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As a American consumer, Bitcoin doesn't have any value to me. In addition to the volatility, difficulty of actually spending it, and its vastly higher risk as a

As a American consumer, Bitcoin doesn't have any value to me. In addition to the volatility, difficulty of actually spending it, and its vastly higher risk as a store of value (theft, "beta" implementation), the US Dollar is already a cross-border virtual currency. The increased transaction costs in current cards is transparent, and I get 1.5-5% cash back as a result of those fees. Anonymity is almost never a concern of mine, and if it is, there are simpler ways of moving dollars around, as either cash or one time debit cards. Inflation is not an unalloyed evil, and as clumsy as Fed manipulations might be, I just don't feel that a free market deflationary Bitcoin wouldn't have as many (but different) downsides. I can definitely see the value to countries unstable or hyper inflated currencies, but Bitcoin requires a substantial first world infrastructure undergirding it. And from my emotional perspective, I resent that the inventors will pocket millions from being at the top of the pyramid.

nutjob2 12y ago
Do you really think that the Feds "manipulations" have been clumsy? They've managed to consistently hit about 1% inflation in a strongly deflationary environment. They've done an outstanding job in that respect.
- rsynnott 12y ago
  They're aiming for 2%, not 1%. That said, it's still impressive that they've managed to avoid deflation.
- FeloniousHam 12y ago
  I was trying to be generous to the anti-Fed types--personally, however broken and corrupt the Federal Reserve systems are (again, being generous to the Zeitgeist), things are pretty good. Occasionally you get cheap money bubbles that are a direct result of Reserve Bank decisions, but on balance, IMO, it's an overwhelmingly positive system.
aianus 12y ago
You can use it to play poker. US players have been shut out of poker sites since Black Friday in 2011 and with bitcoin you can withdraw from the site daily to reduce your exposure if it goes bust a la Full Tilt. Also, you get 3% cashback on anything on Amazon by buying with bitcoin through gyft. That's better than any credit card I've seen even if it costs you 1% to buy the btc.
- bottled_poe 12y ago
  It seems that the main situations where bitcoin is a preferable form of payment is when the transfer of funds would break the law. This is the main reason it has any value at all.
- faet 12y ago
  I've been playing poker online over the past year. I did a transfer from my US bank. It is a bit slower to withdraw, takes about 2 weeks for a check. I get 5% cash back from my credit card when buying on amazon. And any points I earn can be used via amazon without an extra step. And I get fraud protection vs losing a gift card.
gnaritas 12y ago
> And from my emotional perspective, I resent that the inventors will pocket millions from being at the top of the pyramid. So you have no real argument, you just can't handle that early investors in anything do better than late comers. It's not a pyramid, it's a technology, and you're simply being emotional and irrational.

nutjob2 12y ago

Do you really think that the Feds "manipulations" have been clumsy? They've managed to consistently hit about 1% inflation in a strongly deflationary environment. They've done an outstanding job in that respect.

rsynnott 12y ago
They're aiming for 2%, not 1%. That said, it's still impressive that they've managed to avoid deflation.
FeloniousHam 12y ago
I was trying to be generous to the anti-Fed types--personally, however broken and corrupt the Federal Reserve systems are (again, being generous to the Zeitgeist), things are pretty good. Occasionally you get cheap money bubbles that are a direct result of Reserve Bank decisions, but on balance, IMO, it's an overwhelmingly positive system.

aianus 12y ago

You can use it to play poker. US players have been shut out of poker sites since Black Friday in 2011 and with bitcoin you can withdraw from the site daily to reduce your exposure if it goes bust a la Full Tilt. Also, you get 3% cashback on anything on Amazon by buying with bitcoin through gyft. That's better than any credit card I've seen even if it costs you 1% to buy the btc.

bottled_poe 12y ago
It seems that the main situations where bitcoin is a preferable form of payment is when the transfer of funds would break the law. This is the main reason it has any value at all.
faet 12y ago
I've been playing poker online over the past year. I did a transfer from my US bank. It is a bit slower to withdraw, takes about 2 weeks for a check. I get 5% cash back from my credit card when buying on amazon. And any points I earn can be used via amazon without an extra step. And I get fraud protection vs losing a gift card.

gnaritas 12y ago

> And from my emotional perspective, I resent that the inventors will pocket millions from being at the top of the pyramid. So you have no real argument, you just can't handle that early investors in anything do better than late comers. It's not a pyramid, it's a technology, and you're simply being emotional and irrational.