4 ms·

I think a tweet from a few years ago sums up the situation (at least in terms of "conventional wisdom"): You know what’s cooler than a million dollars? V

I think a tweet from a few years ago sums up the situation (at least in terms of "conventional wisdom"): You know what’s cooler than a million dollars? Virtual currency backed by nothing and nobody. @ReformedBroker The only reason BitCoin exists is because of all the problems with existing currencies and payment mechanisms. It solves a lot of those problems, but creates new problems of its own.

zo1 12y ago
>"The only reason BitCoin exists is because of all the problems with existing currencies and payment mechanisms. It solves a lot of those problems," What problems would that be?
- jhildings 12y ago
  Hard (impossible?) to transfer money on weekends for example ?
  - pjc50 12y ago
    http://en.wikipedia.org/wiki/Faster_Payments_Service http://en.wikipedia.org/wiki/Faster_Payments_Service / http://www.fasterpayments.org.uk/about-us/benefits-faster-payments http://www.fasterpayments.org.uk/about-us/benefits-faster-pa... : 24/7 accessible from internet banking in the UK. (US banking is technologically backwards even by the normal low standards of the banking industry, partly due to less aggressive pro-consumer regulatory coordination)
    - jhildings 12y ago
      Interesting, however in Sweden I recently had to wait six(!) days for a transfer occuring during christmas + normal weekend. It would have been faster do post a letter with the money :P
- PhantomGremlin 12y ago
  There are all kinds of problems with existing currencies. Ask a Russian if they're feeling good about the recent fluctuations in the value of the ruble. It's telling that some Russians consider Bitcoin to be more stable than their national currency! Ask an Argentinian if they're happy with the currency controls their government has imposed on them.[1]: –In the U.S., bitcoin payment processors generally find merchants want them to immediately convert their bitcoins into dollars. In Argentina, the exact opposite occurs. Firms such as San Francisco-based BitPagos will take the dollars received by tourism industry clients in Buenos Aires and deliver them bitcoins in return. That their clients are opting for this says much about Argentina’s dysfunctional financial system and bitcoin’s potential to provide an escape route for citizens of countries with strict currency controls. Those are just two quick examples. [1] http://blogs.wsj.com/moneybeat/2014/06/25/bitbeat-why-bitcoins-scoring-goals-in-argentina/ http://blogs.wsj.com/moneybeat/2014/06/25/bitbeat-why-bitcoi...
- dserodio 12y ago
  Instantly transferring money around the world with near zero fees is a great example.

zo1 12y ago

>"The only reason BitCoin exists is because of all the problems with existing currencies and payment mechanisms. It solves a lot of those problems," What problems would that be?

jhildings 12y ago
Hard (impossible?) to transfer money on weekends for example ?
- pjc50 12y ago
  http://en.wikipedia.org/wiki/Faster_Payments_Service http://en.wikipedia.org/wiki/Faster_Payments_Service / http://www.fasterpayments.org.uk/about-us/benefits-faster-payments http://www.fasterpayments.org.uk/about-us/benefits-faster-pa... : 24/7 accessible from internet banking in the UK. (US banking is technologically backwards even by the normal low standards of the banking industry, partly due to less aggressive pro-consumer regulatory coordination)
  - jhildings 12y ago
    Interesting, however in Sweden I recently had to wait six(!) days for a transfer occuring during christmas + normal weekend. It would have been faster do post a letter with the money :P
PhantomGremlin 12y ago
There are all kinds of problems with existing currencies. Ask a Russian if they're feeling good about the recent fluctuations in the value of the ruble. It's telling that some Russians consider Bitcoin to be more stable than their national currency! Ask an Argentinian if they're happy with the currency controls their government has imposed on them.[1]: –In the U.S., bitcoin payment processors generally find merchants want them to immediately convert their bitcoins into dollars. In Argentina, the exact opposite occurs. Firms such as San Francisco-based BitPagos will take the dollars received by tourism industry clients in Buenos Aires and deliver them bitcoins in return. That their clients are opting for this says much about Argentina’s dysfunctional financial system and bitcoin’s potential to provide an escape route for citizens of countries with strict currency controls. Those are just two quick examples. [1] http://blogs.wsj.com/moneybeat/2014/06/25/bitbeat-why-bitcoins-scoring-goals-in-argentina/ http://blogs.wsj.com/moneybeat/2014/06/25/bitbeat-why-bitcoi...
dserodio 12y ago
Instantly transferring money around the world with near zero fees is a great example.