Beejeepa

6 ms·

1.
by Beejeepa 9y ago
Stores-of-value aren't "actually used" nor "medium of exchange". Bitcoin Cash fixes Bitcoin, restoring its utility and will cannibalize Bitcoin's market share.
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by Beejeepa 9y ago
The IRS is wrong.
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by Beejeepa 9y ago
It's 0.001% over-inflated? So it reaches the 2020 halving earlier, and wins then too.
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by Beejeepa 9y ago
The market doesn't function when people can't transact freely. Price signals get distorted. When the blockchain is frozen, we don't know the actual supply and demand of Bitcoin. Bitcoin Cash fixes Bitcoin by providing a capac
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by Beejeepa 9y ago
It's not only vaporware, it's uneconomical. That demo doesn't withdraw Bitcoin - it locks it up. Two transactions for every channel. Lightning Network is just another bank, a third party with fees.
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by Beejeepa 9y ago
Bank runs are bad when there isn't a full reserve. Coinbase says it has 100% reserves. Bank runs are how fraudulent exchanges are caught: Bitcoin is self-auditing, and either you have it or you don't, there aren't IOUs or pap
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by Beejeepa 9y ago
Bank runs are bad when there isn't a full reserve. Coinbase should carry a full reserve. Fractional reserve banking is a prisoner's dilemma, we all marginally benefit from the status quo of credit/debit/interest, but in
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by Beejeepa 9y ago
This drives consumerism.
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by Beejeepa 9y ago
Why buy an iPhone X now, when next year you could buy two? Because even in deflation, some trades are worth it.
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by Beejeepa 9y ago
Coinbase is going to only support Bitcoin Cash.
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by Beejeepa 9y ago
You still own coins on both forks, but add a step to split them to another address you control on the second fork.
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by Beejeepa 9y ago
I agree. PoW is critical for minting a currency. I hope (and bet) that Bitoin Cash is Bitcoin.
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by Beejeepa 9y ago
Sure, it will burst. The Internet Bubble burst. And here we all are.
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by Beejeepa 9y ago
There are fundamental flaws to paper money, and the global reserve currency: https://en.wikipedia.org/wiki/Triffin_dilemma This is why Bitcoin is winning.
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by Beejeepa 9y ago
What can you use Bitcoin for? What year are you from, 2012?
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by Beejeepa 9y ago
So bet $20. Bitcoin can be upgraded to N-bits of resolution in the future - a single satoshi could provide all the liquidity needed in a universe-sized economy.
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by Beejeepa 9y ago
It's Machiavellian astroturfing by banks, nations, economists and sociologists. Fight back and get your skin in the game.
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by Beejeepa 9y ago
There is no such thing as a free lunch. FDIC insurance can and will fail in the largest bank run ever. Banking is a Prisoner's Dilemma, because the first ones to escape get their cash, the middle ones deal with insurance, and the last
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by Beejeepa 9y ago
This is correct.
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by Beejeepa 9y ago
The Bitcoin price will asymptotically approach its maximum - and the last people onboard will see the least amount of deflation. It's certainly better money, and will have a lower monetary inflation rate than any other national currenc
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by Beejeepa 9y ago
Because it hasn't fallen yet. It will. The Federal Reserve is insolvent. As the dollar falls from global usage, it can't buy all the real assets necessary to stabilize the dollar using printed money that no one wants.
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by Beejeepa 9y ago
The US Dollar lost half its value in my short lifetime. Most other currencies have done worse. At a time when the US Dollar is falling in significance as a global reserve currency, and a central bank holding ~$4.5 trillion in assets, you ha
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by Beejeepa 9y ago
Is the price increasing, or are their fiat currencies worth less? Hyperinflation is real, bank runs are real, and Bitcoin never fails an audit.
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by Beejeepa 9y ago
Yeah, nothing new about a permissionless digital-signature-secured decentralized currency being rapidly monetized in an age of global stagnation and quantitative easing / printing money.
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by Beejeepa 9y ago
You know Bitcoin is worth it when so much cash is being dumped in Russia, India, and Eglin AFB to faction the community. The legacy powers are being turned over.
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by Beejeepa 9y ago
Bitcoin is being monetized. It holds far more value than its intrinsic value, just as a $100 US paper bill is worth far more than it costs to create. A blockchain is not a database - you're just trolling.