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I'm not disagreeing with you on the distinction between an investment and a speculative position, but know that the value is in the confirmations of old transac
by blueprint 8y ago
I'm not disagreeing with you on the distinction between an investment and a speculative position, but know that the value is in the confirmations of old transactions piled up which make it extremely difficult to retroactively mutate the ledger. Lots of people don't understand that well yet.
- hisabness 8y agoi think the value is also the ability to transfer value relatively quickly without having to sit at a bank for 30 minutes to do so.
- acdha 8y agoBitcoin transaction times aren’t much better - I see recent times in the 15-80 minute range on average, well in the thousands range earlier this year. It’s also odd not to acknowledge that banks have had electronic transfers for decades. You wait seconds for a card transaction and almost every financial institution allows you to do transfers without visiting a physical office.
- gamblor956 8y agoI can transfer value within seconds using Zelle, Venmo, Paypal, Square, etc., for free right where I'm sitting now. Nowhere near a bank. AFAIK, Bitcoin takes a minimum of 10 minutes assuming that I wish to pay the going transaction fee, or as long as 3 days (or even never!!!) if I use a de minimis fee. And that's assuming a significant risk that the value of the value transferred will not have the same value by the time the transaction actually goes through.
- blueprint 8y agoI should have warned you people will try to downvote you for trying to help me
- acdha 8y agoHow much value does that really add? Traditional banking doesn’t have many problems with that and it’s moot for most people because the bank has to honor commitments even if they make an error.
- blueprint 8y agoI guess if you don't understand the problem behind decentralization you can say stuff like that...
- acdha 8y agoWhy don’t you demonstrate some of that alleged understanding to answer the question? Start by producing evidence supporting your belief that there is some significant problem with transaction history modification and move on to why that problem cannot be more efficiently addressed using proven cost-effective techniques.