Banking on Bitcoin

[siru]

6 minutes ago, lazybugger said:

I meant buying stuff with bitcoin, and accepting them as payments.

I think  its very risky for legitimate busineeses to accept BTC as payments.

Suppose naku oka grocery shop vundi and I sell $10 worth groceries and accept payment in BTC equal to $10. There is a high risk that the BTC may be worth less than $10 in the next hour or so. ofcourse value increase ayye chance kuda vundi but its too risky for businesses to accept btc

 

[lazybugger]

4 minutes ago, lovvukovvu6 said:

seedbox nenu bitcoin thone konta......also some games and other stuff

okay. good for you.

[siru]

5 minutes ago, lovvukovvu6 said:

seedbox nenu bitcoin thone konta......also some games and other stuff

inka chala konochu 

[lazybugger]

2 minutes ago, siru said:

I think  its very risky for legitimate busineeses to accept BTC as payments.

Suppose naku oka grocery shop vundi and I sell $10 worth groceries and accept payment in BTC equal to $10. There is a high risk that the BTC may be worth less than $10 in the next hour or so. ofcourse value increase ayye chance kuda vundi but its too risky for businesses to accept btc

 

the very volatile price of these coins are because a few traders can manipulate the price of a coin.

A better solution is to devise an AI that puts in more coins into the system according to the demand. Loans coins at interest, etc. just like a traditional bank/FED.

But then, ecoins won't be traded for money if that happens and will have to be used to buy and sell regular items.

[Quickgun_murugan]

30 minutes ago, lazybugger said:

Its just a digital currency bro. It has very less friction, and can be easily exchanged without any central authority. (like no one prints bitcoin based on demand, the number of bitcoins is set in stone).

This form of currency is incompatible with the modern world. And that's why bitcoin will mostly be used only a stock of value, and not as a medium of exchange.

thnx man

[lazybugger]

33 minutes ago, siru said:

I think  its very risky for legitimate busineeses to accept BTC as payments.

Suppose naku oka grocery shop vundi and I sell $10 worth groceries and accept payment in BTC equal to $10. There is a high risk that the BTC may be worth less than $10 in the next hour or so. ofcourse value increase ayye chance kuda vundi but its too risky for businesses to accept btc

 

These assholes have tried to model a currency on gold. It doesn't work in the modern world.

understanding of financial systems, and monetary systems have progressed so much that besides the blockchain tech, bitcoin is a step backward.

None of the great technological advances would have been made, if man stuck to gold standard. entha cheppina bitcoin community won't adopt the best of traditional systems, and that's why they'll become irrelevant soon.

a better way is to have multiple bitcoin like systems competing inside one country. But a money system, which will never inflate the supply of money, won't work. It gives the power back to the person who's having the most money - precisely the thing these decentralised money systems hope to avoid..

guys who made bitcoin didn't understand money.

[siru]

50 minutes ago, lazybugger said:

These assholes have tried to model a currency on gold. It doesn't work in the modern world.

understanding of financial systems, and monetary systems have progressed so much that besides the blockchain tech, bitcoin is a step backward.

None of the great technological advances would have been made, if man stuck to gold standard. entha cheppina bitcoin community won't adopt the best of traditional systems, and that's why they'll become irrelevant soon.

a better way is to have multiple bitcoin like systems competing inside one country. But a money system, which will never inflate the supply of money, won't work. It gives the power back to the person who's having the most money - precisely the thing these decentralised money systems hope to avoid..

guys who made bitcoin didn't understand money.

Oh I didnt know btc are based on gold too..

How can they be? maybe a lame question but ..who ever is making BTC dont purchase the equvalent in gold right?

[Hitman]

10 minutes ago, siru said:

Oh I didnt know btc are based on gold too..

How can they be? maybe a lame question but ..who ever is making BTC dont purchase the equvalent in gold right?

No need of discussing more..on this. oka controlling authority ledu antene..not reliable anipistundi.

59 minutes ago, lazybugger said:

These assholes have tried to model a currency on gold. It doesn't work in the modern world.

understanding of financial systems, and monetary systems have progressed so much that besides the blockchain tech, bitcoin is a step backward.

None of the great technological advances would have been made, if man stuck to gold standard. entha cheppina bitcoin community won't adopt the best of traditional systems, and that's why they'll become irrelevant soon.

a better way is to have multiple bitcoin like systems competing inside one country. But a money system, which will never inflate the supply of money, won't work. It gives the power back to the person who's having the most money - precisely the thing these decentralised money systems hope to avoid..

guys who made bitcoin didn't understand money.