6 ms·
People don't use cars because they have a hard on for internal combustion engines. They use cars to go from one place to another, i.e their utility. The utility
by aliakhtar 10y ago
People don't use cars because they have a hard on for internal combustion engines. They use cars to go from one place to another, i.e their utility. The utility of bitcoin is its TPS rate.
- mbmott 10y agoBitcoin's utility is being a global currency. Like I said, Bitcoin will scale like the internet scaled which is in direct proportion to demand. Blocks aren't often full and if you are in a hurry then you need to pay 10 or 20 cents to prioritize your transaction.
- aliakhtar 10y agoThere is already a global currency which works great: USD. I live in Pakistan, and I regularly pay my AWS bill, IDE subscription, Netflix, VPN, and a lot of other things with USD.
- rhino369 10y ago>Bitcoin's utility is being a global currency. But it's hard to get and hard to use. It's useful for a pseudo-anonymous transfer for value. Unless I'm doing something illegal, Visa is a better option.
- Shorel 10y agoI use both. I use also MasterCard. And dollars and pesos and euros. There's always one situation where one currency is more convenient than the others. Is this attitude a remnant of the religious wars in Europe? There can be only one?
- Rmilb 10y agoThat's very true, Bitcoin doesn't solve many problems for people with access to credit banking. However, billions of people don't have access to Visa or a bank account. They only need a phone to send payments internationally.
- rhino369 10y agoThose people don't have access to bitcoin either.
- solotronics 10y agoThe fee is currently 6 cents. One interesting thing is there is an optimal fee based on the size of the block of transactions. https://bitcoinfees.21.co/#delay https://bitcoinfees.21.co/#delay
- maaku 10y agoThe utility of bitcoin is censorship-resistant transactions. You don't need a high on-chain transaction rate for that.
- aliakhtar 10y agoYou mean illegal transactions.
- explorer666 10y agoSeems like you have an agenda here.
- CyberDildonics 10y agoLike getting your money out of Venezuela, Argentina, Cypress or Greece before its gone or you can't get to it? Those are all illegal. Legality and morality are not the same thing and not all of world lives in cozy security.
- aliakhtar 10y agoHow would converting all your money into magic beans help in that situation? How would you pay for your groceries in magic beans in that country?
- CyberDildonics 10y ago> Like getting your money out of ... If you re read my comment you can see I explicitly said getting money out of those countries, which have been infamous for capital controls. Also - Magic Beans - accepted at 48 locations in Athens https://coinmap.org/#/map/37.99873292/23.73853683/12 https://coinmap.org/#/map/37.99873292/23.73853683/12 Look up the ideal properties of money and you might understand the big picture better, but it may mean challenging your deeply held beliefs and not everyone is ready for that.
- maaku 10y agoAs with the 2nd amendment, arguing for the right to bear arms is not in and of itself an argument for their use. In this case, bitcoin represents by which civil disobedience could be practiced. As long as it is maintained as a real alternative (meaning first and foremost it operates outside the constraints of authority) then a reasonable argument can be made that regulators in democracies will compromise in allowing greater user rights in the official alternatives. Napster and bittorrent did change the music industry, in the end. But even without game theoretic arguments involving civil disobedience, Bitcoin is still interesting. It offers cryptographic protections that have never existed before in real fintech applications (e.g. programmable signatures), and radical transparency and configurable trust that can patch the sort of vulnerabilities that led to the 2007 financial crisis.