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Author Topic: [2018-05-22] "The blockchain's killer app is trading"  (Read 51 times)
gentlemand
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May 22, 2018, 06:51:42 PM
 #1

https://tradingplacesnewsletter.com/move-over-crypto-enthusiasts-wall-street-will-take-it-from-here-5b5a9067bc5

Despite the odiousness of the headline, so far they're right about there being no real world applications beyond trading and this article certainly paints a picture of Wall St starting to have some fun.

How balls deep do you think they are?

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May 22, 2018, 08:57:28 PM
 #2

There's no point trading something that doesn't have a purpose.

But Bitcoin does have a purpose: transfer. The most common type of transfer is international: either to avoid fees, capital controls or economic sanctions. Without that demand, there would be no multi-billion dollar monetary base, and Bitcoin would be just a speculative bubble that died a long time ago.

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Satoshi wanted "small, casual transactions".


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May 22, 2018, 09:13:07 PM
 #3

Without that demand, there would be no multi-billion dollar monetary base, and Bitcoin would be just a speculative bubble that died a long time ago.
An asset can have a significant value and still experience speculative bubbles - I think Bitcoin is an example of this. 

The majority of Bitcoin owners that I'm aware of seem to hold their coins primarily for the purpose of investment and do not typically use Bitcoin in situations when it would be more efficient to use it for transfer.  If they do decide to use it effectively, it's often just one or two times or just to display the potential usage to others.

With the lack of major businesses and businessmen claiming to be using Bitcoin regularly for transfer, I doubt that its use for transfer or any other perceived use case is in the billions.


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May 22, 2018, 11:05:22 PM
 #4

https://tradingplacesnewsletter.com/move-over-crypto-enthusiasts-wall-street-will-take-it-from-here-5b5a9067bc5

Despite the odiousness of the headline, so far they're right about there being no real world applications beyond trading and this article certainly paints a picture of Wall St starting to have some fun.

How balls deep do you think they are?

First, I don't believe that there are "no real world applications beyond trading". The people that believe this will be losers in the end. I agree with Carlton Banks. If something has no value, it can't be worth trading. The ignorance is a tragedy.

Second, the irony is that these wall street firms think they have it good, but they are going to be hurting as cryptocurrencies become widely adopted and decentralized trading becomes the norm. They will no longer have a role.

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gentlemand
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May 22, 2018, 11:12:14 PM
 #5

First, I don't believe that there are "no real world applications beyond trading". The people that believe this will be losers in the end. I agree with Carlton Banks. If something has no value, it can't be worth trading. The ignorance is a tragedy.

Of course there will be in future, and there is right now but only for people who are already mired in the cult. I wouldn't class that as real world.

It's obvious many people do value it, but that value is based largely, or not too far off entirely, on a future that hasn't arrived yet.


Carlton Banks
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May 23, 2018, 10:45:44 AM
 #6

With the lack of major businesses and businessmen claiming to be using Bitcoin regularly for transfer, I doubt that its use for transfer or any other perceived use case is in the billions.

Huh

Estimates of $ denominated daily transaction volumes literally are in the billions range, since 2017 at least. This cannot be all people sending money to themselves, some significant proportion will be commerce.


Of course there will be in future, and there is right now but only for people who are already mired in the cult. I wouldn't class that as real world.

It's obvious many people do value it, but that value is based largely, or not too far off entirely, on a future that hasn't arrived yet.

This is the solipsistic point of view, "I don't see it, therefore it's not happening". You've only got to look at this forum to see real Bitcoin commerce taking place, or go to a country like Czech Republic, where there is considerable anxiety about having a local currency that goes through alarming drops in the FX market; subsequently, Bitcoin is probably more used in Czech Republic than anywhere.


Defeat your lack of imagination with this thought experiment: the world exists beyond your everyday experiences! Amazing, isn't it!

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May 23, 2018, 11:20:23 AM
 #7

There's no point trading something that doesn't have a purpose.

But Bitcoin does have a purpose: transfer. The most common type of transfer is international: either to avoid fees, capital controls or economic sanctions. Without that demand, there would be no multi-billion dollar monetary base, and Bitcoin would be just a speculative bubble that died a long time ago.

I would say that trading financial assets (including cryptocurrencies) is a process of buying and selling risk.
The "bears" are selling risk and the "bulls" are buying it.But risk=profit.
You are  right about main purpose of crypto.People want a safe,irreversible and anonymous way to transfer value online.
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