3 ms·

> That’s for a network with 100+ million estimated users. 100 million HODLers. Very rarely do people use Bitcoins to make purchases. When they do, over 99% of

by Aunche 5y ago

> That’s for a network with 100+ million estimated users. 100 million HODLers. Very rarely do people use Bitcoins to make purchases. When they do, over 99% of them do it through a centralized authority. The centralized authority immediate converts the Bitcoin to fiat currency, which it pays to the seller, so you aren't even really avoiding any inflationary risk. If hyperinflation of the world's reserve currencies actually does occur, there is no guarantee that Bitcoin's valuation will match inflation. All that we're left with is a vehicle of speculation, which at best provides zero sum utility. It's actually negative sum because losing money is worse than gaining the same amount of money. Christmas lights may also people a waste of electricity, but at least everyone who sets them up presumably enjoys them or at least is doing so for someone else's enjoyment.

phasnox 5y ago
I use it every month. I work remotely for an overseas company. I live in a third world country. Bitcoin is money, like it or not.
- throw0101a 5y ago
  The GP said: > Very rarely do people use Bitcoins to make purchases. Not that 'no one' uses. Yes there are folks, perhaps like you, that do make exchanges using it. But those transactions are fairly limited (relatively speaking)—even with its growing popularity—and it seems to be technologically limited by its very design: * https://en.wikipedia.org/wiki/Bitcoin_scalability_problem https://en.wikipedia.org/wiki/Bitcoin_scalability_problem It should be note that even though Bitcoin is used as money, all sorts of other things are used as money/currency as well, including ramen noodles,[1][2] spices, tuna fish, and tobacco [3]. Some forms of money are more practical than others, some more stable than others. Just because something can be used, or even is used, doesn't mean it's a good idea in general. For a quick (272pp) overview of it's history see Money: The True Story of a Made-Up Thing by Jacob Goldstein.[4][5] [1] https://www.npr.org/sections/thesalt/2016/08/26/491236253/ramen-noodles-are-now-the-prison-currency-of-choice https://www.npr.org/sections/thesalt/2016/08/26/491236253/ra... [2] https://www.theguardian.com/us-news/2016/aug/22/ramen-prison-currency-study https://www.theguardian.com/us-news/2016/aug/22/ramen-prison... [3] https://www.theguardian.com/society/shortcuts/2016/aug/23/what-do-british-prisoners-use-as-currency https://www.theguardian.com/society/shortcuts/2016/aug/23/wh... [4] https://bookshop.org/books/money-the-true-story-of-a-made-up-thing/9780316417198 https://bookshop.org/books/money-the-true-story-of-a-made-up... [5] https://www.goodreads.com/en/book/show/50358103-money https://www.goodreads.com/en/book/show/50358103-money
  - jkhdigital 5y ago
    > Just because something can be used, or even is used, doesn't mean it's a good idea in general. Yes, people tend to use the “best” form of money that is readily available and appropriate for their economic circumstances. And your opinion on whether a particular form of money is a “good idea” holds exactly zero weight in their decision.
jkhdigital 5y ago
> If hyperinflation of the world's reserve currencies actually does occur, there is no guarantee that Bitcoin's valuation will match inflation. You do understand what “hyperinflation” means, right?

by Aunche 5y ago

phasnox 5y ago

I use it every month. I work remotely for an overseas company. I live in a third world country. Bitcoin is money, like it or not.

throw0101a 5y ago
The GP said: > Very rarely do people use Bitcoins to make purchases. Not that 'no one' uses. Yes there are folks, perhaps like you, that do make exchanges using it. But those transactions are fairly limited (relatively speaking)—even with its growing popularity—and it seems to be technologically limited by its very design: * https://en.wikipedia.org/wiki/Bitcoin_scalability_problem https://en.wikipedia.org/wiki/Bitcoin_scalability_problem It should be note that even though Bitcoin is used as money, all sorts of other things are used as money/currency as well, including ramen noodles,[1][2] spices, tuna fish, and tobacco [3]. Some forms of money are more practical than others, some more stable than others. Just because something can be used, or even is used, doesn't mean it's a good idea in general. For a quick (272pp) overview of it's history see Money: The True Story of a Made-Up Thing by Jacob Goldstein.[4][5] [1] https://www.npr.org/sections/thesalt/2016/08/26/491236253/ramen-noodles-are-now-the-prison-currency-of-choice https://www.npr.org/sections/thesalt/2016/08/26/491236253/ra... [2] https://www.theguardian.com/us-news/2016/aug/22/ramen-prison-currency-study https://www.theguardian.com/us-news/2016/aug/22/ramen-prison... [3] https://www.theguardian.com/society/shortcuts/2016/aug/23/what-do-british-prisoners-use-as-currency https://www.theguardian.com/society/shortcuts/2016/aug/23/wh... [4] https://bookshop.org/books/money-the-true-story-of-a-made-up-thing/9780316417198 https://bookshop.org/books/money-the-true-story-of-a-made-up... [5] https://www.goodreads.com/en/book/show/50358103-money https://www.goodreads.com/en/book/show/50358103-money
- jkhdigital 5y ago
  > Just because something can be used, or even is used, doesn't mean it's a good idea in general. Yes, people tend to use the “best” form of money that is readily available and appropriate for their economic circumstances. And your opinion on whether a particular form of money is a “good idea” holds exactly zero weight in their decision.

jkhdigital 5y ago

> If hyperinflation of the world's reserve currencies actually does occur, there is no guarantee that Bitcoin's valuation will match inflation. You do understand what “hyperinflation” means, right?