6 ms·

Yes, 11 years after its debut and nearly a trillion in valuation, still ridiculously ignorant statements like "delivers no value". It delivers no value you car

Yes, 11 years after its debut and nearly a trillion in valuation, still ridiculously ignorant statements like "delivers no value". It delivers no value you care about. Many people care about money that can't be inflated, can't be stopped from being traded, and can't be controlled across international borders. Those are hugely valuable to some people, whether you find it valuable or not.

ac29 6y ago
> money that can't be inflated The supply of Bitcoin has been inflated, on average, every 10 minutes for the past ~11 years.
- 177tcca 6y ago
  And will continue to. Event-based, surprise inflation is the only negative inflation, for the end user.
- solosoyokaze 6y ago
  It's known exactly how many Bitcoin will be produced and at what rate. There will never be more than 21 million BTC. This was known and agreed upon by all participants in the system. How much USD will exist in 10 years?
  - deleted 6y ago
    [deleted]
  - albntomat0 6y ago
    I understand and appreciate the point you're making (I want to add this as my response is slightly flippant). How many BTC will it take to buy a Toyota Corolla in Feb 2022?
    - solosoyokaze 6y ago
      Hopefully less than in Feb 2021. I think a better question would be, how many BTC will it take to buy a house in 2050? I think the three things that have experienced the most drastic inflation are: housing, healthcare and education. It would be interesting to measure Bitcoin's long term value next to those highly inflating costs. Say a house now costs 10 BTC/$500,000 and in 2050 10 BTC/$2,000,000.
      - tekknik 6y ago
        > Hopefully less than in Feb 2021. Financial planning -> window, cause my base currency keeps moving around and won’t hold still long enough for me to even finish the equation.
        solosoyokaze 6y ago
        I'm planning on continued massive USD inflation.
        ric2b 6y ago
        How many USD will it take to buy a Toyota Corolla in Feb 2022?
  - 8note 6y ago
    How does Bitcoin continue to have transactions once that limit is met? Arent the miners executing transactions in exchange for Bitcoin? When there's no more coins to mine, there's no reason for anyone to be running their bitcoin operations. It'll fall to governments? At that point, can't they introduce more Bitcoin?
    - deleted 6y ago
      [deleted]
    - albntomat0 6y ago
      Each transactions has a fee value set by the sender, that goes to the miner. Miners select the top N transactions by fee, so miners will still have an incentive.
      - tharkun__ 6y ago
        The fees are already exorbitant and make no sense if you wanted to use Bitcoin for everyday transactions. You still see merchants that have something like a 2$ minimum for credit card transactions, which charge a percentage fee usually. Looking at https://ycharts.com/indicators/bitcoin_average_transaction_fee https://ycharts.com/indicators/bitcoin_average_transaction_f... the average Bitcoin fee seems to be somewhere around $22 right now. Just think of the dialog occurring once miners have to make all their money from fees only: "Yes sir, I would like to buy this chewing gum for my son. Yes I know it costs $0.50. Yes I know it will cost me the equivalent fee of $50 to buy it using Bitcoin. Now sell it to me already!".
        albntomat0 6y ago
        True. Bitcoin as currently designed doesn't support the transaction throughput or latency anyways for folks to buy gum, only larger money transfers. (I'm a skeptic, FWIW) Without the presence of transaction fees though, things would fall apart once the block reward ran out, as asked in the original question.
orangeoxidation 6y ago
> money With built in and inevitable deflation. Bitcoin could never replace a national currency. With transaction times in the tens of minutes and with a maximal global transaction rate of 5-10 per second. The Blockchain couldn't replace the banking system of single mid-sized town. It's not money. It's at best "digital gold", but more realistically it's just a ponzi scheme.
- scsilver 6y ago
  Religion is just a ponzi scheme that still underpins most of the world's networks and hierarchies.
  - tshanmu 6y ago
    Care to elaborate? Or you mean christianity? There are quite a few other religions that are quite nice. Buddhism as practiced in Bhutan comes to mind...
    - scsilver 6y ago
      Has nothing to do with being bad or good, just value creation through coordination/cooperation, fueled by some hype.
    - EdwardDiego 6y ago
      Not sure about the lack of freedom of religion in Bhutan.
    - aparsons 6y ago
      Stop trying to incite a religious flame war. FYI, Buddhist extremism has resulted in two (ongoing) genocides.
- dosenbrot 6y ago
  > With built in and inevitable deflation. Why is everyone thinking deflation is a bad thing? "Oh no, how horrible, my money isn't loosing value over time so I dont't have to buy things I don't need and can start to save money without loosing value"

ac29 6y ago

> money that can't be inflated The supply of Bitcoin has been inflated, on average, every 10 minutes for the past ~11 years.

177tcca 6y ago
And will continue to. Event-based, surprise inflation is the only negative inflation, for the end user.
solosoyokaze 6y ago
It's known exactly how many Bitcoin will be produced and at what rate. There will never be more than 21 million BTC. This was known and agreed upon by all participants in the system. How much USD will exist in 10 years?
- deleted 6y ago
  [deleted]
- albntomat0 6y ago
  I understand and appreciate the point you're making (I want to add this as my response is slightly flippant). How many BTC will it take to buy a Toyota Corolla in Feb 2022?
  - solosoyokaze 6y ago
    Hopefully less than in Feb 2021. I think a better question would be, how many BTC will it take to buy a house in 2050? I think the three things that have experienced the most drastic inflation are: housing, healthcare and education. It would be interesting to measure Bitcoin's long term value next to those highly inflating costs. Say a house now costs 10 BTC/$500,000 and in 2050 10 BTC/$2,000,000.
    - tekknik 6y ago
      > Hopefully less than in Feb 2021. Financial planning -> window, cause my base currency keeps moving around and won’t hold still long enough for me to even finish the equation.
      - solosoyokaze 6y ago
        I'm planning on continued massive USD inflation.
      - ric2b 6y ago
        How many USD will it take to buy a Toyota Corolla in Feb 2022?
- 8note 6y ago
  How does Bitcoin continue to have transactions once that limit is met? Arent the miners executing transactions in exchange for Bitcoin? When there's no more coins to mine, there's no reason for anyone to be running their bitcoin operations. It'll fall to governments? At that point, can't they introduce more Bitcoin?
  - deleted 6y ago
    [deleted]
  - albntomat0 6y ago
    Each transactions has a fee value set by the sender, that goes to the miner. Miners select the top N transactions by fee, so miners will still have an incentive.
    - tharkun__ 6y ago
      The fees are already exorbitant and make no sense if you wanted to use Bitcoin for everyday transactions. You still see merchants that have something like a 2$ minimum for credit card transactions, which charge a percentage fee usually. Looking at https://ycharts.com/indicators/bitcoin_average_transaction_fee https://ycharts.com/indicators/bitcoin_average_transaction_f... the average Bitcoin fee seems to be somewhere around $22 right now. Just think of the dialog occurring once miners have to make all their money from fees only: "Yes sir, I would like to buy this chewing gum for my son. Yes I know it costs $0.50. Yes I know it will cost me the equivalent fee of $50 to buy it using Bitcoin. Now sell it to me already!".
      - albntomat0 6y ago
        True. Bitcoin as currently designed doesn't support the transaction throughput or latency anyways for folks to buy gum, only larger money transfers. (I'm a skeptic, FWIW) Without the presence of transaction fees though, things would fall apart once the block reward ran out, as asked in the original question.

orangeoxidation 6y ago

> money With built in and inevitable deflation. Bitcoin could never replace a national currency. With transaction times in the tens of minutes and with a maximal global transaction rate of 5-10 per second. The Blockchain couldn't replace the banking system of single mid-sized town. It's not money. It's at best "digital gold", but more realistically it's just a ponzi scheme.

scsilver 6y ago
Religion is just a ponzi scheme that still underpins most of the world's networks and hierarchies.
- tshanmu 6y ago
  Care to elaborate? Or you mean christianity? There are quite a few other religions that are quite nice. Buddhism as practiced in Bhutan comes to mind...
  - scsilver 6y ago
    Has nothing to do with being bad or good, just value creation through coordination/cooperation, fueled by some hype.
  - EdwardDiego 6y ago
    Not sure about the lack of freedom of religion in Bhutan.
  - aparsons 6y ago
    Stop trying to incite a religious flame war. FYI, Buddhist extremism has resulted in two (ongoing) genocides.
dosenbrot 6y ago
> With built in and inevitable deflation. Why is everyone thinking deflation is a bad thing? "Oh no, how horrible, my money isn't loosing value over time so I dont't have to buy things I don't need and can start to save money without loosing value"