| "Bitcoin has very few of the properties that one would consider desirable for a currency." The desirable properties of currency are:
- difficult to counterfeit
- fungibility
- robustness from degradation (eg: salt works except if you get it wet)
- consistent store of value
- Easily transportable. Bitcoin has all of the above, and has better qualities in each regard than both gold and the US dollar. As for your complaints:
1. Transaction fees are not a problem. You can move a million dollars for $0.20. You can move 1 penny for a millionth of a penny with bitcoin. The "transaction fees" FUD is just a campaign combined with a spam attack and that spam attack has been defeated. Further it becomes irrelevant with lightning. 2. Bitcoin is literally inflationary. It won't stop inflating until 2140. You think its "deflationary" because its price keeps going up, but that's simply a consequence of the technology adoption lifecycle. The idea that deflation is bad is absurd. Monetary inflation is a form of taxation, or more precisely counterfeiting. It is literally theft. The reason old people have trouble getting by is that the government has stolen their lifetime of savings via inflation. The idea that government propaganda has convinced people that this is somehow good is really quite disgusting. 3) There is no reason to hard fork bitcoin. The only ones that have happened were early days and an accidental one (which nobody noticed because everyone upgraded.) You don't need to hard fork bitcoin. Unwinding "mundane fraud" is not a feature of gold or the US Dollar so the idea that this is a requirement of a currency is absurd. Also, you were complaining that it is centralized, but your evidence is that it's so decentralized that you can't reverse transactions?! You said you were having trouble articulating it, so maybe you switched points in the middle. Anyway, censorship resistance is a good thing-- any method that lets you "unwind mundane fraud" would let a government censor who has what bitcoin. |