221–230 of 275 posts
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"pls buy litecoin" ... there's always a vested interest!
Maybe at some point people will do some thinking about how their own conflicts of interest affect the hype and FUD they spread in crypto communities. pls buy iota
These arguments against bitcoin have been the same since 2010. They seem to ignore the point of bitcoin (it is impossible to counterfeit, unlike fiat which is counterfeited as a matter of course by the central bank to pay the federal government so it can buy bombs).... and all the features of bitcoin which are increased privacy, better control over your funds, better security, etc. At any rate, the past 7 years has s…
It has been demonstrated to be preposterously easy to steal. The privacy angle is a double-edged sword, and won't appeal to many people anyway.
I would argue Bitcoin (and blockchain in general) is the Linux of currency. It may have a major impact on the backend (lots of things may be built on blockchain one day). But to regular people, not true believers, the interest level will be extremely minimal.
You sound like Richard Stallman, a man I admire but think lacks perspective.
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> Volatilty will be inherent with bitcoin... majority stake... You're making a strong claim here -- and I think this applies to any scarce resource. Why is bitcoin different from, say, gold? > additionally, bitcoin and the exchanges can rapidly plummit to zero if and when Here too -- how is that different from any other traded instrument?
The production curve Satoshi designed was to produce the largest supply of Bitcoins for the least amount of effort/resource input to the smallest group of users running the software. Half of the supply was produced this way in the first few months. Blockchain and Bitcoin is different than physical resources because it's so easily produced. Crypto tokens are different from other traded instruments because of the excha…
No; he simply designed for a fixed total amount of bitcoins, namely 21 million.
> Half of the supply was produced this way in the first few months.
No; half the supply is produced in 4 years. Then the next 4 years halves that again. And so on every 4 years.
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Bitcoin isn't the internet of money, it is an internet for money. With this distinction in mind, it would be foolish to think that the first cryptocurrency would be the last. It took many implementations and iterations of wide area networks to arrive at the Internet Protocol we have today. While Bitcoin doesn't share the same set of problems as fiat currency, it has its own burdens, and has proven completely ineffect…
Wow. There is a twist at the end
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The production curve Satoshi designed was to produce the largest supply of Bitcoins for the least amount of effort/resource input to the smallest group of users running the software. Half of the supply was produced this way in the first few months. Blockchain and Bitcoin is different than physical resources because it's so easily produced. Crypto tokens are different from other traded instruments because of the excha…
> designed was to produce the largest supply of Bitcoins No; he simply designed for a fixed total amount of bitcoins, namely 21 million. > Half of the supply was produced this way in the first few months. No; half the supply is produced in 4 years. Then the next 4 years halves that again. And so on every 4 years.
Rather than designing the supply distribution to coincide with increasing computational and energy value input, the production curve was crafted to gain control of as many coins as possible before anyone else joined the network.
This is a catastrophic design flaw as it means the majority of BTC in circulation was created with very low value input. i.e. 10,000 bitcoins shouldn't surpass the value of two pizzas.
The current value is a mix of passing on the "coins" to greater fools who only think someone else will buy their coin at a higher price. Combined with exchanges which arnt required to publish their reserves, or prevent insider trading or falsifying bids.
More stability will come if verifiable liquidity is offered at any of the exchanges. As we've seen many times, panic sells over trivial news and rumors create freefalls in price from the absence of buyers willing to hold the bag.
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The USD is probably the most well-behaved fiat currency of the last century, so that’s basically the least interesting example, but: USD is inflationary. Ceteris paribus, a rational actor would generally prefer to hold something deflationary. The (epsilon-) no-arbitrage argument suggests that the frequently raised “but then no one will ever invest in things” objection doesn’t actually make any sense. USD is highly co…
> USD is inflationary. Ceteris paribus, a rational actor would generally prefer to hold something deflationary. The (epsilon-) no-arbitrage argument suggests that the frequently raised “but then no one will ever invest in things” objection doesn’t actually make any sense. This is only true for savers and the vast majority of Americans, likely the world, are debtors (source: http://time.com/money/4709270/americans-die…
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They could still borrow, just not indefinitely the way they do now.
How come? Now, they just sell more I.O.U.s to pay the ones that reach the due date. They could do exactly the same in BTC, gold, tulips, or whatever.
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Why do many people (including bitcoin fans) assume that bitcoin must replace the world's currencies to be successful? Does anyone judge PayPal on that metric? I just think bitcoin can fill PayPal's niche in a more open decentralized way.
100% agree! How would this work in practice? Naturally you would need a free/open/secure mobile app (maybe such an app exists already?). Is there a way to hold and transfer fractions of bitcoin without using exchanges? Can I purchase fractions of coin from exchanges and transfer those fractions into my personal wallet?
There are free open source mobile apps for holding and transferring Bitcoin. ("Mycelium Bitcoin Wallet" is one, but I'm not terribly familiar with it or any other mobile apps.)
>Is there a way to hold and transfer fractions of bitcoin without using exchanges?
Yes and yes. You don't have to have an integer amount of bitcoin, and you can hold bitcoin directly. (In fact the main big point of bitcoin was that people can hold it directly instead of only being able to have 3rd parties manage it for them.)
>Can I purchase fractions of coin from exchanges and transfer those fractions into my personal wallet?
Yeah. (All US exchanges do require you to identify yourself pretty rigorously, so it is hard to transfer between USD and BTC without a paper trail. So yes, it makes it hard if your goal for using BTC was to go 100% off-grid, but otherwise I don't think it's a show-stopping issue except for anyone engaged in illegal activity, earning a lot from it, and wanting to get it into USD easily.)
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> Volatilty will be inherent with bitcoin... majority stake... You're making a strong claim here -- and I think this applies to any scarce resource. Why is bitcoin different from, say, gold? > additionally, bitcoin and the exchanges can rapidly plummit to zero if and when Here too -- how is that different from any other traded instrument?
The production curve Satoshi designed was to produce the largest supply of Bitcoins for the least amount of effort/resource input to the smallest group of users running the software. Half of the supply was produced this way in the first few months. Blockchain and Bitcoin is different than physical resources because it's so easily produced. Crypto tokens are different from other traded instruments because of the excha…
The total supply was fixed from the start and the supply curve was designed to incentivize mining. When it was initially deployed, there was no reason to believe that Bitcoin would become as huge as it is now, and lots of coins were simply lost in frivolous transactions, faucets, and destroyed data.
> Half of the supply was produced this way in the first few months.
This is not true.
> Blockchain and Bitcoin is different than physical resources because it's so easily produced.
The whole point of PoW is that it is not easy to produce Bitcoin -- physical goods have scarcity enforced by nature; Bitcoin has scarcity enforced by mathematics.
These arguments against bitcoin have been the same since 2010. They seem to ignore the point of bitcoin (it is impossible to counterfeit, unlike fiat which is counterfeited as a matter of course by the central bank to pay the federal government so it can buy bombs).... and all the features of bitcoin which are increased privacy, better control over your funds, better security, etc. At any rate, the past 7 years has s…
Bitcoin isn't the internet of money, it is an internet for money. With this distinction in mind, it would be foolish to think that the first cryptocurrency would be the last. It took many implementations and iterations of wide area networks to arrive at the Internet Protocol we have today. While Bitcoin doesn't share the same set of problems as fiat currency, it has its own burdens, and has proven completely ineffect…