Bitcoin has few attributes of money but all the attributes of a collectible

Post by chii » Thu, Apr 22, 2021, 5:46 AM UTC

paxys wrote: post #54

throwaway81523 wrote: post #41

Earlier quoted context omitted.

I don't use bitcoin but one attraction I see is that it lets you spend your money without anyone else's permission. If you buy something with it, the seller gets the money without your having to worry about automated fraud checks causing your credit card to be declined, check to be put on hold, etc. It's like cash that way. Wire transfers might be an alternative, but they are only practical for fairly large transacti…

Every bitcoin transaction happening online today is brokered by the same payments processors who decide that your credit card is committing fraud.

Post by chii » Thu, Apr 22, 2021, 5:48 AM UTC

fny wrote: post #42

paxys wrote: post #38

The explanation I have seen works best for a non-technical audience is – Bitcoin is digital gold, and there is a global ledger which automatically tracks who owns how much of it. There is a finite amount of it out there, and it has to be "mined". There is nothing that makes it different from any other "coin" or really any other combination of bits (just like gold isn't unique among all the elements in any way), but i…

> No country or central government decides how much gold is worth This is true today. It was not true in the US 50 years ago. It does not need to be true tomorrow. The government can put ceilings and floors in the price of all things just as easily as Turkey banned crypto.

Post by dopidopHN » Thu, Apr 22, 2021, 5:49 AM UTC

Ansil849 wrote: post #15

As a casual observer I see the cryptocurrency space only seriously used by two groups of people: those who want to buy goods/services which are controlled in their or the seller's jurisdiction and so need a bit more anonymity than Paypal; and people who run ICO and more recently NFT swindles. I have yet to see a widespread other usage of cryptocurrency.

Post by novok » Thu, Apr 22, 2021, 5:50 AM UTC

cyphertruck wrote: post #65

This article is knocking down a squadron of strawmen. First off, bitcoins key attribute is not “privacy” but censorship resistance. It’s why wikileaks has been able to keep operating all these years after being cancelled by the mainstream payments industry. Not to mention many smaller, politically oppressed activist organizations, and much of the marijuana industry. Secondly, the attributes of money are, according to…

Post by hnhg » Thu, Apr 22, 2021, 5:50 AM UTC

DubiousPusher wrote: post #69

I don't know why there's an article that makes the rounds once a month analogizing bitcoin to some other thing when.. 1 bitcoin is its own thing 2 bitcoin has a clear analog in the form of gold Collectibles are a terrible analogy because 1 they are not fungable and bitcoin is 2 they are not easily converted into currency whereas bitcoin is 3 they carry novelty and bitcoin does not (cryptocurrency may carry some novel…