5 ms·

Fiat money with better programming apis and permissions

by ojr 9y ago

vkou 9y ago
Worse apis and permissions, because there is no way to recover from bugs in your code. Unless you hard-fork.
- ojr 9y ago
  you need permission which could take weeks, to take donations through kickstarter or send micropayments to 1000 people through paypal, losing bitcoin or ethereum is a possibility but security strategies are improving, there will be growing pains in a new financial software platform but you already know that?
  - vkou 9y ago
    You need permission to turn your BTC into USD, in order to pay for your rent and food. This could take weeks, too. The reason the regular financial system has all these high-friction components is because of AML/KYC/fraud. If you think the interface between BTC and the real world won't eventually have to be compliant will all those onerous regulations, background checks, and business processes, you are vastly underestimating the persistence of our regulators.
    - ojr 9y ago
      It will always be possible to exchange you can't stop everyone from trading bitcoin even if it became illegal, people trade illegal things everyday but that's irrelevant bitcoin is legal in many countries so I am not worried
SubiculumCode 9y ago
Bitcoin has no flexibility as a currency. It cannot be manipulated to stimulate or slow an economy. The growth rate of bitcoin is so slow that it ensures that the population growth will probably always outstrip bitcoin growth, severely lowering the number of bitcoins available per capita, leading to permanent rentiers of the money supply. Also, as lost bitcoin are not replaced, the supply dwindles further. At some point the pace of losing bitcoins will out strip the rate of bitcoin creation. This is not a how a society's currency should work.
- trophycase 9y ago
  if it proves to be infeasible you just fork the protocol to a more feasible one. One of the main differences between Bitcoin and traditional fiat is who decides monetary policy.
- ojr 9y ago
  this is false, Bitcoin has 8 decimal places and could be moved to 16 decimal places if needed, it is hard to predict how the math will work out in the future

Fiat money with better programming apis and permissions

by ojr 9y ago

Fiat money with better programming apis and permissions

vkou 9y ago

Worse apis and permissions, because there is no way to recover from bugs in your code. Unless you hard-fork.

ojr 9y ago
you need permission which could take weeks, to take donations through kickstarter or send micropayments to 1000 people through paypal, losing bitcoin or ethereum is a possibility but security strategies are improving, there will be growing pains in a new financial software platform but you already know that?
- vkou 9y ago
  You need permission to turn your BTC into USD, in order to pay for your rent and food. This could take weeks, too. The reason the regular financial system has all these high-friction components is because of AML/KYC/fraud. If you think the interface between BTC and the real world won't eventually have to be compliant will all those onerous regulations, background checks, and business processes, you are vastly underestimating the persistence of our regulators.
  - ojr 9y ago
    It will always be possible to exchange you can't stop everyone from trading bitcoin even if it became illegal, people trade illegal things everyday but that's irrelevant bitcoin is legal in many countries so I am not worried

SubiculumCode 9y ago

Bitcoin has no flexibility as a currency. It cannot be manipulated to stimulate or slow an economy. The growth rate of bitcoin is so slow that it ensures that the population growth will probably always outstrip bitcoin growth, severely lowering the number of bitcoins available per capita, leading to permanent rentiers of the money supply. Also, as lost bitcoin are not replaced, the supply dwindles further. At some point the pace of losing bitcoins will out strip the rate of bitcoin creation. This is not a how a society's currency should work.

trophycase 9y ago
if it proves to be infeasible you just fork the protocol to a more feasible one. One of the main differences between Bitcoin and traditional fiat is who decides monetary policy.
ojr 9y ago
this is false, Bitcoin has 8 decimal places and could be moved to 16 decimal places if needed, it is hard to predict how the math will work out in the future