Bitcoins?

[Trolleys Thank You]

jammy-git said:

fblm said:

Boydie88 said:

Near instant international transfers with next to no fees don't have a purpose?

I do international wires on a weekly basis for no fee. I can't think of an occasion I needed overnight to be instant. In the first world cryptos are a solution looking for a problem...

I can't help but think the same. I'm really not sure what problem crypto is solving considering that 99.9% of people don't care if their money is held in a centralised system or not.

The billions of unbanked would disagree. You don't need a central authority to open a bank account with cryptos.

p1stonhead said:

You can spend paper money though. It currently has a purpose.

You can spend Bitcoin.

Layer 2 of Bitcoin is has just been born. It doesn't use mining for transactions so very low energy consumption, millions of transactions a second capability, next to zero fees. See ya later Visa and Mastercard. Very young at the moment as you can see in the link but this will grow to hundreds, then thousands, then millions of nodes and channels.

https://lnmainnet.gaben.win/

[anonymous-user]

Crypto is far too volatile for the average joe to use as a currency. The signs are governments are going to squash it as soon as it gets big enough to bother the normal markets.

It looks more like a commodity than a currency to me.

[Gecko1978]

jsf said:

Crypto is far too volatile for the average joe to use as a currency. The signs are governments are going to squash it as soon as it gets big enough to bother the normal markets.

It looks more like a commodity than a currency to me.

I think governments want to squash it is becaue the problem it solves (removal of a central system) is one the government wants not to be solved. Money laundering Tax evasion etc all easier with crypto in the main stream.

Which is perhaps a reason long term it will succeed pure simple human greed....

[Badda]

Gecko1978 said:

jsf said:

Crypto is far too volatile for the average joe to use as a currency. The signs are governments are going to squash it as soon as it gets big enough to bother the normal markets.

It looks more like a commodity than a currency to me.

I think governments want to squash it is becaue the problem it solves (removal of a central system) is one the government wants not to be solved. Money laundering Tax evasion etc all easier with crypto in the main stream.

Which is perhaps a reason long term it will succeed pure simple human greed....

Assuming it doesn't replace fiat currencies, due to governance, and is allowed to continue on the sidelines....apart from criminals, who would benefit from using it?

[Gecko1978]

Badda said:

Gecko1978 said:

jsf said:

Crypto is far too volatile for the average joe to use as a currency. The signs are governments are going to squash it as soon as it gets big enough to bother the normal markets.

It looks more like a commodity than a currency to me.

I think governments want to squash it is becaue the problem it solves (removal of a central system) is one the government wants not to be solved. Money laundering Tax evasion etc all easier with crypto in the main stream.

Which is perhaps a reason long term it will succeed pure simple human greed....

Assuming it doesn't replace fiat currencies, due to governance, and is allowed to continue on the sidelines....apart from criminals, who would benefit from using it?

people who don't have access to bank accounts but own a mobile phone. people who live in a country where banks are corrupt or the state dips into your bank account (cyprus). People who don't want the state to know there income (half of the people we see on tv an listen to on the radio). Small businesses who have to pay card fees.

Consumers who are charged fees for using a credit card.

[anonymous-user]

+ Investors/Speculators/Gamblers
All the same!

[dimots]

The government and banks have a lot to lose to bitcoin/crypto. If they lose control of monetary supply they lose control of everything. If cryptos gain mainstream adoption and a corresponding rise in value, and the same actors end up holding and controlling thousands of coins, then a new world order will be established where the old guard play second fiddle to a new elite.

Who are that elite? Nobody knows. There lies the biggest worry for the establishment.

Obviously a lot of legal challenges will ensue very soon...but now that this technology is out there it can't easily be put back in the bottle.

Interesting times ahead

[anonymous-user]

A lot of banks joined the r3 consurtium, mitsubishi bank in Japan is creating its own coin. So saying the banks aren't looking to integrate the tech is wrong they aren't going to pay for a coin Chen it is all open source and available for free.

There is no us and them, the r3 is also suing xrp for the 5 billion usd they owe them off a 43 million investment.

[bongtom]

Trolleys Thank You said:

jammy-git said:

fblm said:

Boydie88 said:

Near instant international transfers with next to no fees don't have a purpose?

I do international wires on a weekly basis for no fee. I can't think of an occasion I needed overnight to be instant. In the first world cryptos are a solution looking for a problem...

I can't help but think the same. I'm really not sure what problem crypto is solving considering that 99.9% of people don't care if their money is held in a centralised system or not.

The billions of unbanked would disagree. You don't need a central authority to open a bank account with cryptos.

p1stonhead said:

These billions of unbanked are like that for simple reason of poverty and/or lack of technology and infrastructure in their country. There is no hope that they will understand or trust Crytocoins as a payment method, even if they could.

Take Cambodia for example; 60% of the population do not have bank accounts (Reasons being distrust of banks and the Khmer Rouge era) but they do use Wing, which required ID and a phone number (which you get by giving ID) or PiPay.

I had to laugh at that virus that hit XP operating systems. Let's attack an out of date OS and demand payment in a technology that most people have no idea how or what to do to get it!

[Murph7355]

fblm said:

I do international wires on a weekly basis for no fee. I can't think of an occasion I needed overnight to be instant. In the first world cryptos are a solution looking for a problem...

100%. Worst type of tech.

[Trolleys Thank You]

Murph7355 said:

fblm said:

I do international wires on a weekly basis for no fee. I can't think of an occasion I needed overnight to be instant. In the first world cryptos are a solution looking for a problem...

100%. Worst type of tech.

What about vendors who have to pay fees to accept card payments to Visa/Mastercard? Zero fees for vendors on Bitcoin's LN.

The number of Lightning nodes has doubled since I posted a few days ago. This thing is going to explode.

[ScotHill]

Trolleys Thank You said:

The number of Lightning nodes has doubled since I posted a few days ago.

Is there now two of them?

[anonymous-user]

Trolleys Thank You said:

This thing is going to explode.

to joe public make f-all difference, until wide use of btc, no one wants to actually spend it.

[Trolleys Thank You]

ScotHill said:

Trolleys Thank You said:

The number of Lightning nodes has doubled since I posted a few days ago.

Is there now two of them?

Nope, around 60 and a capacity of £10k. Not bad for something just over a week old.

The Spruce goose said:

Trolleys Thank You said:

This thing is going to explode.

to joe public make f-all difference, until wide use of btc, no one wants to actually spend it.

People do spend it. Not sure where you're from but in London there are many places you can spend it. I often buy lunch on Whitecross Street with it.

[Gecko1978]

the example above of buying lunch on the market shows there is potential. not certain of course but a payment free from goverment control does open up lots of possibilities. End of day may thought dot com bubble was just that....years later its a regular part of the everyday.

[anonymous-user]

Trolleys Thank You said:

ScotHill said:

Trolleys Thank You said:

The Spruce goose said:

Trolleys Thank You said:

This thing is going to explode.

to joe public make f-all difference, until wide use of btc, no one wants to actually spend it.

People do spend it. Not sure where you're from but in London there are many places you can spend it. I often buy lunch on Whitecross Street with it.

Do they make you wait until there have been 6 confirmations on the blockchain before you can eat your lunch? For those who don't know, that can take anywhere from an hour to a day. Oh, and the fees for using BTC are probably going to be around 3%

Why pay with boring old instant fiat with no fees when you can pay with BTC.

[Trolleys Thank You]

ScotHill said:

Trolleys Thank You said:

The Spruce goose said:

to joe public make f-all difference, until wide use of btc, no one wants to actually spend it.

People do spend it. Not sure where you're from but in London there are many places you can spend it. I often buy lunch on Whitecross Street with it.

Do they make you wait until there have been 6 confirmations on the blockchain before you can eat your lunch? For those who don't know, that can take anywhere from an hour to a day. Oh, and the fees for using BTC are probably going to be around 3%

Why pay with boring old instant fiat with no fees when you can pay with BTC.

I thought they might first time but nope, order food, scan their QR code on your phone and walk away. Simple. No faffing about with change while holding your food and wallet and a queue of people waiting behind you.

Fees will again become negligible in time.

Edited by Trolleys Thank You on Friday 19th January 18:15

[anonymous-user]

I can see how buying lunch with crypto currency is so much more convenient and cheaper than using cash. Oh no wait it's just a stupid gimmick.

[Trolleys Thank You]

fblm said:

I can see how buying lunch with crypto currency is so much more convenient and cheaper than using cash. Oh no wait it's just a stupid gimmick.

Nope. For those of us who got in early enough, it's a free lunch.

[Some Gump]

Trolleys Thank You said:

I thought they might first time but nope, order food, scan their QR code on your phone and walk away. Simple. No faffing about with change while holding your food and wallet and a queue of people waiting behind you.

Fees will again become negligible in time.

Which is a total step change compared to contactless credit cards, Apple pay etc. This thing is going to explode.