951–960 of 992 posts
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.
The rarity of owning some paper with ink on it!
Earlier quoted context omitted.
In payments the 99% case where everyone acts in good faith and no one makes a mistake is the easy part. It's when eg the seller refuses to send the phone that the extra overhead of the traditional payment system comes into play.
Establishing trust between seller and buyer is not a new problem. The same scenario that you described could be had with mailing checks, physical cash etc. wherever there is not a trusted escrow service. Ironically, blockchain technology is the first technology that actually solves the age old problem of how to establish trust within a truestless system. imho Bitcoin is a novel implementation of open-source technolog…
Isn't that exactly why this mailing cash/cheques fell out of favor compared to bank transfers, credit cards, PayPal, all these centralised systems that bitcoin posits are a problem
Earlier quoted context omitted.
Much less? Bitcoin currently powers almost none of the world’s transactions, yet consumes all that energy. The entire us consumes 75 twh in a year, the same as bitcoin’s global energy use. Of that, the entire commercial sector is about 12 twh. That’s not just banks. That’s every company. Banks alone are surely far less. Maybe 2-3 twh? And the us is 15% of global gdp. So, global finance might consume about 14-32 twh.…
The US consumes about 4 PWh/year, so bitcoin isn't comparable with the nation as a whole. However, that is more power consumption than many individual states, so your overall point remains completely valid.
There’s no need to introduce hrs and years to the mix. Watts describe precisely what you’re attempting to quantify.
https://www.google.com/search?hl=en&q=4+PW+hr%2Fyear+in+GW&o...
Earlier quoted context omitted.
The white paper is literally titled “A Peer-to-Peer Electronic Cash System” and the first line of the abstract states “ A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.” For this purpose it is abjectly poorly suited. Neither the word “gold” nor “store of value” nor anything else of the sort appear…
Well, I have read said whitepaper, but thanks for reciting it once again. I have also read an extremely early mailing lists that appeared long before bitcoin started to get derided by critics like you, and guess what, it was those comparisson I'm referring to. And since you started reciting old texts, i'll go for it too. Gold and Bitcoin are very similar in all their properties regarding use it as a wealth storage an…
Oh and Bitcoin wastes as much power as the entire country of Chile just sitting there existing and being speculated on at a rate of 7tx/sec, and not solving any real problems. I’d say that’s the only thing that matters.
I suppose time will tell.
Earlier quoted context omitted.
Why aren’t there any mention of highly popular alt-coins like Litecoin? It’s less volatile for real use as a fiat alternative and transaction speeds are a lot faster because of the low service fee to speed things up. I kinda regretted keeping funds in Litecoin but it was one of the first to fix Bitcoin’s shortcomings.
Hey guys, y’all seem to know what y’all are talking about. Please give me a min of yalls time. My boss has been talking up Bitcoin SV to me for the past 2 years and he watches hours upon hours of podcast and YouTube videos ( https://youtube.com/playlist?list=PLOqZWfHm-gzDyMoDGmPCJbBhg... ) that playlist is what he showed me that he watched. Anyways, he sort has convinced me.. I’ve done a little research but I’m not f…
Also, if BSV had enough users to ever experience scaling, its network would be so centralized it would be like a new PayPal but with Craig's employer running the show. Not surprisingly, after 2 years this idea has not caught on at all and the value of BSV as a fraction of BTC continues to plunge to new lows.
My suggestion is to get out of this scam immediately and stop listening to your gullible boss.
Earlier quoted context omitted.
Isn't the fundamental difference here that we can't print more bitcoin to bail out bad investments? Yeah, you can lend out bitcoin and even do fractional reserves, but ultimately, the bill must come due and over leveraged bad bets will get wiped out and good bets get rewarded. Contrast this to the current environment where we are constantly bailing out and even financially rewarding business and investment failures,…
> Isn't the fundamental difference here that we can't print more bitcoin to bail out bad investments? Absolutely. (Although it's "a" difference, not "the" difference.) > you can lend out bitcoin and even do fractional reserves, but ultimately, the bill must come due and over leveraged bad bets will get wiped out and good bets get rewarded. Yes, and the subeconomy of bitcoin investing has a very different risk profile…
The problem in my mind is when banks are doing fractional reserve without the explicit understanding and consent of their depositors. This might mean we'll have to get used a world where we pay banks a tiny fee to secure our money, rather than the risk free interest we expect now.
Earlier quoted context omitted.
Breaking updates are not frequent, there's never been a breaking update on the ethereum blockchain. Bitcoin changes all the time (e.g., taproot)
Ethereum literally just had this issue a month ago https://www.coindesk.com/ethereums-hard-fork-disruption Binance had to suspend wallets because of it
You have actual permissionless dexs trading on Ethereum wallet to wallet. Literally, no bullshit in between where you don't have to worry about the CEO of the shitty CEX you're using taking a powder for 33 day's. There's nothing permissionless about bitcoin infrastructure, it requires custodial counterparties to trade hands. ETH and all the many tokens do not. Economics aside, that's probably the most bearish development for bitcoin
You can turn your nose and say ethereum dapps all have that admin key smell but things like uniswap, starks, the Dai stablecoin, yearn are dope as hell and I'd think worth a looksie
Earlier quoted context omitted.
Bitcoin adoption in venezuela is Absolutely fake/nonexistant Bitcoin is only used as a bridge for exchange VES:USD a.k.a money laundering from corruption and drugs, with some remittances transactions caught in the middle of those laundry waves. there is absolutely 0 adoption for bitcoin in Venezuela, Im a bitcoin enthusiast since 2011 and I hold bitcoin and I live in Caracas (capital) and move around all tech communi…
How do you deal with the ongoing devaluation of the bolivar currently?
The best way to deal with devaluation is just, spend the money instantly, is not really that hard, people barely get Venezuelan Bolivars (minimum wage is 3$ month equivalent) and like 90% of all transactions are already done in USD
So people really don't hold venezuelan bolivars for more than 1 day, savings in bolivars doesnt exist at all in this country.
In case you actually need to just save the money, you just trade it (it takes barely no time) for USD and hold the usd either in cash or in some usa bank (most people have access to them) or paypal.
So, the unofficial "forex" market is always there..
BTW this might sound funny but with only 450million USD you can buy the entire M2 in venezuela. So yeah, hyperinflation might be solved really easy whenever we actually get a new goverment
Earlier quoted context omitted.
Ethereum literally just had this issue a month ago https://www.coindesk.com/ethereums-hard-fork-disruption Binance had to suspend wallets because of it
Lol well you should probably stop using binance and centralized exchanges generally. You have actual permissionless dexs trading on Ethereum wallet to wallet. Literally, no bullshit in between where you don't have to worry about the CEO of the shitty CEX you're using taking a powder for 33 day's. There's nothing permissionless about bitcoin infrastructure, it requires custodial counterparties to trade hands. ETH and…