221–230 of 487 posts
Can someone explain this collective mania to me? This is all 100% pure speculative frenzy, right?
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fiat - an arbitrary decree or pronouncement, especially by a person or group of persons having absolute authority to enforce it. The amount fiat currency can be doubled overnight by the authority over the fiat currency. Stealing, in effect, from all of the people holding that currency. Non-fiat, like gold or bitcoin (at least this is what the true believers believe), have a high amount of work that needs to be done t…
Nit, but an interesting subtle one: bitcoin-core can double the amount of bitcoin overnight. They can commit new code which does that and shows up in the next client. But , that would presumably be noticed: either in the oss repo, or in the blockchain itself. So I think more accurately, it's sort of in between a fiat currency and a commodity. It's a fiat currency whose operation is completely transparent.
And with Bitcoin Cash gaining in popularity, a fork is not an impossibility. In fact, BCH is popular because it's actually usable unlike BTC at the moment (extremely high fees, slow confirmation times).
What's with all the extreme negativity with Bitcoin and its trading price on HN? I've been noticing that in all the BTC related threads recently. Yes, this is possibly getting too large too fast. Yes there is a chance this is a bubble because the barbers and shoeshine boys are talking about it. But there is also a chance that we genuinely are at the beginning of the transition from Fiat currencies to crypto (beginnin…
> But there is also a chance that we genuinely are at the beginning of the transition from Fiat currencies to crypto (beginning of the S-curve mass adoption) I can only speak for myself but I see this chance as practically being 0. As far as I can tell the only people who would need something like Bitcoin are those who participate in illegal/immoral activity. Seeing as there is no regulation, I don't think it's far f…
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For technical reasons, Bitcoin honestly sucks. The block rate is so low that transactions cost many dollars and take hours to confirm. This is only going to continue to get worse, as it turns out that having a global ledger is actually the opposite of a decentralized system. I can't do anything with Bitcoin that I can't do more easily with my credit card. It offers no value except a tool for rampant speculation. Bloc…
The lightning network could fix everything, or fail spectacularly. I think an even bigger danger than failing spectacularly is if they take too long to roll it out. Other cryptocurrencies are already gaining some favor because of the situation BTC is in now with the high transaction fees. It has a good chance of working, in my opinion (the lightning network), if they don't dawdle too long. But the clock is ticking.
Welp pretty much knew this would happen all along. I was hoping crypto would remain independent of banks, but nope. Not long before big banks take over crypto exchanges, develop dark pools, and manipulate it. Not much we can do now
Isn't Coinbase a dark pool? Off-chain transactions seem like order internalization to me...
What's with all the extreme negativity with Bitcoin and its trading price on HN? I've been noticing that in all the BTC related threads recently. Yes, this is possibly getting too large too fast. Yes there is a chance this is a bubble because the barbers and shoeshine boys are talking about it. But there is also a chance that we genuinely are at the beginning of the transition from Fiat currencies to crypto (beginnin…
And if this is a speculative bubble the way it looks like it is, it will end like other speculative bubbles. A few people will get absurdly rich, not because they added any value to the system, but because they were able to time the market. Their money will come from the many others who will lose a lot because they tried to do the same thing but were too late.
Beyond that, there seems to be a small group of people who are interested in it because they see it as an alternative to fiat currency. But strong opposition to fiat currency seems to be one of those odd economic beliefs that some people get, similar to the people who think that our society would be great if we just got rid of money and had a barter system. Outside of fringe beliefs, fiat currency is generally seen as a useful tool.
BTC to $100k followed a drop to $80 and a public bailout happy trading
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the reason for that saying is because by the time the lowest class of service workers is buying then there is nobody else to buy from them Stocks and commodities spread through society that way, from the most well connected VCs down to the lower class when the price rise makes them feel like they have a chance to get rich after it is shown in their nonfinancial choices of entertainment Bitcoin hasnt gone through soci…
Most of the institutional 'slow money' like endowments and pension funds will never touch cryptocurrencies, no matter how they are structured. They can't even take positions on FIAT currencies, or even bonds below AA rating. No way are they ever touching cryptos.
Not what I’m hearing in legal circles
Everyone wants exposure, and if they require a new legal structure or a financial derivative they are doing what needs to be done.
The pensions will just go through the next hedge fund that buys for them.
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Most of us Bitcoiners are skeptical of modern monetary policy and want a risk-free store of value for our wealth. Today Bitcoin is very risky, however, we believe its fundamental properties will ultimately lead to a stable place to put our savings. Sure, it won't gain interest or dividends but it also won't be subject to inflation or central banker manipulation. The above is purely my opinion and is frequently the su…
If Bitcoin is not inherently stable why do you think it will become stable in the future? Do you believe it is subject to manipulation by parties other than central bankers? I don't understand this line of thinking but I am not an expert so I am curious to hear your perspective.
Don't worry, in 18 months^, Lightning Network (TM) will come out and fix everything by adding a second layer to bitcoin, nevermind that the first layer will be ignored
^ Not accounting for perpetual delays as LN as been promised for a long time
There's a cryptocurrency called RaiBlocks that is working to be the best at transfer of value. The protocol uses new cryptocurrency concepts evolved over the years and I believe it can be quite revolutionary. In my opinion, bitcoin is one of the worst cryptocurrencies at the moment, and to be honest I hope to see it die soon. Create a wallet using this site https://raiwallet.com/ , paste your address here and I'll se…
Although this site doesn't seem all that secure