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What exactly does "succeeding" look like for bitcoin nowadays? Because back before it became "that the thing that everyone was trying to profit from", there wa
by gooseus 9y ago
What exactly does "succeeding" look like for bitcoin nowadays?
Because back before it became "that the thing that everyone was trying to profit from", there was at least the sense that it would be somewhat useful as a currency, if not replace cash entirely for most online transactions.
- tenaciousDaniel 9y agoIt really doesn't seem like crypto could ever be useful as a replacement for currency, because it's deflationary. There are a few interesting projects looking to create a stable coin on top of Ethereum.
- perl4ever 9y agoHas anybody (smarter than me) looked at the Bitcoin code and said "what if we try to change it such that transaction costs are capped rather than number of coins"? That would basically make the supply proportional to demand...or something like that.
- xorcist 9y agoIt doesn't seem to matter much if transaction costs are fixed. 0.0005 BTC paid for a transaction two years ago. It will still pay for a transaction. That doesn't seem to make many end users much happier. They would rather like to see transaction costs sharply drop to compensate for the equally sharp rise in USD/BTC value. Sadly, that's not how it works, which has led to endless drama on the Internet.
- perl4ever 9y agoI meant real transaction costs, not nominal. Which of course points vaguely to the idea that if the supply of bitcoins expanded proportional to usage maybe it wouldn't be deflationary?
- tenaciousDaniel 9y agoI've never understood why the supply needs to be fixed. So long as there's a mechanism around creating new coins.