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The Cryptocurrency Industry Is 'On the Brink of an Implosion', Research Says

bloomberg.com

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Re: The Cryptocurrency Industry Is 'On the Brink of an Implosion', Research Says

#81

Post by Cmerlyn »

superkuh wrote: post #34
fastball wrote: post #28

Earlier quoted context omitted.

Quite the claim. Obviously you haven't heard of the NSA or the US Military.

For anyone downvoting this I'll expand what he said so you can understand it before reflex downvoting. Nationstate backed fiat currencies require enormous amounts of energy waste in the form of standing armies and other tools of power. Compared to the energy Bitcoin uses to protect itself from attack or fraud this energy is very large.

Yes, because if cryptocurrencies became the standard, armies will become obsolete and Nation states will dissolve their Military programs. Makes sense.

Re: The Cryptocurrency Industry Is 'On the Brink of an Implosion', Research Says

#82

Post by jobigoud »

scient wrote: post #32
Scoundreller wrote: post #11

Earlier quoted context omitted.

Iunno, if i were a billionaire, the idea of having $50m under nobody’s control but my own that I can take anywhere, anytime, doesn’t exist anywhere else. I can’t do that with gold. Bank deposits are always available until they aren’t. But Coinbase can’t do this either.

And why would someone put $50m into a highly volatile, unchecked tech, where mediators are mostly known because of their security problems and breaches?

It's written in the post you are answering to: "Because it's under nobody’s control but my own that I can take anywhere, anytime".

Re: The Cryptocurrency Industry Is 'On the Brink of an Implosion', Research Says

#83

Post by decentralised »

raesene9 wrote: post #77
decentralised wrote: post #23

Earlier quoted context omitted.

I saw a couple of comments today about the price of USDT so I think it's worth while explaining how it works just in case anyone is interested in knowing more. USDT is a pegged-currency. It's often described as a stablecoin but that's not correct because it doesn't have an inbuilt stabilisation mechanism unlike Maker's DAI for instance. The way it works is purely based on well known legal mechanisms that have no cryp…

Except of course that in the case of tether there has (AFAIK) never actually been a completed audit of their USD holdings. the closest there has ever been is a letter from a law firm that was related to the owners and which clearly stated that it was not an audit.

I think you're right. I saw a document that I thought was the audit report but it's a simple memorandum.

https://tether.to/announcement-transparency-update/

Re: The Cryptocurrency Industry Is 'On the Brink of an Implosion', Research Says

#84

Post by wheels »

School-Cotton wrote: post #57
Scoundreller wrote: post #11

Earlier quoted context omitted.

Iunno, if i were a billionaire, the idea of having $50m under nobody’s control but my own that I can take anywhere, anytime, doesn’t exist anywhere else. I can’t do that with gold. Bank deposits are always available until they aren’t. But Coinbase can’t do this either.

Edit: I calculated this wrong, please ignore this comment

You're off by more than an order of magnitude. $50 million is 3,382 lbs (1534 kg, 1.6 US tons) of gold at current prices.

Re: The Cryptocurrency Industry Is 'On the Brink of an Implosion', Research Says

#86

Post by [deleted] »

fastball wrote: post #28
coliveira wrote: post #24

Bitcoin and similars are the biggest waste of computing power and energy in the history of the planet. It will be nice for the environment when this is all over.

Quite the claim. Obviously you haven't heard of the NSA or the US Military.

[deleted]

Re: The Cryptocurrency Industry Is 'On the Brink of an Implosion', Research Says

#87

Post by xoa »

moduspol wrote: post #75
School-Cotton wrote: post #57

Earlier quoted context omitted.

Edit: I calculated this wrong, please ignore this comment

Let us know how you get it through airport security.

>Let us know how you get it through airport security.

How you get it through what now? Private aircraft don't deal with that. GP did specify "billionaire", and at that level at least fractional ownership in private long distance transportation is not a reach either.

Re: The Cryptocurrency Industry Is 'On the Brink of an Implosion', Research Says

#88

Post by mogadsheu »

atomical wrote: post #85
mogadsheu wrote: post #17

Wasn’t there a HackerNews post last week about Bloomberg journalists getting paid for articles that move markets? This one seems like one of those articles.

Because you don't agree with it?

I don't disagree with it, my focus is more on it being a sensationalist piece of news, which makes the content less trustworthy because I know their goal is to make me move.

Re: The Cryptocurrency Industry Is 'On the Brink of an Implosion', Research Says

#89

Post by stanleydrew »

root_axis wrote: post #73
pvaldes wrote: post #58

Earlier quoted context omitted.

> the biggest waste of computing power and energy in the history of the planet If we except the tetris, or minesweeper...

When will this horrible argument stop being thrown around? Tetris and minesweeper use a minuscule amount of power and typically provide many hours of entertainment. As technology has advanced, the power efficiency of these games increased exponentially. On the other hand, blockchain mining responds to more efficient hardware by increasing difficulty in order to compensate for the impact of improved hardware on the ha…

Yes but you're ignoring the many hours of entertainment derived from obsessively refreshing your Coinbase account balance.

Re: The Cryptocurrency Industry Is 'On the Brink of an Implosion', Research Says

#90

Post by SubiculumCode »

ramblerouser wrote: post #35

>Echoing sentiments of mainstream economists Yea, Paul Krugman has been saying "Bitcoin is doomed" since 2012. He'll always be wrong because this is all politically motivated. The banking and political establishment are scared shitless by alternative currencies, crypto or otherwise. Google the "Liberty Dollar". Mouth pieces for the financial industry like Bloomberg will attack alternatives to the petrodollar no matte…

Not until you can pay your taxes in crypto (or live in a 0% tax world) will they really be afraid. Failure to pay taxes is punishable by prison, so there will be demand for dollars.
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