Re:Tesla buys $1.5B in Bitcoin, may accept it as payment in ...
by lawn on Monday February 08, 2021 @04:40PM
(#26070555)
> Like what am I supposed to do? Spend it? Where? I can't buy a coffee with it.
Yes in certain places you can buy coffee, for example in Tokyo (although that's Bitcoin Cash, not Bitcoin).
Other places include buying domains, email, hosting or VPNs while preserving your privacy. Or buy computer equipment from Webhallen or Inet, two of Sweden's largest computer stores. Or buy games, porn or similar.
> but then seems to misunderstand the most fundamental property - acceptability
No, the properties don't change depending on how many use it. That's the functions of money, which you're right cryptocurrencied don't fair well in.
For example gold was once an excellent medium of exchange, but it's not anymore as people has stopped accepting it for payments.
Even if something is technically better, you don't replace the money quickly. The point is the potential, not that we're there today.
> explain the value proposition of bitcoin without eventually it just boiling down to "well the value is going up so I'm hodling"
The whole book is based on this premise and that cryptocurrencies are a better currency, and the volatility of Bitcoin is one of the biggest drawbacks. (Besides the ridiculous fees and the lack of privacy.)
To simplify the value proposition is mainly twofold:
* As a better means of payment as it's cheaper, faster and uncensorable.
* As a form of money where nobody can manipulate the supply.
Yes in certain places you can buy coffee, for example in Tokyo (although that's Bitcoin Cash, not Bitcoin).
Other places include buying domains, email, hosting or VPNs while preserving your privacy. Or buy computer equipment from Webhallen or Inet, two of Sweden's largest computer stores. Or buy games, porn or similar.
> but then seems to misunderstand the most fundamental property - acceptability
No, the properties don't change depending on how many use it. That's the functions of money, which you're right cryptocurrencied don't fair well in.
For example gold was once an excellent medium of exchange, but it's not anymore as people has stopped accepting it for payments.
Even if something is technically better, you don't replace the money quickly. The point is the potential, not that we're there today.
> explain the value proposition of bitcoin without eventually it just boiling down to "well the value is going up so I'm hodling"
The whole book is based on this premise and that cryptocurrencies are a better currency, and the volatility of Bitcoin is one of the biggest drawbacks. (Besides the ridiculous fees and the lack of privacy.)
To simplify the value proposition is mainly twofold:
* As a better means of payment as it's cheaper, faster and uncensorable.
* As a form of money where nobody can manipulate the supply.