[jafaku]

> 10min transaction time, resources wasted in mining, programmable aspect is very limited, deflationary, nowadays economic thinking

Getting really tired of these arguments. Transactions take 0-2 seconds. The resources are not wasted, they are used to secure the network and are way lower than what VISA or any other big company use. And It's deflationary because people like me are suffering from this form of theft called inflation, and we desperately needed something like Bitcoin. Besides, without an economic incentive why would people risk money? Nowadays economic thinking is pretty much a pseudoscience, just like Psychology.

[Nursie]

A crypto currency network that requires constant hash thrashing is not one I'd call well designed. It appears to be a trade-off for the decentralisation of initial currency issuing, not something everyone considers important.

[dllthomas]

"It appears to be a trade-off for the decentralisation of initial currency issuing, not something everyone considers important."

Mining isn't (primarily) for currency issuance - it's decentralization of secure transaction processing. Which still isn't something everyone considers important, of course.

[Nursie]

Well sure, it does both. There are (theoretical) systems that allow cryptographically secure transactions to take place without so much thrashing though. Even verifiable offline transactions.

Of course bitcoin's major advantage is that it's already here and working.

[dllthomas]

"Well sure, it does both."

Certainly. Using it to distribute the currency, before there's the critical mass of people wanting to make transactions enough to pay your miners seems a perfectly good fit once you're already needing to mine, though.

"There are (theoretical) systems that allow cryptographically secure transactions to take place without so much thrashing though. Even verifiable offline transactions."

Verifiable offline transactions with no centralization? Can you link to some?

[Nursie]

>> Verifiable offline transactions with no centralization? Can you link to some?

Nope, because they all have centralisation, as I said, the thrashing is the tradeoff!

[dllthomas]

Ah, 'k.

[jafaku]

Yeah, the one thing that makes Bitcoin different and a breakthrough in computer science is not important. Tell me more...

[Nursie]

A breakthrough in computer science? How?

And no, not everyone values decentralisation, sorry. I ddon't consider it an important aspect of a currency or payment scheme. Good for you if you do. Personally I value consumer protections and ease of use way more.