this post was submitted on 20 Aug 2023
1697 points (97.1% liked)
Memes
45585 readers
1129 users here now
Rules:
- Be civil and nice.
- Try not to excessively repost, as a rule of thumb, wait at least 2 months to do it if you have to.
founded 5 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Show me where in the whitepaper does it mentions storing value, please.
No/low transaction fees and ease of transaction is the main point of cash vs barter, Bitcoin abandoned that, now you have to go through the trouble of using level 2 to have small fees and quick transactions, what's the point of Bitcoin then?
No. I've had this exact argument enough times that it was a relief to finally bet on it.
Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model. Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. **The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions**, and there is a broader cost in the loss of ability to make non-reversible payments for non- reversible services.Right in the introduction to the whitepaper.
Maybe you should start with reading it so you would see where things went wrong.
Lol I think you upset a bunch of BTC fans just now 🤣
I'm used to it 😁