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Bitcoin has absolutely no utility as a currency. Look at the current mempool [0] to see why. People then switch to arguing that it's a great store of value. Gi
by glastra 9y ago
Bitcoin has absolutely no utility as a currency. Look at the current mempool [0] to see why.
People then switch to arguing that it's a great store of value. Given its volatility this makes no sense.
[0]: https://jochen-hoenicke.de/queue/#24h https://jochen-hoenicke.de/queue/#24h
- ravingraven 9y agoTo clarify: Bitcoin is deeply flawed, and I agree with you that Bitcoin is probably worth less than many people speculate it is worth (but not zero). Cryptocurrencies in general have a lot of utility and solve real problems.
- Cthulhu_ 9y agoAnd yet they introduce a lot of new problems too - problems that have been solved by traditional currencies a while ago. Problems like exchange security and protection to citizens. If my bank goes bankrupt for whatever reason, the government has an insurance for up to 100K for me. When mtgox went down, everyone lost their money.
- Lunar_Lamp 9y agoI'm not sure I agree here. Those are definitely real issues that you've highlighted, but they're not because of crypto currency. There's no reason that a crypto-exchange cannot be as secure as a bank (or more), and that governments cannot insure crypto deposits up to some value. Those are purely problems for regulators/governments, which have been relatively slow to adapt legislation. The problems you highlight are real, and can be good reasons to favour traditional currencies, but they're also easy problems to solve - the thinking has already been done once for traditional currencies and the solutions for crypto are mostly identical.
- pmorici 9y agoBitcoin Cash fixes that by following the original vision articulated by Satoshi.
- twayamznacct 9y agoHahaha, you mean the vision where one wealthy elite gets even MORE power than everyone else? I suppose it could be even worse though, it could be the upcoming UB fork.