4 ms·

I am not sure why it matters what the original purpose was. It seems that current consensus of bitcoin is to be a competitor to gold for store of value. there

I am not sure why it matters what the original purpose was. It seems that current consensus of bitcoin is to be a competitor to gold for store of value. there may be other cryptocurrencies that act more like currencies

lawn 9y ago
> It seems that current consensus of bitcoin is to be a competitor to gold for store of value. Only made by the incompetent/corrupt developers. Regular users just don't want to pay outrageous fees.
- vasilipupkin 9y ago
  what outrageous fees? you can send a billion dollars for 10 bucks.
  - oarsinsync 9y ago
    I'd be surprised if you weren't aware that the fee isn't proportional to the amount being transacted. A $10 fee on a $10 transaction is outrageous.
    - vasilipupkin 9y ago
      right, but you can set the fee to 20 cents, if you are willing to wait for a confirm
      - oarsinsync 9y ago
        This you may not be aware of, but there have been periods where the fee has remained in excess of over $1 for over 72 hours. A 20 cent fee will not cover you there. Looking at my transaction history, of my last 10 transactions, all had fees in excess of $1, one as high as $14. I'm not losing any sleep over it, but I'm also not going to call the fees reasonable.
        vasilipupkin 9y ago
        I agree, bitcoin is not good for micropayments. But that's not the only use case that matters.
        rrix2 9y ago
        it's one of the only usecase that matters if you're talking about using it as a general-use currency...
        vasilipupkin 9y ago
        Yes, but my original point is biggest holders of btc are talking about it as a digital replacement for gold, not as a general use currency
        Taniwha 9y ago
        It depends on your definition of "micro payments" ... With a fixed number of bitcoin ever in existence for it to ever become a real world currency two things have to happen A) it's value inflate to a value that is an order of magnitude of all the value of the world .... B) be cheap enough, and fast enough that you can buy gum at the corner store Without micro payments it's stuck in a niche paying ransoms and doing drug deals

lawn 9y ago

> It seems that current consensus of bitcoin is to be a competitor to gold for store of value. Only made by the incompetent/corrupt developers. Regular users just don't want to pay outrageous fees.

vasilipupkin 9y ago
what outrageous fees? you can send a billion dollars for 10 bucks.
- oarsinsync 9y ago
  I'd be surprised if you weren't aware that the fee isn't proportional to the amount being transacted. A $10 fee on a $10 transaction is outrageous.
  - vasilipupkin 9y ago
    right, but you can set the fee to 20 cents, if you are willing to wait for a confirm
    - oarsinsync 9y ago
      This you may not be aware of, but there have been periods where the fee has remained in excess of over $1 for over 72 hours. A 20 cent fee will not cover you there. Looking at my transaction history, of my last 10 transactions, all had fees in excess of $1, one as high as $14. I'm not losing any sleep over it, but I'm also not going to call the fees reasonable.
      - vasilipupkin 9y ago
        I agree, bitcoin is not good for micropayments. But that's not the only use case that matters.
        rrix2 9y ago
        it's one of the only usecase that matters if you're talking about using it as a general-use currency...
        vasilipupkin 9y ago
        Yes, but my original point is biggest holders of btc are talking about it as a digital replacement for gold, not as a general use currency
        Taniwha 9y ago
        It depends on your definition of "micro payments" ... With a fixed number of bitcoin ever in existence for it to ever become a real world currency two things have to happen A) it's value inflate to a value that is an order of magnitude of all the value of the world .... B) be cheap enough, and fast enough that you can buy gum at the corner store Without micro payments it's stuck in a niche paying ransoms and doing drug deals