Ninjastic
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Re: Stop your BTC cheerleading and mass delusion and face the reality
by
UnunoctiumTesticles
on 10/12/2014, 23:06:43 UTC
Quote from: lyth0s on December 10, 2014, 11:02:13 PM
Quote from: UnunoctiumTesticles on December 10, 2014, 10:50:42 PM
Quote from: lyth0s on December 10, 2014, 10:37:49 PM
Quote from: UnunoctiumTesticles on December 10, 2014, 10:32:11 PM
Quote from: LaudaM on December 10, 2014, 10:29:04 PM
Please find a flaw in this: I can send $1B with a fee of 40 cents or less.

That is not a use case for the broad population. For the broad population there is no use case, other than as a get rich speculation.

Use cases?

1. Remittances -- very low fees compared to 10-15% of companies like western union
2. Self storage - Your accounts are not able to be "frozen" by 3rd parties
3. Portability -- You can travel to any country and immediately use your bitcoins without needing to transfer funds from one bank to another or pay additional currency exchange fees. If you tried to travel with a suitcase of cash you'd soon be broke/robbed
4. Not able to be used in Bail-ins: Example Cyprus stealing money from large account holders to bail-in their banks. And actually the G20 just agreed that bail-ins should be used before bail-outs by the IMF or the central banks....we are going to see a lot more bank failures and bail-ins in the near future
5. Known inflation/emission rate. : Take notice of argentina, or the QE in USA
6. the list goes on and on but if your too lazy to look them up then I'm going to stop here.

1. Convert to and from fiat is the same or more fees, plus much more hassle in many scenarios.
2. Just wait until the KYC regulations on the miners come once most of the users are accessing Bitcoin through Paypal and Coincase and other centralized choke points.
3. You need to convert to fiat before you can use it.
4. Ditto #2.
5. Bitcoin can be debased just like gold was debased in the 1800s, via fractional reserve loans denominated in BTC. Gresham's Law insures the public will adopt the most debased unit.
6. The longer your list, the more proof you provide that I am correct.

1. Pay with bitcoin you nerd.
2. Maybe they are initially buying bitcoin through a company like coinbase, but then just move it off coinbase. A smart bitcoiner would never leave a large amount of bitcoin on a centralized service, especially after the Mt. Gox problem
3. See #1. Are you mentally delayed? -- And if your argument is "well not everywhere accepts bitcoins and keeps them!" that is why were are in the adoption phase and I'm proud of that fact Cheesy
4. Nope, you can never take someones bitcoin as a bail-in. If I could I'd own all of satoshi's coins right now Smiley
5. Yes there could be a fractional reserve and they would need a very small margin otherwise face quick collapse. But that still prevents endless money printing.
6. The more you argue the point, the more obvious it is that you know very little about bitcoin.

Evidence of delusion. Thanks.