News for hackers. Stuff that matters.

A comment on Bitcoin Energy Consumption Index. Parent comment

Re:Bitcoin Energy Consumption Index by nunyabuizness on Sunday August 27, 2017 @01:45AM (#15109318)
Well it's pretty easy to spend an asset that's consistently increasing in value... the real test of it's utility as money is how many businesses and people have started accepting Bitcoin recently.
[ Parent | on HN ]
Re:Bitcoin Energy Consumption Index by mrb on Sunday August 27, 2017 @01:57AM (#15109348)
160k merchants, 3-6 million users. https://www.jbs.cam.ac.uk/fileadmin/user_upload/research/cen...
[ Parent | on HN ]
Re:Bitcoin Energy Consumption Index by grwthckrmstr on Sunday August 27, 2017 @04:41AM (#15109769)
You should also look at this as % of merchants and users in the world.

Is it 10%,50%,or 0.001%?

[ Parent | on HN ]
Re:Bitcoin Energy Consumption Index by oh_sigh on Sunday August 27, 2017 @10:08AM (#15110857)
What percentage of merchants and users accept HKD?
[ Parent | on HN ]
Re:Bitcoin Energy Consumption Index by TomK32 on Sunday August 27, 2017 @12:06PM (#15111312)
100% in Hongkong, which is also where the most HKD are circulated.
[ Parent | on HN ]
Re:Bitcoin Energy Consumption Index by mrb on Monday August 28, 2017 @05:55PM (#15120407)
Pointless comment. Bitcoin is a borderless technology. There will never be, by design, a "Hong Kong-sized" area with BTC accepted everywhere. That is, unless BTC achieves world domination :-)
[ Parent | on HN ]
Re:Bitcoin Energy Consumption Index by oh_sigh on Sunday August 27, 2017 @07:27PM (#15113398)
OP asked "in the world"
[ Parent | on HN ]
Re:Bitcoin Energy Consumption Index by vsl on Monday August 28, 2017 @12:10AM (#15114355)
If BTC was circulated in only a Hongkong-sized area, that would be a fair comment. It isn't, the area of its circulation is the world.
[ Parent | on HN ]
Re:Bitcoin Energy Consumption Index by whateverman2 on Sunday August 27, 2017 @12:27PM (#15111414)
Or hamburgers? After all, you can trade them for the local currency. Hamburgers must be a currency!
[ Parent | on HN ]
Re:Bitcoin Energy Consumption Index by ForHackernews on Sunday August 27, 2017 @04:44AM (#15109779)
Why would you ever want to spend an asset that's increasing in value? Seems like a useful currency should be mildly inflationary.
[ Parent | on HN ]
Re:Bitcoin Energy Consumption Index by Buge on Sunday August 27, 2017 @06:12AM (#15110064)
Why not dump your entire life savings into it right now?

Because there's risk, it fluctuates, there's no guarantee it will always go up. People need to decide to what degree do they want to invest and be exposed to the risk and reward. Say someone decides they want 1BTC of exposure, and are contemplating buying an item of 0.01BTC. Would that really be a big deal? Small changes in the degree of exposure shouldn't be a financial problem to worry about.

[ Parent | on HN ]
Re:Bitcoin Energy Consumption Index by ForHackernews on Monday August 28, 2017 @04:42AM (#15115246)
> Why not dump your entire life savings into it right now?

Plenty of the bitcoin true believers have.

Everything you're talking about makes sense for investing in a commodity, not for a currency.

[ Parent | on HN ]
Re:Bitcoin Energy Consumption Index by mrb on Monday August 28, 2017 @05:58PM (#15120432)
The answer is very simple: no one is absolutely sure BTC will always gain value.
[ Parent | on HN ]