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> Satoshi wouldn't be encouraging people to put their coins on a trusted third party like that. All fundamental crypto values say this. You can literally say t
by phailhaus 4y ago
> Satoshi wouldn't be encouraging people to put their coins on a trusted third party like that. All fundamental crypto values say this.
You can literally say this about "regular" currency. Just don't put your money in banks! But people do, why? Once you answer that, you'll realize why people do it for crypto too. You can't complain that it's "against fundamental crypto values" when it doesn't have any mechanism for preventing it. It's convenient, it has benefits, therefore people do it.
- gruez 4y ago>But people do, why? 1. cash is bulky and risky to keep at home 2. inflation eats away at your savings Bitcoin is designed to solve both issues.
- Nursie 4y agoThen it is an utter failure at both.
- jmartin2683 4y agoexcept it doesn't solve either, because it's still risky to keep (whether with a 'trusted third party' or at home on some physical device... at the end of the day it can't be better than physical possession.. i.e. cash). volatility is a lot worse than stable inflation, and deflation (just HODL!) is much, much worse to the point of demonstrating the degree to which bitcoin is not useful as a monetary unit of exchange.
- Victerius 4y agoBank robberies are no longer a thing in the 21st century. No one loses their savings because of thieves.
- megous 4y agoOf course it's still a thing, both regular robberies and digital ones. And people lose savings to online thieves and cheats who take control of their accounts, or manage to perform transfers on their behalf.
- notch656a 4y agoThey still do, it's just the thieves have the backing of the court system. https://ij.org/report/seize-first-question-later/ https://ij.org/report/seize-first-question-later/
- jmartin2683 4y agoAt least when you do, you’re fdic insured up to 100k typically
- gruez 4y ago>it's still risky to keep (whether with a 'trusted third party' or at home on some physical device... at the end of the day it can't be better than physical possession.. i.e. cash). I'm not sure how you can conclude that password protected, geographically distributed (eg. 2 of 3 multisignature) storage "can't be better than physical possession.. i.e. cash".
- jmartin2683 4y agoI mean a realistic use case that a normal person would actually do… people who are used to just tapping their iPhone twice to pay for things. My mom has absolutely no clue what you’re talking about… at best she might have a ledger nano one day
- monkmartinez 4y agoBitcoin is designed to combat inflation? Please show me how it does this. I am very skeptical of this claim.
- leaf8937 4y agoBecause there will be maximum only 21 millions of bitcoin while US dollar in circulation is doubling every decade or so.
- Nursie 4y agoThis seems to use the uncommon, Austrian and wrong definition of inflation as being purely an effect of monetary supply.
- bigyikes 4y agoThere is ultimately a fixed supply of Bitcoin, so the money printer can’t go brrrrrt.
- greedo 4y agoHow's that working for you? As a hedge against inflation, Bitcoin seems a remarkable failure.
- roland35 4y ago1. Bitcoin may not be bulky but there are still many risks. Losing the wallet, forgetting a password, or theft are still issues!
- iamthirsty 4y ago1. Loose the password to your crypto wallet or your physical machine and all your money is gone. Regular people won't go farther than that. 2. Deflationary currencies reduce the urgency to invest or spend and crush economies. Bitcoin makes both issues worse.
- criddell 4y agoI put my money into a bank because the bank is FDIC insured. The risk is less than keeping it in a safe in my house.
- qclibre22 4y agoPlus (during normal times) you get an interest rate that equals inflation. Mattress loses during inflation.
- rejectfinite 4y agoA bank is insured and has a guarantee...