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What's the use for Bitcoin?

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Re: What's the use for Bitcoin?

#41

Post by shawnb576 »

chisleu wrote: post #17

Bitcoin has many benefits for the average man, provided it is in wide use. Currently it isn't, so the advantages are not yet substantive. For one thing, the government doesn't control the inflation of bitcoin like it does with dollars. The fed aims for ~2.5-3% "inflation" every year, however this is inflation beyond the massive deflation that occurs year over year due to technology and efficiency increases... The sup…

By your argument the cost of food/goods are going up because we're becoming less efficient at producing it. This is not how inflation works, and that's not how deflation works.

Maybe go bone up on your basic economics?

Re: What's the use for Bitcoin?

#42

Post by barce »

spectrum1234 wrote: post #22

Bitcoin is all about the underlying PROTOCOL, not the currency itself. Note that the currency only has value because the protocol is sound. What is the protocol? Basically it allows you to trust a network in which you don't have to trust any participants. Think about that for a minute - THIS IS A PHENOMENAL ACHIEVEMENT. Use cases for bitcoin? Who cares. Use cases for the protocol? Countless. Just give it time. Its ex…

Yes, the protocol is revolutionary. I can put data into the blockchain that nobody can censor: http://bitcoin.stackexchange.com/questions/4315/how-can-i-in... It would be possible to create an image service free of Instagram's tyranny via the blockchain.

Re: What's the use for Bitcoin?

#43

Post by cporios »

rthomas6 wrote: post #24
cporios wrote: post #16

According to this half the world's population is unable to get a bank account: http://mckinseyonsociety.com/half-the-world-is-unbanked/ Bitcoin allows for anyone with internet or even text-messaging access to hold, receive and send money. To me, this seems revolutionary. I don't know how the author can ignore this.

There are things that the third world already uses for this purpose, such as M-Pesa. Money through SMS is already in wide use, for millions, right now. How can I send someone bitcoin through text messaging? http://en.wikipedia.org/wiki/M-Pesa

I wasn't aware of M-Pesa. Bitcoin transaction fees are still lower though.

Coinbase and other companies allow you to send bitcoins via SMS: https://www.coinbase.com/sms_service

Re: What's the use for Bitcoin?

#44

Post by cporios »

dragonwriter wrote: post #19
cporios wrote: post #16

According to this half the world's population is unable to get a bank account: http://mckinseyonsociety.com/half-the-world-is-unbanked/ Bitcoin allows for anyone with internet or even text-messaging access to hold, receive and send money. To me, this seems revolutionary. I don't know how the author can ignore this.

I suspect that the half of the word's population that is unable to get a bank account has a sizable overlap with the fraction that doesn't have internet or even text-messaging access.

Even if that's true bringing internet or text messaging to the third world is easier than expanding bank coverage.

Re: What's the use for Bitcoin?

#45

Post by random28345 »

chatmasta wrote: post #35

I don't understand why we even need to discuss the usefulness of Bitcoin beyond the fact that it's decentralized. Its decentralized nature, alone, is its most important attribute. Bitcoin cannot be stopped. Period. As long as multiple people can run a program on a set of computers that can connect to each other, Bitcoin can exist. If you want to receive it anonymously, you can perform services anonymously and take pa…

> Its decentralized nature, alone, is its most important attribute. Bitcoin cannot be stopped. Period.

It's just as decentralized as tulip bulbs (http://en.wikipedia.org/wiki/Tulip_mania), and Bitcoin will be "stopped" when a) it is illegal to transmit or receive a blockchain (unlikely), or b) when people realize the only value Bitcoin has is in the belief that Bitcoin has value.

All it takes for Bitcoin to be worthless is the belief that Bitcoin is worthless. Therefore, if you hold any Bitcoin, you are incentivized to be a Bitcoin evangelist. Bitcoin isn't a currency, it's a religion; you need to create "converts" to make your investment of time and belief worthwhile.

Re: What's the use for Bitcoin?

#46

Post by tptacek »

natrius wrote: post #10

Bitcoin's killer app is its function as a store of value. It's hard to see this when there are plenty of things that are storing value better at the moment, like traditional currencies and assets. But I don't think that will hold indefinitely (especially given our asset bubble), and that will lead people to look for ledgers with predictable supply, like gold and Bitcoin. Then again, maybe I'm crazy.

Isn't extreme volatility a very bad attribute for a store of value?

Re: What's the use for Bitcoin?

#47

Post by random28345 »

cporios wrote: post #44
dragonwriter wrote: post #19

Earlier quoted context omitted.

I suspect that the half of the word's population that is unable to get a bank account has a sizable overlap with the fraction that doesn't have internet or even text-messaging access.

Even if that's true bringing internet or text messaging to the third world is easier than expanding bank coverage.

> Even if that's true bringing internet or text messaging to the third world is easier than expanding bank coverage.

Bringing internet or text messaging to the third world has the net effect of expanding bank coverage.

Re: What's the use for Bitcoin?

#48

Post by pavel_lishin »

random28345 wrote: post #45
chatmasta wrote: post #35

I don't understand why we even need to discuss the usefulness of Bitcoin beyond the fact that it's decentralized. Its decentralized nature, alone, is its most important attribute. Bitcoin cannot be stopped. Period. As long as multiple people can run a program on a set of computers that can connect to each other, Bitcoin can exist. If you want to receive it anonymously, you can perform services anonymously and take pa…

> Its decentralized nature, alone, is its most important attribute. Bitcoin cannot be stopped. Period. It's just as decentralized as tulip bulbs ( http://en.wikipedia.org/wiki/Tulip_mania ), and Bitcoin will be "stopped" when a) it is illegal to transmit or receive a blockchain (unlikely), or b) when people realize the only value Bitcoin has is in the belief that Bitcoin has value. All it takes for Bitcoin to be wort…

> All it takes for Bitcoin to be worthless is the belief that Bitcoin is worthless.

Isn't this true for every currency that isn't literally a physically scarce and useful resource (gold, grain, uranium, gold-pressed latinum?)

Re: What's the use for Bitcoin?

#49

Post by GlickWick »

barce wrote: post #34
jjbiotech wrote: post #26

Earlier quoted context omitted.

Physical currency such as gold or cash is for Criminals, Cowards, and Crazies. Criminals, who find it useful as a mechanism for transferring and storing income from illegal activities. Cowards, who want to hide behind physical currency to protect themselves from social and government problems that can only be solved through education and democracy. And crazies who think that Obama is a secret atheist muslim who is fi…

Brilliant retort which exposes the rhetorical fallacies in the comment: ad hominem, and, for lack of a better turn of phrase, a false trichotomy.

le reddit awaits!
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