3 ms·

Strong buy signal

by bitlax 8y ago

Strong buy signal

EduardoBautista 8y ago
Until people go from buying crypto to spending crypto, I will have to agree with The Economist.
geofft 8y ago
If I'm reading the article right, the entire claim is that Bitcoin is useless as a day-to-day currency and is only useful for investment/speculation, so "Time to invest" isn't actually contradicting the article at all.
- rkeene2 8y ago
  However not all cryptocurrencies share the same issues as Bitcoin and the article lumps them all together. I'm a developer on a cryptocurrency called Nano whose goal is to be usable as day-to-day money. I think we are successful to a large degree.
  - madeofpalk 8y ago
    > I think we are successful to a large degree. Where, and how, can I use Nano?
    - rkeene2 8y ago
      Anywhere Nano is accepted, just like every unit of money. There are various mechanism for doing so, including phone-based apps, Internet based payment gateways, and hardware systems. If your question is rather on the current number of places which do accept this currency, probably the best place to look is online and Venezuela, which has been left without a local currency in effect.
      - madeofpalk 8y ago
        Technology is easy. Technically creating a cryptocurrency is, more or less, Childs play. It's completely useless though unless people can actually use it. It seems premature to declare your currency successful when no one can actually use it.
  - EthanHeilman 8y ago
    How do you define success?
    - rkeene2 8y ago
      There are two sides to that answer. One is the software and technical side. The problem was a creating a scarce digital commodity which can be securely transferred without a cooperating central authority. I judge us successful here. The other is the the ability to change the world. The software and ideas may be successful, but if adoption is infeasable then we cannot succeed overall. The project is relatively new, but the community support leads me to believe that we are successful to a large degree here as well, relative to the ability of any newcomer to enter the market.
      - TheSpiceIsLife 8y ago
        > day-to-day money ... ... creating a scarce digital commodity Why would you want day-to-day money to be scarce? Is not one of the benefits of cash the knowledge that you can go to an ATM and withdraw way more than your day-to-day needs.
        rkeene2 8y ago
        In general, you want money to be scarce so that it does not devalue wildly. Money in Venezuela recently started lacking scarcity, to the detriment of those who tried to use it as money. An interesting debate that I found recently on which is the better money, cryptocurrencies or gold-backed notes goes into this: https://youtu.be/q8R71WGO3qU https://youtu.be/q8R71WGO3qU
        TheSpiceIsLife 8y ago
        The supply of cash notes in Venezuela wasn’t / isn’t the problem. It’s that no-one has faith in the value of those notes. > which is the better money, cryptocurrencies or gold-backed notes goes into this This is a false dichotomy.

Strong buy signal

by bitlax 8y ago

Strong buy signal

EduardoBautista 8y ago

Until people go from buying crypto to spending crypto, I will have to agree with The Economist.

geofft 8y ago

If I'm reading the article right, the entire claim is that Bitcoin is useless as a day-to-day currency and is only useful for investment/speculation, so "Time to invest" isn't actually contradicting the article at all.

rkeene2 8y ago
However not all cryptocurrencies share the same issues as Bitcoin and the article lumps them all together. I'm a developer on a cryptocurrency called Nano whose goal is to be usable as day-to-day money. I think we are successful to a large degree.
- madeofpalk 8y ago
  > I think we are successful to a large degree. Where, and how, can I use Nano?
  - rkeene2 8y ago
    Anywhere Nano is accepted, just like every unit of money. There are various mechanism for doing so, including phone-based apps, Internet based payment gateways, and hardware systems. If your question is rather on the current number of places which do accept this currency, probably the best place to look is online and Venezuela, which has been left without a local currency in effect.
    - madeofpalk 8y ago
      Technology is easy. Technically creating a cryptocurrency is, more or less, Childs play. It's completely useless though unless people can actually use it. It seems premature to declare your currency successful when no one can actually use it.
- EthanHeilman 8y ago
  How do you define success?
  - rkeene2 8y ago
    There are two sides to that answer. One is the software and technical side. The problem was a creating a scarce digital commodity which can be securely transferred without a cooperating central authority. I judge us successful here. The other is the the ability to change the world. The software and ideas may be successful, but if adoption is infeasable then we cannot succeed overall. The project is relatively new, but the community support leads me to believe that we are successful to a large degree here as well, relative to the ability of any newcomer to enter the market.
    - TheSpiceIsLife 8y ago
      > day-to-day money ... ... creating a scarce digital commodity Why would you want day-to-day money to be scarce? Is not one of the benefits of cash the knowledge that you can go to an ATM and withdraw way more than your day-to-day needs.
      - rkeene2 8y ago
        In general, you want money to be scarce so that it does not devalue wildly. Money in Venezuela recently started lacking scarcity, to the detriment of those who tried to use it as money. An interesting debate that I found recently on which is the better money, cryptocurrencies or gold-backed notes goes into this: https://youtu.be/q8R71WGO3qU https://youtu.be/q8R71WGO3qU
        TheSpiceIsLife 8y ago
        The supply of cash notes in Venezuela wasn’t / isn’t the problem. It’s that no-one has faith in the value of those notes. > which is the better money, cryptocurrencies or gold-backed notes goes into this This is a false dichotomy.