Is Bitcoin Useless?

in threespeak •  3 months ago 

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Forts says "Imagine spending 8k on an unusable product".

Here are my thoughts!

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Bitcoin must get faster so that it can be used like a debit/credit card when purchasing in stores like in starbucks for example.

That's kinda like saying cars need to start flying because then we'll have flying cars,
without taking into consideration all the trade-offs that need to be made to make that happen.

Personally, I don't want a vehicle that gets 1 mile to the gallon.

Have to agree with Edicted. But thank you for sharing your perspective!

Well, here's the thing, Bitcoin was likely meant to still be in the bear market somewhere around $3000 or so, but suddenly it went bullish all by itself, leaving everything in the dust.

This was odd to quite a few people that had reconized that it went bullish much faster than would be expected. Eventually, people began to figure out the source of this bull market was none other than a ponzi called Plus Token.

Well, now that ponzi has a lot of the network's bitcoins and has been dumping some of them, hurting the price. Ponzis come and go, but this particular ponzi got an enormous amount of the bitcoins. I think it is unrealistic to believe Bitcoin is going to perform well for quite some time due to the massive dumping that is inevitably coming.

It’s a store off value for me at the moment. Thanks mike

The best store of value, in my opinion :)

Gold stores value.
Bitcoin generates it.

@tipu curate

Upvoted 👌 (Mana: 0/3)

Bitcoin will be very useful at the right time.

I can’t use physical gold but I want it lol

Posted using Partiko iOS

No

Great response to a dumb comment about BTC being useless - great store of value, currently slow and expensive means of purchase

Yes! Great SOV, poor MOE (for now, hopefully not forever)

  ·  3 months ago (edited)

Forts says "Imagine spending 8k on an unusable product".

The question itself is flawed and subject to unit bias.
Not only is the idea that we have to own a full coin ridiculous,
but it leads people so say even more ridiculous things like:

I can't buy Bitcoin, it's too expensive.

Just bought $1's worth of Bitcoin on Coinbase...
That's 11k Satoshi... kk thanks.


I'm obviously preaching to the choir here but simply the fact that Bitcoin can't be counterfeit (financially unviable) makes it an extremely useful product.

Everything else is just icing on the cake.

Amen!

Blockstream destroyed BTC. BCH is better in so many ways. So many better alternatives. Especially private coins like XMR that are actually FUNGIBLE.

Unfortunately Bitcoin has no permanent store. The coin is an emergent phenomenon, it sits in the cloud and the ledger of a Nakamoto consensus system needs constant validation (even when there is no decision to be made) its not quiescent. When miners go off (its threshold dependent), the coin disappears. We were able to store value so far, simply because miners were profitable and they were profitable partly because price went up. Otherwise they can only generate income by >>ON<< CHAIN transactions. Nakamoto consensus (if you cant bend laws of physics) cant scale on chain.

Bitcoin is fixed supply because:

"because I don't know a way for software to know the real world value of things. If there was some clever way, or if we wanted to trust someone to actively manage the money supply to peg it to something, the rules could have been programmed for that." (Satoshi Nakamoto on P2P-Foundation)

smart contracts and oracles were not around...he also was optimistic about scaling, he never thought about the scaleability trilemma. Im not here to argue with 100 Trillion BTC believers (waste of time), but I hope that some people read not only the white paper but also the old stuff on which distributed consensus is based.

Greate Bitcoin Grown Up.Bitcoin-chart-860x430.jpg

The short of it is: Absolutely not. People use it just right. It's a great alternative to have.

What is your take on #dash?

Posted using Partiko Android

Edited due to censorship from @threespeak, @spaminator and @mack-bot

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