RE: Hive - Intersection of Liberal Arts & Technology

avatar
(Edited)

You are viewing a single comment's thread:

Bitcoin will fix the money, and Hive will fix the web.

Bitcoin (BTC) will have to improve a lot to do that.

I still remember, when Steam accepted it for a short time, then they removed it because of the volatility of the Bitcoin price, and because of the significant increase in the transaction fees.

And not to mention the high number of fraudulent transactions during when it was accepted: '50% of transactions were fraudulent' when Steam accepted Bitcoin for payments, says Gabe Newell.



0
0
0.000
1 comments
avatar

When I say money, I don't mean currency. I know we use these words interchangeably, but they aren't necessarily the same thing. Think of money as a property that can be exchanged but holds its value over long periods of time. Value doesn't mean price either.

Prices for everything changes over time and that's due to the inflations and weak properties of the currency. While currency is something we use as a medium of exchange on daily basis, when it is backed with stronger money, like gold it too can hold its purchasing power for longer than currencies that are not backed with anything except for government's promise and national economy.

Sure bitcoin's price is volatile but in a long run it holds its original value and continues to appreciate in value due to its scarcity, which is one of it features that makes it better money.

Bitcoin doesn't need to improve. It is Valve/Steam that needs to improve. Just because they weren't competent enough to properly implement the technology doesn't mean it was bitcoin's flaw.

0
0
0.000