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Bitcoin is the electronic version of "let's buy a lot of gold and stash it somewhere". It's also the electronic version of: Be able to move that gold around th

by moe 12y ago

Bitcoin is the electronic version of "let's buy a lot of gold and stash it somewhere". It's also the electronic version of: Be able to move that gold around the globe near instantly, without a middleman, at almost zero cost. And some other quite neat things. While these features may seem "anecdotical" for many people in the western world, there's also a large number of people in poorer countries for whom e.g. the fees on long distance transactions or not being able to get a bank account are a very real problems.

mikkom 12y ago
> Be able to move that gold around the globe near instantly The biggest advantage of gold is that it's value is relatively stable and has been used as a valuable metal since ancient times. That's quite the opposite of Bitcoin actually.
- chuckkir 12y ago
  Did you ever consider why gold has value? It's just shiny metal. Other than jewelry and some electronics uses, no one needs it. At one point it was useful to make coins (for fiat currencies) because it was rare, but now it's just valuable because "it always has been."
pliny 12y ago
Near instant is a bit (a lot?) misleading, it takes on average about 10 minutes to have a transaction confirmed, sometimes much more.
- tribaal 12y ago
  Well, 10 minutes is still much better than the several days needed to clear an international transfer :)
  - sanswork 12y ago
    If it takes your bank several days to clear an international transfer you need to switch banks not systems.
tribaal 12y ago
I live in Tanzania :) I think you're overestimating the impact of bitcoin on poor countries by several orders of magnitude. People who don't have access to a bank account now don't have a smartphone, and certainly not a computer either. And internet access is rare and expensive (most people have dumb phones, internet at home is a rarity, and most coffee places charge you for wifi). On top of that the only way to buy bitcoin here (for now, at least) is to send money through western union to some guy on localbitcoins and of course, that's far from "almost zero cost" or "without a middleman". I'm not trying to rain on your parade, but the reality is that it's still much, much easier and cheaper to get a bank account than bitcoin here (you can open a bank account in less than an hour, with a minimal deposit of 50$. That allows you to use ATMs and send money anywhere). So I come back to my original point, adoption is margnial, at best. Especially in poor countries.
- moe 12y ago
  but the reality is And wouldn't it be nice if Bitcoin changed that reality for the better, a little bit? So I come back to my original point, adoption is margnial, at best. Especially in poor countries. Which I never argued. I merely pointed out that Bitcoin has some additional useful properties on top of being a very volatile electronic gold equivalent.
  - tribaal 12y ago
    > And wouldn't it be nice if Bitcoin changed that reality for the better, a little bit? It would, for sure. But I'm not sure how - people need to become rich enough to afford smartphones/laptops and a reliable internet access first. That implies we'd have solved a big chuck of the other problems first :( > Which I never argued. You're right, sorry if my post was misleading. You just pointed out other advantages of bitcoin over gold (which are correct).

by moe 12y ago

mikkom 12y ago

> Be able to move that gold around the globe near instantly The biggest advantage of gold is that it's value is relatively stable and has been used as a valuable metal since ancient times. That's quite the opposite of Bitcoin actually.

chuckkir 12y ago
Did you ever consider why gold has value? It's just shiny metal. Other than jewelry and some electronics uses, no one needs it. At one point it was useful to make coins (for fiat currencies) because it was rare, but now it's just valuable because "it always has been."

pliny 12y ago

Near instant is a bit (a lot?) misleading, it takes on average about 10 minutes to have a transaction confirmed, sometimes much more.

tribaal 12y ago
Well, 10 minutes is still much better than the several days needed to clear an international transfer :)
- sanswork 12y ago
  If it takes your bank several days to clear an international transfer you need to switch banks not systems.

tribaal 12y ago

I live in Tanzania :) I think you're overestimating the impact of bitcoin on poor countries by several orders of magnitude. People who don't have access to a bank account now don't have a smartphone, and certainly not a computer either. And internet access is rare and expensive (most people have dumb phones, internet at home is a rarity, and most coffee places charge you for wifi). On top of that the only way to buy bitcoin here (for now, at least) is to send money through western union to some guy on localbitcoins and of course, that's far from "almost zero cost" or "without a middleman". I'm not trying to rain on your parade, but the reality is that it's still much, much easier and cheaper to get a bank account than bitcoin here (you can open a bank account in less than an hour, with a minimal deposit of 50$. That allows you to use ATMs and send money anywhere). So I come back to my original point, adoption is margnial, at best. Especially in poor countries.

moe 12y ago
but the reality is And wouldn't it be nice if Bitcoin changed that reality for the better, a little bit? So I come back to my original point, adoption is margnial, at best. Especially in poor countries. Which I never argued. I merely pointed out that Bitcoin has some additional useful properties on top of being a very volatile electronic gold equivalent.
- tribaal 12y ago
  > And wouldn't it be nice if Bitcoin changed that reality for the better, a little bit? It would, for sure. But I'm not sure how - people need to become rich enough to afford smartphones/laptops and a reliable internet access first. That implies we'd have solved a big chuck of the other problems first :( > Which I never argued. You're right, sorry if my post was misleading. You just pointed out other advantages of bitcoin over gold (which are correct).