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> But I have to wonder: is it really worse than the financial system we use right now Yes, in every way. There is literally no practical use case for Bitcoin c
by davidgerard 11y ago
> But I have to wonder: is it really worse than the financial system we use right now
Yes, in every way. There is literally no practical use case for Bitcoin compared to the present financial system. It is not anonymous, it is not untraceable, its transaction limit is ludicrous, it has no reversibility (that's an absolute killer objection for so many cases), it doesn't actually work out as effective for any real-world remittance case (the bit you pay WU for turns out to be that last mile), the Bitcoin space is saturated with crooks and scams, etc., etc., etc. You know this list at least as well as I do.
It's had six years to find itself a niche. Satoshi himself abandoned it five years ago.
> Could you really write a bullet-proof case for using our current financial system instead, especially if the roles were switched and we were coming from something Bitcoin-like to a proposal for using fiat currency?
Although it would certainly be a useful exercise, no-one actually has to do this to assert my point above, and you don't get to assert them not bothering to do so as evidence for your claim. We have a system that observably more or less works, and isn't in need of a replacement with such a wide range of deficiencies. I have plenty of issues with the economic arrangements of the present day, but Bitcoin solves none of them.