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Bitcoin’s goal was a censorship resistant form of P2P electronic cash. (Don’t get hung up on those terms- they are terms of art.) It has completely succeeded i
by cyphertruck 5y ago
Bitcoin’s goal was a censorship resistant form of P2P electronic cash. (Don’t get hung up on those terms- they are terms of art.)
It has completely succeeded in that. In a decade it has never been successfully censored, it remains viable P2P cash and in fact has scaled in capability dramatically.
Now you can trustlessly transfer $1k from one phone to another in milliseconds across the globe at effectively no cost.
That is the best cash ever.
And no government or corporation can censor it like they did to Wikileaks.
A side effect of its security approach is the coin limit which has created scarcity and a virtuous cycle whereby early adopters gain relative wealth that helps fund continuing development.
Bitcoin has completely succeeded on its own terms, far beyond its intended scope.
It is now in the early stages of remaking the world in its own image.
I know that likely few of you can see that, but it is already a national currency, and soon the trickle of adoption will become a flood as bitcoin incentivizes a speculative attack on the dollar and every other fiat currency.
In the process it will destroy the funding mechanism that has kept the world at war for a century, and massively increased poverty.
War is over. If you want it. Maas theft of poor peoples savings via inflation is over.
With Bitcoin.
PS: Blockchain/NFTs/Ethereum and every other shitcoin are scams. Beware.
- larsiusprime 5y agoIf by "milliseconds" you mean "15 minutes" and by "no cost" you mean "23 dollars"
- errantmind 5y agoNo, they didn't mean that. It is nearly free and instant to send with BTC's Lighting Network.
- mensetmanusman 5y agoInflation keeps poor people from dying of starvation. No one spends with deflating currency because one can always purchase more with it next year. Except when enough people have this thought and the economy stops and you get the Great Depression.
- montzark 5y agoSmall inflation is feature not a bug. Imagine money gaining worth over time, no point to invest in anything creating something new, just hold it.
- catlikesshrimp 5y agoAll governments agree with you. Specially Venezuela. Inflation is small until it is not. Inflation is a revenue system for a government.
- errantmind 5y agoThis is a poor argument that I see a lot. Do you really think everyone stops buying stuff when money slowly gains value? (If so, I'd say it would be a great way to address the climate crisis.)
- montzark 5y agoI'm talking about investing not buying "stuff". Letting someone to make good use of my money to create something and give me some in return.
- grumbel 5y agoP2P cash that cost me up to $50 to use for a single transaction isn't exactly a success. It might be great for collecting some ransom money, but is completely useless for buying some donuts. Whatever bitcoin is, a replacement for cash or its digital equivalent it is certainly not.
- throwaway248329 5y agoBitcoin never had $50 transaction fees, I don't know what you're talking about. The fee right now is ~$1. For small purchases you can use Lightning Network and the transaction fee would be fraction of a cent.
- kall 5y agoInflation on their savings is really the least of most poor people‘s problems. Exactly what‘s funding wars is also funding social welfare and public goods and services. But It‘s cool that you and everyone else in this will be super rich when the time comes so what do you care.
- pjc50 5y ago> In the process it will destroy the funding mechanism that has kept the world at war for a century, and massively increased poverty. This is delusional: if WW2 was fought on any one currency, that was oil. It has nothing to do with fiat currency. Nor does, say, Syria. We'll know the censorship resistance is working when Iran routinely sells oil for bitcoin. > Mass theft of poor peoples savings via inflation is over. Bitcoin has yet to achieve price stability against real goods, because the price of bitcoin versus the real dollar goes up and down by tens of percent on a monthly basis. If you want price stability, use Tether.
- kmmlng 5y ago> Bitcoin has yet to achieve price stability against real goods, because the price of bitcoin versus the real dollar goes up and down by tens of percent on a monthly basis. True, but Bitcoin still has a fixed supply. If adoption continues (and it might not), it does provide protection against an inflated dollar. > If you want price stability, use Tether. But price stability does not protect you from inflation, which was the point here.
- presentation 5y agoIDK I'm paying less than $100/year for Revolut and can unlimited instant mid-market-rate all-I-can-use foreign exchange that has next to no chance of me just losing it all by fat fingering an address, bundled with global travel insurance and a boatload of other perks. And within the USA and other countries, instant no-fee transfers are also common nowadays (Venmo/Cash App in the US, PayPay/Line Pay in Japan, etc). I actually thought about moving money with crypto, but between it being way more complex, involving confusing calculations to make sure I'm not making a bad financial decision and a minefield of regulatory and taxation issues (I already screwed it up once and now probably owe the Japanese government thousands of dollars in taxes this year) I feel like the best cash ever is just... bank accounts.