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I don't see it as a store of value. It's just a very reliable network for sending very big transactions. If you send 1 million dollars in Bitcoin, a $20 fee is

I don't see it as a store of value. It's just a very reliable network for sending very big transactions. If you send 1 million dollars in Bitcoin, a $20 fee is negligible - The reliability of the Bitcoin network makes it worth it. For smaller transactions you should just use a different coin.

lolc 9y ago
The volatility affects all sizes of transactions in the same way. So sure, transactions with Bitcoin may be reliable. But converting them is not.
canoebuilder 9y ago
If you're in good standing with the various governmental authorities, what are the scenarios that make it worthwhile to convert to some cryptocoin, "send a transaction," then convert back on the other end? There are traditional channels for sending money to various places, what do these extra steps get me? You may feel a $20 fee is negligible, how about a 1% price move? 10%? It's funny how often one sees these sort of high-dollar scenarios described for this "decentralized"! "currency of the people"! Like, sending million dollar wires is a fairly niche market, and to my knowledge people regularly engaging in such things seem to be getting along just fine, there not crying out desperately for a better solution. And how exactly is bitcoin better for doing this if your million dollar transactions don't consist of the spoils from an exchange hack, exit scam or the like? It's just a very reliable network for sending very big transactions. Do you think the traditional channels for sending million dollar wires are unreliable? This seems like an area where the market is likely to converge on the very most reliable options and any service provider in this area with even a hint of unreliability would rapidly fade away.
vkou 9y ago
If you send 1 million dollars in bitcoin, the crazy volatility may mean that you only sent $950,000 by the time your transaction was confirmed. The bitcoin blockchain is a great way to transfer a fixed amount of bitcoin. It is an awful, awful way to transfer a fixed amount of wealth.
CaptainZapp 9y ago
Unless your million $ is dirty you would be stupid to not use proper channels for the transfer. Beginning with a knock on the door and two gentlemen with badges asking why you transfer so much money over - well - unconventional channels.
QML 9y ago
If it costs $20 to move a million dollars, then why not use a $30 wire transfer? The way I see it is that Bitcoin's advantage should be to move any amount of value across the internet for a low flat fee; anything less then the hassle of using the Bitcoin network outweighs the benefit.

lolc 9y ago

The volatility affects all sizes of transactions in the same way. So sure, transactions with Bitcoin may be reliable. But converting them is not.

canoebuilder 9y ago

If you're in good standing with the various governmental authorities, what are the scenarios that make it worthwhile to convert to some cryptocoin, "send a transaction," then convert back on the other end? There are traditional channels for sending money to various places, what do these extra steps get me? You may feel a $20 fee is negligible, how about a 1% price move? 10%? It's funny how often one sees these sort of high-dollar scenarios described for this "decentralized"! "currency of the people"! Like, sending million dollar wires is a fairly niche market, and to my knowledge people regularly engaging in such things seem to be getting along just fine, there not crying out desperately for a better solution. And how exactly is bitcoin better for doing this if your million dollar transactions don't consist of the spoils from an exchange hack, exit scam or the like? It's just a very reliable network for sending very big transactions. Do you think the traditional channels for sending million dollar wires are unreliable? This seems like an area where the market is likely to converge on the very most reliable options and any service provider in this area with even a hint of unreliability would rapidly fade away.

vkou 9y ago

If you send 1 million dollars in bitcoin, the crazy volatility may mean that you only sent $950,000 by the time your transaction was confirmed. The bitcoin blockchain is a great way to transfer a fixed amount of bitcoin. It is an awful, awful way to transfer a fixed amount of wealth.

CaptainZapp 9y ago

Unless your million $ is dirty you would be stupid to not use proper channels for the transfer. Beginning with a knock on the door and two gentlemen with badges asking why you transfer so much money over - well - unconventional channels.

QML 9y ago

If it costs $20 to move a million dollars, then why not use a $30 wire transfer? The way I see it is that Bitcoin's advantage should be to move any amount of value across the internet for a low flat fee; anything less then the hassle of using the Bitcoin network outweighs the benefit.