Bitcoin is most successful in black and grey markets. In legal commerce, it's a gimmick that is only used by the merchants as a publicity stunt.
So you don't think that the money hungry banks out there would want to lower their internal transaction fees and in turn raise their profits by millions each year?
Bitcoin can be successful within the black/grey markets but i think that plain old fiat cash would hold the title of the most commonly used currency among criminals.
You're right, and that's why the banks are interested in the blockchain technology and finding
practical use for it. (bitcoin is not practical)
They don't have to buy a low quality "currency" (that's more a pyramid scheme then a currency) to profit from the technology.
Of course fiat cash is the most commonly used currency among criminals, maybe because overall, fiat is the most commonly used currency? It doesn't change the fact that bitcoin only has practical utility in the black/grey markets where the relative anonymity of it's transactions overweight all the inconvenience and security risks that come with making bitcoin transactions.
Bitcoin is most successful in black and grey markets. In legal commerce, it's a gimmick that is only used by the merchants as a publicity stunt.
Dumb comments galore. Bitcoin is valuable as a method of payment, but more importantly, it's a currency segregted from the designed to fail, designed to scam you, fractional reserve, debt based fiat system, that will implode in a black swan event through cascading deflationary collapse.
Bitcoin is most successful in black and grey markets. In legal commerce, it's a gimmick that is only used by the merchants as a publicity stunt.
so you think a big ass company like Dell that has been accepting bitcoin for years, or another big ass company like Valve that started accepting bitcoin are black and grey markets! and there are many more small and big merchants that are transaction with bitcoin already.
All done just to get some free press and maybe some new loyal customers among the bitcoin fanatics.
Yes, it's valuable as a method of payment in fields where anonymity is needed. Where anonymity is not needed, it's needlessly inconvenient and risky.
While I agree that the fiat system is largely built to concentrate wealth in the hands of minority, then bitcoin is doing the same thing on steroids. Inflation at least motivates people to use their wealth to drive the economy. If you just sit on your ass, then your wealth will start to shrink, if you use your wealth to start new projects, create jobs, manufacture goods, then it will grow - that's inflation in a nutshell.
I find the hypocritical bitcoiners, who preach about financial equality while promoting bitcoin, as especially despicable. They are not about changing the system for the better, but the only thing they wish to change is to make wealth even more concentrated, and to put themselves in the position of the "alfa-crooks" who would leech even more on the backs of others. That's the wet dream of a typical bitcoiner - to become rich while having no education or skill, and then to just sit on their ass while watching their wealth expand. That's why it will be a happy day for me when they will get what they actually deserve.
