People who invest in crypto know this... they just don't say it often or just lie to themselves enough to believe their own delusion.
My Opinion on Blockchain
21–30 of 107 posts
Re: My Opinion on Blockchain
#22You have to pay your taxes in your national currency. This is enforced by violence. Until this goes away cryptocurrencies have a limited role. Right now that role is speculation (greater fool), niche, blackmarket. Also, crypto in wide use has the same problems and inflexibility as the gold standard.
Congrats to everyone who made money so far. I totally support speculation. I do it too. Just keep an open mind to the counter argument and you'll do very well. Become dogmatic and narrow minded and you won't do so well.
Re: My Opinion on Blockchain
#23> 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…
If you believe that (and it's a legitimate point of view), investing in Proof of Work secured cryptocurrencies is a terrible way of putting that belief into action, as PoW burns enormous amounts of resources merely maintaining the ledger of people HODLing their hoards.
Re: My Opinion on Blockchain
#24> 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…
I agree with this sentiment. I like the idea that, people who invest in crypto will think longer term about using that crypto to buy things. Just because it is deflationary doesn't mean people will spend less, they'll have to think more about the opportunity cost of what they are buying. And i think that's good for consumers and it's good for the planet.
Re: My Opinion on Blockchain
#25Blockchain 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!
It also permits you to permanently lose that ownership, irrevocably, if you lose your keys.
I hope we'll someday see a fully decentralized drm-free cheat resistant MMORPG where all your items and experience are guaranteed through blockchain.
Re: My Opinion on Blockchain
#26Blockchain 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!
It also permits you to permanently lose that ownership, irrevocably, if you lose your keys.
That's true of physical goods as well.
Re: My Opinion on Blockchain
#27What 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 bottl…
I think IOTA is out of business.
Re: My Opinion on Blockchain
#28> 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…
Then why waste electricity in the equivalent of Denmark on math puzzles just to write 1MB of data every 10 minutes?
To replace the waste of energy that is building giant sky-penises and glass palaces everywhere which pretend to signal economical strength (banks).
Until someone crunches the math on how much energy the construction and maintenance of every bank on the whole planet costs, including digging shiny rocks out of the earth, I am not sold on "PoW is a waste of energy".
It merely compresses the concept behind the existing banking system into its very essence to do that efficiently without bells and whistles.
Re: My Opinion on Blockchain
#29> 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…
If you believe that (and it's a legitimate point of view), investing in Proof of Work secured cryptocurrencies is a terrible way of putting that belief into action, as PoW burns enormous amounts of resources merely maintaining the ledger of people HODLing their hoards.
I think this is an interesting point however, banks today aren't just their IT infrastructure. For banks to function there are so many things that have to work, right down to the local branches and ATMs (and physically moving money around). I think this burning enormous amounts of resources argument isn't fully fleshed out yet. You almost have to think about the entire banking system and compare that to the entire crypto system. Has that been done? It would be interesting to see how this compares.
Re: My Opinion on Blockchain
#30I'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 ma…
> - One big benefit of crypto is that it crosses borders and is relatively anonymous
I could be wrong but this feels temporarily true, but illegal in the long term. Is the US government working on adding regulations to cryptocurrency to make it "just another form of currency"? aka, have it regulated to the point where cross-border and anonymous would become synonymous with the likes of "tax evasion"?