Satoshi Invented BITCOIN to be a BANK, not a 'PAYPAL' for buying Coffee

[bitfools]

People are really obsessed with this notion of "One tool to rule them all"

We used to say "If your ONLY tool is a HAMMER, everything looks like a NAIL" ( early unix days )

***

BITCOIN is a BANK for rich people, it should be PRIVATE, and nobody should be able to see who is rich. PERIOD

BITCOIN should be the BANK for all the worlds poor, a safe place they can SAVE ( SAVE I SAID NOT SPEND )

BITCOIN should be anonymous so that robbers, cops, governments, and ex-wives can't steal your wealth

***

Transactions is SPENDING money, low value high transaction is NOT what BITCOIN is about

Why must people not just accept BITCOIN to be a BANK, U don't run to the bank for every beer do U? HELL NO.

U go to the bank, get a wad of cash and go shopping.

Same for BTC, there needs to be some low level token physical or virtual for day-2-day spending, so that people don't mix two different block-chains, with two different purposes

One block-chain is a BANK for saving money, NOT FOR SPENDING

Another block-chain is for spending money U don't intend to save.

***

Keeping all your loot in one place and watching it like a hawk, worked long ago, but now on internet and vulnerability from hacking, nobody should be keeping ALL their wealth in a public place, sure cold-wallets are great for the big money a special account, and no big deal to pay $5 transaction fee to move $1M USD.

But when people want to buy a coffee or a beer in a POST USDOLLAR world, they need a faux-crypto

Same for being stopped by cops and the COP wants all your BITCOIN, U don't give him your main wallet.dat, U give him your day-2-day faux wallet, that contains just a little of your wealth, and nobody should know your wealth.

The way it stands now with transaction analysis, when a cop pulls U over, he knows HOW much BTC U have he KNOWS your net-worth, He knows how much he can shake U down for.


***

Anyway there needs to be TWO BIT COIN blockchains, .. one for BIG RICH PPL money, and one for high-level transaction with low-fee, ,

NO way you can have one bitcoin shoe that fits everybody, it would become a tower of babel, like we have today.

BTC CORE needs to PUSH low value transaction off the main-net, but where do they go?

Perhaps the fee structure could be such that transactions get auctioned off if it is a low value transaction to a special block-chain that is specifically designed for penny transactions.

***

The short term block-chain should be circular with a 3-year life, if people want to go back, there would be wayback machines. The main bitcoin block-chain is permanent and if money is kept cold it can never go away.

Somebody should develop technology like a 'bitcoiin-paypal' exchanges could do this, most banks in 3rd world countrys already let u put 'phone credit' from bank to phone, then when you go shopping your phone pays the merchant.

PPL just need to move money from their saving's account once /day or once/week they shouldn't be making all their transaction on BITCOIN 24/7, like 2 cents use a toilet, should not go on the block-chain.

[bitfools]

Today's BITOCOIN is being PUSHED more like a VON NEUMAN ATM machine than the "Bank of Satoshi"

This is sad, get it right, get it private.

Now we have ONE block-chain that is a public record, where everybody in the world, every time they pay a penny to shit in a public toilet in INDIA, its a public record forever??

This is INSANE.

Putting every micro-transaction on earth into a public block-chain is an ORWELLIAN NSA CIA Dream of Assholes.

***

Maybe  the KOMODO model is good? Rather than one block-chain to rule them all, every time you leave the house you shit-out a new block chain for that day's transactions,

No need for a return, all block-chains would be disposable, once the money is spent, just like shit-coins now on the exchanges, PUMP&DUMP, become Save&Spend

[centralbanksequalsbombs]

Today's BITOCOIN is being PUSHED more like a VON NEUMAN ATM machine than the "Bank of Satoshi"

This is sad, get it right, get it private.

Now we have ONE block-chain that is a public record, where everybody in the world, every time they pay a penny to shit in a public toilet in INDIA, its a public record forever??

This is INSANE.

Putting every micro-transaction on earth into a public block-chain is an ORWELLIAN NSA CIA Dream of Assholes.

***

Maybe  the KOMODO model is good? Rather than one block-chain to rule them all, every time you leave the house you shit-out a new block chain for that day's transactions,

No need for a return, all block-chains would be disposable, once the money is spent, just like shit-coins now on the exchanges, PUMP&DUMP, become Save&Spend

Wow bitfools,

You sound like you are saying Bitcoin has it all wrong. And the hundreds of cryptos that came out to address privacy has it all wrong.

I think you must have the right answer for creating a new altcoin.

Please tell me about your fix? Clearly you have a better answer than pushing another altcoin/scamcoin like Komodo?

You are here in this forum for a grand purpose, and we all await on your help and education to save us.

[Kloug]

Exactly.

Bitcoin is the bank. Even though my bank allows me to pay online, I prefer Paypal, that gives me more protection, is easier to use, and can feed from my bank account, Visa or whatever.
Not counting that the other way of transfering money, bank transfers, litterally take several days.

No one needs to micropay from a large bank account, and most importantly, people do want protection, even if that means their name is on their money.

A random guy would never buy from another random guy online using Bitcoin. You'd pay and never see anything. Now good luck to find someone who even remotely cares about your problem.

[bitfools]

Today's BITOCOIN is being PUSHED more like a VON NEUMAN ATM machine than the "Bank of Satoshi"

This is sad, get it right, get it private.

Now we have ONE block-chain that is a public record, where everybody in the world, every time they pay a penny to shit in a public toilet in INDIA, its a public record forever??

This is INSANE.

Putting every micro-transaction on earth into a public block-chain is an ORWELLIAN NSA CIA Dream of Assholes.

***

Maybe  the KOMODO 'shit a shit block-chain' model is good? Rather than one block-chain to rule them all, every time you leave the house you shit-out a new block chain for that day's transactions,

No need for a return, all block-chains would be disposable, once the money is spent, just like shit-coins now on the exchanges, PUMP&DUMP, become Save&Spend

Wow bitfools,

You sound like you are saying Bitcoin has it all wrong. And the hundreds of cryptos that came out to address privacy has it all wrong.

I think you must have the right answer for creating a new altcoin.

Please tell me about your fix? Clearly you have a better answer than pushing another altcoin/scamcoin like Komodo?

You are here in this forum for a grand purpose, and we all await on your help and education to save us.

NOBODY has anything "WRONG" all feed each other a PACK of LIES

There is NO privacy or anonymity on BITCOIN, the only coin offering this is MONERO, and it contains a known EDCSA flaw in choice of integers

MY POINT is that all the lemmings are being herded into one big-brother currency.

[bitfools]

Today's BITOCOIN is being PUSHED more like a VON NEUMAN ATM machine than the "Bank of Satoshi"

This is sad, get it right, get it private.

Now we have ONE block-chain that is a public record, where everybody in the world, every time they pay a penny to shit in a public toilet in INDIA, its a public record forever??

This is INSANE.

Putting every micro-transaction on earth into a public block-chain is an ORWELLIAN NSA CIA Dream of Assholes.

***

Maybe  the KOMODO model is good? Rather than one block-chain to rule them all, every time you leave the house you shit-out a new block chain for that day's transactions,

No need for a return, all block-chains would be disposable, once the money is spent, just like shit-coins now on the exchanges, PUMP&DUMP, become Save&Spend

Wow bitfools,

You sound like you are saying Bitcoin has it all wrong. And the hundreds of cryptos that came out to address privacy has it all wrong.

I think you must have the right answer for creating a new altcoin.

Please tell me about your fix? Clearly you have a better answer than pushing another altcoin/scamcoin like Komodo?

You are here in this forum for a grand purpose, and we all await on your help and education to save us.

NOBODY has anything "WRONG" all feed each other a PACK of LIES

There is NO privacy or anonymity on BITCOIN, the only coin offering this is MONERO, and it contains a known EDCSA flaw in choice of integers

MY POINT is that all the lemmings are being herded into one big-brother currency.

They DON'T care because 99% are here to day trade and as long U can buy on the dip, all these smart investors will stick around and play

CORE doesn't care cuz they all work for GOV, everyday goes by more & more it looks like SATOSHI really did work for NSA, as u all note as soon as the CIA met with early BTC team, Satoshi dissapeared.

When asked tough questions, you get DUMB answers.

***

They talk about HIGH fees, but NO rich person is complaining, only MORONS are complaining about high fees.

RICH ppl don't want other people to know how much money they have, NOW  BTC is a public ledger, by entering every fucking micro-transaction u do then the block-chain becomes the ULTIMATE "TOTAL INFORMATION Network" as envisioned by Ronald Rayguns buttboys back in the 1980's.

[bitfools]

You are here in this forum for a grand purpose, and we all await on your help and education to save us.

Hey centralbankeatsdickcheesesandwichs, how about u telling us what BTC should do about the so caled 'problems'?

1.) Fee's aren't a problem for the rich, who do BIG transactions

2.) Privacy is a MAJOR problem, not one alt-coin on earth or BTC has addressed the privacy problem.

The ONLY COIN that FBI hasn't cracked is MONERO, and that RUMOR in crypto land is that NSA only cracks MONERO on NSA POTUS order

There is NO privacy, and they intend to keep it this way.

The GOV ( exchanges ) get to pick winners & losers, IMHO even if a small alt-coin did solve the PRIVACY problem, the "GakeKeepers" wouldn't let that coin go mainstream.

***

Komodo is your baby not mine. Komodo is just a shit coin, that shits out shitty block-chains.

[CryptoBry]

However, banks do offer their own debit and credit card products which anybody can use to buy some cup of coffee or some chocolates in a grocery store near you. I love the idea that Bitcoin should be considered as a bank where we are storing our money for keeping and not for spending but Bitcoin is more than just a simple cryptocurrency...the beauty of Bitcoin is that it can be multi-faceted too. What I mean is that Bitcoin can be used for different purpose and means. Bitcoin is in the process of evolving...we need growth and there can be more growth if aside from being a store of value it can also be used as a currency just like the fiat paper money we have. And I don't think Satoshi would be complaining if one day Bitcoin can be as popular as the dollar or any other national currencies used in the international commerce.

[bitfools]

Exactly.

Bitcoin is the bank. Even though my bank allows me to pay online, I prefer Paypal, that gives me more protection, is easier to use, and can feed from my bank account, Visa or whatever.
Not counting that the other way of transfering money, bank transfers, litterally take several days.
Now good luck to find someone who even remotely cares about your problem.

Actually NOT my problem, I just find it FASCINATING that bitcoin refuses to address this issue, they just change the subject, and of course the shills daily here keep talking about 'privacy' like its real.

Criminal's love BTC for what u mention that u have no recourse when ripped off.

Probably the biggest party here defending the existing system is that in the future criminals will be able to pin-point people with wealth and everything about them, and rob them, any way they wish anywhere on earth, this is a big problem with the 'public block-chain' that contains et-al

U see here over&over how they have to put everybody on the block-chain, and that has to be done first, and later when its all working, then they will address privacy,

U know that PTB will never give up "information power" ONCE its goes 100% mainstream,

This is WHY we must DEMAND privacy NOW, and not at a later date.

***

A bank doesn't publicly POST everyones balance, but BITCOIN does, NOT GOOD

***

I agree if people want to buy a coffee they should use their mobile phone, like 3rd world does now, everybody uses phone-credit for cash, and its easy to buy phone-credit with cryptos.

[Kakmakr]

You have it wrong, nowhere in the White paper is anything mentioned that Bitcoin must be a Bank or only a store of value. It does say that Bitcoin is a "A Peer-to-Peer Electronic Cash System". What do you do with cash? You buy things and that includes Coffee and cheap items.

Bitcoin is supposed to be a alternative to the BANKING system, NOT a Bank.

How will mining be sustainable if everyone just hoard their coins and nearly no transactions are done? The Block reward will not give our rewards for mining forever. The tx's is supposed to generate miners fees and the miners fees are supposed to replace the Block reward.

[bitfools]

However, banks do offer their own debit and credit card products which anybody can use to buy some cup of coffee or some chocolates in a grocery store near you. I love the idea that Bitcoin should be considered as a bank where we are storing our money for keeping and not for spending but Bitcoin is more than just a simple cryptocurrency...the beauty of Bitcoin is that it can be multi-faceted too. What I mean is that Bitcoin can be used for different purpose and means. Bitcoin is in the process of evolving...we need growth and there can be more growth if aside from being a store of value it can also be used as a currency just like the fiat paper money we have. And I don't think Satoshi would be complaining if one day Bitcoin can be as popular as the dollar or any other national currencies used in the international commerce.

I agree there is a CONSENSUS here that we need some kind of "PAYPAL" for bitcoin, maybe using the phone-credit model, that way nobody has to show anybody their BIG account and they could feed their 'baby-micro-transaction'  account automatically.

But the baby accounts shouldn't be on the block-chain, as the little shit just clogs up the network, its a known-known that most small-transaction are local, thus the micro block chain for synthetic paypal-bitcoin could also be on more temporary block-chain that are circular, what would be the point in going back ten years to see that you spent $1 on a condom at service station dispensary, of course GOV loves to know this shit.

***


Again the THREAD discussion here is addressing this issue of PRIVACY ( doesn't exist today ), and how to handle micro-payments, less say under 0.01 BTC

Just like HSBC ( bank for rich ppl ), everytime U do biz they charge maybe $20, but people move millions, BTC is the bank-account for rich, nobody goes into HSBC to get $5 to go to starbucks.

Personally the FEES today on BTC may need a difficulty factor, where depending on network load they fluctuate, what needs to be done is to get the micro-payments off of BTC, but first the PRIVACY problem must be addressed.

***

When I discuss issues the 'core' seem to always say "Have to solve bandwith first', but hell if YOU TAXED micro-payments, and offered a solutioin ( BTC-PAYPAL ) the ppl would jump ship and go with the cheaper solution, today there is NOT a cheaper solution, and BTC-CORE doesn't want to address the problem.

Probably because micro-payments isn't sexy, better to work on a $10k coin, than work on a $1 coin.

Another IDEA like the old FIDELITY MONEY MARKET idea, all micro-payment BTC-PAYPAL CLONE, is fixed at $1, and then the difficulty (micro-fee) adjusts depending upon load, have a circular BLOCK-CHAIN say 3-7 years, no reason for a micro-payment block-chain to have infinite life, and I'm sure somebody would build a WAY-BACK machine for micro-payments.

[Yakamoto]

You have it wrong, nowhere in the White paper is anything mentioned that Bitcoin must be a Bank or only a store of value. It does say that Bitcoin is a "A Peer-to-Peer Electronic Cash System". What do you do with cash? You buy things and that includes Coffee and cheap items.

Bitcoin is supposed to be a alternative to the BANKING system, NOT a Bank.

How will mining be sustainable if everyone just hoard their coins and nearly no transactions are done? The Block reward will not give our rewards for mining forever. The tx's is supposed to generate miners fees and the miners fees are supposed to replace the Block reward.

See, it should be obvious that it is not indented to be anything but an alternative to the fiat system that exists, but what do you know, we managed to try and turn something that specifically states that Bitcoin is general into a black-and-white issue somehow.

There is not an intended purpose for Bitcoin beyond offering a safe haven for whomever wants to use it. 2008 was likely a major part of why it was released, and the entire "alternative to traditional banking" point stands to be accurate in basically every way. It is curious, however, that Bitcoin was prepared and ready for release so soon after the event, as if it was in development beforehand as well.

[timikulit]

Your idea is great

Bitcoin will still increase its value and if your want to spend then convert it to bitcoin cash

Thats it,  Bitcoin for the storage for all of your wealth while bitcoin cash is for spending your money

Great idea and its happening now. Thanks again

[Kakmakr]

You have it wrong, nowhere in the White paper is anything mentioned that Bitcoin must be a Bank or only a store of value. It does say that Bitcoin is a "A Peer-to-Peer Electronic Cash System". What do you do with cash? You buy things and that includes Coffee and cheap items.

Bitcoin is supposed to be a alternative to the BANKING system, NOT a Bank.

How will mining be sustainable if everyone just hoard their coins and nearly no transactions are done? The Block reward will not give our rewards for mining forever. The tx's is supposed to generate miners fees and the miners fees are supposed to replace the Block reward.

See, it should be obvious that it is not indented to be anything but an alternative to the fiat system that exists, but what do you know, we managed to try and turn something that specifically states that Bitcoin is general into a black-and-white issue somehow.

There is not an intended purpose for Bitcoin beyond offering a safe haven for whomever wants to use it. 2008 was likely a major part of why it was released, and the entire "alternative to traditional banking" point stands to be accurate in basically every way. It is curious, however, that Bitcoin was prepared and ready for release so soon after the event, as if it was in development beforehand as well.

Exactly. it was intended to replace the corrupt Banking/Fiat system. The system that it was suppose to replace offer several functions, not just one. Banks offer ATMs and Fiat is used to buy every day items, like coffee. Yes, Banks are also used to store wealth and for that reason Bitcoin is a perfect store of value too.

Bitcoin is also supposed to be accessible to the unbanked people of this world. <The poor people, who will generate the most small transactions on the network and for this reason the transactions must be cheap and fast> Most of these people live from hand to mouth and they do not have disposable money to use Bitcoin as a "saving" account to store their wealth.  ^smile^

[bitfools]

You have it wrong, nowhere in the White paper is anything mentioned that Bitcoin must be a Bank or only a store of value. It does say that Bitcoin is a "A Peer-to-Peer Electronic Cash System". What do you do with cash? You buy things and that includes Coffee and cheap items.

Bitcoin is supposed to be a alternative to the BANKING system, NOT a Bank.

How will mining be sustainable if everyone just hoard their coins and nearly no transactions are done? The Block reward will not give our rewards for mining forever. The tx's is supposed to generate miners fees and the miners fees are supposed to replace the Block reward.

I think u Need to read the 'Satoshi Papers", its online, two years after the 'white paper', the white paper is a technical document, Satoshi is a trained math guy, he would not have put emotional issues into his technical paper, but later over the years of emails ( collected ) U can clearly see what he intended.

Secondly your an idiot when Satoshi says "peer 2 peer" he's referring to torrent type decentralization of of daemons, not shit to do with banking.

[bitfools]

You have it wrong, nowhere in the White paper is anything mentioned that Bitcoin must be a Bank or only a store of value. It does say that Bitcoin is a "A Peer-to-Peer Electronic Cash System". What do you do with cash? You buy things and that includes Coffee and cheap items.

Bitcoin is supposed to be a alternative to the BANKING system, NOT a Bank.

How will mining be sustainable if everyone just hoard their coins and nearly no transactions are done? The Block reward will not give our rewards for mining forever. The tx's is supposed to generate miners fees and the miners fees are supposed to replace the Block reward.

See, it should be obvious that it is not indented to be anything but an alternative to the fiat system that exists, but what do you know, we managed to try and turn something that specifically states that Bitcoin is general into a black-and-white issue somehow.

There is not an intended purpose for Bitcoin beyond offering a safe haven for whomever wants to use it. 2008 was likely a major part of why it was released, and the entire "alternative to traditional banking" point stands to be accurate in basically every way. It is curious, however, that Bitcoin was prepared and ready for release so soon after the event, as if it was in development beforehand as well.

Exactly. it was intended to replace the corrupt Banking/Fiat system. The system that it was suppose to replace offer several functions, not just one. Banks offer ATMs and Fiat is used to buy every day items, like coffee. Yes, Banks are also used to store wealth and for that reason Bitcoin is a perfect store of value too.

Bitcoin is also supposed to be accessible to the unbanked people of this world. <The poor people, who will generate the most small transactions on the network and for this reason the transactions must be cheap and fast> Most of these people live from hand to mouth and they do not have disposable money to use Bitcoin as a "saving" account to store their wealth.  ^smile^


Yes, BITCOIN-CORE must offer some kind of system for micro-payments that is not on the main block-chain, if BTC-CORE doesn't offer a solution, then third party's should step forward to address this issue.

Lot's of people are looking for the next big thing, I think this is it, and the smart guy that puts a road tax on the 'winner' who collects say 0.000000001 Fee for the micro-transactions will become a billionaire.

For me MORE important is the PRIVACY issue, BITCOIN is NOT private, perhaps a layer on top of bitcoin, perhaps a new fork, ,or perhaps a new ALT-COIN, but preferrably BITCOIN-CORE should address the privacy problem,

PEOPLE who want BITCOIN to grow need to understand that RICH don't want their BALANCES PUBLIC. If you don't understand that then your an apologist for BIG-BROTHER GOV.

SATOSHI was an anarchist, he hated BIG-GOV, and BIG-CORPORATIONS.

SATOSHI wanted people to have banking power, the current system is DEBT ( slavery )

[bitfools]

Your idea is great

Bitcoin will still increase its value and if your want to spend then convert it to bitcoin cash

Thats it,  Bitcoin for the storage for all of your wealth while bitcoin cash is for spending your money

Great idea and its happening now. Thanks again

F**K BITCOIN CASH, it comes from SEGWIT2/NYA, CHINA-ASIC, Billionaire control freaks.


NYA has been trying to steal BITCOIN forever, the CHINA-ASICS & BCH & BTG are all joined at the hip, they're all Fascists for New World Order.

Most of these Khazarian XIAN-CHINA mining billioaires are tightly joined with FED-RESERVE NYA Kharzarian MAFIA, its all ASHKENAZI, XIAN_CHINESE are active Ashkenazi, just like NYA.

[Harlot]

I don't know a bank's purpose is not only for storing your money but also sharing it to others as it is their form of business. I don't know why Bitcoin Wallets can act as a bank as although it has security features and everything it is still vulnerable to hacks as it only exist virtually. Also when you make all your assets into Bitcoin you are putting yourself in a bad position as you are risking your wealth to volatility which a real bank won't do to your savings.

[GreenBits]

You have it wrong, nowhere in the White paper is anything mentioned that Bitcoin must be a Bank or only a store of value. It does say that Bitcoin is a "A Peer-to-Peer Electronic Cash System". What do you do with cash? You buy things and that includes Coffee and cheap items.

Bitcoin is supposed to be a alternative to the BANKING system, NOT a Bank.

How will mining be sustainable if everyone just hoard their coins and nearly no transactions are done? The Block reward will not give our rewards for mining forever. The tx's is supposed to generate miners fees and the miners fees are supposed to replace the Block reward.

I think u Need to read the 'Satoshi Papers", its online, two years after the 'white paper', the white paper is a technical document, Satoshi is a trained math guy, he would not have put emotional issues into his technical paper, but later over the years of emails ( collected ) U can clearly see what he intended.

Secondly your an idiot when Satoshi says "peer 2 peer" he's referring to torrent type decentralization of of daemons, not shit to do with banking.

relax (you got crunk in your subsequent posts) but you are right that the whitepaper pretty much is the opposite of what the op stated. this was intended for "small, casual transactions", not the corporate adoption we have seen, which instead of drive adoption only puts strain/congestion on the system. we wont even talk about the price; it was supposed to be proportional to the utility of the payment system (which I will admit is formidable), not a speculative thing.

his was never intended to be an asset. like paypal, it is simply a medium; having coins only facilitates using the system, not gaining value from holding. this was supposed to be a wonderful side effect for early adoption, a reward. essentially, folks have forced a bitcoin price boom 2.0 with FOMO. it was never supposed to be this high, this early.

[Herbert2020]

the good news is that it doesn't matter how many "fools" repeat the same thing about coffee and store of value,... in the end the real bitcoin users don't care what these fools say, they know bitcoin is a currency and it is supposed to be a currency and that is the only reason why bitcoin is valuable not because of being store of value.

and whether you "fools" believe it or not, there is a whole lot of stuff between a "cup of coffee" and "an island" that you can buy!

Satoshi Invented BITCOIN to be a BANK, not a 'PAYPAL' for buying Coffee

ps. don't fake-quote Satoshi when you have not even read the paper

Bitcoin: A Peer-to-Peer Electronic Cash System

A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.