Bitcoin

So for Bitcoin to really be a reality, I have to be able to use it to buy stuff... not just convert it to something real to buy stuff.

So how do you reconcile the MASSIVE transaction capacity shortcoming that is baked into blockchain?

Visa handles 1,700+ transactions per second compared to 7... SEVEN.
 
RoyMunson said:
So for Bitcoin to really be a reality, I have to be able to use it to buy stuff... not just convert it to something real to buy stuff.

So how do you reconcile the MASSIVE transaction capacity shortcoming that is baked into blockchain?

Visa handles 1,700+ transactions per second compared to 7... SEVEN.
Click to expand...
Those are two different issues.

One is adoption, for which Visa has had 100 yrs head start.

The other is technology, for which blockchain is infinitely better.

Research Lightning Network.

Don't believe Bernanke and the central bankers' lies that you can't buy stuff with Bitcoin.

 
"You can't really buy anything with Bitcoin" - lying Central Banker, fat-cat politician economic policymaker

 
RoyMunson said:
So for Bitcoin to really be a reality, I have to be able to use it to buy stuff... not just convert it to something real to buy stuff.

So how do you reconcile the MASSIVE transaction capacity shortcoming that is baked into blockchain?

Visa handles 1,700+ transactions per second compared to 7... SEVEN.
Click to expand...
You gotta be careful directly comparing Visas transactions to BTC transactions. It's not a one to one thing. You've got something like 6-8 other middle men involved in a Visa transaction where BTC itself is the full payment system. And not that this is the majority of BTC payments, but one BTC transaction can involve sending BTC to several recipients at once. As @HammerDown pointed out you also have things like the lightning network which significantly increases transactions per second with the caveat that you do have to purchase and own BTC first to use it.

And then of course outside of all that the BTC network isn't going to cancel your transaction or arbitrarily decide to refuse to let you use the network because you live in a wrong part of the world or are selling home made buttplugs out of your garage or something.
 
Cave_Johnson said:
You gotta be careful directly comparing Visas transactions to BTC transactions. It's not a one to one thing. You've got something like 6-8 other middle men involved in a Visa transaction where BTC itself is the full payment system. And not that this is the majority of BTC payments, but one BTC transaction can involve sending BTC to several recipients at once. As @HammerDown pointed out you also have things like the lightning network which significantly increases transactions per second with the caveat that you do have to purchase and own BTC first to use it.

And then of course outside of all that the BTC network isn't going to cancel your transaction or arbitrarily decide to refuse to let you use the network because you live in a wrong part of the world or are selling home made buttplugs out of your garage or something.
Click to expand...
That’s what I didn't really get into: Bitcoin Layer 2's like Lightning.

So the argument from those threatened by Bitcoin (assholes like Bernanke who lie through their teeth to preserve the legacy payment rails that have made them and their cronies rich) is that Bitcoin isn't an effective payment system. Technically true. But the L2's change all that. (see videos above)

Instant, easier than any credit card transaction, permissionless, 100% secure, virtually free and completely private.

The problem is adoption and make no mistake, Bernanke, Bill Gates, Charlie Munger, Warren Buffet, et al are going to put up a massive fight against Bitcoin because they know it's the end of their ride of dominance and greed.

There will be increasing lies and propaganda in the media catering to the scared and ignorant which is over 99% of people on Earth re: Bitcoin.
 
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HammerDown said:
Tthat's whay I didn't really get into is Bitcoin Layer 2's like Lightning.

So the argument from those threatened by Bitcoin (assholes like Bernanke who lie through their teeth to preserve the legacy payment rails that have made them and their cronies rich) is that Bitcoin isn't an effective payment system. Technically true. But the L2's change all that. (see videos above)

Instant, easier than any credit card transaction, permissionless, 100% secure, virtually free and completely private.

The problem is adoption and make no mistake, Bernanke, Bill Gates, Charlie Munger, Warren Buffet, et al are going to put up a massive fight against Bitcoin because they know it's the end of their ride of dominance and greed.

There will be increasing lies and propaganda in the media catering to the scared and ignorant which is over 99% of people on Earth re: Bitcoin.
Click to expand...
NOT just about Bitcoin, either! MSM has been doing that for about everything since forever.... :nod:
 
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