3 ms·

"would allow online payments to be sent directly from one party to another without going through a financial institution" And it successfully achieved this spe

by 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.

3 ms·

"would allow online payments to be sent directly from one party to another without going through a financial institution" And it successfully achieved this spe

by vl 5y ago

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.