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Bitcoin: the Stripe perspective

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Re: Bitcoin: the Stripe perspective

#31

Post by napoleond »

MichaelGG wrote: post #21
napoleond wrote: post #10

Earlier quoted context omitted.

Are there counter-examples of enormous, open platforms that escaped into the wild at just the right time? Because sure, IPv4 and JS have their problems, but it is impossible for me to conceive of an alternate universe where they were perfect at launch.

Really? Instead of JavaScript, essentially any other language could have been shipped and done a better job.

Ok, interesting observation--maybe it's extra important to avoid NIH in those situations (trying to launch an enormous open platform). Otherwise feel free to forget that I said JS--it's immaterial to the main point of my question above.

Re: Bitcoin: the Stripe perspective

#32

Post by yellowapple »

MichaelGG wrote: post #21
napoleond wrote: post #10

Earlier quoted context omitted.

Are there counter-examples of enormous, open platforms that escaped into the wild at just the right time? Because sure, IPv4 and JS have their problems, but it is impossible for me to conceive of an alternate universe where they were perfect at launch.

Really? Instead of JavaScript, essentially any other language could have been shipped and done a better job.

COBOLScript. What could go wrong?

Re: Bitcoin: the Stripe perspective

#34

Post by edpichler »

napoleond wrote: post #9

This is my favourite article about Bitcoin to date, and properly describes one of the main ideas I wish Bitcoin detractors would come around to. Bitcoin has a lot of problems as a unit of account and as a store of value, but that is not primarily what Satoshi was building ( https://bitcoin.org/bitcoin.pdf ). Bitcoin is, and has always been, a medium of exchange first and foremost. It still has some shortcomings in th…

Very good comment.

Re: Bitcoin: the Stripe perspective

#35

Post by sassypants »

napoleond wrote: post #9

This is my favourite article about Bitcoin to date, and properly describes one of the main ideas I wish Bitcoin detractors would come around to. Bitcoin has a lot of problems as a unit of account and as a store of value, but that is not primarily what Satoshi was building ( https://bitcoin.org/bitcoin.pdf ). Bitcoin is, and has always been, a medium of exchange first and foremost. It still has some shortcomings in th…

What exactly is the problem with a store of value with 500% annual returns?

I read people talking about the supposedly awful volatility, but they fail to mention that the volatility has a very distinct trajectory. Bitcoin is volatile as it increased in value by orders of magnitude year after year.

The article repeats this fear of volatility in the context of one's live savings. How frequently do people tap their life savings to pay for grocery runs? Isn't it the case that Bitcoin is by far the best possible store of value one could have adopted for their life savings over the past five years?

Re: Bitcoin: the Stripe perspective

#36

Post by lxmorj »

sassypants wrote: post #35
napoleond wrote: post #9

This is my favourite article about Bitcoin to date, and properly describes one of the main ideas I wish Bitcoin detractors would come around to. Bitcoin has a lot of problems as a unit of account and as a store of value, but that is not primarily what Satoshi was building ( https://bitcoin.org/bitcoin.pdf ). Bitcoin is, and has always been, a medium of exchange first and foremost. It still has some shortcomings in th…

What exactly is the problem with a store of value with 500% annual returns? I read people talking about the supposedly awful volatility, but they fail to mention that the volatility has a very distinct trajectory. Bitcoin is volatile as it increased in value by orders of magnitude year after year. The article repeats this fear of volatility in the context of one's live savings. How frequently do people tap their life…

Dude, go look up tulips on wikipedia.

Re: Bitcoin: the Stripe perspective

#37

Post by boucher »

sassypants wrote: post #35
napoleond wrote: post #9

This is my favourite article about Bitcoin to date, and properly describes one of the main ideas I wish Bitcoin detractors would come around to. Bitcoin has a lot of problems as a unit of account and as a store of value, but that is not primarily what Satoshi was building ( https://bitcoin.org/bitcoin.pdf ). Bitcoin is, and has always been, a medium of exchange first and foremost. It still has some shortcomings in th…

What exactly is the problem with a store of value with 500% annual returns? I read people talking about the supposedly awful volatility, but they fail to mention that the volatility has a very distinct trajectory. Bitcoin is volatile as it increased in value by orders of magnitude year after year. The article repeats this fear of volatility in the context of one's live savings. How frequently do people tap their life…

Unless of course they invested when bitcoin was over $1000.

Ever heard the phrase "past performance is not an guarantee of future returns?"

Re: Bitcoin: the Stripe perspective

#38

Post by FatalLogic »

napoleond wrote: post #9

This is my favourite article about Bitcoin to date, and properly describes one of the main ideas I wish Bitcoin detractors would come around to. Bitcoin has a lot of problems as a unit of account and as a store of value, but that is not primarily what Satoshi was building ( https://bitcoin.org/bitcoin.pdf ). Bitcoin is, and has always been, a medium of exchange first and foremost. It still has some shortcomings in th…

>Bitcoin has a lot of problems as a unit of account and as a store of value, but that is not primarily what Satoshi was building

Yes, if you see bitcoin as a meme (in the traditional Dawkins sense of the word), then the unit of account aspect makes it a self-financing meme. The speculative frenzy may be unpleasant, but it is necessary bootstrapping mechanism, and not accidental.

Re: Bitcoin: the Stripe perspective

#39

Post by adrianwaj »

flavor8 wrote: post #24

It's not quite as simple as that, though. To, for example, send money from the US to Kenya via bitcoin, you need somebody in the US who is willing to sell you their bitcoin in exchange for dollars, and somebody in Kenya who is willing to buy your bitcoin in return for shillings (which are then paid to the destination seller). Creating the technology that makes this relatively transparent is quite doable, but you stil…

Not sure if this is a relevant point, but as a global reserve currency, the US dollar could act as a gateway for local bitcoin traders to enter and exit their bitcoin positions.

Whereby so long as a USD/BTC market exists and a USD/local market exists (which there is due to the petrodollar), it doesn't matter what local demand is for BTC - the USD can act to buffer any lack of local BTC demand/supply.

Shillings > USD > BTC or BTC > USD > Shillings.

Re: Bitcoin: the Stripe perspective

#40

Post by nawitus »

jarin wrote: post #30

Taking this a step further, when using it as a pure transport medium, the cryptocurrency itself doesn't matter. It could be Bitcoin, Litecoin, Dogecoin, 2304293f20983uf2089j2f3coin, or whatever, as long as it's liquid enough to convert back and forth. What we really need is a gateway system that will intelligently convert between your local currency -> the cryptocurrency with the best liquidity/exchange rate -> the d…

This "gateway system" is the foreign exchange market (or equivalent, if they choose not to adopt bitcoin).
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