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I keep saying similar things. Unfortunately, everyone is enamored with Bitcoin. But what they really want is a lower friction way of electronic money transfer.
by PhantomGremlin 11y ago
I keep saying similar things. Unfortunately, everyone is enamored with Bitcoin. But what they really want is a lower friction way of electronic money transfer. What they don't want is for their savings to be easily stolen.
"You know what's cooler than a million dollars? Virtual currency backed by nothing and nobody."
Here's Bitcoin explained using a Venn diagram. If you don't understand this diagram, you're the ideal Bitcoin user.
http://www.thereformedbroker.com/2013/11/20/bitcoin-likely-users-venn-diagram/ http://www.thereformedbroker.com/2013/11/20/bitcoin-likely-u...
- um_ya 11y agoConsidering that Bitcoin is comprised of people who are very good at math, people who are active investors, and people who are currency enthusiasts, shows that you have no idea what you're talking about.
- PhantomGremlin 11y agoBitcoin people aren't investors, they're speculators. Big difference. Bitcoin resembles tulipmania much more than investing. At least I can pay my taxes with the fiat currency that is the US dollar. The only thing I can do with Bitcoin is pass it on to a greater fool or to someone who will use it as an intermediate "currency" which he will immediately convert to something more tangible. Bitcoin is very useful as a short term medium of exchange. It's not an investment and it's not a store of value.
- fixermark 11y ago... and with the current technological limitations in finalizing transactions, it's arguable how much utility it has as a short-term medium of exchange. Most "short term" media I use, I don't expect transaction finalization in scales of hours.