Guess the end of the run isn't in sight yet.
Oops: since writing this post bitcoin has fallen by 25%. This is why I've not gone anywhere near investing in it.
Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk
391–400 of 487 posts
Re: Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk
#392What'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…
Because at the moment, bitcoin has no redeeming qualities. - it is not transactional, as each trade costs $30-40. as exchanges hold the orders for weeks - it is not rare, as there are tons of viable cryptocurrencies coming out each day - it is not safe, as exchanges go bankrupt and shutdown. - it is not stable, as prices fluctuate wildly each day. Downside could be 90%, upside could be 20%. - it is not fast, as 100K+…
Single-purpose accounts are not a good fit for HN and you've repeated this stuff several times already, so I've banned this account. If you don't want to be banned on HN, you're welcome to email hn@ycombinator.com and give us reason to believe that you'll use the site as intended in the future. That means posting comments as part of thoughtful conversation about intellectually curious things. It definitely does not mean hammering an agenda.
Re: Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk
#393There'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…
Looks pretty cool. Definitely want to read more. Cheers for sharing the Christmas spirit :) Here's my wallet:
xrb_17t3ac567frak49tkfrk5jynegm3bhk3gc8xhokxjbgqx46tppgt5zzce1qq
Re: Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk
#394There'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…
I'll give it a try as well :)
xrb_1pjzyhtcjwg5u3ot88dfa53bu6tf31syixpz78t9mq9bcfmjo81j7sjysox1
Re: Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk
#395Earlier quoted context omitted.
Hm, what are bitcoins used for today ? I was still seriously under the impression that there still wasn’t any serious use, except for illegal activities... ( i’m not talking about eth which found an interesting usages with ICOs, just bitcoins). Edit : i’m also not asking for the list of legal shops that accept bitcoins, i’m wondering about the percentage of officialy legal bitcoin transactions vs the rest.
Why do you think a public ledger will be the medium for illegal transactions? How exactly do you plan on converting fiat to btc and then paying for transactions? Every step of the way is going to be on the. public. ledger. Forever. Linked to each step along the way. C'mon. BTC is for people who don't want to be at the whim of banks or paypal. Or it was anyways, until the fees became too high and the transaction times…
Aren’t there any way to hide your transaction by funneling them through exchange platforms ?
Plus, if everything was public an easily traceable to a person then why are exchange platforms hacked ? You could easily identify the authors of the hack and sue them... i guess there isn’t enough regulation to make tracing the bitcoin a big enough legal threat. Or that tracing to the wallet without being able to identify the owner is useless. Which means it’s still good for other illegal activities.
Re: Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk
#396When it comes to Bitcoin, I think of Linux as an analogy. When it first emerged, many people questioned it's basic premise: "why is there a new operating system? Everyone uses Windows, or Mac". People didn't know or understand the idea of open source: "Doesn't that just mean people will find bugs and ways to hack it?" "Without a company behind it, how do I know I can trust it in the long term?" At first it's usabilit…
> When it first emerged, many people questioned it's (sic) basic premise
As they did Charles Ponzi's international reply coupons.
> That is all kind of the same vibe as Bitcoin
You mean the creator(s) who went to great lengths to hide their identities (that's reassuring), or do you mean the various ripoff artists, fraudsters, imprisoned scammers etc.?
> It has securely held Billions of USD equivalents in value for years.
So did tech stocks in 1999...so did subprime mortgages in 2007...
Re: Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk
#397What'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…
The primary concern is that if BTC wins, we will all be subservient to an algorithm which no one has any incentive to change. We'll lose all financial controls. Worse, people with massive crypto fortunes can act as evil as they want, and society can't do anything to stop them. Right now we can take the money away from the powerful, if society collectively agrees to. That will become impossible. If BTC had no upper li…
Why would it make any difference if Satoshi were still around? He can't make arbitrary changes to the consensus rules any more easily than anyone else can.
And you might not be able to take money away from the powerful, but you can still throw them in prison.
Re: Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk
#398Earlier quoted context omitted.
The primary concern is that if BTC wins, we will all be subservient to an algorithm which no one has any incentive to change. We'll lose all financial controls. Worse, people with massive crypto fortunes can act as evil as they want, and society can't do anything to stop them. Right now we can take the money away from the powerful, if society collectively agrees to. That will become impossible. If BTC had no upper li…
Why would it make any difference if Satoshi were still around? He can't make arbitrary changes to the consensus rules any more easily than anyone else can. And you might not be able to take money away from the powerful, but you can still throw them in prison.
Try throwing Putin into prison.
That's the kind of threat model at stake here. Another Putin emerging. And this one may be much less predictable.
If Satoshi were around, his opinion would carry weight. He's the spiritual leader and mysterious benefactor, the only person to have ever solved the byzantine generals problem with sybil resistance. If he spoke, people would listen more closely than to others.
In fact, people are resisting change mostly because they want to stick to satoshi's original vision. So he is speaking to us, in a way, by saying nothing. That's him communicating his vision to us, and us agreeing with it.
If he were still around, he might very well say "I only did that to ensure the network stayed healthy! We still have an endgame to think about! The miners will eventually run out of coins to mine, and it's in our interests to continue the status quo rather than degenerate into that world."
Re: Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk
#399There'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…
Looks pretty cool. Definitely want to read more. Cheers for sharing the Christmas spirit :) Here's my wallet: xrb_17t3ac567frak49tkfrk5jynegm3bhk3gc8xhokxjbgqx46tppgt5zzce1qq
Re: Goldman Sachs Is Setting Up a Cryptocurrency Trading Desk
#400There'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…
I'll give it a try as well :) xrb_1pjzyhtcjwg5u3ot88dfa53bu6tf31syixpz78t9mq9bcfmjo81j7sjysox1