tag:blogger.com,1999:blog-6704573462403312459.post5437045371030434003..comments2024-03-28T06:53:23.473-04:00Comments on Moneyness: Bitcoin is more like ham radio than the early internetJP Koninghttp://www.blogger.com/profile/02559687323828006535noreply@blogger.comBlogger9125tag:blogger.com,1999:blog-6704573462403312459.post-77312654202356358182021-08-17T13:28:05.733-04:002021-08-17T13:28:05.733-04:00A fun speculation.A fun speculation.JP Koninghttps://www.blogger.com/profile/02559687323828006535noreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-44036451382077307042021-08-17T04:07:57.262-04:002021-08-17T04:07:57.262-04:00JP Koning,
"That is, I don't have any bi...JP Koning,<br /><br />"That is, I don't have any bitcoins and am vocal about that fact. (Neither of which is true, by the way)."<br /><br />From above statement, I assume you own bitcoin. Therefore, may I know the reason of owning it ? Is it a hedge against inflation or just speculative only ?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-7692050439566592162020-07-19T16:35:51.865-04:002020-07-19T16:35:51.865-04:00If you're not doing any of these things -- say...If you're not doing any of these things -- say that you store your bitcoins at Coinbase -- I'd argue you're not really "using" the bitcoin blockchain. You're just gambling on price. And gambling is a pretty mundane and boring activity. You certainly don't need a fancy old-fangled blockchain to do it. Just walk into any casino and they can provide you with that service.JP Koninghttps://www.blogger.com/profile/02559687323828006535noreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-37892931405775994472020-07-18T14:58:14.828-04:002020-07-18T14:58:14.828-04:00Good article!
But why you have to "store thei...Good article!<br />But why you have to "store their own keys, sign bitcoin transactions, run a node, and maybe even use lightning"to be consider a user? Some of bitcoin users will do it while others will be "between kids and jobs".Aluysio Athaydehttps://www.blogger.com/profile/07336246247863764667noreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-11392805157461424462020-07-15T23:20:01.603-04:002020-07-15T23:20:01.603-04:00There seems to be another problem to keep bitcoin ...There seems to be another problem to keep bitcoin from going "mainstream" and taking over the money/payment systems of the world. The theoretical maximum number of bitcoin on-chain transactions is a little more than 2.3 million per day. The U.S. banking system currently processes over 400 million payments and transfers per day. The banking systems of the other developed countries would, at a conservative guess, bring the total transaction per day to well over 1,000 million and these numbers grow every year. This is simply out of bitcoin's league.<br /> <br />I am not sure what "compromises" to the regular bank payments system you are referring to or when they have occurred in the past (maybe some examples?). Since Visa, Zelle, and Swish are really just front end portals to the banks payments system ((which is a closed loop system) I am not sure how Bitcoin (which also is a closed loop system i.e., the block chain) is suppose to route transactions around the "blockage." At the on-chain transaction rate of 4 per second (about the current volume) to 27 per second (theoretical limit) it not clear that Bitcoin "turn in the spot light" of replacing the bank payments system in the event of a "rare" (ever?) interruption would be that pleasant. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-75298063317464386452020-07-13T21:13:40.248-04:002020-07-13T21:13:40.248-04:00crucial difference between the two: one involves m...crucial difference between the two: one involves money one does not.<br /><br />bitcoin captures the human greed which is universal, ham radio doesn't.wilrunshttps://www.blogger.com/profile/15178284128207144998noreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-57401142184449371812020-07-13T19:13:21.004-04:002020-07-13T19:13:21.004-04:00Note that I defined "users" as those cap...Note that I defined "users" as those capable of storing their own keys, signing bitcoin transactions, running a node, and maybe even using lightning. People who aren't doing these things aren't actually "using" bitcoin. They're just gamblers who want price exposure. <br /><br />I'd guess that the number of people capable of executing this set of actions is quite small, probably smaller than the number of capable ham radio operators.JP Koninghttps://www.blogger.com/profile/02559687323828006535noreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-31544814698230041202020-07-13T17:29:49.453-04:002020-07-13T17:29:49.453-04:00when all you have is a hammer
everything looks lik...when all you have is a hammer<br />everything looks like a nailNickhttps://www.blogger.com/profile/01067478047559691872noreply@blogger.comtag:blogger.com,1999:blog-6704573462403312459.post-81860332162668606132020-07-13T16:28:50.397-04:002020-07-13T16:28:50.397-04:00While the expectations for Bitcoin by the Bitcoin ...While the expectations for Bitcoin by the Bitcoin community might be too lofty, to compare it to Ham Radio seems like a mistake. Ham radio has approximately 3 million users worldwide, while Bitcoin is rapidly approaching 100 million. One hundred million users in just 11 years with no marketing team, no CEO, and no venture capital funding is remarkable. I think Bitcoin will prove to be a lot more impactful then ham radio, and its usage is already a lot more widespread. Anonymoushttps://www.blogger.com/profile/02630898002290854981noreply@blogger.com