When thinking about Bitcoin, it helps to think of it less as a currency than a platform for financial innovation.http://www.forbes.com/sites/timothylee/2013/04/01/bitcoin-is-a-bad-currency-but-it-might-be-a-good-platform-for-financial-innovation/ …
@binarybits I was JUST about to ask whether you thought of BTC as currency, since your writing seemed to imply it doesn't function as such.
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@sarahjeong It depends how you define "currency," obviously. But I don't think it's a direct competitor to conventional currencies. -
@binarybits e.g. the convertability of bitcoin to dollars "backs" it, rather than a government promise to receive in lieu of taxes (or gold) -
@sarahjeong I think the idea of "backing" for currency is confused.
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@sarahjeong Bitcoin is a competitor to Visa and Mastercard that for technical reasons works better with its own unit of account. -
@binarybits@sarahjeong@dwolla is a competitor to visa & MasterCard and has no problem using dollars. -
@dpinsen@sarahjeong And yet Bitcoin appears to have gained significantly more traction than Dwolla. -
@binarybits@sarahjeong You sure about that? Hype and traction aren't the same thing. -
@dpinsen@sarahjeong Hype and traction are closely related. Hype has caused many businesses to adopt Bitcoin. -
@binarybits@sarahjeong And I can pay vendors w/@dwolla w/o wondering if $ will be worth 10% more or less in a week. (3/3). -
@dpinsen@sarahjeong Right, Bitcoin is a much more ambitious effort than@dwolla. -
@binarybits@sarahjeong@dwolla I didn't say it was more ambitious. Building a system to compete with ACH is hella ambitious. - 2 réponses de plus
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