I responded that I knew just enough to be dangerous and asked what he was struggling with…. His main concern was that the fees were too high. I didn’t think that he was talking about transaction fees as much as the on-ramp conversion fees to buy #bitcoin. I then went through how adoption and competition would drive down those fees, etc… and how I used to pay $15 a trade on etrade, then it went to 10, then 7, then 5, now zero…. I thought I was making good headway and using valid arguments. (2/n)
Discussion
He responds that an 8-9% transaction fee was too high. I agreed.
He followed it up with that he doesn’t understand why anyone would use the #bitcoin machine at the grocery store when they could roll their own coins and take them to the bank for free. (3/n)
I was confused and politely ended the conversation…. Then it dawned on me that old boy had conflated #bitcoin and the coinstar machine that counts your loose change.
We are still so early.
(4/4)