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

[bitfools]

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.

I don't know what to say, your account say's you been around a long time, but I infer that you have no idea of how BITCOIN works.

I suggest you take the time to develop your own btc-alt-coin and learn how this works under the covers.

"Wallet" is a poor choice of words

There is ONLY cryptography

There is public-key and Private-Key

Your public key is for other people to deposit,

Your private key is for SPENDING, I have said OVER&OVER BITCOIN is for SAVING's

U should be running your own node, your private-keys should be cold stored

Whenever you get a deposit no security risk, nada worry

BUT when you spend, then you talking about 'online wallet' that is risky, they will steal U blind


U talking about an exchange where you pass them your balance, and hope to see its return?? Remember everybody at that exchange that is "SU" can get your private-key ( your money ),

Biggest problem with BITCOIN is nobody knows how it works, or wants to take the time

All the people who have lost money, its because they ENTRUSTED their private keys to another party.

This is like giving car-keys to drunk teenager, would U do this?? Yet people on internet GIVE their private BITCOIN keys to strangers online

INSANE


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By design "SATOSH" the price of BITCOIN will go up, because it is scarce, so an INVESTOR only need to HOLD his BTC an he will earn money in time ( interest ) by inflation, the public demand for a rare item increases value, while  the US-DOLLAR goes down cuz GOV priints an infinite amount out of its ass.

So U the rich guy BUYS BTC and holds it for say ten years and it doubles in value, you keep the private key offline written on paper in a safe place, just like combo to old  lock on safe.

There is NO risk of losing your money money (BTC)

It's only when you BRING your PRIVATE-KEY and put it out on the internet that you are at risk of losing your money. Or because of your PORN HABIT the key-stroke logger on your computer sends your private key home to VLAD in Russia.

Again most people run python script offline on old laptops NOT connected to internet to generate their private-key, they never let it NEAR a computer running on internet


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I hope something here helps

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All over the world now THERE are "BANK HOLIDAYS' just had one in CYPRUS  where all the people at the BANK lost their life-savings NOBODY trusts banks.

[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.

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.

So when you lose a argument, you resort to name calling like a child? I never focussed on Peer 2 Peer, but rather "Cash System", but you obviously missed that part. I have read all his archived emails and forum postings and it is very clear to me that he did not intent for Bitcoin to only be a store of value system  

He designed the protocol in a way to generate massive amounts of transactions to generate miners fees and he also made it scalable to support that. Why would you do that, if you only want people to make a few transactions just to buy a few coins and then to hoard it? The only idiot here, is the person who cannot see that.

Let's debate this like adults.