4 ms·

Imagine if the government required you to use ice cubes for currency and people wondered why everyone was using some highly inefficient workaround so their mone

Imagine if the government required you to use ice cubes for currency and people wondered why everyone was using some highly inefficient workaround so their money didn’t vanish in between getting paid and paying bills.

paulryanrogers 6y ago
Considering the volatility and poor fundamentals of BTC I think your ice cube analogy might be reversed.
- chordalkeyboard 6y ago
  Considering the value proposition of BTC is to avoid keeping your money in fiat currency that is constantly depreciating while BTC is appreciating, the analogy is apt.
  - paulryanrogers 6y ago
    Key part being "while BTC is appreciating". Which seems based more on the greater fool theory than a sustainable asset or currency. (Lightning network not withstanding)
    - chordalkeyboard 6y ago
      > Key part being "while BTC is appreciating". Which seems based more on the greater fool theory than a sustainable asset or currency. Thats just a failure to understand the value proposition of bitcoin. Its a medium of exchange that has a hard limit on inflation, no greater fool required. Hence, the comparison of ice cubes and fiat currency.
      - cosmotic 6y ago
        The 7 transactions per second limit would suggest it is not a suitable replacement. Considering the energy cost and environmental consequences this article references, we'd need the ice anyway. Edit: this (older?) article says 4.6 transactions per second and a propagation (read: transaction) time of 14 seconds. This is with near-zero percent of transactions in the world taking place in btc. https://hackernoon.com/the-blockchain-scalability-problem-the-race-for-visa-like-transaction-speed-5cce48f9d44 https://hackernoon.com/the-blockchain-scalability-problem-th...
        chordalkeyboard 6y ago
        > The 7 transactions per second limit would suggest it is not a suitable replacement. Thats something people will have to decide for themselves. > Considering the energy cost and environmental consequences this article references, we'd need the ice anyway. Don’t worry, when it melts they will make more.
  - deleted 6y ago
    [deleted]

paulryanrogers 6y ago

Considering the volatility and poor fundamentals of BTC I think your ice cube analogy might be reversed.

chordalkeyboard 6y ago
Considering the value proposition of BTC is to avoid keeping your money in fiat currency that is constantly depreciating while BTC is appreciating, the analogy is apt.
- paulryanrogers 6y ago
  Key part being "while BTC is appreciating". Which seems based more on the greater fool theory than a sustainable asset or currency. (Lightning network not withstanding)
  - chordalkeyboard 6y ago
    > Key part being "while BTC is appreciating". Which seems based more on the greater fool theory than a sustainable asset or currency. Thats just a failure to understand the value proposition of bitcoin. Its a medium of exchange that has a hard limit on inflation, no greater fool required. Hence, the comparison of ice cubes and fiat currency.
    - cosmotic 6y ago
      The 7 transactions per second limit would suggest it is not a suitable replacement. Considering the energy cost and environmental consequences this article references, we'd need the ice anyway. Edit: this (older?) article says 4.6 transactions per second and a propagation (read: transaction) time of 14 seconds. This is with near-zero percent of transactions in the world taking place in btc. https://hackernoon.com/the-blockchain-scalability-problem-the-race-for-visa-like-transaction-speed-5cce48f9d44 https://hackernoon.com/the-blockchain-scalability-problem-th...
      - chordalkeyboard 6y ago
        > The 7 transactions per second limit would suggest it is not a suitable replacement. Thats something people will have to decide for themselves. > Considering the energy cost and environmental consequences this article references, we'd need the ice anyway. Don’t worry, when it melts they will make more.
- deleted 6y ago
  [deleted]