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Where does this "bitcoin is a store of value, not a medium for exchange" nonsense come from? Literally the first line of the white paper: > A purely peer-to-pe
by phpnode 9y ago
Where does this "bitcoin is a store of value, not a medium for exchange" nonsense come from? Literally the first line of the white paper:
> A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.
- sillysaurus3 9y agoAnd it is. When you pay Coinbase, they send you BTC. Then you're free to send your BTC around if you decide the $20 transaction fee is worth it.
- annabellish 9y agoIn that scenario you're not using bitcoin, you're asking a centralised, trusted third party to adjust a couple figures in a database. If I wanted to do that, I would ask my bank to do it, because they're better at it.
- oreo81 9y agoWhich is fine until they decide to freeze your assets.
- annabellish 9y agoYeah, that is the problem with relying on Coinbase. You have essentially no recourse when they freeze your assets, which happens a _lot_ more often than the banking system, with its consumer protections and actual regulations.
- oreo81 9y agoThat's why you don't store assets on coinbase...the whole point of crypto is that it allows you to be in exclusive control of your assets. Why is that so hard to understand?
- annabellish 9y agoThe response when somebody tries to do transactions on-chain: > And it is. When you pay Coinbase, they send you BTC. Then you're free to send your BTC around if you decide the $20 transaction fee is worth it. The response when somebody tries to do transactions off-chain: > That's why you don't store assets on coinbase...the whole point of crypto is that it allows you to be in exclusive control of your assets. Why is that so hard to understand? The important thing is to make sure that no matter what anybody does, they're wrong, and that way bitcoin cannot possibly have any flaws.
- hndamien 9y agoMaybe free money isn't free. That is, liberated money isn't free (as in beer). Potentially it can be, but this is a great first step.