8 ms·

No. Bitcoin IS different. Its network is vastly larger. Newspapers became obsolete when the internet came to fruition. Bitcoin is doing the same to fiat curr

No. 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 ago
Bitcoin 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 ago
  It 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 ago
    This. 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 ago
    Tech 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 ago
  Dictionary 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 ago
    True, "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 ago
    Fiat 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 ago
  Just like newspapers "allowed" blogs and news websites to challenge their dominion. History is a long list of things changing and nations falling.
  - Trundle 10y ago
    Did 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 ago
    Anonymity 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 ago
    newspapers dont have guns
- solotronics 10y ago
  There are some Caribbean countries considering moving to bitcoin. Barbados is one.
  - Trundle 10y ago
    Do you have insider information that's not readily available on the internet? Because as far as I can see they're not.
seibelj 10y ago
Bitcoin 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 ago
Not 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.

gnaritas 10y ago

Bitcoin 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 ago
It 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 ago
  This. 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 ago
  Tech 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 ago
Dictionary 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 ago
  True, "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 ago
  Fiat 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 ago
Just like newspapers "allowed" blogs and news websites to challenge their dominion. History is a long list of things changing and nations falling.
- Trundle 10y ago
  Did 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 ago
  Anonymity 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 ago
  newspapers dont have guns
solotronics 10y ago
There are some Caribbean countries considering moving to bitcoin. Barbados is one.
- Trundle 10y ago
  Do you have insider information that's not readily available on the internet? Because as far as I can see they're not.

seibelj 10y ago

Bitcoin 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 ago

Not 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.