ramontayag

5 ms·

1.
by ramontayag 8y ago
To hold, yes you're right. I suspect you're thinking of the storage of value use-case? It is a way to transfer value. I'm from the Philippines and I'm seeing increasing usage in remittance or getting paid salaries from a
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by ramontayag 8y ago
It's actually useful in places that don't have great financial access. I'm guessing your estimate of "very few people" is from a place that has good access?
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by ramontayag 8y ago
I think it is solving some man-in-the-street problems for people who aren't in countries with good financial systems.
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by ramontayag 8y ago
I see. Thanks for clarifying!
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by ramontayag 8y ago
Trust in it to do/be what?
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by ramontayag 9y ago
Even if miners could change the rules and print more, do you think the users would continue to use it?
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Reaching the Cryptocurrency Singularity(medium.com)
2 points by ramontayag 9y ago|0 comments
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by ramontayag 9y ago
I understand - I'm not aware of an asset class like bitcoin and the other cryptocurrencies, so I have to go with opinion and extrapolation for a lot of the thinking. :) It sounds like what you said is that the singularity may not happe
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by ramontayag 9y ago
BenoitEssiambre, what are your thoughts on http://woobull.com/bitcoin-volatility-will-match-major-fiat-... ?
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by ramontayag 9y ago
Yes, it may feel volatile, but how volatile is it compared to other currencies? For example, my country's currency fell 10% in the last three months. Intrinsic value discussion aside (which is its own discussion worth having), I would
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by ramontayag 9y ago
By "effects of deflation", are you referring to the claimed ill-effects of deflation, that will grind the economy to a halt? If so, mind helping me understand why I can't disregard that? I appreciate your replies - not sure i
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by ramontayag 9y ago
I didn't bring it up because I suspect that we'll eventually find a scaling solution, whether it be sidechains, tree chains, riding on Moore's law, multiple cryptocurrencies connected through an interleger. It's a more l
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by ramontayag 9y ago
This is certainly interesting. Could the same principle be applied to gold which has been fairly stable? I don't think gold is the right medium for the singularity because it is not easy to obtain and subdivide. It needs to be in the t
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by ramontayag 9y ago
The interesting part for me is the more people speculate, the higher the price becomes, and the higher the price becomes, the more useful it is in the institutional level because the markets are deeper.
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by ramontayag 9y ago
Thank you! I knew I was just lacking in Google-fu when searching for other articles that expressed this idea I had been forming in my mind.
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by ramontayag 9y ago
Thanks for the link. I'm not sure where in the article I said inflation is worse than deflation. I don't feel I know enough about economics to express an opinion about this. What I'm trying to say is that if people have a cho
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by ramontayag 9y ago
That would be interesting!
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by ramontayag 9y ago
Yes, I certainly can't say I'm an economics expert. Mind sharing with me what part of the article you think is misguided?
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by ramontayag 9y ago
If I read this comment right, I agree with you. People will use inflationary currencies more because they aren't as good as a store of value.
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by ramontayag 9y ago
Yes, you're right to bring up confirmation times and community. I didn't include that on purpose in order to focus on the good vs bad money part. My hunch is the scaling issues will (eventually) get addressed when we hit the barri
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by ramontayag 9y ago
I did send the article to my old economics professor so he can tell me where I misunderstand things, but I haven't gotten a reply yet. ️
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by ramontayag 9y ago
If I understand this right, I don't think I necessarily disagree with you. My question is: if people can choose one or the other to spend, what do you think they'll choose? A currency that inflates quickly, or one that inflates le
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by ramontayag 9y ago
I certainly may well be confused. I don't have an economics degree and just find the field fascinating. One reason I put it here is that there are many bright people not seemingly hesitant to share their opinion. Thanks for this! Mind
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by ramontayag 9y ago
No, I don't think you misunderstood - I may have just not clear. Yes, it's the case now where people prefer to spend their deflationary USD, but I think it's primarily because many of us are speculating on the price of BTC. I
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by ramontayag 9y ago
Apologies! I wasn't planning to terrify people ;) kidding aside, I think it'll a while before we get there, so there is a lot of time.
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The Cryptocurrency Singularity(medium.com)
70 points by ramontayag 9y ago|87 comments