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My Opinion on Blockchain

vladcalin.ro

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Re: My Opinion on Blockchain

#51

Post by armada651 »

eMGm4D0zgUAVXc7 wrote: post #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…

> And what is the magical reason why we need to keep the economy going?

His article starts talking about his investment portofolio, so I think we can safely conclude his opinions are predicated on there being economic growth.

Re: My Opinion on Blockchain

#52

Post by SpicyLemonZest »

bondarchuk wrote: post #31

Same tired old talking points, nothing new here. It would be nice to get an explanation of why people care so much, if it's so stupid. You don't see that many articles titled "my opinion on Tupperware", or "why I'm not a scientologist", or "why I won't buy Kanye West's new sneakers". At this point I find it hard to believe it's just hype-backlash that's triggering so many people.

Do you remember the online creationism debates in the early 2000s? A lot of people just legitimately find these kinds of arguments to be a fun recreational activity.

Re: My Opinion on Blockchain

#53

Post by whoisjuan »

The problem with crypto in general is that there's no valuable mainstream execution yet. I do believe in the intellectual merits of crypto currencies but when you buy a particular currency is a speculative guess on whether or not that particular coin will achieve mainstream status.

It's as simple as that. Bitcoin itself is a foundational coin so it only will cross the non-speculative line / fad bubble until at least one other crypto coin becomes mainstream (it's capable to completely supersede a FIAT currency use case like remittances)

Re: My Opinion on Blockchain

#54

Post by rajma »

bondarchuk wrote: post #31

Same tired old talking points, nothing new here. It would be nice to get an explanation of why people care so much, if it's so stupid. You don't see that many articles titled "my opinion on Tupperware", or "why I'm not a scientologist", or "why I won't buy Kanye West's new sneakers". At this point I find it hard to believe it's just hype-backlash that's triggering so many people.

Your response is as rhetoric as the rhetoric opinions you are mocking.

It is not trivial to think that a $600B asset that cannot be touched or used to buy daily groceries for majority of population is "useful" or taken seriously. This has never happened in our history, people will take time to adjust.

Also, some of the questions being raised are absolutely worth listening to and responding by either an explanation or changing the blockchain logic. High energy consumption, taxation, inflationary vs deflationary crypto, block sizes, abysmal transacction rates, Central bank crypto, moving BTC on Ethereum, etc are all questions worth thinking about.

Re: My Opinion on Blockchain

#55

Post by fractal618 »

Yes crypto is still cashed out for fiat currency. However Visa cards that instantly convert crypto to fiat are very interesting.

To me this is the most positive thing that has happened to crypto in the last 10 years.

Even though it’s being converted to fiat. The user still feels like they are spending crypto.

I see a future where crypto is used more prevalently than fiat. And fiat returns to the gold standard. And fiat is used during power outages and in disconnected areas

Re: My Opinion on Blockchain

#56

Post by teryyy »

vvpan wrote: post #50

Here are some things that people miss when having arguments like these. * Blockchain is not Bitcoin. Bitcoin is the first (and quiet primitive) PoC implementation of the technology. * Blockchain is not "cryptocurrency". Blockchain is just numbers and an ability to trustlessly and safely flip those numbers. What those numbers mean to people is secondary. * To build on the previous point. Blockchain is being used to re…

This. So many things are enabled by blockchain which is just the beginning of what will probably be a Cambrian explosion of new decentralized ecosystems - eg. look at Zora, Foundation, NBA TopShot, GRT, Chainlink, etc.

Re: My Opinion on Blockchain

#58

Post by fractal618 »

whoisjuan wrote: post #53

The problem with crypto in general is that there's no valuable mainstream execution yet. I do believe in the intellectual merits of crypto currencies but when you buy a particular currency is a speculative guess on whether or not that particular coin will achieve mainstream status. It's as simple as that. Bitcoin itself is a foundational coin so it only will cross the non-speculative line / fad bubble until at least…

Visa cards

Re: My Opinion on Blockchain

#59

Post by kabocha_ »

Closi wrote: post #19
kabocha_ wrote: post #8

For 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.

The problem with the argument is it always ends up circular to some extent. I always see something like the below - where crypto enthusiasts always try to argue bitcoin is something different than the current argument being levied against it... Crypto Enthusiast: "Bitcoin is a currency" Crypto Sceptic: "Well it's not a very good currency because of X, Y & Z reasons, and nobody is spending it" Crypto Enthusiast: "Well…

Fair point. Bitcoin is a precious metal without intrinsic value :)

You can argue for the other points in this circle, but really the thing it's closest to is some sort of gold/silver that you can't use for anything else.

I guess it can be used as a currency much easier than gold can be, but in general nobody really does.

Re: My Opinion on Blockchain

#60

Post by oleganza »

rsynnott wrote: post #5
rhacker wrote: post #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.

Money that encourages people to spend it has already been thought of: http://www.larryniven.net/stories/roentgen.shtml

You know what also encourages spending? Appreciating currency that lets you save money over N days to buy N*$ expensive stuff all by yourself (e.g. start your business) without getting into debt and serving your creditors instead of yourself and your customers.
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