Yablo wrote:It seems like all this computing power and effort could be used for something actually productive and beneficial to society.
Exchange is productive and beneficial to society. Maybe something more can be done with it but as far as anyone has worked out yet you can't both secure the currency and do something else. The tech is still early so someone might figure out a way.
With Bitcoin You can currently move any amount of money across borders in an undetectable manner simply by memorizing a random 12 word seed (you could do it easier than that but the bitcoin wouldn't be secure). Sure this has criminal applications but consider scenarios like refugees who often have to leave everything behind and start from scratch. If you don't see how this might benefit society, I believe it is an issue with your imagination not the concept behind bitcoin.
Yablo wrote:I, personally, don't think a decentralized currency is a great benefit to society, but I can see how others might, and given that, I can see why they would do what they do.
I bet you don't live in Venezuela. It is a lot easier to not see the point in decentralizing currency when you don't live in a country where the government has wrecked its currency to the point where people have trouble obtaining food. When children are starving because of government financial machinations, taking away the government control starts to look like a pretty good idea.
I don't think he talks about it in the video I linked to early but the guy in that video is from Greece and has talked about how government actions have devastated his parents retirement savings twice in his lifetime. If you listen to him talk much, it starts to become apparent that he has very justifiable issues with the current system.
Yablo wrote:The North American Bitcoin Conference is No Longer Accepting Bitcoin Payments for Tickets
The internet had trouble scaling as well. People are working on bitcoin scaling. It may not be possible but there is no reason to assume that it isn't.
sardia wrote:For example, during the tulip bubble, all those people who got rich off flowers merely shuffled their losses to suckers when the Bubble popped.
The tulip bubble is an overblown story that is often cited but rarely relevant.https://www.smithsonianmag.com/history/ ... 180964915/
sardia wrote:Now if bit coin wasn't deflationary
I don't think that being deflationary is a huge problem in general but I do think bitcoin is too deflationary. In the short term, if it gains widespread adoption, it is obviously incredibly deflationary to the point were it becomes difficult to justify spending it and in the long term it becomes a fixed amount which makes it at least as deflationary as population growth. Satoshi wanted it to be deflationary but I don't think he properly though through the fact that you can have a constantly growing supply and still be deflationary as long as the supply grows slower than demand.
ginger wrote:I lost Bitcoins to... a shady drug dealing services.
I suspect it was still a lot safer than meeting up for a shady drug deal in person with $200 cash.