6 ms·

> Crypto is successful at being money. If you don't believe me, then I'm happy to sell you the laptop I'm writing this on for 1,000 ETH instead of 1,000 USD. F

> Crypto is successful at being money. If you don't believe me, then I'm happy to sell you the laptop I'm writing this on for 1,000 ETH instead of 1,000 USD. Ford F-150s are successful at being money. If you don't believe me, then I'm happy to sell you the laptop I'm writing this on for 1,000 Ford F-150s instead of 1,000 USD.

WatchDog 4y ago
The counter argument might be that Ford F-150s aren't particularly fungible. A slightly stronger example might be gold, but people don't use gold as money anymore either.
- woopwoop 4y ago
  Fungible + trades at greater than one usd also includes, for example, aapl shares. Still well short of the mark.
  - quickthrower2 4y ago
    Well AAPL shares kind of are a form of money used to pay compensation to its workers.
  - redox99 4y ago
    I'm sure if trading or spending SPY was as easy as fiat, many people would sometimes prefer to pay or get paid with SPY instead of USD.
- nly 4y ago
  Anything perceived to have a stable value, is fungible, and is easy to move can be used as money. Just look at prisons. Gold stopped be used as money because people weren't really using it, they were using tokens pegged to it under a promise. That promise went away. Gold isn't exactly fungible (purity, fake gold etc), and it isn't easy to move in significant quantities. Gold makes for absolutely shit money in the 21st century
  - danenania 4y ago
    It’s not used for day-to-day transactions, but gold is still treated as a currency on the international level by nations that hold large strategic reserves. The only reason they hold so much is that it still retains value as a currency. The way things currently stand, if the fiat system falls apart, we’ll revert to gold. It’s the only viable alternative. Crypto might take over that role someday, in some form, but it has a long way to go.
koonsolo 4y ago
If you want to read my article, you can pay me 0.001 Nano (sub-second, 0 fee transaction), or you can pay me $0.001. Oh no wait, you can't pay me $0.001!
- maccard 4y ago
  And paying you 0.001 in ETH or BTC will cost many orders of magnitude more than that in payment fees alone, and take massive amounts of time to vetify. Meanwhile the actual solution to this problem is micropayments, which can (and allegedly are) better implemented using traditional texhnologies
  - koonsolo 4y ago
    Why are you proposing solutions that work badly or might work in the future? I gave you a solution that works today. Like I said: sub-second, 0 fee transactions (using Nano). Would love to see any of your traditional systems do better. Can you name one?
    - hiq 4y ago
      > 0 fee transactions You'd have to check how sustainable this is, Uber was (is?) also very cheap in some areas, just because it's massively subsidized. A solution that works today but not tomorrow and burns cash in between is not necessarily something you want.
      - koonsolo 4y ago
        I get it that you are sceptical. But you probably haven't looked at how Nano works. It's 100% distributed and is battle tested in practice. The biggest challenge they had was protecting against spam. But a few releases back they solved this issue. Technically a very strong project.
        hiq 4y ago
        > you probably haven't looked at how Nano works I have looked at the past n similar products and it was always the same story. At some point, you don't need to look at the implementation details anymore, you can take this from first principles: somebody somewhere is running a ledger. You have to pay this someone one way or another, unless they're just volunteering. > a few releases back they solved this issue How are they getting paid? Regarding the ledger operators, from https://nano.org/faq#nodes https://nano.org/faq#nodes: > Instead, participants on the nano network are driven by external incentives, such as helping maintain an instant payment network they can use without fees. So it does look like volunteering / donating computing resources, and the 0 transaction fee doesn't reflect the actual costs.

WatchDog 4y ago

The counter argument might be that Ford F-150s aren't particularly fungible. A slightly stronger example might be gold, but people don't use gold as money anymore either.

woopwoop 4y ago
Fungible + trades at greater than one usd also includes, for example, aapl shares. Still well short of the mark.
- quickthrower2 4y ago
  Well AAPL shares kind of are a form of money used to pay compensation to its workers.
- redox99 4y ago
  I'm sure if trading or spending SPY was as easy as fiat, many people would sometimes prefer to pay or get paid with SPY instead of USD.
nly 4y ago
Anything perceived to have a stable value, is fungible, and is easy to move can be used as money. Just look at prisons. Gold stopped be used as money because people weren't really using it, they were using tokens pegged to it under a promise. That promise went away. Gold isn't exactly fungible (purity, fake gold etc), and it isn't easy to move in significant quantities. Gold makes for absolutely shit money in the 21st century
- danenania 4y ago
  It’s not used for day-to-day transactions, but gold is still treated as a currency on the international level by nations that hold large strategic reserves. The only reason they hold so much is that it still retains value as a currency. The way things currently stand, if the fiat system falls apart, we’ll revert to gold. It’s the only viable alternative. Crypto might take over that role someday, in some form, but it has a long way to go.

koonsolo 4y ago

If you want to read my article, you can pay me 0.001 Nano (sub-second, 0 fee transaction), or you can pay me $0.001. Oh no wait, you can't pay me $0.001!

maccard 4y ago
And paying you 0.001 in ETH or BTC will cost many orders of magnitude more than that in payment fees alone, and take massive amounts of time to vetify. Meanwhile the actual solution to this problem is micropayments, which can (and allegedly are) better implemented using traditional texhnologies
- koonsolo 4y ago
  Why are you proposing solutions that work badly or might work in the future? I gave you a solution that works today. Like I said: sub-second, 0 fee transactions (using Nano). Would love to see any of your traditional systems do better. Can you name one?
  - hiq 4y ago
    > 0 fee transactions You'd have to check how sustainable this is, Uber was (is?) also very cheap in some areas, just because it's massively subsidized. A solution that works today but not tomorrow and burns cash in between is not necessarily something you want.
    - koonsolo 4y ago
      I get it that you are sceptical. But you probably haven't looked at how Nano works. It's 100% distributed and is battle tested in practice. The biggest challenge they had was protecting against spam. But a few releases back they solved this issue. Technically a very strong project.
      - hiq 4y ago
        > you probably haven't looked at how Nano works I have looked at the past n similar products and it was always the same story. At some point, you don't need to look at the implementation details anymore, you can take this from first principles: somebody somewhere is running a ledger. You have to pay this someone one way or another, unless they're just volunteering. > a few releases back they solved this issue How are they getting paid? Regarding the ledger operators, from https://nano.org/faq#nodes https://nano.org/faq#nodes: > Instead, participants on the nano network are driven by external incentives, such as helping maintain an instant payment network they can use without fees. So it does look like volunteering / donating computing resources, and the 0 transaction fee doesn't reflect the actual costs.