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Bitcoin is a disaster

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Re: Bitcoin is a disaster

#881

Post by arcticbull »

ric2b wrote: post #852
arcticbull wrote: post #607

Earlier quoted context omitted.

Think about what other technology is 12 years old you’d call “nascent” - 12 years is an eternity in tech. The iPhone is 12 years old and bears only a passing semblance to what was launched. Bitcoin is practically identical. The first ETF launched in 1993, and 12 years later they had 400 billion in net asset value - 533 adjusted for inflation. Your argument that the growth is unprecedented is specious.

> Think about what other technology is 12 years old you’d call “nascent” Cars, Steam engines, Airplanes, Trains, the Internet, Radio, Phones, Mobile phones, Smart phones, Cinema, TV's, basically anything that is actually new technology? I actually can't think of any new technology that reached maturity within 12 years of it's original prototype. > The first ETF launched in 1993, ETF's are a contract, they're not tech…

What technology do you use from 2008 that hasn't changed at all since then, and is also considered nascent?

Re: Bitcoin is a disaster

#884

Post by cannabis_sam »

You could write the same critique of banks and the postal service, except that those institutions are far more brittle and failure prone, unless propped up by the justice system.

Bitcoin is far, far from perfect, but to claim it’s a failure is at best myopic and most reasonably just dumb ignorance.

Re: Bitcoin is a disaster

#885

Post by jcrubino »

arcticbull wrote: post #773
jcrubino wrote: post #768

Earlier quoted context omitted.

You are all missing the the trend over the last 7 years for bitcoin is to create a digital asset that is a store of wealth. To say bitcoin is a payments system in the sense of cash is to miss the executed tech roadmap where cheap one off transactions is a secondary concern (not bitcoin core's). Listen Saylor talk about MicroStrategy's investment in bitcoin. He is very clear that is a store of wealth and appreciating…

They haven’t changed Bitcoin a single bit since 2008. Saylor sounds like he got taken by the Bitcoin euphoria.

The point is the commenters here on this thread listen to too many youtube crypto channels for an accurate analysis of what bitcoin is and wants to be.

Re: Bitcoin is a disaster

#886

Post by tekknik »

yarcob wrote: post #829
Andrew_nenakhov wrote: post #400

Earlier quoted context omitted.

Personal experience: not only bitcoin was the only practical way I was able to receive funds in Russia from an Indonesian client, it was cheaper than just one leg of converting Indonesian currency (to USD). Think of it. Buying bitcoin, sending and selling resulted being cheaper than just buying USD. The spread was that much lower. (It was in a relatively static price period in summer 2016) And regular banks just didn…

Did you actually try multiple banks? Is the banking ststem really that broken in Indonesia? My experience is that bank fees vary greatly. My (limited) experience with US banks is that they have huge hidden fees and you get really bad currency exchange rates. I'm talking about 8% of funds miraculously disappearing during currency exchange. I don't understand why anybody would bother going via USD. My Austrian bank on…

> My (limited) experience with US banks is that they have huge hidden fees and you get really bad currency exchange rates. I'm talking about 8% of funds miraculously disappearing during currency exchange. I don't understand why anybody would bother going via USD.

You need to shop around for a better US bank account. This is not a common thing for us to do so if you pick up a random bank then you’ll be paying close to 10% in various conversion and fx fees. There are definitely US banks that charge 1%, some even 0%.

Re: Bitcoin is a disaster

#887

Post by Andrew_nenakhov »

arcticbull wrote: post #880
Andrew_nenakhov wrote: post #842

Earlier quoted context omitted.

I was answering to a person who said that RUB lost half of its value against USD in a span of a year. I just pointed that it is a part of a general trend, what do you find ridiculous about that? Btw, 'a trillion times' is an understatement. Exact figure in 2014 was... 57 460 000 000 000 000 (fifty seven quadrillion four hundred and sixty trillion) times [1], and just add some more since that time. Still thinking that…

Yes of course it's the risky investment. BTC has seen 3 drawdowns of -86% in the last couple of years, and also, what happened to XRP shows that the football can be deflated in seconds with the right SEC memo. Currency isn't an investment. Currency has never been an investment. You're not supposed to hold currency. You're supposed to use currency to buy assets. A spot exchange rate means absolutely nothing. This is E…

Is gold an asset or a currency? Now it is definitely the former, but throughout history it was mostly an asset and a currency, with rather vague lines between them.

Bitcoin is not a USD replacement. It's more of a gold replacement: finite supply, great malleability, but with modern benefits regarding storage and transfer.

Re: Bitcoin is a disaster

#888

Post by ur-whale »

tromp wrote: post #851
ur-whale wrote: post #703

Earlier quoted context omitted.

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?

You can see the progress of the MWEB (MimbleWimble Extension Block) project here [1], headed by Grin++ [2] developer David Burkett. [1] https://litecoindotcom.medium.com/litecoin-mimblewimble-nove... [2] https://grinplusplus.github.io/

TY

Re: Bitcoin is a disaster

#889

Post by CyberDildonics »

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…

How do people use bitcoin effectively when it has $9 transaction fees from having its block size limited? Do you mean cryptocurrency in general?

Re: Bitcoin is a disaster

#890

Post by wolco2 »

arcticbull wrote: post #813
wolco2 wrote: post #799

Earlier quoted context omitted.

The value of a bitcoin is the rarity of owning a coin is limited and the way it works opens up transactions globally. The price is the market demand.

oooh the rarity of owning a some digital magic beans, right, thanks I'll pass.

Are they magic beans or just beans?

A bitcoin address gives you a unique global address decentralizated that funds can be sent to. There is utility to that function.

Using your description the internet is a magic place faeries built that provides no usefulness because it's virtual.

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