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> Yes, bitcoin eliminates certain trusted intermediaries that are inherent in other payment systems like credit cards. But you still have to trust bitcoin—and e
by vmception 6y ago
> Yes, bitcoin eliminates certain trusted intermediaries that are inherent in other payment systems like credit cards. But you still have to trust bitcoin—and everything about it.
.... which is very tolerable to me.
Right now, it is more expensive to use blockchains do to both the novelty and specialization of it. As that becomes more ubiquitous it doesn't.
Whether we are talking about FX spreads to and from fiat currencies, or onchain transaction fees due to congestion, these all get better due to pressure and competition. A reason to improve. A permissionless ability to develop the improvements.
Even in things people pretend not to care about (after they lose money) like token sales, it costs token sale issuers more money to list on a random Asian exchange, than it costs to list on the Nasdaq. When the permissionless nature of the technology should mean the opposite is true. More competition and it fulfills that.
- dgellow 6y agoFor how long will blockchains be considered a novelty? We are 1 decade after bitcoin release.
- vmception 6y agoEnterprises are just moving away from their private blockchain to public blockchains, pretty much just this year, following Ernst & Young's Baseline framework. Outside of the private sector, the regulatory frameworks specifically for blockchain technology have only begun to been ratified over the last 18 months, with the key market under the US Federal Government just getting providing clarity to financial institutions last week, at the Office of the Comptroller. The metric you are referring to is a misattributed S-Curve of adoption that has condensed for a few select technologies over the last century. Bitcoin is not the primary area of development for industry use of blockchains. There are various virtual machine technologies proliferating that bitcoin does not feature.