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You could make the same claim about bitcoin not being needed, given that we have money and a working banking system. Your POV is just as invested in bitcoin as
by street 10y ago
You could make the same claim about bitcoin not being needed, given that we have money and a working banking system. Your POV is just as invested in bitcoin as others are in Ethereum.
- paavokoya 10y agoNo. Bitcoin IS different. Its network is vastly larger. Newspapers became obsolete when the internet came to fruition. Bitcoin is doing the same to fiat currency. There are many intranets but we all know which one we are talking about when someone says "the internet".
- gnaritas 10y agoBitcoin is different, but by no means is it or will it in any way obsolete government issued currency (it's wrong to call it fiat as if bitcoin isn't also fiat, which it is). It is however the only crypto currency that matters and will remain so.
- danbruc 10y agoIt is however the only crypto currency that matters and will remain so. Or it will just die once users have to pay the real transaction costs and it becomes really obvious how expensive that system is.
- 21echoes 10y agoThis. Bitcoin is currently paying transaction fees through inflation, but as the halving process continues, those fees will shift back into the marketplace in a less implicit way, as miners need to continue being paid. https://blockchain.info/charts/cost-per-transaction-percent https://blockchain.info/charts/cost-per-transaction-percent
- gnaritas 10y agoTech like this will never die, it will just become less used if that problem isn't solved, but there will always be some group of people willing to use it despite those charges due to the nature of decentralized cash transfers without a trusted party.
- mbrock 10y agoDictionary definitions of fiat money involve states that enforce the legal tender status of the money. In that sense, BTC is not fiat money.
- abritinthebay 10y agoTrue, "fiat money" would technically be "inconvertible paper money made legal tender by a government decree." Bitcoin by contrast is "inconvertible digital money made legal tender by no-one because it's not legal tender". So.. it's fiat in the sense that "by fiat" sense - which is where fiat money as a term comes from, but not in the strict "fiat money" sense of the phrase.
- gnaritas 10y agoFiat also means money that isn't a commodity or backed by a commodity. Bitcoin is fiat in this sense the same as USD. Additionally, the blockchain and it's rules are a form of government that is issuing bitcoin and thus it qualifies as government issued as well. You don't have to be a state to be a government.
- Trundle 10y ago>Bitcoin is doing the same to fiat currency Oh really? Please do explain why a government would ever allow bitcoin to challenge its currency.
- paavokoya 10y agoJust like newspapers "allowed" blogs and news websites to challenge their dominion. History is a long list of things changing and nations falling.
- Trundle 10y agoDid you just compare consumer preference in media consumption with a government failing as if the connection is self evident? You're fucking with me right?
- sfifs 10y agoAnonymity significantly hinders tax assessment and collection. Removing anonymity to increase taxable base is part of reason for the rapid push towards electronic transactions away from cash even in developing markets (the other parts are cost of securing cash & to reduce middlemen corruption). So governments & financial institutions will certainly embrace blockchain tech as a potential way to possibly reduce transaction paperwork (read eliminate backoffice jobs) but anonymity which underlies bitcoin is unlikely to be supported by governments.
- throwaway2048 10y agonewspapers dont have guns
- solotronics 10y agoThere are some Caribbean countries considering moving to bitcoin. Barbados is one.
- Trundle 10y agoDo you have insider information that's not readily available on the internet? Because as far as I can see they're not.
- seibelj 10y agoBitcoin is not going to make fiat currencies obsolete because I pay my taxes in US dollars and will always have to
- deleted 10y ago[deleted]
- GandalfTheThird 10y agoNot true. Bitcoin is highly centralized, there are less than 10 mints that matter. Bitcoin is thus more centralized than many government operated currencies. The 'decentralized' attribute is a big lie, and it's good illustration how big lies successfully operate today as they did in the past centuries. They just need repetition.
- brighton36 10y agoBitcoin is for the underserved. It services the people that can't be served in incumbent institutions, and they use it because it's as close as they can get to the dollar. The reason that Ethereum is particularly silly, is because there are no underserved code execute'rs. (Go to Alphabay or Bovada if you doubt this)
- danbruc 10y agoBitcoin is for the underserved. It services the people that can't be served in incumbent institutions [...] Who exactly falls into this category?
- vkou 10y agoVery poor people, who probably care very little for the volatility in its exchange rates.
- danbruc 10y agoI assume that is meant as sarcasm, because if I had very little money I would certainly be worried about losing half of it over the weekend because of things like a hack the causes some panic and sends the exchange rate down. And the possibility to double my money due to rising Bitcoin prices would certainly not wipe out my worries. I would also not be a huge fan of spending tens of millions of Dollars every year on electricity and hardware to heat the planet and process an amount of transactions that could easily be processed by a single centralized server for a fraction of the costs.
- vkou 10y ago"Care very little for" was meant in the "Are not impressed by" sense.
- im3w1l 10y agoAre there any people like that actually using bitcoin?