Earlier quoted context omitted.
> What future does an asset have if people don't actually buy stuff with it? The same as gold does?
Or lead
Gold is rare, lead isn't
Ending Bitcoin Support
51–60 of 659 posts
Re: Ending Bitcoin Support
#52They should have replaced it with Lightning Network, is amazingly fast and cheap and works on top of Bitcoin. I'm running a test node, this stuff really works! > Lightning is a decentralized network using smart contract functionality in the blockchain to enable instant payments across a network of participants. In case you are curious https://lightning.network and another good resource here https://www.reddit.com/r/B…
They could also replace it with money, which one can readily and easily, through systems with well-understood protocols that are agreed upon by participants in those systems, exchange for goods and services. (Even the Lightning Network people don't think you should use it with money. Not that that's likely to be a problem, what with it being for Bitcoin and all. Stripe also doesn't support any other commodities as me…
You seem very confused about what money is.
Re: Ending Bitcoin Support
#53This reads a bit like the sort of things people say when breaking up so as not to upset the other person too much. You're a great person, but you're just more of an asset than a medium of exchange, and what I need in my life right now is a medium of exchange. What future does an asset have if people don't actually buy stuff with it? That is not a purely rhetorical question; cryptocurrencies change things a lot. But t…
> What future does an asset have if people don't actually buy stuff with it?
Not sure what you're getting at here? There are loads of assets that people don't buy stuff with e.g. gold, stocks, bonds, property, etc. Aside from cash I'd guess that the norm is for assets to be converted to cash before anything.
Re: Ending Bitcoin Support
#54This reads a bit like the sort of things people say when breaking up so as not to upset the other person too much. You're a great person, but you're just more of an asset than a medium of exchange, and what I need in my life right now is a medium of exchange. What future does an asset have if people don't actually buy stuff with it? That is not a purely rhetorical question; cryptocurrencies change things a lot. But t…
What other assets can you use for purchases?
Re: Ending Bitcoin Support
#55I don't have any place to criticize at all but this seems pretty short-sighted. The primary criticism is low tps and fees… but that's exactly what lightning was invented to solve (edit: as I now see someone else mentioned)… and it's already working, in testing phase. Isn't it more effort to remove support then add it back again soon than just to wait a few months? So it /seems/ either something else is going on or th…
"In testing phase" is probably not good enough for Stripe to roll out to their customers.
I think what they meant was "we're just not seeing enough usage of Bitcoin payments to justify the costs of supporting it." Which is perfectly fair.
Re: Ending Bitcoin Support
#56BCH fees are in the $0.25 range right now. I wonder if they considered BCH. They could probably pretty easily implement it with their existing BTC infrastructure.
Re: Ending Bitcoin Support
#57This reads a bit like the sort of things people say when breaking up so as not to upset the other person too much. You're a great person, but you're just more of an asset than a medium of exchange, and what I need in my life right now is a medium of exchange. What future does an asset have if people don't actually buy stuff with it? That is not a purely rhetorical question; cryptocurrencies change things a lot. But t…
Bitcoin is definitely acting more like an asset than a medium of exchange, and yeah, I don't see why it would hold any value if it's treated like an asset. But as soon as people realize that then it should go back to being a medium of exchange and then it'll hold value again as an asset? Either way, just because Bitcoin isn't functioning correctly doesn't mean that all cryptocurrencies are not. But I guess at the mom…
Bitcoin is functioning exactly as designed. Satoshi planned for this; it's in the whitepaper.
Most people just don't like the idea of Satoshi's endgame vision. But it's working as intended.
Re: Ending Bitcoin Support
#58Earlier quoted context omitted.
> They claim to be interested in Lightning Network, but aren't interested in using it? I don't understand how you conclude this from the post. (Does Lightning even exist today? Could they use it today if they wanted to?)
Lighting Network does indeed exist today. You can use it right now. Download the desktop app and try it out: https://github.com/lightninglabs/lightning-app It's early, but that's no reason to throw the baby out with the bathwater.
The README says "The application is under active development and currently only operates on the Bitcoin testnet chain." - is that inaccurate?
If that is still accurate, it continues to seem to me that Stripe is interested in actually using Lightning on the production Bitcoin blockchain, they just can't do that today.
Re: Ending Bitcoin Support
#59Re: Ending Bitcoin Support
#60This reads a bit like the sort of things people say when breaking up so as not to upset the other person too much. You're a great person, but you're just more of an asset than a medium of exchange, and what I need in my life right now is a medium of exchange. What future does an asset have if people don't actually buy stuff with it? That is not a purely rhetorical question; cryptocurrencies change things a lot. But t…
> What future does an asset have if people don't actually buy stuff with it? I look at it (maybe naively) like a solid gold bar. You're not going to walk in to a convenience store and pay with a bar of solid gold; you might flee the country with one though. Beyond that, I totally agree with your read on the post. Linking the pull request[0] was especially backhanded. It feels like there's some underlying frustration…
Gold as a metal has an inherent value though. If not only for jewelry, it also has important uses in electronics. The value associated with bitcoin seems purely sentimental.