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> So what is it actually good for? Among other useful properties, digital currency allows individuals to move their money across borders without anyone asking
by glerk 4y ago
> So what is it actually good for?
Among other useful properties, digital currency allows individuals to move their money across borders without anyone asking them where it came from, where it is going and taking a cut. Seems like a very useful thing to have in today's world, no? Seems like something that will become increasingly useful in the near future regardless of your particular jurisdiction...
Is it worth $60k USD or even $20k USD? I don't know. There has been a lot of speculation and hype in this space and with the relatively low liquidity it is not that surprising to see crazy spikes. But there is a fundamental value greater than 0 for Bitcoin, and you cannot dismiss that in good faith.
- rnd0 4y ago>Among other useful properties, digital currency allows individuals to move their money across borders without anyone asking them where it came from, where it is going and taking a cut. A.K.A. Money laundering. Got it.
- glerk 4y agoOr sometimes, your government just decides your money doesn't actually belong to you [1]. But sure, we can call it "money laundering", if it makes that boot taste better. [1] https://www.wsj.com/livecoverage/russia-ukraine-latest-news-2022-03-02/card/russia-clamps-down-on-foreigners-moving-money-out-of-country-iBqU5H1QrjPozmSCDaje https://www.wsj.com/livecoverage/russia-ukraine-latest-news-...
- rnd0 4y ago>we can call it "money laundering" Walks like a duck, quacks like a duck...
- null0pointer 4y agoThat is not money laundering.
- 8organicbits 4y agoSure sounds like it qualifies in the US. https://www.irs.gov/irm/part9/irm_09-005-005#idm139929132514784 https://www.irs.gov/irm/part9/irm_09-005-005#idm139929132514... """ transfers [...] a monetary instrument or funds from a place in the United States to or through a place outside the United States [...] to avoid a Federal or state transaction reporting requirement. """
- eldenwrong 4y agoI guess if you lived in Russia, Iran, Lebanon, Venezuela or Argentina you'd be licking gov boots all day right?
- fragmede 4y agoUnfortunately in order for it to be accessible for a person to actually use it, the exchange takes a cut anyway, unless they're running the exchange solely from the goodness of their heart. Which as a business, it isn't. So instead of paying the established middle man who supports eg Western Union, the cut goes to the Bitcoin exchange middleman instead. Eg, the easiest way for a US person to buy Bitcoin is through Coinbase who will gladly charge you a fee, which is entirely justifiable because they're facilitating the transaction. Without them there's no transaction. So Coinbase takes their cut, same as everybody else in the system.
- midasuni 4y agoIt’s worth what someone will pay for it, which at the moment seems to be in the 20k range. Tomorrow? Who knows.
- chx 4y agoThis is not even true. Not at all. Because bitcoins don't exist as physical objects. They are fully virtual. So you need to make money virtual in order to buy them. So you need to connect to the banking system eventually. You can add middlemen, sure, but it's unavoidable. And then you arrive to https://news.ycombinator.com/item?id=31462909 https://news.ycombinator.com/item?id=31462909
- eldenwrong 4y agoSo you cant trade labor or anything physical for bitcoin?
- chx 4y agoThat's just the middlemen. Where does the bitcoin come from?