4 ms·

Yeah but, why BTC specifically? Why not ETH or ETH tokens, or any of the hundreds of other cryptocurrencies that are faster and have lower fees?

uncletammy 6y ago
There's not a good reason. Of all the cryptocurrencies, BTC is one of the worst for this use case.
- _-___________-_ 6y ago
  Of course there's a good reason. BTC is much, much easier for the Indonesian person on one side of the contract to purchase with their local currency, and much, much easier for the Russian person on the other side of the contract to liquidate into their local currency. Almost any country has a highly liquid market of local currency <-> BTC, and that's often not true for any other crypto.
Taek 6y ago
Bitcoin has the most infrastructure surrounding it. And Bitcoin is the most careful to make life easy for infrastructure providers. Eth is very challenging to operate securely. Breaking updates are frequent, often with little warning. Bitcoin hasn't changed in many years, and new software updates are optional, and don't require you to write any new code or change how you operate. Most other cryptos suffer from the same challenges. Eth has more features and flexibility, but for the explicit use case of sovereign money, Bitcoin really stands in a class of its own.
- throwaway666494 6y ago
  Breaking updates are not frequent, there's never been a breaking update on the ethereum blockchain. Bitcoin changes all the time (e.g., taproot)
  - seibelj 6y ago
    Ethereum literally just had this issue a month ago https://www.coindesk.com/ethereums-hard-fork-disruption https://www.coindesk.com/ethereums-hard-fork-disruption Binance had to suspend wallets because of it
    - dlegal 6y ago
      Lol well you should probably stop using binance and centralized exchanges generally. You have actual permissionless dexs trading on Ethereum wallet to wallet. Literally, no bullshit in between where you don't have to worry about the CEO of the shitty CEX you're using taking a powder for 33 day's. There's nothing permissionless about bitcoin infrastructure, it requires custodial counterparties to trade hands. ETH and all the many tokens do not. Economics aside, that's probably the most bearish development for bitcoin You can turn your nose and say ethereum dapps all have that admin key smell but things like uniswap, starks, the Dai stablecoin, yearn are dope as hell and I'd think worth a looksie
      - seibelj 6y ago
        I’m not a bitcoin maxi. I love Ethereum and I am an industry professional. I’m just correcting lies to keep information accurate.
  - arcticbull 6y ago
    Remember the DAO?
    - dlegal 6y ago
      Fire feeds on obstacles homie
      - arcticbull 6y ago
        lol, if code = law were any good, everyone would be on ETH classic. The DAO was a classic example of crypto being trustless for thee but none for me thanks.
- Scoundreller 6y ago
  > and don't require you to write any new code or change how you operate. This one was fun, but I guess quadrigacx was always going to be insolvent anyway: https://old.reddit.com/r/ethereum/comments/6ettq5/statement_on_quadrigacx_ether_contract_error/ https://old.reddit.com/r/ethereum/comments/6ettq5/statement_... (I think the top ranked post can be ignored, it gets good here: https://old.reddit.com/r/ethereum/comments/6ettq5/statement_on_quadrigacx_ether_contract_error/diddhtt/ https://old.reddit.com/r/ethereum/comments/6ettq5/statement_... )
- ButtSpark69 6y ago
  Care to give some examples? I use eth on a regular basis for ~3yrs now and have never encountered any updates that broke basic functionality, or any updates at all for that mater that weren't broadcasted for months ahead of time. Are you perhaps referring to some specific dapp built on Eth that you don't like?

uncletammy 6y ago

There's not a good reason. Of all the cryptocurrencies, BTC is one of the worst for this use case.

_-___________-_ 6y ago
Of course there's a good reason. BTC is much, much easier for the Indonesian person on one side of the contract to purchase with their local currency, and much, much easier for the Russian person on the other side of the contract to liquidate into their local currency. Almost any country has a highly liquid market of local currency <-> BTC, and that's often not true for any other crypto.

Taek 6y ago

Bitcoin has the most infrastructure surrounding it. And Bitcoin is the most careful to make life easy for infrastructure providers. Eth is very challenging to operate securely. Breaking updates are frequent, often with little warning. Bitcoin hasn't changed in many years, and new software updates are optional, and don't require you to write any new code or change how you operate. Most other cryptos suffer from the same challenges. Eth has more features and flexibility, but for the explicit use case of sovereign money, Bitcoin really stands in a class of its own.

throwaway666494 6y ago
Breaking updates are not frequent, there's never been a breaking update on the ethereum blockchain. Bitcoin changes all the time (e.g., taproot)
- seibelj 6y ago
  Ethereum literally just had this issue a month ago https://www.coindesk.com/ethereums-hard-fork-disruption https://www.coindesk.com/ethereums-hard-fork-disruption Binance had to suspend wallets because of it
  - dlegal 6y ago
    Lol well you should probably stop using binance and centralized exchanges generally. You have actual permissionless dexs trading on Ethereum wallet to wallet. Literally, no bullshit in between where you don't have to worry about the CEO of the shitty CEX you're using taking a powder for 33 day's. There's nothing permissionless about bitcoin infrastructure, it requires custodial counterparties to trade hands. ETH and all the many tokens do not. Economics aside, that's probably the most bearish development for bitcoin You can turn your nose and say ethereum dapps all have that admin key smell but things like uniswap, starks, the Dai stablecoin, yearn are dope as hell and I'd think worth a looksie
    - seibelj 6y ago
      I’m not a bitcoin maxi. I love Ethereum and I am an industry professional. I’m just correcting lies to keep information accurate.
- arcticbull 6y ago
  Remember the DAO?
  - dlegal 6y ago
    Fire feeds on obstacles homie
    - arcticbull 6y ago
      lol, if code = law were any good, everyone would be on ETH classic. The DAO was a classic example of crypto being trustless for thee but none for me thanks.
Scoundreller 6y ago
> and don't require you to write any new code or change how you operate. This one was fun, but I guess quadrigacx was always going to be insolvent anyway: https://old.reddit.com/r/ethereum/comments/6ettq5/statement_on_quadrigacx_ether_contract_error/ https://old.reddit.com/r/ethereum/comments/6ettq5/statement_... (I think the top ranked post can be ignored, it gets good here: https://old.reddit.com/r/ethereum/comments/6ettq5/statement_on_quadrigacx_ether_contract_error/diddhtt/ https://old.reddit.com/r/ethereum/comments/6ettq5/statement_... )
ButtSpark69 6y ago
Care to give some examples? I use eth on a regular basis for ~3yrs now and have never encountered any updates that broke basic functionality, or any updates at all for that mater that weren't broadcasted for months ahead of time. Are you perhaps referring to some specific dapp built on Eth that you don't like?