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0 pointsSteko12y ago0 comments

Bitcoin's volatility seems to be entirely a function of demand. People buy it because the price is going up. People sell it because they want to take profits or are scared the price is dropping.

You'd be crazy to use it right now for legal goods and services. The view of many Bitcoin critics (including myself) that it's horrible as a currency but a massive success as an investment vehicle seems stronger than ever.

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MarkPNeyer12y ago· 2 in thread

you'd be crazy to buy hosting anonymously - especially if your government protects its people from bad ideas

you'd be crazy to buy weapons anonymously - especially if your government protects its people from harm by keeping them unarmed

you'd be crazy to trust mathematics more than governments because governments never lie, whereas numbers are made up all the time

StekoOP12y ago

The first two are covered under the word "legally". If your government doesn't allow something it's illegal. It might sound great to frame that as applying to things we all love like "speech" and "self-defense" but it applies equally to all things illegal like "laundering money" , "hiring an assassin", "buying heroin" or "acquiring a stockpile of illegal explosives to blow up an old folks home".

The last of your lines is just conspiracy theory catnip for monatery cranks. The mathematics of a given e-currency can be favorable or unfavorable for a global economy. As it turns out, the mathematics of Bitcoin are absolutely terrible for the way the world's economy is run.

pfisch12y ago

I guess I don't understand.

First of all these kinds of transactions need a vehicle like bitcoin, because using cash introduces a lot of middle men that dramatically decrease the efficiency of illegal transactions.

Second of all there is no way to send money right now for legal transactions without also introducing a bunch of similar middle men. I think square cash is maybe free right now in a promotional sort of way but it will not continue to be free.

Third there is no good way to do micro transactions right now...also because of middle men.

This seems like a disruptive technology that will displace a lot of middle men....

As long as it doesn't get hacked it at least seems like a pretty great idea.

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