4 ms·

That's the latest line since transaction costs of bitcoin have become out of this world. But it's more volatile than any non tin-pot dictatorship currency. It's

That's the latest line since transaction costs of bitcoin have become out of this world. But it's more volatile than any non tin-pot dictatorship currency. It's vulnerable to hacking, hardware failure, or fraud by exchanges. I swear every 2 weeks a hear about another $100 million vanishing. How is this not just an utterly useless technology for anything except illegal transactions?

nybble41 8y ago
> That's the latest line since transaction costs of bitcoin have become out of this world. You should update your FUD. The average cost to have your transaction accepted in the next block is currently about 31 cents. If 1-2 hours is acceptable (6 blocks) then you can reduce that to less than a quarter. There was a period when the transaction fees were much higher (because the network was undergoing DOS attacks) but that passed some time ago. Bitcoin is vulnerable to hacking, hardware failure, or fraud by exchanges in much the same way the USD or EUR or any other currency is vulnerable to theft, physical destruction, or fraud by exchanges (or banks)—except that Bitcoin offers ways to protect yourself against theft or hardware failure which are not available for physical currencies, and there is no particular reason to maintain a balance at an exchange. People have no problem accepting that it's unsafe to carry around large amounts of physical currency but won't take simple measures like using a hardware wallet with a PIN to store their private keys. Don't blame the Bitcoin protocol for people failing to take obvious and recommended security precautions. I'll grant that it's more volatile than most other currencies, but that's hardly unexpected for something new and experimental. It's less volatile now than it used to be, though, and that trend is likely to continue.

4 ms·

That's the latest line since transaction costs of bitcoin have become out of this world. But it's more volatile than any non tin-pot dictatorship currency. It's

by lenticular 8y ago

nybble41 8y ago
> That's the latest line since transaction costs of bitcoin have become out of this world. You should update your FUD. The average cost to have your transaction accepted in the next block is currently about 31 cents. If 1-2 hours is acceptable (6 blocks) then you can reduce that to less than a quarter. There was a period when the transaction fees were much higher (because the network was undergoing DOS attacks) but that passed some time ago. Bitcoin is vulnerable to hacking, hardware failure, or fraud by exchanges in much the same way the USD or EUR or any other currency is vulnerable to theft, physical destruction, or fraud by exchanges (or banks)—except that Bitcoin offers ways to protect yourself against theft or hardware failure which are not available for physical currencies, and there is no particular reason to maintain a balance at an exchange. People have no problem accepting that it's unsafe to carry around large amounts of physical currency but won't take simple measures like using a hardware wallet with a PIN to store their private keys. Don't blame the Bitcoin protocol for people failing to take obvious and recommended security precautions. I'll grant that it's more volatile than most other currencies, but that's hardly unexpected for something new and experimental. It's less volatile now than it used to be, though, and that trend is likely to continue.