EPTBitcoin discussion thread - Page 62
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rikkon.evan
1 Post
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brianhill87
5 Posts
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iqranawaz
1 Post
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zeenat ali
1 Post
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nakajima.minoru
3 Posts
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JennetSus0901
1 Post
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lestye
United States4186 Posts
Bitcoin might serve an important role in society but I think that's one of the limiting factors, long-term. | ||
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FreakyDroid
Macedonia2616 Posts
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aseq
Netherlands3991 Posts
On April 01 2022 19:41 FreakyDroid wrote: Bitcoin is just as bad, governments cant control it, but its still controlled by a small number of people, only 5 people have access to the code. All the decentralization talk you hear about Bitcoin or any other crypto currency is a pile of crap. Simply not true. There are multiple reasons why Bitcoin isn't suited as a currency, but 5 people having a secret code is not one of them. A few: - Current block structure is totally unfit for a global currency. We're talking billions of transactions daily. Bitcoin can do 2800 per 10 minutes, lol. - The competitive nature of mining means we are spending the same amount of energy as a medium country on verifying transactions. As rewards go down this may decrease, but as the amount of transactions go up (and block structure is changed) this will increase. Rip environment. - Eventual consistency (look up: CAP theorem) is undesirable. We don't want to wait a certain number of blocks to make (almost) sure transactions are valid. Any second layer solutions 'fixing' this such as Lightning have their downsides. You don't want to your money locked up in a payment channel. - Decentralized and 'anonymous' are great until you send your money to the wrong person. No help desk, technical support or insurance if your wallet is compromized. - As block rewards go down, transaction fees must compensate. They may end up at the same level as Credit Card fees, while a centralized Credit Card company already does a far better & more efficient job on all of the above points than Bitcoin. So no, it's not a good currency. As a risky store of value, I'd say it's doing pretty well. | ||
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FreakyDroid
Macedonia2616 Posts
The whole concept of the Bitcoin protocol is retarded beyond belief. Its the most inefficient crap any human has ever come up with. A single computer can do the same thing as all of the computers and asics which are running the protocol, by adding more computational power the throughput doesnt increase, all it does is waste resources for the same outcome. Whether 1 computer or billion computers are running, the block generation time, size and speed is the same. Oh but its because we cant trust anyone that's why wasting so much resources is needed to secure the network. What a pile of crap, redefining waste as securing network lol. Imagine if other networks worked like that, a Dyson sphere wont be enough to power them all up. I swear people dont want to think about the silly things they say or believe. In my view Bitcoin is not a currency, none of the crypto currencies are in fact currencies. I don't buy the store value argument either, just because something goes up in price doesn't mean it has value, price and value is not the same thing. If it stays around for another 50 years or it actually starts providing any real world utility and/or value, I might reconsider my position. | ||
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iPlaY.NettleS
Australia4368 Posts
Bullish for crypto as people look for alternatives but like I said before I expect more regulation from Govts to cripple crypto’s and move people back into national currencies and soon CBDC’s. I put 2K into ethereum a couple of months back, I’m not going to put my life savings into it but like I say no use keeping it in the bank, May as well diversify. | ||
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aseq
Netherlands3991 Posts
On April 07 2022 00:45 iPlaY.NettleS wrote: What can be said is with the current inflation situation holding your money in the bank is idiotic.I’ve seen developed countries with 10% inflation Y/Y prints, USA highest inflation print since 1982 etc.Interest rates still close to zero. Bullish for crypto as people look for alternatives but like I said before I expect more regulation from Govts to cripple crypto’s and move people back into national currencies and soon CBDC’s. I put 2K into ethereum a couple of months back, I’m not going to put my life savings into it but like I say no use keeping it in the bank, May as well diversify. I had to look up the term CDBC's...but as far as I can see there is no difference between a CDBC and a regular debit card if there are decent rules for financial institutions and the government will back up any major one, like in most western countries. Can't really argue with your train of thought about investing (gambling) in crypto with a small portion of your savings. | ||
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FreakyDroid
Macedonia2616 Posts
https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf Im kind of on the fence about this, I can see the potential benefits of it, but it comes at a great cost to privacy. For now, this doesnt sit well with me, but who knows maybe I'll change my mind down the road. As for investing/gambling with crypto, sure I do that too, depending on the crypto cycle I have anywhere between 1-5% of my portfolio in crypto. But I don't fall for the crap crypto bros are selling because most of their selling points are pure lies which only serve as a hook for unsuspecting investors to get rekt. Happened to me back in 2014/2015, but I got smarter since then. What Im saying is, get in crypto for your own benefit and don't fall for the ideological lies they sell, all of it is crap. For instance the main selling point is that unlike fiat currencies they are deflationary, yet every time there's talk about high inflation their value drops 20% in a single day, which is worse than fiat currencies. Then there's the elephant in the room which are stablecoins. Just a quick glance on their market cap will tell you something aint right. There are only deposits, but no withdrawals? Market cap only goes up and no one who has every purchased stablecoins cashed out in real dollars? Doesn't take a genius to see something is terribly fishy there. | ||
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Chrono000
Korea (South)358 Posts
1. have we bottomed? 2. is CBDC going to compete? 3. are stablecoin good or bad? 4. for a community/biz/organization, is having a token/coin good idea? | ||
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aseq
Netherlands3991 Posts
2. No, as cdbc would be a currency, whereas crypto isn't suited for this (and I don't think it will be anytime soon, if ever (multiple discussions here, big topic)). 3. Nothing wrong with the idea per se, but it's mostly shady organisations that run them. I do wonder what conversion fees are necessary to be able to run the service (and be prepared for big runs and swings, etc). 4. If you ask me most of these coins are just quick cash grabs from startups. Vague white papers with big promises that will allow the team to run for a while. But I guess these range from total scams to venture capitalist funding. Some of these 4-man uni dropout coder teams probably genuinely think their coin will shape the future of money. Hard to say what qualifies as 'a good idea'. For long-term business development in a traditional market, probably no. | ||
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CryptoRobotics
1 Post
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CryptoRadar
United States1 Post
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{CC}StealthBlue
United States41117 Posts
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iPlaY.NettleS
Australia4368 Posts
Just another ponzi, crypto is full of them.Better off sitting it out in cash eating the 9% inflation. | ||
KwarK
United States43326 Posts
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