Let's talk about Cryptocurrencies

[Bill Bumface]

Taking this away from egos and bragging for a moment - how are things doing on the cost of transactions?

We're all lucky enough to have stable and trustworthy banking systems. When you look at a lot of developing nations or authoritarian societies, that's not necessarily the case.

Is anything looking feasible as an actual currency from the transaction cost standpoint? Obviously that doesn't solve for extreme volatility, which is a different question I'm less interested in, because the technology itself is what drives transaction costs.

[Jason14h]

Stablecoins are what these underbanked use

[PsYcNeT]

Originally Posted by Bill Bumface

Taking this away from egos and bragging for a moment - how are things doing on the cost of transactions?

We're all lucky enough to have stable and trustworthy banking systems. When you look at a lot of developing nations or authoritarian societies, that's not necessarily the case.

Is anything looking feasible as an actual currency from the transaction cost standpoint? Obviously that doesn't solve for extreme volatility, which is a different question I'm less interested in, because the technology itself is what drives transaction costs.

Most L2s (Polygon, Arbitrum, etc.) and some L1s (Solana, BNB, etc.) have pretty cheap transaction costs, generally in the sub-cent to 10 cent range.

It's only the Big Boys like Bitcoin and Ethereum that have $5-$20 transaction costs.

[dino7c]

BTC cracked 100K Canadian, all time high

[Roof-Daddy]

Originally Posted by dino7c

BTC cracked 100K Canadian, all time high

Up 1,000,000%

Not too shabby

[1_Flames_Fan]

A billion dollars for 2 pizza's. What a crazy world we live in.

[topfiverecords]

All time high due to the currency exchange rate to CAD, not due to an actual all time high. Actual all time high was in March.

[dino7c]

Originally Posted by topfiverecords

All time high due to the currency exchange rate to CAD, not due to an actual all time high. Actual all time high was in March.

I thought you had me on ignore

As a Canadian in Canada its an all time high for me
You have Microstrategy planning to spend 42B dollars on BTC in the next 3 years so it doesn't matter anyway. Price is going up in the long term...If your "gotcha" is all time highs in USD we will be seeing those too soon. I mean it missed by $100 USD this time.

Happy Halloween!

[topfiverecords]

Is dino talking about me again?

[Winsor_Pilates]

https://gizmodo.com/here-is-an-alleg...ets-2000518883

YouTube star Mr Beast the latest crypto grifter.
Allegedly earned $23 Million on pump & dump schemes.

[Fuzz]

Does Bitcoin do anything useful yet, or is it still just vapid speculation?

[ripTDR]

Originally Posted by Fuzz

Does Bitcoin do anything useful yet, or is it still just vapid speculation?

Vapid speculation but it's made a lot of people money

[afc wimbledon]

Originally Posted by Fuzz

Does Bitcoin do anything useful yet, or is it still just vapid speculation?

It's still pretty good for buying drugs

[topfiverecords]

Originally Posted by afc wimbledon

It's still pretty good for buying drugs

Even for that you’d be more likely to use something with lower transaction fees and faster confirmation time.

[afc wimbledon]

Originally Posted by topfiverecords

Even for that you’d be more likely to use something with lower transaction fees and faster confirmation time.

speed may be an issue but the fees dont matter a toss, it's an economy that used to expect to pay 50% to clean it's money

[Roof-Daddy]

2010 - no one uses it
2012 - only computer nerds use it
2013 - only drug dealers use it
2014 - only money launderers use it
2017 - only gamblers use it
2019 - only a small % of the population uses it
2020 - only small companies use it
2021 - only small countries use it
2024 - only Blackrock, Fidelity, and 9 other spot ETF providers use it

[topfiverecords]

Originally Posted by afc wimbledon

speed may be an issue but the fees dont matter a toss, it's an economy that used to expect to pay 50% to clean it's money

But if you have twenty different currencies in the same wallet, and you know that Tron is essentially instant and has near zero fee, you'd choose it over BTC. It's the same steps, and if the seller accepts it why would you not. You'd also be conditioned to using Tron over BTC for all the other transactions you've made previously for the same reasons. This is why I pay in CAD instead of sheep when I get my groceries. Sheep are slow and the transaction fees are exhorbitant.

Originally Posted by Roof-Daddy

2010 - no one uses it
2012 - only computer nerds use it
2013 - only drug dealers use it
2014 - only money launderers use it
2017 - only gamblers use it
2019 - only a small % of the population uses it
2020 - only small companies use it
2021 - only small countries use it
2024 - only Blackrock, Fidelity, and 9 other spot ETF providers use it

That's not the conversation. Using and private "keys" "ownership" of a ledger balance isn't the same.

[afc wimbledon]

Originally Posted by topfiverecords

But if you have twenty different currencies in the same wallet, and you know that Tron is essentially instant and has near zero fee, you'd choose it over BTC. It's the same steps, and if the seller accepts it why would you not. You'd also be conditioned to using Tron over BTC for all the other transactions you've made previously for the same reasons. This is why I pay in CAD instead of sheep when I get my groceries. Sheep are slow and the transaction fees are exhorbitant.



That's not the conversation. Using and private "keys" "ownership" of a ledger balance isn't the same.

Drug dealers have to worry about security more than cost therefore tend to be conservative, if you know moving your assets via BTC works and you won't get caught you will keep doing that until it stops working or proves insecure.

The risk of going to jail for life because your low cost Ethereum based coin turns out to be an FBI plant (something the FBI did last year I think) will keep criminals sticking with the by now tried and true in the same way it probably does for most consumers

[topfiverecords]

Originally Posted by afc wimbledon

Drug dealers have to worry about security more than cost therefore tend to be conservative, if you know moving your assets via BTC works and you won't get caught you will keep doing that until it stops working or proves insecure.

The risk of going to jail for life because your low cost Ethereum based coin turns out to be an FBI plant (something the FBI did last year I think) will keep criminals sticking with the by now tried and true in the same way it probably does for most consumers

You may have more insight into that world than I, so I guess I'll take your word for it.

[Winsor_Pilates]

Originally Posted by Roof-Daddy

2010 - no one uses it
2012 - only computer nerds use it
2013 - only drug dealers use it
2014 - only money launderers use it
2017 - only gamblers use it
2019 - only a small % of the population uses it
2020 - only small companies use it
2021 - only small countries use it
2024 - only Blackrock, Fidelity, and 9 other spot ETF providers use it

You forgot:
2009 - Bitcoin will replace fiat currency