUGE problem for bitcoin as a currency. If I run a small business, accepting payment in bitcoin just creates risk. The state of my business not only depends on the quality and success of my product/service but also on the volatility of bitcoin because by accepting bitcoin I am forced to effectively take a long position on BTC. The price could crash by 25% before I sell the bitcoin and now I've…
You'd be an idiot to pay for any service with Bitcoin. A million dollar pizza makes for a great news story, but it would suck knowing that you effectively let go of millions of dollars just to buy a pizza.
Bitcoin holders are disincentivized from spending it.
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That’s an entirely different narrative about Bitcoin, though, then what was presented to us when it was seeking adoption. The messaging was literally: use this to buy things. Maybe we all got it wrong, but a lot of people did, then; we must never forget the infamous Bitcoin pizzas. https://twitter.com/bitcoin_pizza I’ve noticed this trend lately of rewriting what Bitcoin is for because I assure you, it was presented…
I don't think most reputable proponents have been saying that for years though. In any case, the internet was designed as a communication medium that could survive nuclear war. That's how it was sold by its proponents. So what.
BTC doesn't do its original job, and the current value on it, aside from idiots looking for a get-rich-quick scheme, seems to be that it will eventually do its original job.
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> I think this is what will ultimately bring Bitcoin down People have been saying that for years. It serves purposes other than buying and selling goods, and in fact almost no one uses it to buy things.
That’s an entirely different narrative about Bitcoin, though, then what was presented to us when it was seeking adoption. The messaging was literally: use this to buy things. Maybe we all got it wrong, but a lot of people did, then; we must never forget the infamous Bitcoin pizzas. https://twitter.com/bitcoin_pizza I’ve noticed this trend lately of rewriting what Bitcoin is for because I assure you, it was presented…
Right now the core Bitcoin dev team have gone one way, so the "currency" side of the debate have largely moved to alternatives like Bitcoin Cash, Litecoin etc.
The current backlog of transactions on the main Bitcoin chain is down to the artificial block size limit. How far on-chain scaling will stretch is unclear, but the core Bitcoin network could easily process more transactions if the block limit was increased.
Until segwit, lightning network etc. shape up and the wild bull/bear runs smooth out, BTC (and most other cryptos: see ETH and crypto kitties; or IOATA and their overrun nodes) don't really make sense for small transactions. I know LTC says they are the small transaction coin but I guess they'd hit scaling issues too if volume went up (and even if they didn't, speculators and crazy price swings would still make thing…
>IOATA and their overrun nodes IOTA is a Tangle[1], which is coordinated[2] flow, similar to a Directed Acyclic Graph[3]. I'm not sure what you mean when you say "overrun nodes" but by virtue of how the network operates, this should not be an issue unless everyone is sticking with only the default nodes in their configuration, but that delves into a conversation of programmer vs user error that isn't pertinent to thi…
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The volatility alone wouldn't be a huge problem if the transactions were quick, apart from having to constantly re-price the goods (not a big deal with an automated system selling digital downloads, even though it is a real PITA for the accounting afterwards!). However, getting the transaction confirmed can take many hours at the times of high demand and then it still fails because thanks to the volatility, the trans…
Eh? The volatility is a HUGE problem for bitcoin as a currency. If I run a small business, accepting payment in bitcoin just creates risk. The state of my business not only depends on the quality and success of my product/service but also on the volatility of bitcoin because by accepting bitcoin I am forced to effectively take a long position on BTC. The price could crash by 25% before I sell the bitcoin and now I've…
Earlier quoted context omitted.
Eh? The volatility is a HUGE problem for bitcoin as a currency. If I run a small business, accepting payment in bitcoin just creates risk. The state of my business not only depends on the quality and success of my product/service but also on the volatility of bitcoin because by accepting bitcoin I am forced to effectively take a long position on BTC. The price could crash by 25% before I sell the bitcoin and now I've…
How does one take a short position in Bitcoin?
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Eh? The volatility is a HUGE problem for bitcoin as a currency. If I run a small business, accepting payment in bitcoin just creates risk. The state of my business not only depends on the quality and success of my product/service but also on the volatility of bitcoin because by accepting bitcoin I am forced to effectively take a long position on BTC. The price could crash by 25% before I sell the bitcoin and now I've…
How does one take a short position in Bitcoin?
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I'm not - I don't want to buy bitcoin at the moment because I keep waiting for a bit of a dip, I don't want to buy it at a record high. Likewise I don't want to use my bitcoin because it keeps massively "growing" in value. A stable currency is far more usable to me. Bitcoin is very similar to gold at the moment, in that I'm as likely to use it as I am to carry around bricks of gold in my pocket. For different reasons…
We've been seeing record highs for the past 4-6 months though. The likelihood of any dip going below the past 6 month low is pretty low in my opinion. Especially with Lightning network, NASDAQ, other large players getting on board. This may be the last time we see $13K.
So if something has been rising for 6 months, it cannot dip below that point, because of your opinion.
Too bad we did not have your opinion in 1929 or 2008 or 2013 (Mt Gox). Would've saved us.
How about businesses like Steam ditching Bitcoin support?
How about Bitfinex not backing up their fake currency called tether?