I don't see how bitcoin in it's current form can ever become a real money standard. Perhaps someday there will be a viable cryptocurrency type of system that can replace money as we know it, but I just don't see bitcoin being it... there are way too many potential problems.
Besides all the issues Steve pointed out, I don't see how it can be used for actual money when the price is so unstable... it seems more like some kind of a scam for a few people to get rich off of than money. On Thu, Nov 16, 2017 at 4:52 PM, Steve Jones <[email protected]> wrote: > banks dont hard fork when theyre robbed > Mr robot is just a tv show > deep down inside, humans are realists, the reality is that all currency, > like its representative nation, has a shelf life outside its intrinsic > physical bartering value. > Tangible currency can be lost and found. I drop my wallet, its gone to me, > but still exists, someone else can find it and use it. Lose your BTC > wallet, its gone, and its tied up forever, its worse than fiat currency in > that there is no recourse. You can insure a bank against robbery, if you > catch the robber with the goods, you can reach in the bag and reinstate the > currency. > Wait until the perfect malware, and there will be a perfect malware, > breaks the chain. Then the tried and true representative precious metal (or > whichever barter-able commodity) standard proves to be bar whore reliable > reality that it is. > Fees are the lowest concern in the real chain > I could be wrong, quite often I am. But Ill hedge a bet people in 25 years > will speak as fondly of block chain currency as they do the Edsel. > > On Thu, Nov 16, 2017 at 3:42 PM, Travis Johnson <[email protected]> wrote: > >> Hi, >> >> The entire idea and goal of bitcoin was to take away the financial >> institutions from having "control" and charging fees to handle money. In >> exchange for no fees (sending or receiving BTC is free), you also have no >> security. Once it's sent, it's gone. >> >> However, now the banks have just been replaced with places like >> Coinbase... bitcoin "exchanges" that charge roughly 1.5% for every buy/sell >> transaction... and they take 7-10 business days to convert btc to cash or >> visa versa. >> >> I don't see how this is a long term thing? Once all the "mining" is being >> done by huge datacenters (for another 3-4 years is all), then I don't see >> it becoming the new money standard like everyone thinks. You will still >> have to pay fees, and someone else is still in control of your money. :( >> >> Travis >> >> >
