Re:Coinbase S-1
by vkou on Friday February 26, 2021 @01:41AM
(#26271962)
> Bitcoin, imho, is a clever way to redirect excess energy production into a trustless payments system.
It's utterly failed at that, because nobody actually cares about it as a payments system. People care about it as a speculative investment.
The more people care about it as a speculative investment, the worse it gets at being a payments system. We're seeing this today, as the costs of using bitcoin skyrocket, and the overwhelming majority of bitcoin transactions are sending it to and from fiat-to-bitcoin exchanges.
It's utterly failed at that, because nobody actually cares about it as a payments system. People care about it as a speculative investment.
The more people care about it as a speculative investment, the worse it gets at being a payments system. We're seeing this today, as the costs of using bitcoin skyrocket, and the overwhelming majority of bitcoin transactions are sending it to and from fiat-to-bitcoin exchanges.