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> The basic idea for me with cryptocurrency is that since it's our money we shouldn't have to give control of it to third parties just for basic usage. We have

by dwild 8y ago

> The basic idea for me with cryptocurrency is that since it's our money we shouldn't have to give control of it to third parties just for basic usage. We have math, the internet, and plenty of computers. We should not need Visa or Coinbase. How does this give them control? As long as it still use/depends on the Bitcoin network, you still have control. If anything, this show how cryptocurrency are amazing. Both the little guys and the big guys can use it, even you. Cryptocurrencies has the potential to solve 2 things I believe is extremely essential this day in age. - Everyone can use them - Every amount can be used I simply can't do a Visa transaction of 1 cent... simply can't... A child can't use Visa either. Both situations will happens more and more with the internet.

zepolen 8y ago
You can't do a 1 cent transaction with Bitcoin either. The future is fee less cryptocurrencies.
- mhluongo 8y ago
  Of course you can- Lightning works today. If you don't believe me, our team hacked together https://ln.pizza https://ln.pizza as a demo of the tech.
  - zepolen 8y ago
    Isn't there a Bitcoin fee to open/close a channel and then the fees involved sending via lightning nodes? Also the routing problem is starting to become an issue with the network at just ~5000 nodes - How will it scale to millions? Of course these are just the technical issues, there are others concerning centralization which always seems to end up in a monopolistic end game that end up with consumers having no choice but to pay.
- dwild 8y ago
  This is exactly why I used "cryptocurrencies" instead of Bitcoin. Cryptocurrencies has the potential to solve it, it doesn't means that they all do.
  - zepolen 8y ago
    Thanks for clarifying, we're in agreement there.
IanCal 8y ago
> How does this give them control? As long as it still use/depends on the Bitcoin network, you still have control. I don't see how I have more control if coinbase hold my crypto and sell it for me when I buy something compared to just having money at a bank.
- dwild 8y ago
  > I don't see how I have more control if coinbase hold my crypto and sell it for me when I buy something compared to just having money at a bank. Can you transfer it using the Bitcoin network? That's when you get your control back. Personally I consider that you should also always try to keep the least amount of Bitcoin possible, and to always keep it to yourself, not on an exchange. To me also cryptocurrencies aren't a way to keep something either, it's a way to transfer value. Why not just having money at the bank? Funnily enough I would say that you should actually keep it there and if you actually need to make a payment using Bitcoin, simply find a quick way to transfer that money to Bitcoin. Cryptocurrencies are amazing to transfer value virtually. They aren't there to replace cash, they are there to allow you to transfer value outside of real life. It's there to allow you to do what you do in real life with cash, but on the internet. Sure Venmo allow you to do it, but I can't have a Venmo account, but everyone can have a Bitcoin wallet and exchange from it.
  - IanCal 8y ago
    The released product here seems to be the exact opposite of what you are suggesting. 1. Storing value as Bitcoin 2. Storing it on an exchange 3. Doing the actual transaction using traditional methods
    - dwild 8y ago
      They allow it.. for sure. The same way that I wouldn't suggest you to hold all your cash over an investment account. They need to allow some holding, or else what else would you transfer? Nothing can be ideal either, but the closer you get, the better it is.

by dwild 8y ago

zepolen 8y ago

You can't do a 1 cent transaction with Bitcoin either. The future is fee less cryptocurrencies.

mhluongo 8y ago
Of course you can- Lightning works today. If you don't believe me, our team hacked together https://ln.pizza https://ln.pizza as a demo of the tech.
- zepolen 8y ago
  Isn't there a Bitcoin fee to open/close a channel and then the fees involved sending via lightning nodes? Also the routing problem is starting to become an issue with the network at just ~5000 nodes - How will it scale to millions? Of course these are just the technical issues, there are others concerning centralization which always seems to end up in a monopolistic end game that end up with consumers having no choice but to pay.
dwild 8y ago
This is exactly why I used "cryptocurrencies" instead of Bitcoin. Cryptocurrencies has the potential to solve it, it doesn't means that they all do.
- zepolen 8y ago
  Thanks for clarifying, we're in agreement there.

IanCal 8y ago

> How does this give them control? As long as it still use/depends on the Bitcoin network, you still have control. I don't see how I have more control if coinbase hold my crypto and sell it for me when I buy something compared to just having money at a bank.

dwild 8y ago
> I don't see how I have more control if coinbase hold my crypto and sell it for me when I buy something compared to just having money at a bank. Can you transfer it using the Bitcoin network? That's when you get your control back. Personally I consider that you should also always try to keep the least amount of Bitcoin possible, and to always keep it to yourself, not on an exchange. To me also cryptocurrencies aren't a way to keep something either, it's a way to transfer value. Why not just having money at the bank? Funnily enough I would say that you should actually keep it there and if you actually need to make a payment using Bitcoin, simply find a quick way to transfer that money to Bitcoin. Cryptocurrencies are amazing to transfer value virtually. They aren't there to replace cash, they are there to allow you to transfer value outside of real life. It's there to allow you to do what you do in real life with cash, but on the internet. Sure Venmo allow you to do it, but I can't have a Venmo account, but everyone can have a Bitcoin wallet and exchange from it.
- IanCal 8y ago
  The released product here seems to be the exact opposite of what you are suggesting. 1. Storing value as Bitcoin 2. Storing it on an exchange 3. Doing the actual transaction using traditional methods
  - dwild 8y ago
    They allow it.. for sure. The same way that I wouldn't suggest you to hold all your cash over an investment account. They need to allow some holding, or else what else would you transfer? Nothing can be ideal either, but the closer you get, the better it is.