this post was submitted on 25 Jun 2024
-20 points (38.1% liked)
Open Source
31224 readers
229 users here now
All about open source! Feel free to ask questions, and share news, and interesting stuff!
Useful Links
- Open Source Initiative
- Free Software Foundation
- Electronic Frontier Foundation
- Software Freedom Conservancy
- It's FOSS
- Android FOSS Apps Megathread
Rules
- Posts must be relevant to the open source ideology
- No NSFW content
- No hate speech, bigotry, etc
Related Communities
Community icon from opensource.org, but we are not affiliated with them.
founded 5 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Oh agree totally on this one.
If you are using it to send money from point A to point B, you can cash it out at the same price you put it in at, so fluctuation doesn't matter much. You're probably saving on bank fees and exchange risk enhanced by slow international settlement. Exchange risk is always a thing with any currency. It's gotten more stable over time and I imagine that trend will continue. Other currencies are also unstable, how has the purchasing power of the USD held up over the last 5 years? That's not to mention the billions of people not fortunate enough to live in a currency environment which is dominated by the dollar. Ask any Argentenian or Turkish person how stable their currency is compared to Bitcoin. Best case scenario, your dollar slowly loses value over time due to supply inflation. Whether or not you find it useful, more and more people find it useful every year, the transaction volume has increased reliably for 15 years. Nobody's making them use it. On the contrary, there are often hurdles educational, regulatory, and technological to using it, but they still do. Maybe on year 16 though people will finally realize it's useless and stop using it.
Maybe TCP/IP is shit if we need other protocols build on top of it like SMTP. Maybe ethernet is shit if we have to design a whole nother protocol (TCP) just to make sure packets actually arive in the proper order. No. This is a weak argument. Fedwire, the system for settlement between US banks, has a equivalent transaction speed to Bitcoin's base layer. Banks don't seem to have any problem with that speed. And ten minutes is pretty dang fast to send a million dollar transaction across the globe (on main chain) or under a second (on lightning). Meanwhile, the US dollar doesn't have a built-in transfer mechanism, and the mechanisms available can be quite frustrating or expensive to work with, ask anybody whose ever had to send an international bank wire or deal with the frequent buyer return fraud on platforms like eBay. I'd sell an iPhone to somebody in (insert fraud prone country here) no problem in BTC. With PayPal? No effing way,