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Bitcoin is a disaster

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Re: Bitcoin is a disaster

#701

Post by brokenkebab »

lumost wrote: post #660
brokenkebab wrote: post #646

Earlier quoted context omitted.

>that people are willing to pay you for it doesn’t change that. I dare to insist it most certainly does. Anything is economically wothless unless there are people willing to participate in exchanging it.

In the long term this definition is murkier, see the Dutch Tulip bulb bubble of the 1630s.

I'm not sure we have any definition here :-) But claim that anything is economically wothless unless there are people willing to participate in exchanging it is in fact supported (not denied as you seem to imply) by any example of speculative bubble, including of course Tulipmania.

Re: Bitcoin is a disaster

#702

Post by xapata »

stale2002 wrote: post #640
xapata wrote: post #592

Earlier quoted context omitted.

My point was that the government has control of the internet, and thereby all activity on the internet. > extreme economic damages We're talking about Venezuela, which has had extreme economic damages caused by a government trying to maintain control over its population. It seems that they don't care about damage, only power domestically, not internationally. The comment we're replying to said that Bitcoin is valuabl…

> My point was that the government has control of the internet, and thereby all activity on the internet. And yet, here we are, living in a world where such controls are pretty difficult to enact and simply aren't happening. Even in places where there are government controls over the internet, such controls are apparently not even close to perfect, on many many people are successfully able to get around them. So, the…

Nope, I'm not familiar with how widespread cryptocurrency usage is for international exchange with Venezuela. I do know that they keep tight control over traditional foreign currency exchange via public markets.

Re: Bitcoin is a disaster

#703

Post by ur-whale »

jiofih wrote: post #524
1337biz wrote: post #471

Earlier quoted context omitted.

Litecoin is extremely under the radar right now. With the upcoming MimbleWimble integration it could become a privacy alternative to Monero.

An unsuspecting onlooker would be easily convinced that this comment is random babble generated by a bot.

To be fair, neither of you are providing any tangible, verifiable fact one way or the other.

Is there a Mimblewimble / Litecoin integration effort? If so, I'd sure love to learn more about it.

And if there isn't can you offer something in the way of a proof?

Re: Bitcoin is a disaster

#704

Post by dnautics »

dragonwriter wrote: post #700
dnautics wrote: post #694

Earlier quoted context omitted.

> Deflation inhibits economic activity because money saved is worth more tomorrow than today even when not invested in productive enterprise. What is the rationale for this? Because by that token, nobody would ever buy computers, because the money saved by not buying a computer today can go into buying a better computer tomorrow. if anything, deflation is fantastic because it makes you think twice before rampantly co…

> > Deflation inhibits economic activity because money saved is worth more tomorrow than today even when not invested in productive enterprise. > What is the rationale for this? The rationale is explicitly stated. > Because by that token, nobody would ever buy computers, because the money saved by not buying a computer today can go into buying a better computer tomorrow. No, because then you lose out on the utility o…

Your assertions are simply not borne out by historical truth, there have been periods of history where there was no inflation or deflation, where there was plenty of investment and growth. For example, post-civil war US. Similarly the 1850-1900 sweden free banking era. Oh. And Japan. Do you seriously think there is NO productive investment in Japan currently, simply because there is no inflation?

People grow and invest in things with only minor regard to whether or not there is inflation, just when there is inflation they invest more in dumber shit like juicero and theranos, because if you are on a moving compounding treadmill you have no choice but to participate in the casino.

Re: Bitcoin is a disaster

#705

Post by ur-whale »

Fti wrote: post #661
cambalache wrote: post #304

I agree with most of the points raised by the author but as a Venezuelan Bitcoin is a godsend. If you live abroad and want to send remittances to your friends and family it can be pretty easy in a normal country , with wire transfers,western union and so on. If your family lives in Venezuela your options are extremely more limited. These are some of the options Venezuelans have had to use: 1. Ask the money to be sent…

Check out Stellar, it’s been created for that, Faster than bitcoin and really lows fees.

>Check out Stellar

Great idea given that they're next on the SEC's list once they're done tearing Ripple a new one.

Re: Bitcoin is a disaster

#706

Post by dsterry »

jt2190 wrote: post #586
xapata wrote: post #185

Earlier quoted context omitted.

That's good to hear. What about exchange controls? How do you see governments adjusting inflation with widespread international Bitcoin usage?

My understanding is that the inability to control inflation is a “feature” of BTC, not a “bug”. I strongly suspect that this will eventually make BTC too rare for owners to trade very often, and not practical as a day-to-day currency.

There's no theoretical limit to it's divisibility. The total supply is known ahead of time but the world will never run out of Bitcoin to transact.

Re: Bitcoin is a disaster

#707

Post by KuDeTa »

This is unduly pessimistic overly sentimental. Bitcoin is anything but a failure, and represents an enormous step forward in the creation of digital currency. It's been a incredibly successful experiment regardless of it's long term future and Blockchain will most certainly be around forever. Scaling to much larger on chain transactions is of course the holy grail, but this is far from unsolvable and if bitcoin doesn't do it another crypto will.

Re: Bitcoin is a disaster

#708

Post by nyhc99 »

majewsky wrote: post #429
rkagerer wrote: post #324

I bought my smartphone from Hong Kong, in part because I wanted a specific variant that would be more likely to work with open-source ROM's. The seller initially requested payment via Transferwise, who sought crazy amounts of personal information and bullied me into a privacy-hostile customer agreement. Days went by and they still hadn't activated my account. Growing frustrated, I convinced the seller to accept Bitco…

Can we have "cash you can email" that doesn't consume as much electricity as several nation states combined?

Polkadot, Cardano, Stellar, soon to be Ethereum 2.0. Proof of Stake is where it's at if you are concerned with the power consumption of Proof of Work.

Re: Bitcoin is a disaster

#709

Post by Taek »

rthomas6 wrote: post #669
cambalache wrote: post #304

I agree with most of the points raised by the author but as a Venezuelan Bitcoin is a godsend. If you live abroad and want to send remittances to your friends and family it can be pretty easy in a normal country , with wire transfers,western union and so on. If your family lives in Venezuela your options are extremely more limited. These are some of the options Venezuelans have had to use: 1. Ask the money to be sent…

Yeah but, why BTC specifically? Why not ETH or ETH tokens, or any of the hundreds of other cryptocurrencies that are faster and have lower fees?

Bitcoin has the most infrastructure surrounding it. And Bitcoin is the most careful to make life easy for infrastructure providers.

Eth is very challenging to operate securely. Breaking updates are frequent, often with little warning. Bitcoin hasn't changed in many years, and new software updates are optional, and don't require you to write any new code or change how you operate. Most other cryptos suffer from the same challenges.

Eth has more features and flexibility, but for the explicit use case of sovereign money, Bitcoin really stands in a class of its own.

Re: Bitcoin is a disaster

#710

Post by chris_wot »

cambalache wrote: post #621
firekvz wrote: post #547

Earlier quoted context omitted.

Another fellow Venezuelan here, this guy points are actually wrong and he's just using the momentum to prove some point related to bitcoin that is not true Before hand, I would like people to know that the current VES:USD rates are the following: - Official rate: 1.107.198,58 per each USD [1] - Unofficial rate: 1.027.812,89 per each USD [2] So now, The way that remittances work in Venezuela is pretty simple, let’s sa…

For people unaware OP sounds suspiciously close to a Maduro bot. If you dont believe me, ask a Venezuelan friend of yours (regretfully it is a big diaspora now) or go to a place like r/vzla and ask around. Venezuelans in Colombia getting remitances in WU : http://sunoticia.com/inicio/a-grandes-sacrificios-e-irregula...

It would better if you addressed his arguments and not make dispersions against his person. Classic ad hominem attack.
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