131–140 of 277 posts
Is it really a cryptocurrency when it's completely centralized? No. This is just Facebook-bucks. Store dollars. It's has absolutely none of the benefits of a real cryptocurrency.
> Facebook-bucks Missed opportunity to call them "Marks", although maybe only German speakers will get the joke.
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I'm just going to add to this: it's been 10 years. Hacker News is still hoping very hard this so called libertarian wet dream cryptocurrency called Bitcoin will soon be out of the picture, replaced by something proper, that is fair and doesn't make you feel angry. And yet, it's still here, angering a whole bunch of people who didn't buy early and think the distribution is unfair & the political ideas behind it are aw…
Except next to no one is using Bitcoin, not to mention Ethereum or Lightning Network. It's very much like the Linux Desktop - it exists, some people love it, it's never going to disappear, but it is very much a niche interest that will never be mainstream, for a multitude of reasons.
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Is this a joke about fiat currencies and their tendency to suddenly become valueless and cryptocurrencies tendency to suddenly become valueless by making a cross language pun connecting the owner of a new cryptocurrency and the name of a currency most famously known for a hyperinflation.
Papiermark ( https://en.m.wikipedia.org/wiki/German_Papiermark ) pre 1924 was the hyperinflated currency, then followed the stable Reichsmark and after World War II Deutsch Mark and East Deutsch Mark. Deutsch Mark remained until 2002 when the Euro got introduced. For Germans Mark is just a name for currency like Kronas (Sweden), Francs (France), Lira (Italy). Hyperinflation is too long ago to remember.
Germans use cash much more than the average Western European. The memory of hyperinflation and bank system collapse is one of the explanations why people prefer to store value in currency (often foreign currency) and not trust so much a bank or card issuer.
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At that point and in so many circumstances the crypto part is ultimately just a different kind of database. Databases and protocols are just boring... At least from the perspective of the person using the currency. In general, who cares how Chase keeps track of my checking account? It might have this feature or that feature but when it is being used as it is there isn't much to be excited about. If you're Chase it mi…
Who cares? You should. Bitcoin offers a public audit trail less commonly known as triple-entry bookkeeping or momentum accounting. Chase still uses double entry. What's more Chase charges $25 per month to keep an open checking account, keeps only a small portion of your funds on hand and may both lock you out of your account and freeze your funds on a whim whereas Bitcoin won't.
This is just a ""feature"" of the backwards American system, plenty of countries still mostly have free current accounts. Although the very low interest rates are definitely putting pressure on banks to try to find ways to charge people.
Is it really a cryptocurrency when it's completely centralized? No. This is just Facebook-bucks. Store dollars. It's has absolutely none of the benefits of a real cryptocurrency.
This smells of identity verification. They offer a payment mechanism which needs to be legally compliant. Bingo! Social credit system with verified ID. The crypto part is just to make sound hip.
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> Facebook-bucks Missed opportunity to call them "Marks", although maybe only German speakers will get the joke.
Is this a joke about fiat currencies and their tendency to suddenly become valueless and cryptocurrencies tendency to suddenly become valueless by making a cross language pun connecting the owner of a new cryptocurrency and the name of a currency most famously known for a hyperinflation.
Is it really a cryptocurrency when it's completely centralized? No. This is just Facebook-bucks. Store dollars. It's has absolutely none of the benefits of a real cryptocurrency.
> Facebook-bucks Missed opportunity to call them "Marks", although maybe only German speakers will get the joke.
Earlier quoted context omitted.
Why would anyone want a facebook coin that is completely controlled by Facebook which can be controlled by the government when with Bitcoin you get complete sovereignty?
Because not everyone cares about "complete sovereignty"? There's a reason why all these companies are still successful, most people don't care that much about their privacy or other dignities if it means convenience.
If your national government cares at all about sovereignty, it will force you to use bitcoin by rule of law / force. Countries like Venezuela, Turkey, and Argentina with struggling currencies are under the mercy of the US petrodollar. A move to BTC would end their hyper inflation.
Most people are too self centered to realize the political/ economical implications of BTC. The most likely case will be that nothing changes in our day to day, except that our currency is now backed by BTC instead of US debt.
Earlier quoted context omitted.
At that point and in so many circumstances the crypto part is ultimately just a different kind of database. Databases and protocols are just boring... At least from the perspective of the person using the currency. In general, who cares how Chase keeps track of my checking account? It might have this feature or that feature but when it is being used as it is there isn't much to be excited about. If you're Chase it mi…
Who cares? You should. Bitcoin offers a public audit trail less commonly known as triple-entry bookkeeping or momentum accounting. Chase still uses double entry. What's more Chase charges $25 per month to keep an open checking account, keeps only a small portion of your funds on hand and may both lock you out of your account and freeze your funds on a whim whereas Bitcoin won't.