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But that was the original promise of crypto currency, that it would replace cash and checks and credit cards for all transactions. It was based on a lot of igno
by dhosek 4y ago
But that was the original promise of crypto currency, that it would replace cash and checks and credit cards for all transactions. It was based on a lot of ignorance about how money actually works, but that was the claim way back when. I had a manager back in 2007–8 whose wife had a bakery that accepted Bitcoin as payment and he was a big crypto advocate. I could tell back then that all the claims made no sense. What amazes me is that crypto still hasn’t gone to zero a decade and a half later. Although as John Maynard Keynes said: “Markets can stay irrational longer than you can stay solvent."
- cypress66 4y ago> But that was the original promise of crypto currency, that it would replace cash and checks and credit cards for all transactions. Some fanatics may have claimed that. But the bitcoin whitepaper itself says that traditional payments are good enough for most cases (and then enumerates cases where it's not, such as if you want non reversible transactions).
- quantified 4y agoSome fanatics have pushed their views far though. They get the reporters who need a story and write things that get clicks. Fanatics are major proselytizers for any movement.