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We decompose the problem and some smaller problems one by one. All large enough transactions could be settled with bitcoin. Which means industry could start to
by gtt 8y ago
We decompose the problem and some smaller problems one by one. All large enough transactions could be settled with bitcoin. Which means industry could start to operations again.
People who don't what to follow this tried and true approach of solving smaller problems usually don't want problem to be solved at all.
- deleted 8y ago[deleted]
- Tomte 8y agoIndustry cannot work in huge transactions alone. They also need pencils, toilet paper or the odd USB cable.
- zaarn 8y agoThe industry cannot work without paying the workers and the workers won't accept pay they can't use to get a coffee.
- gtt 8y agoYes, but they can buy food and housing in bulk with bitcoin easily, so this is way better than they have it now. Worrying about coffee seems unrealistic, "let them have a cake"-like thinking.
- zaarn 8y agoNot really. Buying Food and Housing works in the current currency too, through inflation it's even enforced. If you don't buy it now your money is worthless. And buying coffee is just an example for small transactions that most people rely on, people want to do small penny transactions all the time to buy food not in bulk but as they need it. Buying in bulk is usually bad not only because it's happening due to the failing economy but also because it leads to more spoilage and rotten food being thrown away. That's bad for the environment.
- GenericsMotors 8y agoOr they could just use the dollar, or even the currency from one of their close neighbours that hasn't gone belly up. Transaction fees for bitcoin rose to what, 50-ish USD during the December madness? (when the network was saturated). Just imagine the network congestion if all of Venezuella's business start using bitcoin to settle their transactions, even if they're batched into large amounts. No way 7 tx/s is enough.