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I think Satoshi didn't know that Bitcoin would not be a medium of exchange. It will remain digital gold. Bitcoin cannot fulfill its original promise to be elect

I think Satoshi didn't know that Bitcoin would not be a medium of exchange. It will remain digital gold. Bitcoin cannot fulfill its original promise to be electronic cash. This is the hardest hurdle for bitcoiners to understand. They think that sky high value of Bitcoin would transform it into a medium of exchange. But I think it's a false promise from Satoshi. https://bitflate.org/post/2019/11/24/bitcoin-will-not-be-a-medium-of-exchange.html https://bitflate.org/post/2019/11/24/bitcoin-will-not-be-a-m... The biggest hurdle for cryptocurrency adoption is a medium of exchange. Most investors waste their time playing around with buzzwords like DeFi.

specialist 6y ago
An escrow vs a currency. (File under "hunch, but just guessing.")
beaner 6y ago
Layer 2 will solve this.
- dnprock 6y ago
  Layer 2 does not solve the medium of exchange problem. The cause is volatility which is rooted in Bitcoin's limited supply design. You can dig in Layer 2 adoption. It's not growing. Bitcoin only has 2 use cases: hold and speculate. Transaction is not a use case. Layer 2 is not necessary until Layer 1 has some kind of stability. Layer 2 can also malfunction during volatility. Ethereum has demonstrated this.
  - H8crilA 6y ago
    Need I remind you that the world has been running almost exclusively on gold, which also has a limited supply "design"? That is if you look back a few thousand years. Deeply flexible currencies are mostly a recent invention, and their fate is not yet determined. Volatility is a result of lack of actual usage of the currency. And yes, bitcoin has virtually no actual usage, save for speculation/investing. Any normal currency has hundreds of millions of contracts attached to it (starting from short term offers on groceries in your local shop). Each of those contracts is a volatility dampener. Saying that Bitcoin is not used because it's volatile it's like saying that x=y because x=y.
    - XorNot 6y ago
      And for thousands of years the world languished in poverty. The modern age as we know it with industrialisation and trade started with the Renaissance and boomed with the move away from the gold standard because it meant countries has a way to actually manage their monetary policy against things that mattered.
      - swader999 6y ago
        The move away from gold is still an ongoing experiment. I wouldn't say it's superior or proven at this point.
        srtjstjsj 6y ago
        Philisophically or sociologically or ecologically, fiat money may be bad, but economically it's a clear winner.
        swader999 6y ago
        It's prone to boom and bust which has been devastating. Hayek describes a type of money that adjusts it's supply to maintain a stable price. Until now this wasn't technically possible. Ampleforth.org is an interesting experiment to introduce a new base reserve with dynamic supply and eventually a stable price. https://m.youtube.com/watch?v=9-uo-KfnkhI https://m.youtube.com/watch?v=9-uo-KfnkhI
        capnorange 6y ago
        or it's non-vc fork - https://based.money/ https://based.money/!
        XorNot 6y ago
        Economies boom and bust. This has nothing to do with fiat currency, and is a heck of lot better then the alternative where shopkeepers and employees are made poorer due to economic prosperity because they don't adjust their prices fast enough.
  - iknowstuff 6y ago
    Well, there are decentralized stablecoins on Ethereum, like DAI.
  - beaner 6y ago
    Your comment is wrong all around. Volatility doesn't prevent layer 2 from working, and it is growing. [0] [0] https://defipulse.com/lightning-network https://defipulse.com/lightning-network
autisticcurio 6y ago
As someone who was mining bitcoins in the very early days, like one every few hours, bitcoins has many flaws. The biggest issue is when you lose your password, you cant get your money back, over time there will be an increasing number of bitcoins that dont go anywhere, just like Satoshi doesnt spend theirs. When looking at it from a different perspective of watching network traffic at 5 eyes level, I also think of the makers of Tor, these "tools" may have the popular misconception for being secure, but now I just look at them as a 5+x eyes intelligence tool. Here is a challenge to test this theory, computer hacking is illegal right, but satoshi's identity remains a mystery, they cant prove their identity in a court of law, so hack "his" bitcoin account and move his bitcoins to another bitcoin account. "He" will have to come forward to garner the help of the authorities to get his bitcoins back, ergo we will get to find out who Satoshi really is! Put it like this, as an exercise, it will be interesting to see in court how "he" proves his identity. Do you see the problem? Whats that Thomas Pynchon quote?
- brokenmachine 6y ago
  I don't understand what the problem you are referring to is. That's a feature, not a bug. The government cannot hand over ownership of your btc. That's the whole point of decentralized. The forgetting your password thing may be an issue for the person who forgets their password, but it is not an issue for the network. Those btc are out of circulation, sure, but there's lots more out there that people can exchange. Just don't forget your password and you'll be fine.
uncletammy 6y ago
> Bitcoin cannot fulfill its original promise to be electronic cash. Not as long as the Bitcoin core developers are actively sabotaging BTC's development so Blockstream can sell you the solution. Bitcoin was hijacked and it may never recover.
- tenuousemphasis 6y ago
  Lol, what? Only a small portion of Bitcoin Core contributors work at Blockstream. You should think critically rather than merely accepting as facts everything Bitcoin Cash proponents tell you.
pwm 6y ago
I’m not convinced either if it can become currency but in my opinion if it will only ever become digital gold, an arguably superior version of physical gold, it’ll already be a great achievement.

specialist 6y ago

An escrow vs a currency. (File under "hunch, but just guessing.")

beaner 6y ago

Layer 2 will solve this.

dnprock 6y ago
Layer 2 does not solve the medium of exchange problem. The cause is volatility which is rooted in Bitcoin's limited supply design. You can dig in Layer 2 adoption. It's not growing. Bitcoin only has 2 use cases: hold and speculate. Transaction is not a use case. Layer 2 is not necessary until Layer 1 has some kind of stability. Layer 2 can also malfunction during volatility. Ethereum has demonstrated this.
- H8crilA 6y ago
  Need I remind you that the world has been running almost exclusively on gold, which also has a limited supply "design"? That is if you look back a few thousand years. Deeply flexible currencies are mostly a recent invention, and their fate is not yet determined. Volatility is a result of lack of actual usage of the currency. And yes, bitcoin has virtually no actual usage, save for speculation/investing. Any normal currency has hundreds of millions of contracts attached to it (starting from short term offers on groceries in your local shop). Each of those contracts is a volatility dampener. Saying that Bitcoin is not used because it's volatile it's like saying that x=y because x=y.
  - XorNot 6y ago
    And for thousands of years the world languished in poverty. The modern age as we know it with industrialisation and trade started with the Renaissance and boomed with the move away from the gold standard because it meant countries has a way to actually manage their monetary policy against things that mattered.
    - swader999 6y ago
      The move away from gold is still an ongoing experiment. I wouldn't say it's superior or proven at this point.
      - srtjstjsj 6y ago
        Philisophically or sociologically or ecologically, fiat money may be bad, but economically it's a clear winner.
        swader999 6y ago
        It's prone to boom and bust which has been devastating. Hayek describes a type of money that adjusts it's supply to maintain a stable price. Until now this wasn't technically possible. Ampleforth.org is an interesting experiment to introduce a new base reserve with dynamic supply and eventually a stable price. https://m.youtube.com/watch?v=9-uo-KfnkhI https://m.youtube.com/watch?v=9-uo-KfnkhI
        capnorange 6y ago
        or it's non-vc fork - https://based.money/ https://based.money/!
        XorNot 6y ago
        Economies boom and bust. This has nothing to do with fiat currency, and is a heck of lot better then the alternative where shopkeepers and employees are made poorer due to economic prosperity because they don't adjust their prices fast enough.
- iknowstuff 6y ago
  Well, there are decentralized stablecoins on Ethereum, like DAI.
- beaner 6y ago
  Your comment is wrong all around. Volatility doesn't prevent layer 2 from working, and it is growing. [0] [0] https://defipulse.com/lightning-network https://defipulse.com/lightning-network

autisticcurio 6y ago

As someone who was mining bitcoins in the very early days, like one every few hours, bitcoins has many flaws. The biggest issue is when you lose your password, you cant get your money back, over time there will be an increasing number of bitcoins that dont go anywhere, just like Satoshi doesnt spend theirs. When looking at it from a different perspective of watching network traffic at 5 eyes level, I also think of the makers of Tor, these "tools" may have the popular misconception for being secure, but now I just look at them as a 5+x eyes intelligence tool. Here is a challenge to test this theory, computer hacking is illegal right, but satoshi's identity remains a mystery, they cant prove their identity in a court of law, so hack "his" bitcoin account and move his bitcoins to another bitcoin account. "He" will have to come forward to garner the help of the authorities to get his bitcoins back, ergo we will get to find out who Satoshi really is! Put it like this, as an exercise, it will be interesting to see in court how "he" proves his identity. Do you see the problem? Whats that Thomas Pynchon quote?

brokenmachine 6y ago
I don't understand what the problem you are referring to is. That's a feature, not a bug. The government cannot hand over ownership of your btc. That's the whole point of decentralized. The forgetting your password thing may be an issue for the person who forgets their password, but it is not an issue for the network. Those btc are out of circulation, sure, but there's lots more out there that people can exchange. Just don't forget your password and you'll be fine.

uncletammy 6y ago

> Bitcoin cannot fulfill its original promise to be electronic cash. Not as long as the Bitcoin core developers are actively sabotaging BTC's development so Blockstream can sell you the solution. Bitcoin was hijacked and it may never recover.

tenuousemphasis 6y ago
Lol, what? Only a small portion of Bitcoin Core contributors work at Blockstream. You should think critically rather than merely accepting as facts everything Bitcoin Cash proponents tell you.

pwm 6y ago

I’m not convinced either if it can become currency but in my opinion if it will only ever become digital gold, an arguably superior version of physical gold, it’ll already be a great achievement.