Re:Crypto Exchange AAX Suspends Withdrawals
by cmsj on Monday November 14, 2022 @12:17PM
(#33597396)
A high value is certainly an implicit outcome of taking this literally:
"What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party"
One could make the argument that crypto ownership could be a short-lived thing - you buy some crypto, use it immediately for an electronic payment, then you have no more crypto, which would keep its value low, but then you need a trusted third party to buy the crypto from, and the retailer needs one to sell the crypto to.
Removing a third party means that you need to be paid in crypto, and do all your transactions with crypto. Given that Bitcoin was created with a finite pool of coins, it's obviously necessary that each coin be worth a vast amount of money, for it to replace all fiat currently used for electronic payments.
"What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party"
One could make the argument that crypto ownership could be a short-lived thing - you buy some crypto, use it immediately for an electronic payment, then you have no more crypto, which would keep its value low, but then you need a trusted third party to buy the crypto from, and the retailer needs one to sell the crypto to.
Removing a third party means that you need to be paid in crypto, and do all your transactions with crypto. Given that Bitcoin was created with a finite pool of coins, it's obviously necessary that each coin be worth a vast amount of money, for it to replace all fiat currently used for electronic payments.