An Overview of Bitcoin
- Thread starter Baron
- Start date
wow... that's one cringe-worthy video to watch...
FYI, Falkvinge has apparently some controversial views.... he's a creepy dude if you ask me.
Crypto currency will be the future currency, but it is still a long way to go.
Never go full FOMO.
I think it's important to point out that the banking system started out as a store of value (a store for gold), probably started by goldsmiths.
It expanded by adding services such as loans, and ease of transactions (paper with signatures).
Likewise, crypto starts with store of value, and will continue to expand into ease of transactions, and even loans.
Banking expanded into derivatives, and cryptos are also maturing into derivative markets.
It expanded by adding services such as loans, and ease of transactions (paper with signatures).
Likewise, crypto starts with store of value, and will continue to expand into ease of transactions, and even loans.
Banking expanded into derivatives, and cryptos are also maturing into derivative markets.
I think what is hard for the naysayers to see is that bitcoin is a complex beast that has many functionalities (jack of all trades). They point out that bitcoin is useless as a "insert_use_case" since we already have this "fill in the blank", and they only see limitations.
Do we all remember when internet was only text-based you needed to use tools such as gopher or newsgroups readers? Email was not quite so pretty and easy to use 15 years ago, that's why Blackberry capitalized on a niche device that was always connected.
Bitcoin is:
a digital currency vs physical currency USD
a payment method vs credit card
a store of value vs gold
a P2P anonymous bank account that doesn't require names/addresses/SSN vs Swiss bank account
a payment settlement network (blockchain) vs payment processing network
a global P2P banking network (blockchain) vs SWIFT
a financial asset/investment vs traditional investments (stocks/bonds/real-estate)
In any single one of those categories, a critic can find faults in bitcoin and will argue it's useless.
It's easy to say Gold is a much better store of value as it's universally accepted as valuable anywhere in the world and yet, one cannot travel with a million $ worth of gold or risk being confiscated at a customs/border.
It's easy to say credit cards are much better to use as a form of payment as most online and physical stores accept it, but a person cannot use a cc to wire transfer $50,000 on a Saturday night to a family member needing an emergency operation halfway across the world for a cost of less than 50 US cents and the process take less than an hour. Truth is there's a cop out on this if you're in the US, you can have a Shift bitcoin-backed CC.
Bitcoin is an experiment in creating a financial system outside of any government controls and I hope it succeeds. I'm invested in bitcoin.
Do we all remember when internet was only text-based you needed to use tools such as gopher or newsgroups readers? Email was not quite so pretty and easy to use 15 years ago, that's why Blackberry capitalized on a niche device that was always connected.
Bitcoin is:
a digital currency vs physical currency USD
a payment method vs credit card
a store of value vs gold
a P2P anonymous bank account that doesn't require names/addresses/SSN vs Swiss bank account
a payment settlement network (blockchain) vs payment processing network
a global P2P banking network (blockchain) vs SWIFT
a financial asset/investment vs traditional investments (stocks/bonds/real-estate)
In any single one of those categories, a critic can find faults in bitcoin and will argue it's useless.
It's easy to say Gold is a much better store of value as it's universally accepted as valuable anywhere in the world and yet, one cannot travel with a million $ worth of gold or risk being confiscated at a customs/border.
It's easy to say credit cards are much better to use as a form of payment as most online and physical stores accept it, but a person cannot use a cc to wire transfer $50,000 on a Saturday night to a family member needing an emergency operation halfway across the world for a cost of less than 50 US cents and the process take less than an hour. Truth is there's a cop out on this if you're in the US, you can have a Shift bitcoin-backed CC.
Bitcoin is an experiment in creating a financial system outside of any government controls and I hope it succeeds. I'm invested in bitcoin.
Technology is one thing and it's use is another!
Our FIAT currency is almost digital any way as no body carries thousands in their pocket any way now a days, so from that point of view digital currency and it's technology is valuable
If the entire world or most of it drops individual currencies ( just the way European currencies disappeared one fine day to make way for a common currency of Euro) and adapts say Bitcoin then that would be fine ! the entire supply chain will be in Bitcoin
But the current problem is
A) The blind followers of Crypto conveniently forget that the reason the 7 major currencies exists is because each one has a physical country and assets behind it.
What is behind Crypto? hot air?
B) Just the way there are lots of Fiat currencies there seems to be so many ICO that it is verging on being ridiculous
C) Even if we take the more "Established " Bitcoin there is too much volatility !
D) Convenience: you give an example of an emergency situation... ok the person transfers his 50K bitcoin in a second to another one.. but unless that other person can use it for REAL WORLD services like a hospital treatment it is useless! and what about volatility
E) Under the hype of this new technology lot of scoundrels are doing ICOs and people are going to loose hard earned real money and followers of this technology again conveniently ignore this aspect.
So no issues with the technology but to tout that as the best thing ever happened is over the top. Same way currently 3D printing Technology is promoted The technology is fine and has application potential ( actually the technology has been around for more than 20 years it is recently it come out of patent protection ) but there is so much hype about it that for those who are in the industry chuckle at the googled eyed new comers thinking it is going to replace mass production just like that! LOL
Our FIAT currency is almost digital any way as no body carries thousands in their pocket any way now a days, so from that point of view digital currency and it's technology is valuable
If the entire world or most of it drops individual currencies ( just the way European currencies disappeared one fine day to make way for a common currency of Euro) and adapts say Bitcoin then that would be fine ! the entire supply chain will be in Bitcoin
But the current problem is
A) The blind followers of Crypto conveniently forget that the reason the 7 major currencies exists is because each one has a physical country and assets behind it.
What is behind Crypto? hot air?
B) Just the way there are lots of Fiat currencies there seems to be so many ICO that it is verging on being ridiculous
C) Even if we take the more "Established " Bitcoin there is too much volatility !
D) Convenience: you give an example of an emergency situation... ok the person transfers his 50K bitcoin in a second to another one.. but unless that other person can use it for REAL WORLD services like a hospital treatment it is useless! and what about volatility
E) Under the hype of this new technology lot of scoundrels are doing ICOs and people are going to loose hard earned real money and followers of this technology again conveniently ignore this aspect.
So no issues with the technology but to tout that as the best thing ever happened is over the top. Same way currently 3D printing Technology is promoted The technology is fine and has application potential ( actually the technology has been around for more than 20 years it is recently it come out of patent protection ) but there is so much hype about it that for those who are in the industry chuckle at the googled eyed new comers thinking it is going to replace mass production just like that! LOL
I bet Argentinians wish they had bought a few last year.