Bitcoin ‘Ought to Be Outlawed,’ Nobel Prize Winner Stiglitz Says

Re:Bitcoin ‘Ought to Be Outlawed,’ Nobel Prize Winner Stigli... by pteredactyl on Thursday November 30, 2017 @12:57AM (#15813806)

Not if it’s transacted over a secondary market or exchange. People don’t understand this.

For example, if you transact BTC directly over the network, yea it’ll be expensive. Like 5-8%. But if I transact through an exchange, it’s more like .25-.5%. And it’s instantaneous. They’re a clearinghouse that batches transactions periodically.

Seems there’s a lot of misunderstanding about money in general, including crypto. I for one am glad awareness is raising. As I truly believe money/finance/capital is an extreme, if not the greatest, form of control.

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Re:Bitcoin ‘Ought to Be Outlawed,’ Nobel Prize Winner Stigli... by qplex on Thursday November 30, 2017 @05:47AM (#15814830)

If you store your coins in an exchange you don't have control over them. People don't understand this.

Edit: And 5-8% transaction rates are absolutely insane for a payment system.

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Re:Bitcoin ‘Ought to Be Outlawed,’ Nobel Prize Winner Stigli... by ric2b on Thursday November 30, 2017 @07:35AM (#15815239)

It's not a percentage, you pay the same fee whether you're sending 20 cents or 20 million, you're paying for the space your transaction takes up on the block.

It's actually not even that, the miners just choose the transactions that pay the highest fees each time they create a block, to maximize their revenue, so you can choose whatever fee you're willing to pay and it might or might not be included depending on what other people are willing to pay.

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Re:Bitcoin ‘Ought to Be Outlawed,’ Nobel Prize Winner Stigli... by qplex on Thursday November 30, 2017 @12:26PM (#15817528)

What? Yes, but there is no reason you can't present the percentage after the transaction is complete.

Also you don't usually buy beer for 20 million, hence the rates will be in the mentioned ballpark.

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Re:Bitcoin ‘Ought to Be Outlawed,’ Nobel Prize Winner Stigli... by ric2b on Tuesday December 05, 2017 @12:18PM (#15853304)

But why mention the percentage? Just say the absolute value itself. $x per transaction.

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Re:Bitcoin ‘Ought to Be Outlawed,’ Nobel Prize Winner Stigli... by pteredactyl on Thursday November 30, 2017 @06:29AM (#15814963)

Fair. I agree, assuming control in the strictest sense. The lower transaction costs in an exchange compensates for less control.

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Re:Bitcoin ‘Ought to Be Outlawed,’ Nobel Prize Winner Stigli... by imtringued on Thursday November 30, 2017 @07:59AM (#15815371)

So to solve bitcoin's problems they reinvent the current centralised banking system?

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