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Will cryptocurrencies ever become large enough to compete with national currencies? I guess I haven't seen much adoption since 2011 or so, at least not compared

Will cryptocurrencies ever become large enough to compete with national currencies? I guess I haven't seen much adoption since 2011 or so, at least not compared to the hype generated in the news media. And if Bitcoin isn't to be big, what will the acquisition of this company do for those who acquired it?

justifier 10y ago
> Will cryptocurrencies ever become large enough to compete with national currencies? it is an indirect consequence of my intended inference that mathematics will deplete the value of cryptocurrencies while simultaneously increasing the value of blockchains > what will the acquisition of this company do for those who acquired it? probably very little, both positive and negative in a future where math has yet to have made nonce discovery superficial: the company can use these chips for nonce discovery and increase their own bit wallets and move that currency around the community to convert it into 'national currency', or sell the chips and make 'national currency' from others wanting to use the chips for nonce discovery in a future where math has made nonce discovery superficial: the chips could probably still be useful for other applications.. look at another integrated circuit, the 555(o), whatever the original application was i am sure the developers would have been unable to predict all of the utilisations people have developed as a result of having the chip in their toolbox (o) https://en.wikipedia.org/wiki/555_timer_IC https://en.wikipedia.org/wiki/555_timer_IC
heimatau 10y ago
For some reason, this question triggered an idea. Why not create a 'gift card' system that...uses RPOW/Blockchain/Bitcoin tech, that replaces whichever currency that was used? I know money and currency is tough to replace from the banks and nations crippling grip but...couldn't large retailers just use their sizes to shift how consumers pay for their services. IMO, with Starbucks having more than 1 Billion in their gift card network, I see this idea growing like a weed, if a few people were to experiment with it. On a related note, I think digital currency(ies) could give all parties involved what they want (money/payment/tractability for the companies. goods/services/privacy for the consumer. tractability/data for govts). I hope this industry blossoms, I'm sure it will be only time before someone turns this industry on it's head.
- nols 10y ago
  There's no real reason for companies to do what you're suggesting. Why would retailers move away from their local currency? And even if they decided to do that why would they switch to something like the blockchain instead of just a database to track holdings?
  - heimatau 10y ago
    It would need to be a concerted effort, imo. Not just one or two actors. But if enough market share made the move, the benefits? Numerous. As I already outlined, in my OP. In addition, to what I said, the (new) market would cut out all middle men (Visa, etc...Chase/BoA, etc...maybe even others). I think some downsides would be more or bigger insurers and maybe an aggregate of wealth but even our current system doesn't tackle these issues. No system will be perfect in the first increment but I think this would be a step in a better direction, for all involved.
- m-i-l 10y ago
  I toyed with an idea a bit like that a few years back. The tokens would be denominated in your national currency (so no exchange rate volatility), could be bought or sold (in batches) for free (depending on mechanism), and were for online purchases or transfers only (so no interfacing with physical point of sale presences required). The purchases could be made for free via a bank transfer to a specified account with your account number in the reference field (these are normally free and near instant in the UK via the Faster Payments Service) and if you wanted to cash out your tokens could could similarly arrange a bank transfer back. It was to be completely centralised, so nothing like Bitcoin. It was actually meant for another idea which required an escrow service. There were no specific advantages to the "senders" of the tokens other than that they could use the other service, but the big benefit to the "receivers" of the tokens was that they didn't have to pay the high credit card processing fees or PayPal fees. Anyway, lots of challenges to setting up a service such as this, such as needing a business account to send/receive the transfers (business accounts in the UK attract usage fees unlike normal personal accounts), and of course all the payments regulation, which would have meant it would have been difficult to operate for free (although the idea had been that the other service would subsidise it).
Meekro 10y ago
> I guess I haven't seen much adoption since 2011 or so Here are some huge companies that have started accepting it in recent years: - WordPress - Microsoft - Expedia - Overstock - Dell Also worth noting that Braintree (a PayPal-owned payment processor) accepts it, and there have been rumors for a while that PayPal itself is gearing up to do so.

justifier 10y ago

> Will cryptocurrencies ever become large enough to compete with national currencies? it is an indirect consequence of my intended inference that mathematics will deplete the value of cryptocurrencies while simultaneously increasing the value of blockchains > what will the acquisition of this company do for those who acquired it? probably very little, both positive and negative in a future where math has yet to have made nonce discovery superficial: the company can use these chips for nonce discovery and increase their own bit wallets and move that currency around the community to convert it into 'national currency', or sell the chips and make 'national currency' from others wanting to use the chips for nonce discovery in a future where math has made nonce discovery superficial: the chips could probably still be useful for other applications.. look at another integrated circuit, the 555(o), whatever the original application was i am sure the developers would have been unable to predict all of the utilisations people have developed as a result of having the chip in their toolbox (o) https://en.wikipedia.org/wiki/555_timer_IC https://en.wikipedia.org/wiki/555_timer_IC

heimatau 10y ago

For some reason, this question triggered an idea. Why not create a 'gift card' system that...uses RPOW/Blockchain/Bitcoin tech, that replaces whichever currency that was used? I know money and currency is tough to replace from the banks and nations crippling grip but...couldn't large retailers just use their sizes to shift how consumers pay for their services. IMO, with Starbucks having more than 1 Billion in their gift card network, I see this idea growing like a weed, if a few people were to experiment with it. On a related note, I think digital currency(ies) could give all parties involved what they want (money/payment/tractability for the companies. goods/services/privacy for the consumer. tractability/data for govts). I hope this industry blossoms, I'm sure it will be only time before someone turns this industry on it's head.

nols 10y ago
There's no real reason for companies to do what you're suggesting. Why would retailers move away from their local currency? And even if they decided to do that why would they switch to something like the blockchain instead of just a database to track holdings?
- heimatau 10y ago
  It would need to be a concerted effort, imo. Not just one or two actors. But if enough market share made the move, the benefits? Numerous. As I already outlined, in my OP. In addition, to what I said, the (new) market would cut out all middle men (Visa, etc...Chase/BoA, etc...maybe even others). I think some downsides would be more or bigger insurers and maybe an aggregate of wealth but even our current system doesn't tackle these issues. No system will be perfect in the first increment but I think this would be a step in a better direction, for all involved.
m-i-l 10y ago
I toyed with an idea a bit like that a few years back. The tokens would be denominated in your national currency (so no exchange rate volatility), could be bought or sold (in batches) for free (depending on mechanism), and were for online purchases or transfers only (so no interfacing with physical point of sale presences required). The purchases could be made for free via a bank transfer to a specified account with your account number in the reference field (these are normally free and near instant in the UK via the Faster Payments Service) and if you wanted to cash out your tokens could could similarly arrange a bank transfer back. It was to be completely centralised, so nothing like Bitcoin. It was actually meant for another idea which required an escrow service. There were no specific advantages to the "senders" of the tokens other than that they could use the other service, but the big benefit to the "receivers" of the tokens was that they didn't have to pay the high credit card processing fees or PayPal fees. Anyway, lots of challenges to setting up a service such as this, such as needing a business account to send/receive the transfers (business accounts in the UK attract usage fees unlike normal personal accounts), and of course all the payments regulation, which would have meant it would have been difficult to operate for free (although the idea had been that the other service would subsidise it).

Meekro 10y ago

> I guess I haven't seen much adoption since 2011 or so Here are some huge companies that have started accepting it in recent years: - WordPress - Microsoft - Expedia - Overstock - Dell Also worth noting that Braintree (a PayPal-owned payment processor) accepts it, and there have been rumors for a while that PayPal itself is gearing up to do so.