From the comments of “Homeless, Unemployed, and Surviving on Bitcoins” by Daniela Hernandez, via “Wired Thinks Bitcoin Could Be the Great Homeless ‘Equalizer'” by Nitasha Tiku:
As soon as enough people start using Bitcoin and the volatility decreases it’s possible that most low value transactions and even some high value ones cross over to BTC entirely, removing the bottleneck posed by exchanges.
Which will never happen ever.
It’s already happening. These guys are already getting food for bitcoins…
Not being classist but when influencers and powerbrokers start using Bitcoin for real purchases and not homeless ppl or when my local Safeway begins accepting them, then I’ll say there’s a trend here. But there won’t be.
Currencies are normally adopted from the bottom up. I agree that major purchases are probably never going to be made using BTC. If you want legal protection for your property, like a car or a house, you are going to have to use your local currency and get your stuff in the system. But Safeway?
The costs associated with micro payments is huge. If retailers could circumvent the whole credit card system, they would. The only reason this doesn’t happen right now is because this currency is still largely unknown and has a very high volatility.
Why do you think Papa John’s is getting in on this?
Currencies are NOT adopted from the bottom up. Currencies are a vehicle of control and are imposed by the powerful onto the powerless.
Tell that to the guys in prison using cigarettes as currency. The people using seashells all over Africa and Asia. Currencies are not a means of control, they are a means of exchanging value. To say that currencies are a tool of control is the same as saying water is a tool of control in desert regions. Currencies CAN be used for control and that is exactly what you have today, but a decentralized currency that nobody controls, cannot be used for control.
They are in PRISON. You have just proved my point.
Besides they also use ass as a currency; how would you like to pay for that Mr.Joaquim? A 20min ass-pounding by Bubba or shall we put that on your Visa?
There is no central bank in Africa or in Asia that uses seashells as a form of currency.
If currency, as you say, is not a form of control (which it is), that is a major plank of the raison detre of Bitcoin cut out from under it.
You use the words “decentralization”, decentralization from whom? Why the powerful central banks of course who impose currecny upon the rest of us.
Your thinking is mightily confused.
Exactly, anything can be used as currency as long as two parties are willing to accept it. And yes, there are a number of places where ass IS a currency. But you can’t send ass over the internet, nor can you hold, on your person, more that 1 ass. So BTC is better than ass
How is sending something over the internet a plus when it comes to currencies? If anything it’s a minus, money exchanges being trackable and all that (and yes, Bitcoin is trackable).
And you CAN send ass over the internet, just search “craigslist and prostitution” and all those transactions were concluded using plain ole cash or credit. NOT Bitcoin.
I use to see that in prison. They got rid of cigarettes, so the inmates switched to prestamped envelopes. They started putting ID on each envelope, the inmates switched to using small single serving koolaid packs. They got rid of those and the inmates started to use small packs of freeze dried coffee. These all started from the ground up. Great place to study economics.
Yeah they’re all Milton Friedman’s in there. Your stash of koolaid is safe from 300lb Bubba cuz he’s a believer decentralized currency.
“And you CAN send ass over the internet”
You can’t “send ass” over the internet. You can send “pictures of ass” but that’s not the same. You can agree to trade ass over the internet, but the trade itself has to be done in person.
“How is sending something over the internet a plus…”
Really? If you have to ask, maybe you aren’t ready for digital content like books, movies, or music. Maybe you’ve never heard of Amazon and the postal service, where you send something electronically and then they send you something physical. Maybe you’ve never heard of Wall Street, where all trades are done through digital means. That statement right there shows you are either a troll or utterly clueless.
Many things fly right over Ben’s head. Mainly comprehension.
I will agree with you ONLY if you are referring to your buddy Ben Bernanke at the Fiat Fed. (Truly as Federal as Federal Express)
This is such a good discussion. I wish I can copy paste all the comments in this thread and bring it to my Macroecon class lol
I am ur Macro economics professor.