My Opinion on Blockchain
vladcalin.ro
My Opinion on Blockchain
1–10 of 107 posts
Re: My Opinion on Blockchain
#2Here's Ray Dalio on Bitcoin
> That is why to me Bitcoin looks like a long-duration option on a highly unknown future that I could put an amount of money in that I wouldn’t mind losing about 80% of.
https://www.bridgewater.com/research-and-insights/ray-dalio-...
Re: My Opinion on Blockchain
#3What about coins that use different underlying tech? like IOTA [1] (from what I last read about it). The basic premise, if I remember correctly, is that you pay the "fee" by checking 2 past transactions - thus eliminating the never-ending battle of miners and users. The purpose isn't a currency exactly and more of a tool to exchange data and value.
I agree that the UX of the whole crypto scene is crazy with the bottleneck of keeping your secret in a safe place, but you get some drawbacks I guess.
Re: My Opinion on Blockchain
#4> they say that the fact that it is deflationary and can not see inflation is a good thing, when it is actually a bad thing. There is a reason the target inflation is at ~2% almost everywhere. We need inflation to keep the economy going.
I don't doubt that at some point we'll see crypto getting a self-deleting coin. Balance today is $1. Tomorrow it's $.9995.
Re: My Opinion on Blockchain
#5> they say that the fact that it is deflationary and can not see inflation is a good thing, when it is actually a bad thing. There is a reason the target inflation is at ~2% almost everywhere. We need inflation to keep the economy going. I don't doubt that at some point we'll see crypto getting a self-deleting coin. Balance today is $1. Tomorrow it's $.9995.
Money that encourages people to spend it has already been thought of: http://www.larryniven.net/stories/roentgen.shtml
Re: My Opinion on Blockchain
#6Re: My Opinion on Blockchain
#7I'm definitely skeptical about crypto, but to counter some of the points:
- Presumably more people will be online, and more ways to use crypto will be released.
- One big benefit of crypto is that it crosses borders and is relatively anonymous. The USA might have stable money and relative safe banks, but that isn't true everywhere.
- Non reversibility is a rough one, but I think we'll see software managing keys to make scams less likely. For example you can't get your coinbase private key afaik, which helps stop scams.
Volatility will go down a steady state - it's still very early days for crypto, and I think we'll end up in a steady state after a while.
Re: My Opinion on Blockchain
#8For the financial arguments: Treat BTC as if it was in the "precious metal" asset class, but digital.
Volatility is still an issue, but it's still a pretty new technology.
As a technology, I agree that it's not that impressive. Stop making so many dang vaporware altcoins.
Re: My Opinion on Blockchain
#9Blockchain makes possible to validate ownership. This may allow, in the future, to create negotiable virtual objects. Think about furniture, clothes or items in games or virtual environments where you can buy, sell, prove ownership and even have controlled scarcity.
No DRM needed!
Re: My Opinion on Blockchain
#10> they say that the fact that it is deflationary and can not see inflation is a good thing, when it is actually a bad thing. There is a reason the target inflation is at ~2% almost everywhere. We need inflation to keep the economy going.
And what is the magical reason why we need to keep the economy going?
We're burning through this planet's resources much faster than they are being replenished.
The economy needs to stop going.
If cryptocurrency causes people to use products until they fall apart instead of throwing away a pocket-size supercomputer every year then I am damn fine with that.