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Digital coins may be on the verge of going mainstream

nytimes.com

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Re: Digital coins may be on the verge of going mainstream

#211

Post by dboreham »

392c91e8165b wrote: post #70
dboreham wrote: post #44

Earlier quoted context omitted.

I thought the Internet had gone mainstream in 1992 when I was passed by a UPS truck with their URL painted on the side..

Are you sure it was 1992? Wikipedia says that there were only 50 web servers in the world in January 1993, and my recollection is that were all at educational and research institutions. I don't think for example that any of the major computer companies, e.g., Microsoft or Apple, had web site that early. (They had internet connectivity, domain names, mail servers, ftp servers -- but back then, ftp servers did not have…

Yes. It was something of a surprise at the time. It was also in the UK, on the A1. I know the year because it was shortly after I started a specific job that required driving up and down the A1 often. It would have been late in the year because I think I started that job in November.

Here is the registered date from whois for ups.com :

Created Date: 1992-04-07

I think you (or Wikipedia) are quite mistaken about 50 web servers in early 1993. I remember giving a talk about the Internet in 93 where I showed examples of web sites that were available at the time. One of them was IMDB. If I think of the servers that I ran and my friends ran, I'd get to about 20 so I have a very hard time believing there were only 50 in total. Perhaps there was a huge amount of server growth during 1993?

Re: Digital coins may be on the verge of going mainstream

#212

Post by dboreham »

secabeen wrote: post #81
392c91e8165b wrote: post #70

Earlier quoted context omitted.

Are you sure it was 1992? Wikipedia says that there were only 50 web servers in the world in January 1993, and my recollection is that were all at educational and research institutions. I don't think for example that any of the major computer companies, e.g., Microsoft or Apple, had web site that early. (They had internet connectivity, domain names, mail servers, ftp servers -- but back then, ftp servers did not have…

Yeah, 1992 is way too early for that. Even then, it wasn't fully mainstream until advertisers felt able to drop the http://www from the url. When companies could just put coke.com at the end of their TV ads or on the can, it was as mainstream as anything.

As I said above it was a surprise to me at the time, but nevertheless true. The domain was registered in April 1992.

Re: Digital coins may be on the verge of going mainstream

#213

Post by ZeusNuts »

Merkle tree code that helps run Bitcoin was written by a grandpa aged person, cryptographic nonces were created by grandpas also and Satoshi and Hal Finney were of the grandpa group too. This generation can thank the last three generations no less, for the opportunity of cryptocurrency.

Re: Digital coins may be on the verge of going mainstream

#216

Post by tootie »

themacguffinman wrote: post #47
tootie wrote: post #24

Earlier quoted context omitted.

ChromeOS put Linux on the desktop and no one noticed.

That's not really "Linux on the desktop" as its advocates imagine it. For most ChromeOS users, the Linux-y parts like the shell and the GNU toolchain are largely restricted.

Well, were you expecting "Linux on the desktop" to be a giant terminal shell? Of course it was going to hide all the Linux-y stuff. That's what desktop UIs are for. Windows is "DOS on the desktop" and OS X is "BSD on the desktop".

Re: Digital coins may be on the verge of going mainstream

#217

Post by PretzelPirate »

wingerlang wrote: post #158
chumali wrote: post #157

Earlier quoted context omitted.

> "It means they are holding $2000 of your money. And if you send it to another bank then it means they send it to them and now the other bank is holding your $2000. Nothing hard about that." This isn't even close to how modern fractional reserve banking systems or payment settlement processes work. The average user has no need to understand these systems, just as they will have no need to understand how the blockcha…

I don't mean they hold the cash, I mean they "write a note" that you have deposited $2000. So they know they can give it back to you at some point. If that makes it better I don't know. It was supposed to be a simplification anyway. The issue with Bitcoin is that you current kind of need to know about how it all works don't you?

You don't need to know how it works, you just need to download some software on your phone, or buy a hardware wallet, and then buy some Crypto from some place like Coinbase. Sending/receiving crypto (specifically Bitcoin or Ethereum) is actually very easy.

The real issues right now are:

1. Buying crypto in the US requires giving private info to 3rd party companies you may not trust (I wish my bank sold Bitcoin) or using a Bitcoin ATM, which most people would be hesitant to use.

2. Storing coins on your phone wallet has more risk than using Apple Pay or a credit card.

3. If you use a phone or hardware wallet, you have to maintain your mnemonic phrase, or if you lose your wallet, you lose all of your money.

4. Prices aren't stable, and people generally want their currency to be stable. In some countries, crypto is more stable than the local currency, but in the US, that isn't the case.

These things can be made easier, and hopefully financial institutions get on board and start providing crypto access with means of securely storing your mnemonic phrase in a way that they can't access without you.

Re: Digital coins may be on the verge of going mainstream

#218

Post by neilwilson »

jondubois wrote: post #138
neilwilson wrote: post #114

Earlier quoted context omitted.

Money has never been tangible. It always has been a token for a debt owed by somebody. There is no difference between a paper bill, a coin and a cheque other than the account it references.

There is a huge difference between a coin and a paper bill. Unlike the paper bill, the gold coin is both a currency and a commodity - It has many useful properties. It can be melted down and turned into jewellery, used in electronics, tooth fillings, glass-making, paint, etc... Fiat money can be exchanged for other things but fiat money in itself cannot be converted into anything useful. Destroying fiat currency to s…

You've obviously never made a paper plane out of a bank note.

Or had one with a printing error where it becomes a collectible artwork.

The value of any coin is far greater than its metal value in any normal system. Gold included.

Re: Digital coins may be on the verge of going mainstream

#219

Post by mclehman »

bshimmin wrote: post #150
mrb wrote: post #110

Earlier quoted context omitted.

" When was the last time you made an international payment? " I love that you asked this question! The very reason it doesn't happen often is because of friction inherent to legacy payment systems. Cryptocurrencies remove this friction in cross-border trade, hence are making such transactions more commonplace. It's like you saying in 1890 "Why buy cars? People don't travel that much." But the invention of cars is pre…

I love that you asked this question! The very reason it doesn't happen often is because of friction inherent to legacy payment systems. Perhaps I'm misunderstanding what is meant by "international payment", but surely for a majority of people this is just an irrelevance? I can't imagine my parents have ever needed to make an international payment, for instance. I have an employee in Iran and my goodness was it hard t…

At least personally, I make recurring payments in euros rather than US dollars and it can be a hassle to see what the actual exchange rate used will be. I also have the option to pay with Bitcoin (and even receive a small discount for it) and it's very easy to see the USD value of the payment in that case. And while I am now in the passport holding minority, that's a recent development and I was previously part of that small overlap with no passport and frequent international payments.

My parents are also moving abroad in the next few months and I'll be very surprised if we don't end up struggling to move money around at some point, even if it's only a minor issue.

Re: Digital coins may be on the verge of going mainstream

#220

Post by ForHackernews »

vertex-four wrote: post #178
ForHackernews wrote: post #134

Earlier quoted context omitted.

> If everyone wants to take their $2000 out at once, can they? They'd stand a better chance than everyone trying to withdraw their bitcoins from the various ~bucket shops~ er, bitcoin exchanges.

Are you suggesting that bitcoin exchanges keep a fractional reserve? Nonsense. Also, there's no requirement that you keep your coins in an exchange unless you're, well, exchanging them. That's kinda the point.

> Are you suggesting that bitcoin exchanges keep a fractional reserve?

No, fractional reserve would imply transparency. I'm pointing out that historically, several large bitcoin exchanges have lost or stolen their customers' coins, and lied or tried to hide that fact.

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