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With settlement time of 60 minutes Bitcoin was never designed as true currency, but more as a holdable asset. While some of the critiques are valid, as system

by vl 5y ago

With settlement time of 60 minutes Bitcoin was never designed as true currency, but more as a holdable asset. While some of the critiques are valid, as system matures, there will be less and less of it. Crypto is here to stay.

user-the-name 5y ago
The first line of the Bitcoin white paper: > A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Now, if you want to say that it was badly designed for its purpose, that is a different matter.
- aaaaaaaaata 5y ago
  It will allow it — just not fast, and if you want that, it still allows it, via Layer 2 solutions, many of which guarantee the same security as their Layer 1.
  - user-the-name 5y ago
    There is no known functional and scalable layer 2 solution. Lightning, as designed, can not scale.
- vl 5y ago
  "would allow online payments to be sent directly from one party to another without going through a financial institution" And it successfully achieved this specific goal, however it never claimed it is a good solution for micro/small payments, which is a requirement for "normal currency". Payments of small amounts require small fees and quick settlement time, neither of which Bitcoin has by design.
  - deanCommie 5y ago
    Well this is where, as any good developer, you have to look at the requirement and ask "why?" > ... without going through a financial institution. Why? Why don't we want to go through a financial institution? Well, honestly, the only REAL reasons are fees on large transactions, and the desire/preference to be able to conduct activities that are illegal by regulated financial institutions. And that, if we all remember, was the only usecase for bitcoin before speculation - buying drugs and even more illegal things on TOR marketplaces. Well, that and money laundering.
    - can16358p 5y ago
      I live in a corrupted country with a corrupted government and don't trust my government a single bit. I'd happily use and adopt crypto. I don't do anything illegal, I just don't want corrupted and evil people having control over my assets.
      - deanCommie 5y ago
        > I just don't want corrupted and evil people having control over my assets. Have I got some news for you about the 51% of people who control all the most popular blockchains :(
  - user-the-name 5y ago
    Here are the words of Satoshi himself: > Once it gets bootstrapped, there are so many applications if you could effortlessly pay a few cents to a website as easily as dropping coins in a vending machine. This claim that Bitcoin was never meant to be a payment system for small payments is 100% historical revisionism.

by vl 5y ago

user-the-name 5y ago

The first line of the Bitcoin white paper: > A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Now, if you want to say that it was badly designed for its purpose, that is a different matter.

aaaaaaaaata 5y ago
It will allow it — just not fast, and if you want that, it still allows it, via Layer 2 solutions, many of which guarantee the same security as their Layer 1.
- user-the-name 5y ago
  There is no known functional and scalable layer 2 solution. Lightning, as designed, can not scale.
vl 5y ago
"would allow online payments to be sent directly from one party to another without going through a financial institution" And it successfully achieved this specific goal, however it never claimed it is a good solution for micro/small payments, which is a requirement for "normal currency". Payments of small amounts require small fees and quick settlement time, neither of which Bitcoin has by design.
- deanCommie 5y ago
  Well this is where, as any good developer, you have to look at the requirement and ask "why?" > ... without going through a financial institution. Why? Why don't we want to go through a financial institution? Well, honestly, the only REAL reasons are fees on large transactions, and the desire/preference to be able to conduct activities that are illegal by regulated financial institutions. And that, if we all remember, was the only usecase for bitcoin before speculation - buying drugs and even more illegal things on TOR marketplaces. Well, that and money laundering.
  - can16358p 5y ago
    I live in a corrupted country with a corrupted government and don't trust my government a single bit. I'd happily use and adopt crypto. I don't do anything illegal, I just don't want corrupted and evil people having control over my assets.
    - deanCommie 5y ago
      > I just don't want corrupted and evil people having control over my assets. Have I got some news for you about the 51% of people who control all the most popular blockchains :(
- user-the-name 5y ago
  Here are the words of Satoshi himself: > Once it gets bootstrapped, there are so many applications if you could effortlessly pay a few cents to a website as easily as dropping coins in a vending machine. This claim that Bitcoin was never meant to be a payment system for small payments is 100% historical revisionism.