Bitcoins

BoracicLint

Worldcoin solves some of the previous issues highlighted by others here, regarding Bitcoin's 10 minute target block time.

Worldcoin targets 60 seconds for full confirmation, which potentially makes it more useful as a currency. It's still relatively small by Bitcoin's standards (market cap for WDC=$25M vs. BTC=$11B) but it has grown 30x since November.

Unfortunately in my experience, the majority of these alt-coins are nothing more than speculative vehicles pumped and dumped by day traders on bitcoin exchanges. I think Worldcoin could do very well, but despite the faster transaction times, it will never be a useful currency until the volatility subsides.

Jegersmart

Although my main mining focus is Litecoin, I also use spare capacity to mine some WDC and some of the other fledgling currencies as it is very quick gain in terms of coin and who knows what the future value may be.

J

M.Johnson_2

IronWolf wrote: »

But the point of money isn't really to store wealth, it is to allow the exchange of assets with ease, using currency as an interim good for transfer. So you can have far more in assets that you have in currency without any problem whatsoever.

The point of currency is to be a means of exchange, the true definition of money is a long term store of wealth over long periods of time, not hundreds of years but thousands.

Only gold and silver are money everything else is just currency including bitcoin.

JohnRo

In the past perhaps.

So, sentimentality aside, what exactly is it you think bitcoin can't do - in terms of storing and transmitting value - that gold and silver can?

sabretoothtigger

In the past :laugh:

This time its different, famous last words. Every time its the same, is closer to the truth most of the time

Gold is a unique element with various values of use in that, it relies on no one for its intrinsic worth. In addition people may like it as jewellery but thats only as a bonus

Bitcoin is reliant on its network pretty much, it could carry on to some extent but mostly its worth is in the instant transaction where gold is centuries in its indestructibility.

Big problem, bitcoin is useless by itself. One coin attempts to discover new prime numbers I believe ? Its not impossible but mostly we are talking about digital fiat.
Namecoin tries to be of use as a alternate DNS structure (internet roadmap) so this dual use could be of some backing perhaps.
BTC has none, so it a ship with holes in it. If clever they can continually be bailed out by its high applicability (small internet cash), money velocity, efficiency whatever works.

However its default bias is to sink to davy jones locker.
Especially under the weight of overwhelming and consistent competition due to its open source as well as 'real world' exchanges

So gold, solid base worth. Bulky, variable bonus use. BTC no base worth but with massive bonus value attributed by transferability

Satoshi

Currency is a means of exchange, the true definition of money is a long term store of wealth over long periods of time. At any time in history or future in any major city around the world if you have gold and silver in your pocket then you could spend it on a place to stay, food maybe new clothes and anything else you need. Even if you have to change it for currency first.

Only gold and silver are money everything else is just currency including crypto like bitcoin.

lvader

Satoshi wrote: »

Currency is a means of exchange, the true definition of money is a long term store of wealth over long periods of time.

I would also suggest that things that haven't been used as currency for many years no longer count as currency, so that rules silver out. And no souvenir silver coins that cost much more than their face value don't count as currency.

Satoshi

lvader wrote: »

I would also suggest that things that haven't been used as currency for many years no longer count as currency, so that rules silver out. And no souvenir silver coins that cost much more than their face value don't count as currency.

silver dimes are still in circulation in the us minted in the 60's. The interesting thing they are worth a lot more than face value now :T

Satoshi

This is the biggest hurdle to get over, its people understanding crypto. Will little old laddies going to do their shopping undertstand units of crypto? I think the answer is no. I have tried explaining crypto to very intelligent adults but they don't get it, and I have to honestly say well I don't undertstand it completely myself even the people who made it do not completely understand it or what may happen to it in the future Or how to measure the value of each unit of all the competing crypto currencies.

But when it comes to little old laddies going shopping working out how many grams of silver something costs, yes they will easily understand that because there is something real its actually something there in their mind, even if its a digital transaction. If all her shopping for the week comes to this many silvergrams, and each item for example milk, eggs, bread costs this many milligrams of silver each, then nobody is afraid of it they can easily grasp it because its something real they can picture in their mind even if its a digital transaction like paying with a credit card today.

I say its very hard for average people to get their head around crypto, how much something is worth valued in units of crypto currency, how can you get your head around that? You can't, there is no historical measuring stick. Silver has several thousand years history being used as money and we know the historical average is 3 silvergrams or a tenth of an ounce valued at an average 12hr days wage.

sabretoothtigger

I think its more like 1 coin per day, maybe not an ounce but more then a few grams
Just a few grams would make all sorts of cutlery and plates in existence worth thousands, its more likely hundred or so tops.

Someone pointed out the best reference is the longest standing currency of modern times which is the Byzantium empire
http://www.acsearch.info/search.html?search=similar%3A77478&view_mode=1#0