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But nowhere does it demand that you conduct these transactions in USD. What alternative are you suggesting? It seems like no one's actually transacting in

by badge 8y ago

But nowhere does it demand that you conduct these transactions in USD. What alternative are you suggesting? It seems like no one's actually transacting in Cryptocoins, as evident with an ideal usecase failing; Bitcoin proved a failure among technically competent users attempting to buy digital goods though Steam [1]. Stripe also determined Bitcoin to be an unreliable method for payments [2]. USD ends up getting used because it's convenient Exactly. Why would anyone bother taking their money, going through all the steps to convert it into the foreign currency or software tokens that they need to buy from someone else (who's siphoning wealth from you) just to find out merchants don't even accept it due to the volatility. And what happens when the merchant turns out to be a fraud? No customer protection by design. [1] https://steamcommunity.com/games/593110/announcements/detail/1464096684955433613 https://steamcommunity.com/games/593110/announcements/detail... [2] https://stripe.com/blog/ending-bitcoin-support https://stripe.com/blog/ending-bitcoin-support

darawk 8y ago
> What alternative are you suggesting? It seems like no one's actually transacting in Cryptocoins, as evident with an ideal usecase failing; Bitcoin proved a failure among technically competent users attempting to buy digital goods though Steam [1]. Stripe also determined Bitcoin to be an unreliable method for payments [2]. I'm arguing that USD is not backed by the USG in any meaningful sense. Not that Bitcoin is a good alternative. Just that the "Bitcoin isn't backed by anything, but USD is" argument is unsound. > Why would anyone bother taking their money, going through all the steps to convert it into the foreign currency or software tokens that they need to buy from someone else (who's siphoning wealth from you) just to find out merchants don't even accept it due to the volatility. And what happens when the merchant turns out to be a fraud? No customer protection by design. Are you arguing that volatility is an inherent property of cryptocurrencies? Because if you're not, then I don't see why your point here is relevant. If you are, then i'd like to hear that argument spelled out.

by badge 8y ago

darawk 8y ago

> What alternative are you suggesting? It seems like no one's actually transacting in Cryptocoins, as evident with an ideal usecase failing; Bitcoin proved a failure among technically competent users attempting to buy digital goods though Steam [1]. Stripe also determined Bitcoin to be an unreliable method for payments [2]. I'm arguing that USD is not backed by the USG in any meaningful sense. Not that Bitcoin is a good alternative. Just that the "Bitcoin isn't backed by anything, but USD is" argument is unsound. > Why would anyone bother taking their money, going through all the steps to convert it into the foreign currency or software tokens that they need to buy from someone else (who's siphoning wealth from you) just to find out merchants don't even accept it due to the volatility. And what happens when the merchant turns out to be a fraud? No customer protection by design. Are you arguing that volatility is an inherent property of cryptocurrencies? Because if you're not, then I don't see why your point here is relevant. If you are, then i'd like to hear that argument spelled out.