3 ms·

1. There's $160B of BC out there and it's still a pretty novel thing. 2. People say this every time there has been some volatility in BC. There's been a bubble

by crusso 9y ago

1. There's $160B of BC out there and it's still a pretty novel thing. 2. People say this every time there has been some volatility in BC. There's been a bubble that is bursting. It doesn't mean that the currency doesn't have worth. 3. Just because BC and its mechanics don't end up working out doesn't mean that a central bank is necessary. 4. Nothing is "proved" at this point.

Brockenstein 9y ago
A central bank may not be necessary if there's an alternative that provides equal or better stability. Bitcoin certainly doesn't provide a stable alternative.
- crusso 9y ago
  Yeah, who knows what entities may arise to support crypto currencies. Perhaps, multiple governments, conglomerates, or cooperatives may participate in stabilizing a crypto currency. Instead of a central bank, a currency may develop a "decentralized central bank" whereby those independent entities take uncoordinated actions to keep a shared currency stable. It's hard to say at this point. We've really only been thinking about this problem for a short while.
JonnyNova 9y ago
It is plenty proved. Nobody accepts BTC as payment for goods and nothing is priced in BTC.
- SaltyBackendGuy 9y ago
  > Nobody accepts BTC as payment for goods Well not nobody. https://steemit.com/bitcoin/@steemitguide/2017-top-list-of-big-companies-that-accept-bitcoin-and-cryptocurrencies https://steemit.com/bitcoin/@steemitguide/2017-top-list-of-b...
  - JonnyNova 9y ago
    Printed 7 months ago. Steam and Microsoft have stopped accepting bitcoins. I don't know offhand but suspect many of the other ones probably have as well.
    - jhall1468 9y ago
      Microsoft added it back a week ago and several companies have since been added to the list. So your original statement is wrong as is your suspicion.
      - JonnyNova 9y ago
        Because of the falling price forced people out of the network and reduced both network congestion and transfer fee prices. Moon or payments? Pick one. https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#3m https://bitinfocharts.com/comparison/bitcoin-transactionfees... https://blockchain.info/charts/avg-confirmation-time?timespan=30days https://blockchain.info/charts/avg-confirmation-time?timespa...
  - deleted 9y ago
    [deleted]
- cocktailpeanuts 9y ago
  That has nothing to do with the current crash. The price has been going up for a long while even when everyone knew about this. Also this "nobody accepts BTC anymore" phenomenon is something artificially caused by the BTC devs. They could have increased the block size even to just twice the size and tried to figure out the real solution in the meantime, but instead they decided to be stubborn and kick out everyone who disagreed with them. This is not a "proof" that the Bitcoin model itself has failed. It's just that one implementation has failed, and that's fine.
- shawnz 9y ago
  So after introducing a new currency, how long is the window for people to begin accepting it before its "proved unnecessary"?
- inferiorhuman 9y ago
  Well, Overstock takes BTC and BCH. https://krebsonsecurity.com/2018/01/website-glitch-let-me-overstock-my-coinbase/ https://krebsonsecurity.com/2018/01/website-glitch-let-me-ov...
- Torgo 9y ago
  Listing your altcoin on an exchange is priced in BTC, but I don't know if that helps or hurts your claim.
- jhanschoo 9y ago
  Bitcoin is plenty accepted in the DarkNet.
adventured 9y ago
> People say this every time there has been some volatility in BC. Kind of like how people are pretending this is like when Bitcoin first hit $1,000 and then fell back to $200x. It's just the same thing, right? It's all just volatility. Except, that didn't involve a third of a trillion dollars of on-paper wealth being vaporized in a week across all cryptos, with tens of millions of new speculators getting smashed around the world. Slightly different than if $10 or $12 billion similarly goes missing, contained to a tiny group of people who mined it or purchased it at extremely low cost.

by crusso 9y ago

Brockenstein 9y ago

A central bank may not be necessary if there's an alternative that provides equal or better stability. Bitcoin certainly doesn't provide a stable alternative.

crusso 9y ago
Yeah, who knows what entities may arise to support crypto currencies. Perhaps, multiple governments, conglomerates, or cooperatives may participate in stabilizing a crypto currency. Instead of a central bank, a currency may develop a "decentralized central bank" whereby those independent entities take uncoordinated actions to keep a shared currency stable. It's hard to say at this point. We've really only been thinking about this problem for a short while.

JonnyNova 9y ago

It is plenty proved. Nobody accepts BTC as payment for goods and nothing is priced in BTC.

SaltyBackendGuy 9y ago
> Nobody accepts BTC as payment for goods Well not nobody. https://steemit.com/bitcoin/@steemitguide/2017-top-list-of-big-companies-that-accept-bitcoin-and-cryptocurrencies https://steemit.com/bitcoin/@steemitguide/2017-top-list-of-b...
- JonnyNova 9y ago
  Printed 7 months ago. Steam and Microsoft have stopped accepting bitcoins. I don't know offhand but suspect many of the other ones probably have as well.
  - jhall1468 9y ago
    Microsoft added it back a week ago and several companies have since been added to the list. So your original statement is wrong as is your suspicion.
    - JonnyNova 9y ago
      Because of the falling price forced people out of the network and reduced both network congestion and transfer fee prices. Moon or payments? Pick one. https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#3m https://bitinfocharts.com/comparison/bitcoin-transactionfees... https://blockchain.info/charts/avg-confirmation-time?timespan=30days https://blockchain.info/charts/avg-confirmation-time?timespa...
- deleted 9y ago
  [deleted]
cocktailpeanuts 9y ago
That has nothing to do with the current crash. The price has been going up for a long while even when everyone knew about this. Also this "nobody accepts BTC anymore" phenomenon is something artificially caused by the BTC devs. They could have increased the block size even to just twice the size and tried to figure out the real solution in the meantime, but instead they decided to be stubborn and kick out everyone who disagreed with them. This is not a "proof" that the Bitcoin model itself has failed. It's just that one implementation has failed, and that's fine.
shawnz 9y ago
So after introducing a new currency, how long is the window for people to begin accepting it before its "proved unnecessary"?
inferiorhuman 9y ago
Well, Overstock takes BTC and BCH. https://krebsonsecurity.com/2018/01/website-glitch-let-me-overstock-my-coinbase/ https://krebsonsecurity.com/2018/01/website-glitch-let-me-ov...
Torgo 9y ago
Listing your altcoin on an exchange is priced in BTC, but I don't know if that helps or hurts your claim.
jhanschoo 9y ago
Bitcoin is plenty accepted in the DarkNet.

adventured 9y ago

> People say this every time there has been some volatility in BC. Kind of like how people are pretending this is like when Bitcoin first hit $1,000 and then fell back to $200x. It's just the same thing, right? It's all just volatility. Except, that didn't involve a third of a trillion dollars of on-paper wealth being vaporized in a week across all cryptos, with tens of millions of new speculators getting smashed around the world. Slightly different than if $10 or $12 billion similarly goes missing, contained to a tiny group of people who mined it or purchased it at extremely low cost.