Re:Tether price manipulation
by doggosphere on Friday January 08, 2021 @05:05PM
(#25691131)
Bitcoin is bits of data on a network. It does exactly what its supposed to do; a dictionary for strings to integers.
Securing external value to people is not a goal or responsibility of Bitcoin. That's simply a consequence to how we as humans choose to use scarce assets.
Re:Tether price manipulation
by incrudible on Friday January 08, 2021 @07:17PM
(#25693115)
> Securing external value to people is not a goal or responsibility of Bitcoin.
Fair enough, but then your comparison to physical gold is meaningless. Physical gold is generally used to store value, not to transfer it.
For that purpose, you have paper money (or paper gold such as futures) which is cheap to transfer.
Re:Tether price manipulation
by doggosphere on Friday January 08, 2021 @10:25PM
(#25696247)
Gold has had thousands of years to equalize in value.
Bitcoin is about 12 years old.
Re:Tether price manipulation
by incrudible on Saturday January 09, 2021 @06:11AM
(#25699424)
Alright, then maybe in a hundred years your gold comparison will be meaningful, but not today.
Re:Tether price manipulation
by doggosphere on Saturday January 09, 2021 @11:48AM
(#25701905)
Disruptive technology is disruptive.
Tell someone from the past to imagine having godlike computing power in your pocket, and they'd say "why would anyone want that?"
Re:Tether price manipulation
by incrudible on Saturday January 09, 2021 @03:49PM
(#25704594)
I'm not sure what your point is right now. Sure, it's "disruptive technology", that doesn't mean it can be used to store value into the future.
Computers that are decades old, which were "disruptive technology" at the time, are scrapped today - for their gold.
In all seriousness, securing the value of Bitcoin is the problem that is not easily solved.