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Merged Bitcoin - Part 3

JoeMorgue said:
Again because crypto currencies are trying to be or claiming to be:

- An actual functional day to day alternative currency for normal purchases.
- A secret underground "That coin from John Wick" currency.
- A get rich quick scheme.
- A quasi-legal money laundering method.
- Basically a purely symbolic handshake for people super into deep state economy conspiracy theories.

And it can't be all of those things at once.
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BTW I think that one is a MUCH bigger deal then a lot of people are thinking. Using Bitcoin is the "Let's Go Brandon" of the financial douchebag world.
 
JoeMorgue said:
Because it's a get rich (or get poor) quick scheme because it is so volatile and you can't have a currency that works that way.

Nobody buys Bitcoin going "Oh I might make a .5% return on investment over the course of the next 10 years" and nobody is going to use a currency that might spike or plummet 500% if Elon Musk makes a tweet about it.
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It IS used as a currency though. And Elon achieved 10%. In 20 minutes, which was remarkable, but 10%. Not 500%. It takes months to get 500%. If you convert crypto to fiat right away, you risk few % at worse.
 
Dr.Sid said:
It IS used as a currency though.
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Yeah so are Camel Bucks.

It's has zero advantages as a currency over actual money, unless the transaction is illegal or shady.

Like I said I'm not buying hitmen, child porn, or black tar heroin off the dark web, why would ever use Bitcoin?
 
JoeMorgue said:
Yeah so are Camel Bucks.

It's has zero advantages as a currency over actual money, unless the transaction is illegal or shady.

Like I said I'm not buying hitmen, child porn, or black tar heroin off the dark web, why would ever use Bitcoin?
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If you have bitcoin, and seller accepts bitcoin, why make the conversion. Businesses accepting bitcoin usually aim at clients who hold bitcoin.
 
Dr.Sid said:
If you have bitcoin, and seller accepts bitcoin, why make the conversion. Businesses accepting bitcoin usually aim at clients who hold bitcoin.
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Where the pizza you buy or sell could cost anything between $1 and $100 depending on the time of day.
 
Dr.Sid said:
If you have bitcoin, and seller accepts bitcoin, why make the conversion. Businesses accepting bitcoin usually aim at clients who hold bitcoin.
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Why have Bitcoin in the first place? There's nobody who takes ONLY Bitcoin outside of the shady reasons already covered.

A list of reasons why there's no reason NOT to use Bitcoin isn't the same thing as a reason to use it.
 
JoeMorgue said:
Why have Bitcoin in the first place? There's nobody who takes ONLY Bitcoin outside of the shady reasons already covered.

A list of reasons why there's no reason NOT to use Bitcoin isn't the same thing as a reason to use it.
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International purchases that are not regular or large enough to bother with international wires. I've mainly run into the issues for buying from service providers from Russia, and btc, which is huge a pain in the ass, is sometimes the only option. This is probably a business side issue vs regular people though.
 
JoeMorgue said:
Yeah so are Camel Bucks.

It's has zero advantages as a currency over actual money, unless the transaction is illegal or shady.
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You can move a mountain of money-your money-in just minutes on the blockchain. It can take more than a week to do so with traditional money. Whether you "need it to" is irrelevant. It's an advantage over actual money, which is slow.

Whether that leads to a host of other problems is a different argument. But simply saying it has no advantages is an untrue statement. Being able to move funds quickly is always an advantage.
 
DuvalHMFIC said:
You can move a mountain of money-your money-in just minutes on the blockchain. It can take more than a week to do so with traditional money. Whether you "need it to" is irrelevant. It's an advantage over actual money, which is slow.

Whether that leads to a host of other problems is a different argument. But simply saying it has no advantages is an untrue statement. Being able to move funds quickly is always an advantage.
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It’s not just that it leads to problems, it is that such movements are only ever necessary for nefarious ends.

It is not like a kitchen knife that can also be used to stab people, it is a bayonet that is pretty bad at everything but stabbing people.

I can wire $50,000 in the US in hours, I can wire that amount to Asia in a few days. I can pay small bills worldwide via Venmo instantly. I can’t imagine a legitimate transaction where I would need to move more money than Venmo allows in less time than a wire would take. I’m sure I just lack imagination.
 
JoeMorgue said:
Why have Bitcoin in the first place? There's nobody who takes ONLY Bitcoin outside of the shady reasons already covered.

A list of reasons why there's no reason NOT to use Bitcoin isn't the same thing as a reason to use it.
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Reason or not, Bitcoin IS used as currency. Rarely, indeed. But you can't say it's not possible.
 
psionl0 said:
Can you name an example of something that is valuable (you can get money for it) even if nobody accepts that it is worth something?
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Circular argument there. Money is intrinsically and specifically worth nothing. All value systems are value systems, social constructs. They mean nothing except what we agree they are worth.
 
This all reminds me of "The Age of Uncertainty" by Galbraith when any Bank could print it's own currency. It lead to chaos and "Banks" that were little more than a printing press hidden out the back of a swamp. The only way to restore a social respect of the value of a currency was to have a central bank guaranteed by the government.
 
a_unique_person said:
This all reminds me of "The Age of Uncertainty" by Galbraith when any Bank could print it's own currency. It lead to chaos and "Banks" that were little more than a printing press hidden out the back of a swamp. The only way to restore a social respect of the value of a currency was to have a central bank guaranteed by the government.
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So true. “The only thing that we learn from history is that we learn nothing from history.” Georg Hegel
 
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