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> Basically since number of bitcoins will be limited - total value of all bitcoins must be a fraction to total human wealth. Or they could be worth nothing?
by jonknee 9y ago
> Basically since number of bitcoins will be limited - total value of all bitcoins must be a fraction to total human wealth.
Or they could be worth nothing?
- kovek 9y agoAre there no valuable use cases with Bitcoin?
- rsynnott 9y agoArguably it has actually become less useful in the last few years, in that the transaction fees that you actually need to get a transaction through in realistic time have skyrocketed. And I gather it's beginning to be displaced on the tor drug markets.
- jonknee 9y agoIt seems to be not very useful as a currency (transaction costs are surging, it's slow, can't scale, etc etc) and instead has proven much more useful as a vehicle for every sketchy investment scheme you can imagine. I think blockchain as an idea is more valuable than Bitcoin as an idea. But that's me.
- companyhen 9y agoI know fees are higher now, but a big use case could potentially be people sending money to friends/family overseas. They're much lower fees comparing them to Western Union. Saw that in the Banking on Bitcoin documentary on Netflix, I recommend watching!
- jonknee 9y agoPossibly lower fees than existing solutions, but you have to factor in converting currencies, crossing the bid ask spread twice on different exchanges and the risk of volatility during the transaction. If you want a low cost transfer you're much better off using something like TransferWise.
- Jtsummers 9y ago0 is a fraction of total human wealth.
- stcredzero 9y agoA fraction is defined as a quantity that is not a whole number. (Going by Google's "define: fraction") Is zero a whole number?