I cant believe only 2149 views of this great talk. People are afraid to face the facts. At some moment in his speaches Georges mentioned monetary supply being best made by computers, This is what Bitcoin is about. Sadly few people understand that
Bitcoin is a terrible example though. First, it's not a currency, but a payment method, so it isn't even relevant to this topic. Second, it's an extremely poorly designed payment method, hence the high transaction costs. Perhaps block chain technology will impact actual currencies one day, but it won't involve Bitcoin.
@@Psycho-Nomics , I am curious to know what is your definition of currency. And as for transactions costs the average cost has been well below 1USD per transaction, regardless of the amount (bitinfocharts.com/comparison/bitcoin-transactionfees.html#6m) . For small amounts, lets say below 100USD you can use Bitcoin Lightning Network and keep the cost within a franction of a cent. Blockchain technology has already started to impact payments technology and it does involve Bitcoin. An example of this is Digitec/Galaxus in Switzerland. They have dropped some of the traditional electronic payment methods and have adopted payments in Bitcoin. This company is the equivalent of Amazon for the US, so not a small thing, IMHO
@@Psycho-Nomics high transaction cost? poorly designed???? omg and just 2 years ago . . . . I am using BTC to make international transaccionts and omg it's saving me A LOT OF money AND TIME. . . . . avoiding fiat money as much as I can . . . .
Excellent. Mr. Selgin's insights are illuminating and clarifying. And he articulates them precisely and well.
Great talk. Neat summation of his work.
i love George S.
I cant believe only 2149 views of this great talk. People are afraid to face the facts. At some moment in his speaches Georges mentioned monetary supply being best made by computers, This is what Bitcoin is about. Sadly few people understand that
Bitcoin is a terrible example though. First, it's not a currency, but a payment method, so it isn't even relevant to this topic. Second, it's an extremely poorly designed payment method, hence the high transaction costs.
Perhaps block chain technology will impact actual currencies one day, but it won't involve Bitcoin.
@@Psycho-Nomics , I am curious to know what is your definition of currency. And as for transactions costs the average cost has been well below 1USD per transaction, regardless of the amount (bitinfocharts.com/comparison/bitcoin-transactionfees.html#6m) .
For small amounts, lets say below 100USD you can use Bitcoin Lightning Network and keep the cost within a franction of a cent.
Blockchain technology has already started to impact payments technology and it does involve Bitcoin. An example of this is Digitec/Galaxus in Switzerland. They have dropped some of the traditional electronic payment methods and have adopted payments in Bitcoin. This company is the equivalent of Amazon for the US, so not a small thing, IMHO
@@Psycho-Nomics high transaction cost? poorly designed???? omg and just 2 years ago . . . . I am using BTC to make international transaccionts and omg it's saving me A LOT OF money AND TIME. . . . . avoiding fiat money as much as I can . . . .