On: Bitcoin ‘Ought to Be Outlawed,’ Nobel Prize Winner...

[qplex]

If you store your coins in an exchange you don't have control over them. People don't understand this.

Edit: And 5-8% transaction rates are absolutely insane for a payment system.

[ric2b → qplex]

It's not a percentage, you pay the same fee whether you're sending 20 cents or 20 million, you're paying for the space your transaction takes up on the block.

It's actually not even that, the miners just choose the transactions that pay the highest fees each time they create a block, to maximize their revenue, so you can choose whatever fee you're willing to pay and it might or might not be included depending on what other people are willing to pay.

[qplex → ric2b]

What? Yes, but there is no reason you can't present the percentage after the transaction is complete.

Also you don't usually buy beer for 20 million, hence the rates will be in the mentioned ballpark.

[ric2b → qplex]

But why mention the percentage? Just say the absolute value itself. $x per transaction.

[pteredactyl → qplex]

Fair. I agree, assuming control in the strictest sense. The lower transaction costs in an exchange compensates for less control.

[imtringued → qplex]

So to solve bitcoin's problems they reinvent the current centralised banking system?