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Coinbase: The Heart of the Bitcoin Frenzy

nytimes.com

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Re: Coinbase: The Heart of the Bitcoin Frenzy

#151

Post by bufferoverflow »

Frogolocalypse wrote: post #137
namelost wrote: post #134

Earlier quoted context omitted.

> Increasing block size results in longer validation times as well as slower block propagation Processing more transactions requires more resources. That's not a bad thing. One might note that currently Bitcoin Cash is usable as a medium of exchange, whereas Bitcoin is not. They can reduce the bandwidth requirements by implementing e.g. compact blocks.

Feel free to implement your code changes on the alt of your choice. Bitcoin node users remain unaffected. It's over right? The whole attempt to sideline the bitcoin development team failed, and now that uncertainty has been removed, the price of bitcoin is skyrocketing. That's because bitcoin is valuable for what it is, not for unproven use-cases that decrease bitcoin security. We will get to those use-cases through…

And guess what, businesses are moving on. Steam just dropped Bitcoin as a method of payment. And before that OpenBazaar. And Yours.

Re: Coinbase: The Heart of the Bitcoin Frenzy

#152

Post by Frogolocalypse »

RexetBlell wrote: post #144
etr-strike wrote: post #107

Earlier quoted context omitted.

Bitcoin Cash is the brute force solution to scaling. Increasing block size results in longer validation times as well as slower block propagation. Both of these things lead to centralization. The entire purpose of bitcoin is to be as decentralized as possible. Anyways, here's a video released today of a lightning transaction happening on mainnet: https://www.youtube.com/watch?v=a73Gz3Tvx3k Here's a video of Greg Maxw…

Why would anyone ever use rsk? They created a centralized clone of Ethereum and charge 20% fees, or something like that. Here's a truly revolutionary scaling solution by the inventor of Bitcoin's Lightning network and Vitalik Buterin: https://plasma.io/ Also here is an Ethereum's equivalent of the Lightning network, which was deployed on main net recently: https://raiden.network/

I don't mind eth. I hope they can solve their problems. But they have problems, and they are running out of time to work them out. Their blockchain is out of control size. Nodes are dropping and they aren't coming back up. I've heard about sharding and pos, but i haven't seen anything approaching a solution yet. It's an issue.

Edit: > Why would anyone ever use rsk?

ICO. Share offer.

Re: Coinbase: The Heart of the Bitcoin Frenzy

#153

Post by sillysaurus3 »

tony101 wrote: post #146
sillysaurus3 wrote: post #122

Earlier quoted context omitted.

And it's very hard to get anyone to take this seriously. But as far as I can tell, it's a real possibility. I had to talk some sense into a friend who was saying she was fed up with being poor and was going to put her $7k life savings into bitcoin. I told her to treat it like gold, hold it, and be very careful to keep it secure. And off Coinbase. And my advice made her hesitate, and now she missed the 100% growth ove…

Could you explain why "this" needs to "stop"? Why would the success of Bitcoin be apocalyptic?

Although BTC has a finite maximum, it has been inflationary, since coins are being created. This will not hold.

BTC was the first crypto, and network effects means it stands a good chance of staying on top. Like eBay, it may be the go-to crypto.

If it's true that crypto is the future -- that the entire world will switch from fiat to crypto, kicking and screaming -- then that means the entire world will likely switch to whichever crypto is on top. There are many benefits to using the same crypto that everyone else is using, especially when it comes to long-term wealth storage.

Eventually, the coins will stop being generated, and those coins will be the only thing that the world values. We won't transact in BTC, but BTC wasn't designed to transact. It was designed to store wealth. And it does that very well.

The rise of Bitcoin will prompt people to pour even more money into it. Savings accounts will look like an anachronism. You won't want to keep your money in a bank: If the entire world is hopping onto the bitcoin boat, then you currently stand to benefit from (7 billion - total BTC holders) of people that have yet to switch.

That means you will find it quite inescapable.

Now, the final nail will be when your dollars start to lose value relative to BTC. One way of looking at the BTC price is to say that the dollar's value is going down, not that BTC is getting more valuable.

Do you really want to bet the future of all mankind on this grand experiment? For all their flaws, our traditional systems have gotten us this far. The amount of upheaval that it could cause to switch the entire world from inflationary to deflationary basis of wealth isn't something to underestimate.

https://bitcoin.org/en/faq#wont-bitcoin-fall-in-a-deflationa...

There are all kinds of theories about what might happen. But let it sink in that no one knows, and we have no plan to stop this if it turns out badly.

This isn't really meant to persuade you, as that would be impossible. No one knows what will happen, so this is guesswork. But we know that if BTC does ultimately win, we will lose all economic controls: there will be no way to inject more money when needed, such as the 2008 crisis, and no strategies to prevent deflation. We will be at the whims of an algorithm that no one has any incentive to change.

Contingency plans are good. Let's come up with one.

Re: Coinbase: The Heart of the Bitcoin Frenzy

#154

Post by awakeasleep »

tony101 wrote: post #146
sillysaurus3 wrote: post #122

Earlier quoted context omitted.

And it's very hard to get anyone to take this seriously. But as far as I can tell, it's a real possibility. I had to talk some sense into a friend who was saying she was fed up with being poor and was going to put her $7k life savings into bitcoin. I told her to treat it like gold, hold it, and be very careful to keep it secure. And off Coinbase. And my advice made her hesitate, and now she missed the 100% growth ove…

Could you explain why "this" needs to "stop"? Why would the success of Bitcoin be apocalyptic?

if governments weren't in charge of money supply, it would change the whole nature of governance, which would be an apocalyptic event.

Even if everything that came out of it was good, it'd change the nature of life on Earth.

Re: Coinbase: The Heart of the Bitcoin Frenzy

#155

Post by njarboe »

drawkbox wrote: post #18

With the frenzy out there, Coinbase makes crypto currencies trading/investing/purchasing as robust and seemingly as safe as possible. This could be a signal, now that we have some reputable market players that crypto currencies are really just starting and there is a very high ceiling. Getting in before coinbase you had to mine your own (that party ended quickly - Butterfly Labs, cex.io for cloud mining etc) or be pa…

Coinbase does give one the sense of security and ease of use. It does not seem sketchy, is American based, has KYC procedures, etc. If they lose coins or go under, a lot of "normal" people will lose money. Not sure what regulations might be passed in Congress if that happens, but the cryptocurrency Wild West would likely be over in America at that point.

Re: Coinbase: The Heart of the Bitcoin Frenzy

#156

Post by Frogolocalypse »

bufferoverflow wrote: post #151
Frogolocalypse wrote: post #137

Earlier quoted context omitted.

Feel free to implement your code changes on the alt of your choice. Bitcoin node users remain unaffected. It's over right? The whole attempt to sideline the bitcoin development team failed, and now that uncertainty has been removed, the price of bitcoin is skyrocketing. That's because bitcoin is valuable for what it is, not for unproven use-cases that decrease bitcoin security. We will get to those use-cases through…

And guess what, businesses are moving on. Steam just dropped Bitcoin as a method of payment. And before that OpenBazaar. And Yours.

Using the blockchain for one-off payments between participants is never a viable solution. The establishment of lightning allows commits to be aligned with the long term relationship between two participants. Even after that relationship ends, a completely unrelated payment may be routed through your channel, earning you a micropayment. There was never a solution to that type of functionality with a 10 minute block creation schedule.

That went live on main chain two days ago.

https://www.youtube.com/watch?v=a73Gz3Tvx3k

Re: Coinbase: The Heart of the Bitcoin Frenzy

#157

Post by rgbrenner »

ehsankia wrote: post #70
drawkbox wrote: post #18

With the frenzy out there, Coinbase makes crypto currencies trading/investing/purchasing as robust and seemingly as safe as possible. This could be a signal, now that we have some reputable market players that crypto currencies are really just starting and there is a very high ceiling. Getting in before coinbase you had to mine your own (that party ended quickly - Butterfly Labs, cex.io for cloud mining etc) or be pa…

I've run into all sorts of bugs which made the site annoying to use. 1. My bank account has a 5000$ limit and my credit card has a 750$ limit. After spending 1000$ from the bank (which takes a week), I wanted a quick 50$ from my CC, but it said I was already past the 750$ limit. 2. When trying to recover an older account, the recovery keeps asking for my phone number but isn't sending me texts properly. If you say yo…

I've run into multiple bugs on their website while using firefox... but it'll work fine in chrome.

Two I remember: The id+selfie didn't work in firefox. and they had a page that would calculate the max wrong in firefox. Sent an email about both. I don't think they responded to the first one; and on the second, they redesigned their site a bit to delete the page.. then sent me an email asking if I still had that problem (about 1-2 weeks later).

I don't think they test very thoroughly... and they definitely don't use firefox.

Re: Coinbase: The Heart of the Bitcoin Frenzy

#158

Post by aviv »

sillysaurus3 wrote: post #92

I posted this earlier today, and earlier than that as an Ask HN. I promise after this I won't post it again, at least for awhile. This seems sufficiently important that it's worth a slight annoyance. What should we do about the destabilizing potential of Bitcoin? There are two facts about Bitcoin worth worrying about: 1. There is no upper bound on the price 2. Everyone who thought the price won't continue to exponent…

https://www.reddit.com/r/conspiracy/comments/7i2ri0/the_real...

Re: Coinbase: The Heart of the Bitcoin Frenzy

#159

Post by bufferoverflow »

Frogolocalypse wrote: post #156
bufferoverflow wrote: post #151

Earlier quoted context omitted.

And guess what, businesses are moving on. Steam just dropped Bitcoin as a method of payment. And before that OpenBazaar. And Yours.

Using the blockchain for one-off payments between participants is never a viable solution. The establishment of lightning allows commits to be aligned with the long term relationship between two participants. Even after that relationship ends, a completely unrelated payment may be routed through your channel, earning you a micropayment. There was never a solution to that type of functionality with a 10 minute block c…

Blockchains are successfully used for one-off payments, even Bitcoin used to be. Not anymore. And Lightning doesn't solve that problem. Thus other cryptocurrencies will thrive as methods of payment, whereas Bitcoin will remain a settlement layer for recurring payments at best.

Re: Coinbase: The Heart of the Bitcoin Frenzy

#160

Post by boomboomsubban »

Redoubts wrote: post #127
drawkbox wrote: post #18

With the frenzy out there, Coinbase makes crypto currencies trading/investing/purchasing as robust and seemingly as safe as possible. This could be a signal, now that we have some reputable market players that crypto currencies are really just starting and there is a very high ceiling. Getting in before coinbase you had to mine your own (that party ended quickly - Butterfly Labs, cex.io for cloud mining etc) or be pa…

> Coinbase makes crypto currencies trading/investing/purchasing as robust and seemingly as safe as possible. 4 Years Ago: https://news.ycombinator.com/item?id=6929705

Four years ago a user had an issue that took over three days to rectify. Clearly the company is a scam.
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