Post
Topic
Board Bitcoin Discussion
Re: Our response to Dmytri Kleiner's misunderstanding of money
by
evoorhees
on 14/11/2012, 21:14:40 UTC
And after all that, Dmytri is still correct. If you think bitcoin is going to replace govt currencies then you are so far out to left field you dont need to reply. This place is just like Apple forums. Fanboys. You do raise some good points though.

Typically an assertion like that is followed by an argument.  WHY do you think Bitcoin can't replace government currencies?

If you arent taxed how do you think all those highways and roads and thousands of other things are paid for? There is no centralization we see scams all the time and there is nothing you can do about it. Your computer gets hacked you are done. Dotn care how many backs up you have it takes a matter of seconds to empty your wallet once its broken in to and you will not be reimbursed by anyone. I can go on and on. Mostly the arguments why bitcoin is superior are just lousy points aka quick transaction times and low fees, yawn.



And don't get me started on "if there is no centralization we see scams all the time"... It is the centralized State which is the largest scam of all.


That may be so but if someone hacked my comptuer and emptied my bank account I would get reimbursed 100% by the banks and they would even investigate on their own terms.. With bitcoins will get back 100% of nothing. It just gone to some unknown hash address. I understand your passion towares bitcoins since you run a very profitable bitcoin gambling site but realistically there are far to many negatives for bitcoin to become anything more than a novelty item. Its increasingly difficult for me to even buy bitcoins. Its pathetic. I have a credit card and paypal but I cant buy coins at the going rate. That there is the biggest hindrence. Liquidity.

The reason you get reimbursed by your bank is because there is deposit insurance. Deposit insurance can be provided by the private market as well. The fact that no bitcoin entrepreneur yet offers deposit insurance doesn't mean it can't be done. Simply, the bitcoin economy's not quite large enough to warrant that service yet (though you can bet your ass that some ewallets will emerge in the next 1-3 years that offer deposit insurance by default).

Furthermore, the deposit insurance your bank gives you is actually Federal deposit insurance. The government pays for that, meaning that all of society is forced to pay for the protection of your bank account. If you're morally okay forcing other people to bear the costs of protecting your assets, then fine, but I'm morally opposed to it (it's also terribly destructive as it leads to perverse economic incentives on behalf of the banks - the risk they take is socialized across the country while their profits from that risk belong to them).

However, you're correct that buying bitcoins is currently the biggest hindrance. Many of us are working on this, and indeed it is already far better than last year. Next year will be far better still. As with the deposit insurance, don't make the mistake of assuming that just because a nice service doesn't yet exist, that it won't tomorrow.