4 ms·
> Do people want cryptocurrency because they want to spend it on stuff? Some of us did. Last month marks 10 years since I was introduced to the community and r
by joecool1029 6y ago
> Do people want cryptocurrency because they want to spend it on stuff?
Some of us did. Last month marks 10 years since I was introduced to the community and registered on the bitcoin-otc. We bought and sold all sorts of random crap (food items, laptops, gadgets, one regular even paid people bitcoin to have them buy him lunch. A brief time existed where some of the more idealists expected bitcoin to replace Paypal. That obviously didn't happen.
Starting with Satoshidice gambling the network performance started to crap up and fees began to climb. Eventually it became worthless for any sort of fast/cheap transacting and everything centralized onto a few exchanges. Every asshole in the world has proposed ways to improve this issue, but with all the money sunk into bitcoin and a lot of arguments we aren't in a better situation today.
Now every naive person from 20-some year olds to 70-year olds are hitting me up and asking what I think of NFT's and the shitcoin of the week because they saw some heads on Bloomberg gushing over it and I'm just tired of it all.
- briefcomment 6y agoWhat about BCH? It seems like a reasonable solution still in the running
- wmf 6y agoBCH solved one of BTC's fatal flaws (transaction rate) but all the other fatal flaws like volatility, irrevocable transactions, being your own bank, etc. are still there.
- briefcomment 6y agoHm, but if we solved for those issues, we would probably just have USD. I thought the appeal of a fixed supply, non-double spend asset was to be able to keep up with previously exclusive asset inflation .
- wmf 6y agoThat depends whether you want Austrian digital cash or Keynesian digital cash.
- briefcomment 6y agoLol, it’s the first time we’ve had an Austrian money, and the market seems to like it.
- dannyw 6y agoThe last 3 things you listed are benefits, not flaws. At least volatility is positively skewed. I love positive volatility. Don't you want to make money?
- faeyanpiraat 6y agoNo such thing as free guaranteed money, all of this is just a fancy way to gamble.
- briefcomment 6y agoA lot of it, certainly not all of it. If something better exists, we’ll probably move over to it, and the transition period could be turbulent.