41–50 of 272 posts
There is only one use case and that is the originally intended use, as a currency completely decoupled from any one country’s monetary meddling and thus liberating the populace from poor central planners and/or authoritarians. That’s it. That’s all there is to it.
I mean it has good use cases they're not just the ones that scheme promoters want to be true. I know TFA pokes some holes in the censorship resistance attribute of bitcoin but i think everyone can agree it does provide value transfer solution that is much harder to block than Visa/Stripe/etc. 1). Silk Road or dark net markets in general. Can't be done with Visa or other existing solutions at any kind of scale 2). Fun…
it's a little disingenuous not to put remittance on this list as it's one of the few legitimate and not morally dubious ones. I have gotten screwed on exchange fees and wire fees remitting and using crypto is much easier.
For amounts under ~$500, cryptocurrency off-ramps are often less convenient and more expensive than an international cash-to-cash remittance with Western Union or Moneygram.
The practical use case is pretty simple - being able to hold large sums of money yourself securely while being able to move it to who/where ever you want in less than an hour, 24/7, no questions asked. Before Bitcoin it was practically impossible to do this without a bank as an intermediary and even then would require large fees, talking with people, lots of hang ups, just to manage your own money.
There is only one use case and that is the originally intended use, as a currency completely decoupled from any one country’s monetary meddling and thus liberating the populace from poor central planners and/or authoritarians. That’s it. That’s all there is to it.
Want to get and move Bitcoin easily? You are going through an exchange, which will absolutely be regulated at some point.
Not going through an exchange? Well, I suppose you can try and find a local person who already has some Bitcoin to sell you and work out some sort of shady transfer and hope neither of you get scammed.
Now you have some "currency", and it's relatively easy (but not free) to move it to someone else's wallet. The value may have doubled or halved since you acquired it. So you want to move it quick. Except it's not quick. But you get the transfer done.
Now the person who receives it has to convert it into usable currency - no one is buying food or energy with Bitcoin. To be free from meddling, they too need to find and meet with someone who will give them cash for their coins.
But wait, that's not all! Most folks interacting with the coin are using exchanges. And they come from well regulated places. So the laws and financial planners of those countries will indirectly impact the price of the coin. If coins suddenly get taxed heavily, out a local fiat gets strong, or whatever, that will impact the value of existing coins as people either flee to or from the coins as a store of value. So even if countries don't directly regulate coins, they'll still be impacting them.
I mean it has good use cases they're not just the ones that scheme promoters want to be true. I know TFA pokes some holes in the censorship resistance attribute of bitcoin but i think everyone can agree it does provide value transfer solution that is much harder to block than Visa/Stripe/etc. 1). Silk Road or dark net markets in general. Can't be done with Visa or other existing solutions at any kind of scale 2). Fun…
I do think the whole event has dredged up some interesting ideas and desires that were being ignored, but of lot of those "cool promise here" ideas could probably work without a blockchain.
I mean I see two clear use cases. 1. Transferring funds I can transfer crypto faster and a lot cheaper than any money transfer. Hell I can receive and withdraw same day. 2. Earning interest By parking my money in a stable coin and dropping it into an AMM like uniswap I can earn 10x-50x more interest than just parking it in my bank account. No volatility. Only risk is hacker risk.
Are you comparing this to the abysmal US banking system, or the systems that exist in most of the rest of the world?
Because I can do that in GBP right now from all of my banks (both with old firms and the challenger banks) for free.
To me, the fact that Bitcoin is a money out of the hands of governments, or anyone really, is the use case. It's also cool that you can use your brain to effectively store your money. Of course, if you believe that governments are good stewards of money, you will probably not find a use case.
I mean it has good use cases they're not just the ones that scheme promoters want to be true. I know TFA pokes some holes in the censorship resistance attribute of bitcoin but i think everyone can agree it does provide value transfer solution that is much harder to block than Visa/Stripe/etc. 1). Silk Road or dark net markets in general. Can't be done with Visa or other existing solutions at any kind of scale 2). Fun…
I think there's a conflict here though: >If what you're doing isn't likely to be censored by authorities then you're being incredibly wasteful by using blockchain If the wasteful people doing non-crime activities on the blockchain weren't there it'd be incredibly easy for the authorities to crack down. In other words, if the only legitimate use cases of crypto is facilitating crime, it can only even achieve that goal…
In Vietnam, the government does capital control by limiting what bank can do with my money (I can’t request them to send 20k to the US unless I have an approved list of reasons). However, it is not illegal for me to send the money abroad, providing I can do it legally myself. So bitcoin is useful to me
There is only one use case and that is the originally intended use, as a currency completely decoupled from any one country’s monetary meddling and thus liberating the populace from poor central planners and/or authoritarians. That’s it. That’s all there is to it.