If you follow that trail far enough it's whoever designed cryptocurrency, right? Because banks can and do reverse transactions as last resort.
replyNo, because this is explicitly the design of Bitcoin. If you give me a foo machine but it makes a bar, that's your fault. If you give me a foo machine and the foo hurts me, that's my fault.
replylol I guess you just settled a hundred years of product liability jurisprudence
replyBitcoin isn't a product.
replyAgreed.
replyBitcoin isn't a store of value (its too volatile), it isn't a currency (too slow and expensive for small transactions), and it isn't even a product in its own right.
- You can use it as a store of value.
- You can make transactions.
replyIf you don’t like it or think it’s too slow doesn’t change these facts.
I agree that it’s not a product though. It is a distributed system that nobody owns.
My point is thdt your aren't really storing value when price is highly volatile, you're gambling. If I put $100 into a store of value, it would continue to be worth $100. If I put $100 in and it may be $30 or $300 later, that isn't value stored.
replyAnd yes you can functionally make transactions, but based on current transaction fees it looks like I'd pay $0.22 in fees so I could wait 10-20 minutes for a transaction to likely clear. I'm not doing that at a gas pump, grocery store, etc.
Isn't store of value something that keeps up with inflation? I put 100$ today, which can buy X, in 20 years I can still buy X with that, while 100$ can buy just X/2.
replyOtherwise I just use the dollar bill as the store of value
Broken by design?
replyreply
Yep exactly. Broken from design stage. So that engineer were talking about is... Satoshi!?
replynot such a genius after all /s
replyBanks can't reverse wire transfers. Unless there is some super-level intervention that is very rarely used. But they can trace where it went.
replyThis kind of low bar reminds me of FTX
replyDid they get enough time to design and test in properly?
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