It’s also a great way to raise investment capital. Rory
From: Af [mailto:[email protected]] On Behalf Of Mathew Howard Sent: Thursday, November 16, 2017 5:39 PM To: af <[email protected]> Subject: Re: [AFMUG] BTC 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]<mailto:[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]<mailto:[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
