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What is value? Without an exchange, how do you secure it?
by Qworg 8y ago
What is value? Without an exchange, how do you secure it?
- improv32 8y agoExchanges facilitate liquidity between crypto and other common currencies. This has obvious value. But just like any currency, the value of a crypto is what you can get for it. So in the hypothetical where there are no exchanges, there would still be value in terms of the things you can buy with crypto directly.
- chrisco255 8y agoI mean if I give you X BTC for Y products or services, no exchange need be involved.
- wpietri 8y agoThis is the theory that has been expressed for years, but it is in practice still a fantasy. Somebody tried earlier this year to live on it for 36 hours; even in a major city it's not practical: https://www.nytimes.com/2018/04/16/nyregion/new-york-today-living-on-bitcoin.html https://www.nytimes.com/2018/04/16/nyregion/new-york-today-l...
- beaner 8y agoActually dark net markets work this way.
- mrhappyunhappy 8y agoWe need more developments and time to move away from the hodl mindset to where crypto can be seen as currency not an asset. How much time this will take? I'm not sure, after all we are talking about some very powerful and ingrained institutions involved.
- chrisco255 8y agoUSD has a 225 year head start...not surprised BTC hasn't hit that level of adoption yet. Credit cards took a few decades to hit mainstream too to the point where you could literally use them everywhere.
- wpietri 8y agoThe point is not that you can't use Bitcoin everywhere dollars (or even credit cards) are accepted. The point is that it's useless as a day-to-day currency. As far as I can tell, the number of places that accept it is declining, so it will never catch up with anything.