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>Are you seriously suggesting that in 10 years there will no longer any physical currencies? Or is soon 50 years? Or 100 years? Can you give a concrete vision f

>Are you seriously suggesting that in 10 years there will no longer any physical currencies? Or is soon 50 years? Or 100 years? Can you give a concrete vision for how that would work? Physical currency is already less than 10% of currency. >As I understand it, it's more that it's incredibly unstable, and can be taken over by whomever has the most cpus at any given moment. Stability decreases as value stored in it increases. You can't bootstrap a global decentralised currency without some growing pains. The thing about bitcoin is that is constantly crashes upwards. >I'm sure crypto currencies have lots of uses, especially for more cases around the edge (people in countries with dodgy governments etc), but I can't understand what value it provides outside of that. It prevents fraud from Governments. Instead of allowing them to print money when they want, they can't. It allows for global transactions in minutes, 24 hours a day (every day) for far lower transaction fees. It allows an internet of money. >or trust a random bitcoin conversion service which is not bound by any regulation You are mixing up a currency with a payment merchant. There's no reason that Visa wouldn't be able to use Bitcoin and charge you like it currently does.

SCdF 9y ago
> Physical currency is already less than 10% of currency. I got my terminology wrong here. I didn't mean physical currency like notes or whatever, I really just meant currencies backed by a government, £/USD etc. > It prevents fraud from Governments Doesn't it just replace it with another form of fraud, but this one without any ability to democratically replace it? Specifically, consensus algorithms that fall over if you manage to own enough computing power? > You are mixing up a currency with a payment merchant. Sorry, you're right. As someone who has tried to learn about bitcoin et al and never seen the point, the fact that I have to trust another payment provider for no obvious benefit is where I lose interest. Presumably in the future that won't be the case.

SCdF 9y ago

> Physical currency is already less than 10% of currency. I got my terminology wrong here. I didn't mean physical currency like notes or whatever, I really just meant currencies backed by a government, £/USD etc. > It prevents fraud from Governments Doesn't it just replace it with another form of fraud, but this one without any ability to democratically replace it? Specifically, consensus algorithms that fall over if you manage to own enough computing power? > You are mixing up a currency with a payment merchant. Sorry, you're right. As someone who has tried to learn about bitcoin et al and never seen the point, the fact that I have to trust another payment provider for no obvious benefit is where I lose interest. Presumably in the future that won't be the case.