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Knew this would happen one day. Big tech has 0 reason to use third party coins when they do literally everything in house. FacebookCoin, AmazonCoin, etc., will

by zelly 8y ago

Knew this would happen one day. Big tech has 0 reason to use third party coins when they do literally everything in house. FacebookCoin, AmazonCoin, etc., will work 100x better too—not just technologically but also in interopability with current banking infrastructure and government regulators. Decentralization is objectively worse for user experience all around. If a centralized trusted authority like the FED or a FANG corporation could make electronic cash, then people will happily use that because they don’t care about privacy or cypherpunk ideals. Zero reason for anyone to use Bitcoin/Ethereum/Monero when these exist. (Unless they want to commit crimes—and yes, that’s how it would be perceived.)

Vinnl 8y ago
Doesn't your argument apply to regular money as well, i.e. "Zero reason for anyone to use Bitcoin/Ethereum/Monero when regular money exists. (Unless they want to commit crimes—and yes, that’s how it would be perceived.)"
- fooker 8y ago
  It does, that's why people do not usually use bitcoin (/other coins) for everyday transactions.
  - thecatspaw 8y ago
    Bitcoin isnt used for everyday transactions not because of its reputaiton. Its because its inconvenient, and people like a stable currency. The reputation followed what people buy with bitcoins When I pay someone 1000$, I expect that to arrive as 1000$ (excluding fees here). With stable currencies that is a pretty safe bet, unless the transaction takes days.
    - fooker 8y ago
      Sure, but if you made it extremely convenient, the usage would increase by a few orders of magnitude and the price could stabilize.
- zelly 8y ago
  Regular money can't be sent peer-to-peer and independently of the banking infrastructure/governments. Questionable utility, yes, but this is the value proposition. FacebookCoin would achieve these objectives far better than the grassroots coins. So no one would need to use the grassroots coins for any practical, non-ideological reasons. This article probably isn't true, but something like it is going to happen someday.
qwerty456127 8y ago
"Crime" is subjective. Many things that are perfectly reasonable, harm nobody and are legal in EU and US are outlawed in countries governed by less democratic regimes. I would non equate a crime to evading a law (which may be introduced and enforced by a criminal government).

by zelly 8y ago

Vinnl 8y ago

Doesn't your argument apply to regular money as well, i.e. "Zero reason for anyone to use Bitcoin/Ethereum/Monero when regular money exists. (Unless they want to commit crimes—and yes, that’s how it would be perceived.)"

fooker 8y ago
It does, that's why people do not usually use bitcoin (/other coins) for everyday transactions.
- thecatspaw 8y ago
  Bitcoin isnt used for everyday transactions not because of its reputaiton. Its because its inconvenient, and people like a stable currency. The reputation followed what people buy with bitcoins When I pay someone 1000$, I expect that to arrive as 1000$ (excluding fees here). With stable currencies that is a pretty safe bet, unless the transaction takes days.
  - fooker 8y ago
    Sure, but if you made it extremely convenient, the usage would increase by a few orders of magnitude and the price could stabilize.
zelly 8y ago
Regular money can't be sent peer-to-peer and independently of the banking infrastructure/governments. Questionable utility, yes, but this is the value proposition. FacebookCoin would achieve these objectives far better than the grassroots coins. So no one would need to use the grassroots coins for any practical, non-ideological reasons. This article probably isn't true, but something like it is going to happen someday.

qwerty456127 8y ago

"Crime" is subjective. Many things that are perfectly reasonable, harm nobody and are legal in EU and US are outlawed in countries governed by less democratic regimes. I would non equate a crime to evading a law (which may be introduced and enforced by a criminal government).