Post
Topic
Board Economics
Re: Billionaires hate Bitcoin.
by
HappyFunnyFoo
on 28/03/2012, 19:46:17 UTC
Bitcoin is an inferior means of exchanging sums of capital, in its current form.  Nobody wealthy really cares about it.

Small transactions: cash is faster and 100% secure (money goes from person X to person Y and is verified by counting in 10 seconds or less, vs. bitcoin's 20 minute block confirmation wait).

Large transactions: bank transfers are much, MUCH safer (FDIC insurance at my free savings account covers up to $100,000, there's no 100% secure equivalent in the bitcoin world, and wallet security is a joke right now).

Price volatility: developed nation currency is 100 times more stable.

Usability: developed nation currency is 100,000 times more commonly accepted as monetary standard.

Speaking from the perspective of a very wealthy individual, why care about such an inferior currency system at all?  This is a proof of concept, not designed for mainstream use, and needs a lot of work.  Respect bitcoin for what it is and what it proves.  Graham Bell's first telephone is NOT an iphone.  Got it?

Sorry guys.