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You guys have got to be kidding me. I write a comment about transferring money to a 3rd world nation, which is one of the greatest possible uses of Bitcoin in t

by gexla 12y ago

You guys have got to be kidding me. I write a comment about transferring money to a 3rd world nation, which is one of the greatest possible uses of Bitcoin in the future and my comment is getting attacked? Of course people in 3rd world nations won't hold Bitcoin. Low income workers can't afford any volatility and they often can't afford to hold anything anyways. What I'm trying to say is that Bitcoin is emerging as the best remittance option. This is one of the most exciting uses of Bitcoin. But it's not quite there yet for most people in the world. In the Philippines, it's here! If an option is good for remittances, it's also good for an expat to remit money to him / her self. In this scenario, we don't care about what the price is. What's the problem with that?

dragonwriter 12y ago
> In this scenario, we don't care about what the price is. You don't, but you rely on people who do on both ends, which means that the long-term viability in the use case you are interested in is dependent on the viability of Bitcoin to people who do care about the price, even if the people using it for your use case do not directly care about that.
- gexla 12y ago
  Maybe. We are getting into something which is a bit complex here. And I'm assuming neither one of us are experts. People who are interested in holding Bitcoin probably aren't people I'm going to be interacting with. If you are holding, you aren't selling. My use case will help Bitcoin by creating demand, and helping liquidity. I'm buying and then turning around and selling. I using up available liquidity and then selling to create more liquidity. That liquidity also helps other people looking to do the same as me. You then have a pool of Bitcoin which is basically just zipping between people who aren't affected by price. People who are speculating on the very short term don't necessarily care about price either. They may only care about up and down movements. Just as day traders of stocks don't necessarily care about the name of the stock or even the history. All they see is movement. In this case, volatility may actually be good for these people (I don't know, I'm not a day trader.)
  - dragonwriter 12y ago
    > People who are interested in holding Bitcoin probably aren't people I'm going to be interacting with. Sure they are. > If you are holding, you aren't selling. But if you are interested in holding, you are likely buying. And remittance use case requires you to interact with both a seller and a buyer. > I using up available liquidity and then selling to create more liquidity. Which is basically a net zero impact, but sure. > That liquidity also helps other people looking to do the same as me. You then have a pool of Bitcoin which is basically just zipping between people who aren't affected by price. Except that if you want those transactions to get processed, you need miners, who are interested in price, since they get paid in bitcoins (mining new blocks and/or transaction fees; over time moving from the former as the main reward to the latter.)

by gexla 12y ago

dragonwriter 12y ago

> In this scenario, we don't care about what the price is. You don't, but you rely on people who do on both ends, which means that the long-term viability in the use case you are interested in is dependent on the viability of Bitcoin to people who do care about the price, even if the people using it for your use case do not directly care about that.

gexla 12y ago
Maybe. We are getting into something which is a bit complex here. And I'm assuming neither one of us are experts. People who are interested in holding Bitcoin probably aren't people I'm going to be interacting with. If you are holding, you aren't selling. My use case will help Bitcoin by creating demand, and helping liquidity. I'm buying and then turning around and selling. I using up available liquidity and then selling to create more liquidity. That liquidity also helps other people looking to do the same as me. You then have a pool of Bitcoin which is basically just zipping between people who aren't affected by price. People who are speculating on the very short term don't necessarily care about price either. They may only care about up and down movements. Just as day traders of stocks don't necessarily care about the name of the stock or even the history. All they see is movement. In this case, volatility may actually be good for these people (I don't know, I'm not a day trader.)
- dragonwriter 12y ago
  > People who are interested in holding Bitcoin probably aren't people I'm going to be interacting with. Sure they are. > If you are holding, you aren't selling. But if you are interested in holding, you are likely buying. And remittance use case requires you to interact with both a seller and a buyer. > I using up available liquidity and then selling to create more liquidity. Which is basically a net zero impact, but sure. > That liquidity also helps other people looking to do the same as me. You then have a pool of Bitcoin which is basically just zipping between people who aren't affected by price. Except that if you want those transactions to get processed, you need miners, who are interested in price, since they get paid in bitcoins (mining new blocks and/or transaction fees; over time moving from the former as the main reward to the latter.)