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My Opinion on Blockchain

vladcalin.ro

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Re: My Opinion on Blockchain

#81

Post by thezoginator »

eMGm4D0zgUAVXc7 wrote: post #28
foepys wrote: post #15

Earlier quoted context omitted.

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 b…

There is nothing efficient about the blockchain, distributed ledger, etc.

Re: My Opinion on Blockchain

#82

Post by thezoginator »

fractal618 wrote: post #55

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 fi…

Yes, let's return fiat to the gold standard, so that way gold supply shocks negatively impact the entire economy and we get rid of a powerful policy tool. Sounds brilliant.

Re: My Opinion on Blockchain

#83

Post by ballofrubber »

> There is a reason the target inflation is at ~2% almost everywhere. We need inflation to keep the economy going.

Inflation is completly based on politics and it's as much an experiment as central banking is. It works until it doesn't. Also it's incredibly hard to truly calculate.

Deflation is the best thing for employees. Imaging having the leverage in contract renegotiation. "They" don't want you to want inflation.

Re: My Opinion on Blockchain

#84

Post by microtherion »

eMGm4D0zgUAVXc7 wrote: post #35
microtherion wrote: post #23

Earlier quoted context omitted.

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.

See my other reply for why PoW isn't the issue here. But anyway, not every cryptocurrency uses PoW :)

> See my other reply for why PoW isn't the issue here.

See my other reply for why I believe it absolutely is.

> But anyway, not every cryptocurrency uses PoW :)

True, but Bitcoin is the one that people actually speculate in. Ethereum seems to be in some kind of transition phase. Tether is not designed for speculation, and operates more on a Proof of Shenanigans principle. So it seems the highest capitalized Proof of Stakes cryptocurrency right now is Cardano, which is tiny compared to Bitcoin.

Re: My Opinion on Blockchain

#85

Post by Jasper_ »

programmarchy wrote: post #69
Jasper_ wrote: post #38

Earlier quoted context omitted.

> - Presumably more people will be online, and more ways to use crypto will be released. Bitcoin launched in 2007. Facebook opened to the public in 2006. One of those has 3 billion users, the other can't get out of the basement. Why haven't we seen more of those ways yet? > It's still very early days for crypto Facebook is one year older, and it's now basically a nation state in power and scale. When will it stop bei…

Crypto total market cap is over $1 trillion, and Bitcoin represents 60% of that. It’s much more valuable than Facebook.

The market cap of party confetti is over $1 trillion too.

I don't think the market is anywhere near liquid enough to let you extract all of that $1 trillion, especially with Tethers looming over the whole industry.

Re: My Opinion on Blockchain

#86

Post by beaner »

ballofrubber wrote: post #83

> There is a reason the target inflation is at ~2% almost everywhere. We need inflation to keep the economy going. Inflation is completly based on politics and it's as much an experiment as central banking is. It works until it doesn't. Also it's incredibly hard to truly calculate. Deflation is the best thing for employees. Imaging having the leverage in contract renegotiation. "They" don't want you to want inflation…

Stability rather than inflation or deflation is probably the best.

Inflation being good is a myth that was made popular by the fact that it gives the government and banks power, so economists who promote inflation are themselves promoted and selected by people in power. It is now so prevalent an idea that few question it.

Re: My Opinion on Blockchain

#87

Post by worik »

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…

Did you read the article?

All of the use cases of blockchain have other solutions. Blockchain is just not that interesting, except as a social phenomenon. So many smart people so confused.

This is not so much a emerging technology as a giant Ponzi or Pyramid scheme. The only way to get your investment back is if a "bigger fool" buys you out.

Re: My Opinion on Blockchain

#88

Post by noname120 »

worik wrote: post #87
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…

Did you read the article? All of the use cases of blockchain have other solutions. Blockchain is just not that interesting, except as a social phenomenon. So many smart people so confused. This is not so much a emerging technology as a giant Ponzi or Pyramid scheme. The only way to get your investment back is if a "bigger fool" buys you out.

Extract from the guidelines[1]:

> Please don't comment on whether someone read an article. "Did you even read the article? It mentions that" can be shortened to "The article mentions that."

[1] https://news.ycombinator.com/newsguidelines.html

Re: My Opinion on Blockchain

#89

Post by worik »

beaner wrote: post #17

> while day-dreaming about selling it for a huge profit (in FIAT currency) This isn't really true. The dream is that crypto becomes the reserve currency itself, and spendable after hard work on scaling solutions. There is no hypocrisy. The Morpheus meme is one of the oldest and strongest that Bitcoin has. [0] > Every advocate promotes holding, which is not what a currency is for Holding is just a new meme for an old…

Hypocrisy is being kind to people's intellects

"Damn fool delusion" is that any better?

Re: My Opinion on Blockchain

#90

Post by worik »

Terretta wrote: post #45
thezoginator wrote: post #37

Earlier quoted context omitted.

But do we even need a distributed ledger? Centralized ledgers are easy to maintain in the modern world, and don't require much human energy (or compute energy) to maintain. It is why transaction costs are generally extremely low. Blockchain transactions on the other hand are astronomically expensive and slow. The value of a distributed ledger derives solely from paranoia of a central authority, despite there being li…

On the contrary, the power of distributed ledger is akin to the power of federation instead of centralization vs. decentralization. It’s a proverbial third way.

No it is not.

The solution you are looking for is transparency. Perhaps the only thing I like about crypto as money (well Bitcoin) is the that every transaction can be traced back to the transactor (think about that buying and selling drugs).

Speaking as Finance Nerd I think all finance should be that transparent. There is no room for privacy in financial matters.

But that is one aspect of crypto money that is being deprecated by the people who invent it

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