Is it just me that thinks 1-3 usd is extremely cheap for an international transfer, pseudo anonymous, confirmed within 30 minutes.
It depends: with Monero, you could do this 200 times cheaper, and more anonymous.
By bank, I can do it without cost, as long as it's SEPA and in euro. It'll be more anonymous to random people, but not anonymous to my bank and government.
Not all daily transactions are 50 cents coffees.
When I started with Bitcoin, I could make small transactions. I prefer to test something with many small transactions, to feel how it works in different wallets, before making large transactions. That's costly now.
Where do you get coffee for 50 cents?I love getting paid in bitcoin here!
Me too
You mean they also charge you for depositing banknotes in Netherlands?
Of course! They can get away with it, so why wouldn't they? Consumers can still deposit a few times per year without fees, but businesses can't.
Just like IPv4 (2 ^ 32 addresses) was never designed to serve 8 billion people with multiple devices (PCs, mobile, consoles etc.)
Bitcoin addresses on the other hand (2^160 times 4 for the different address formats) are more than enough to serve all of humanity
IMHO, BTC follows the exact same trajectory as gold... people used to use gold coins for daily payments hundreds of years ago, but not anymore.
That would be bad. I want money without someone with a printer that goes brrr. Gold was replaced by gold certificates, which turned into banknotes, which were eventually decoupled from gold. I don't want fractional reserve Bitcoin.
If he wanted BTC to be more attractive as p2p cash, he would have made it inflationary (no halvings)
I disagree. I love deflationary money. I don't need my money to lose value if I keep it for later.
With the minimum of 1 sat/byte, storing movies would still cost $650,000 per GB at current Bitcoin price.
The minimum fee is not 1 sat/vb. It is 0 sat/vb. And the minimum after that is 1 sat per transaction. Then 2 sats per transaction, and it goes on and on.
Good point. Miners could indeed add full movies to blocks. But that can be fixed in a consensus rule: the moment we increase the block size, we set a minimum fee of 1 sat/byte for all transactions. If it's less, other miners will reject the block.
As a thought experiment, imagine there was a base metal as scarce as gold
Gold isn't scarce, it's just hard to get.
There's enough gold in the earth's core to cover the entire planet with half a meter of gold. That's about the total amount of gold ever mined per person.Nobody will mention the fact that the exact same 50 banknote buys less and less stuff over time (covert robbery by ECB's inflation).
Actually....
Everyone mentions that. What truely amazes me is that people just accept it. Barely anyone points at central banks for causing infinite inflation. This quote comes to mind:
It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.
Henry Ford
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