4 ms·

> Cash is a solution to the problem of portable assets. Barely. The portability usually ends at country borders. > Bitcoin is a problem in search of a solutio

• labster 5y ago
  I thought being a solution in search of problem was perhaps too charitable. Every joule we waste on hashes is another gram of carbon in the air. And it is all waste — the only problem cryptocoins solve better than other solutions is illicit transactions. It’s not even close to as anonymous as cash. Coinage used to be more portable in the days of precious metal coins. But honestly I’ve had very little barriers in converting cash. It’s a solved problem.
  • testific8 5y ago
    bitcoin and related systems are a solution to the double spending problem. Perhaps a flawed solution based on the information we know now, but it is a solution nonetheless. some related systems such as monero, zcash, and GNU taler make attempts at ensuring spender privacy, like cash. but the computational power is nessisary for the network to function in a manner that is provable to new nodes. Because you can use a digital signature to confirm a transaction happened after some time, but not before some time. I don't think cash is a solved problem within the context of computer networks. If I could transfer money using a program by using a digital signature, I would be satisfied, but anyone who can get access to my credit card numbers (and name, billing address and other open source info) can make purchases in my name. And you of course must rely on the fractional reserves of some central entity.