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> I completely agree, Bitcoin is a bad replacement for cash, just like gold bullion is. It doesn't have to be a bad replacement for cash. It can actually be a

> I completely agree, Bitcoin is a bad replacement for cash, just like gold bullion is. It doesn't have to be a bad replacement for cash. It can actually be a fantastic replacement for cash if we continue building it as one. The fact is, the current BTC devs decided bitcoin can't scale before ever even trying. They were short-sighted, took VC money to pivot to "digital gold", and started spreading the false narrative that it never could have worked. > Why are you so set on digital cash? Because until bitcoin is useful to regular everyday people, there won't be enough buy-in to offset the huge exchange rate fluctuations caused by speculators. If that doesn't happen then it will only ever be useful to speculators. Your above example scenario makes perfect sense if you're a skilled worker from a wealthy country but it's nonsense if you're among the remaining 80% of the people on this planet. Bitcoin can help EVERYONE if we let it. Luckily other coins have picked up the slack.

xorcist 6y ago
> the current BTC devs decided bitcoin can't scale before ever even trying Please keep the Bitcoin-the-protocol and Bitcoin-the-currency separate. The protocol obviously can't "scale" to even remotely close to everyday payment systems such as Visa or Mastercard. That much should be evident, and was the subject of pretty much every discussion around the protocol about ten years ago or so. The basic idea has limits. 10x of a tiny number is still a tiny number. Payments can still be viable in Bitcoin-the-currency however. This can be done in a number of ways, from Visa-like third parties to decentralized payment networks such as Lightning and a number of similar ideas. Settlements will always be necessary so there will always be need of something like blockchain in distributed systems. No system where every actor needs to keep a permanent record of every transaction of every other actor forever can scale to the entire planet. Transactions must be an issue only for the parties involved in the transaction, and maybe for a third party.
- uncletammy 6y ago
  > The protocol obviously can't "scale" to even remotely close to everyday payment systems such as Visa or Mastercard. Citation desperately needed > No system where every actor needs to keep a permanent record of every transaction of every other actor forever can scale to the entire planet If the costs associated with keeping these records are negligible and all the work is done for you electronically by an app on your phone, then yes. It absolutely can scale. > Please keep the Bitcoin-the-protocol and Bitcoin-the-currency separate. I am. Bitcoin is the protocol. BTC is the currency.

xorcist 6y ago

> the current BTC devs decided bitcoin can't scale before ever even trying Please keep the Bitcoin-the-protocol and Bitcoin-the-currency separate. The protocol obviously can't "scale" to even remotely close to everyday payment systems such as Visa or Mastercard. That much should be evident, and was the subject of pretty much every discussion around the protocol about ten years ago or so. The basic idea has limits. 10x of a tiny number is still a tiny number. Payments can still be viable in Bitcoin-the-currency however. This can be done in a number of ways, from Visa-like third parties to decentralized payment networks such as Lightning and a number of similar ideas. Settlements will always be necessary so there will always be need of something like blockchain in distributed systems. No system where every actor needs to keep a permanent record of every transaction of every other actor forever can scale to the entire planet. Transactions must be an issue only for the parties involved in the transaction, and maybe for a third party.

uncletammy 6y ago
> The protocol obviously can't "scale" to even remotely close to everyday payment systems such as Visa or Mastercard. Citation desperately needed > No system where every actor needs to keep a permanent record of every transaction of every other actor forever can scale to the entire planet If the costs associated with keeping these records are negligible and all the work is done for you electronically by an app on your phone, then yes. It absolutely can scale. > Please keep the Bitcoin-the-protocol and Bitcoin-the-currency separate. I am. Bitcoin is the protocol. BTC is the currency.