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submitted by /u/inaco [link] [comments] |
Sunday, 9 June 2019
Pros and Cons of Cash App
Hi everyone - I’m newer to hodling and am using the Cash app to buy.
I also see comments about “not your keys not your coins”, and want to better understand what this means as well as whether or not I’m doing it right with Cash App.
To me it’s been working great, but are the coins really mine?
Someone more knowledgeable please help!
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Answering Bitcoin volatility objection...
First, I go for the non technical angle. I don't do mining, coding, or programming evangelism.
BARTER'S INEFFICIENCIES CREATED NEED FOR MONEY. If you go back to barter times, before money existed, there was a problem. It's called DOUBLE COINCIDENCE OF WANTS. Let's say I have a loaf of bread. And you have tomatoes. I want your tomatoes, but you don't want my bread. You want eggs. In barter times, each person's commodity essentially starts as a collectible. In barter times, I'd go to the market, knock on doors, play the law of numbers, until I found an egge collector. Then I'd negotiate the value of bread vs. eggs vs. tomatoes, and go back to you for your tomatoes (provided you hadn't already traded them). This whole process is inefficient and why money was invented. Money increases efficiency of trade.
Eventually groups of people in a free market will decide that one collectible makes the best Store Of Value.
Collectibles that become more widely demanded and become Stores Of Value share common traits. Some are more divisible into smaller units without loss of value, some more durable over long periods of time without losing value, some more transportable over large distances. All of these advantages make for greater marketability.
As experimentation with Store Of Value Candidates grows in groups of barter societies, SOV candidates will experience volatility as it's portability, divisibility, and durability is tested by the free market. The more durable, portable, and divisible the collectible aka Store Of Value candidate is, the more marketable it becomes. The more marketable it becomes, the more likely it's demand as a stable Store Of Value evolves for that group (as consensus grows).
My argument is Bitcoin's volatility stage is no different from any other collectible as it evolves in value. Each collectible has to go through a price discovery phase before it becomes a stable store of value. That price discovery phase will naturally elicit bubbles of price action for collectibles as their durability, divisibilty, and portability go through their respective learning curves. Whichever collectible best fulfills all 3, which is learned through trial and error, wins the Store Of Value contest.
So Bitcoin is somewhere between the collectible and store of value phase in the currency evolution game.
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Coinbase Wallet to Ledger Nano S
Looking for a little technical help here. My goal was to move by bitcoin from the Coinbase Wallet app onto my Ledger Nano S. I'm a newbie but I think the issue is that the Ledger wallet is generating a SegWit address (starts with a 3) and Coinbase might be looking for a Legacy address? When I start the transfer process the continue button is grayed out when I paste the Ledger address or if I try to scan the QR code it (coinbase wallet app) just doesn't recognize it. What am I missing here? Thanks.
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![[JOB] translation of FindBitcoin.cash paper wallet text (easy, pays in Bitcoin Cash)](https://b.thumbs.redditmedia.com/2QEBssN-Ua8xLd3wr3f1YhmdrIg_v5tgrIypic8texw.jpg "[JOB] translation of FindBitcoin.cash paper wallet text (easy, pays in Bitcoin Cash)")
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