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Besides the high cost of transactions, price volatility, inability of crypto currency to be a currency without fiat, enormous electrical power requirements, hig
by ohiovr 5y ago
Besides the high cost of transactions, price volatility, inability of crypto currency to be a currency without fiat, enormous electrical power requirements, high technology dependence, needing two utilities to work, losing to exchanges running off with your money, losing to media destruction, use in fraud, use in extortion, and celebrities manipulating your money, is there anything really wrong with it?
- mimixco 5y agoNearly all of those things apply to all currencies. Would that it were true that fiat wasn't used in extortion or manipulated by anybody. Wouldn't that be great. Explain, please, why Bitcoin needs fiat? If two people exchange goods or services for Bitcoin, where is the fiat? If you get your Bitcoin and I get my Ferrari, isn't the transaction completed?
- ohiovr 5y agoIt is 12 years after the bitcoin inception date. No one in my small insignificant town uses it for anything. There are hundreds of thousands of insignificant towns like mine. But if you can convert bitcoin to fiat, you can buy something.
- mimixco 5y agoPerhaps small towns are not the best use case. It certainly is possible to buy things without fiat using it, though.