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Bitcoin surpasses $50K as major companies jump into crypto

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Re: Bitcoin surpasses $50K as major companies jump into crypto

#401

Post by hanniabu »

PragmaticPulp wrote: post #253
osrec wrote: post #208

I believe Bitcoin is the experimental precursor to proper distributed money. For some reason, even though BTC was meant to be "money", it is now being treated as an asset (at a basic level, an asset is something you hold onto, as it produces additional value, unlike money, which tends to devalue if not put to work). It's almost as if the next big idea in distributed money will be around disincentivising "asset" like…

If we're just passing money around, why do we need a separate currency at all? Stablecoins already exist, but they're not popular because all of the speculative value has been removed. Bitcoin's real invention was censorship resistance, by incentivizing distributed miners to arrive at consensus about transactions in a way that no single miner could control. Sadly, that same distributed incentive is responsible for Bi…

> why do we need a separate currency at all? Stablecoins already exist

Monetary policy

Re: Bitcoin surpasses $50K as major companies jump into crypto

#402

Post by disruptalot »

aphextron wrote: post #363
r32a_ wrote: post #358

Earlier quoted context omitted.

Many people on HN who talk down against Bitcoin are indoctrinated into the current ideology. Anything that goes against the current ideology is refuted, ignored, dismissed as fads, bubbles, scams..etc Ideology is a powerful thing and it's hard to break out of it. If you want to learn more about this concept, you should research about Slavoj Zizek's work on ideology. Bitcoin is not just technology, but a multi-faceted…

>Bitcoin is not just technology, but a multi-faceted ideology founded around cypherpunks ideas, liberty, sovereignty, austrian economic system, free markets. This is the narrative that people use to make it seem more savory. But it's just about the money. No one cares enough about any of those ideals for them to be a meaningful part of what Bitcoin is. Those ideas have existed forever in the back channels of the web,…

Bitcoin _is_ money though. It's only logical that buying into the concept will have returns.

Yes people speculate on it, does it mean no one really believes in it's value propositions? This argument has very little weight when you compare it to anything else. Is the majority of the stock market all about profit? There's very little of the traditional stock pricing going on anymore.

Re: Bitcoin surpasses $50K as major companies jump into crypto

#403

Post by Imnimo »

trident5000 wrote: post #372
Imnimo wrote: post #350

Earlier quoted context omitted.

In a way, putting your transactions on a public ledger is like voluntarily adding yourself to a watch list. The government (and everyone else) can then come and inspect your financial history at their leisure in the future.

Its a settlement layer. Who cares. And you think they already cant access your transactions through the traditional system? Thats how they catch criminals every year.

Accessing transactions in the traditional system ostensibly requires a subpoena, and is limited by jurisdiction.

Re: Bitcoin surpasses $50K as major companies jump into crypto

#404

Post by stale2002 »

trident5000 wrote: post #284
SamPatt wrote: post #273

Earlier quoted context omitted.

Transaction fees are high regardless of using Segwit or not and the Lightning Network is not widely adopted or user friendly at all.

This response is just insignificant and ignores everything I said. Segwit adoption is at 50% and again, as I said in my comment, Lightning will be further adopted over time for people who want lower fees. The options are here its up to people and services to use them. And they will as their customers get angry.

It's been over 2 years since segwit was released.

It turns out that people were right when they said that it would take a long while for it to be adopted.

Re: Bitcoin surpasses $50K as major companies jump into crypto

#405

Post by futuretaint »

aphextron wrote: post #374
Wowfunhappy wrote: post #355

Earlier quoted context omitted.

My opinion of Bitcoin will change when it stops using more electricity than entire countries, for something Visa can do for comparatively nothing. I would hold the same opinion of any technology which used so much energy when there was a less wasteful alternative. I also happen to be skeptical of Bitcoin's long-term outlook, but that's not why I'm actively against it as a technology. If it wasn't for the planet, I'd…

>My opinion of Bitcoin will change when it stops using more electricity than entire countries, for something Visa can do for comparatively nothing. To be fair, Bitcoin does not do what Visa does. Visa uses trust in existing institutions to accomplish transactions. Bitcoin mining creates trust out of electricity. And trust is a valuable resource, no different than any other form of value creation.

I've read that most mining pools are consolidating now, and if they control a majority of computing power it leaves Bitcoin vulnerable to attack. Or what about the hard fork ? My skepticism is not w/ the tech (which is great) its with Bitcoin adoption by non-tech people who have no protection via regulation.

Re: Bitcoin surpasses $50K as major companies jump into crypto

#406

Post by trident5000 »

rustybelt wrote: post #364
trident5000 wrote: post #330

Earlier quoted context omitted.

I wouldnt even make that classification. SWIFT and ACH are not akin to L1 Bitcoin. Theres no way tech illiterate masses are going to physically move their btc on chain. For instance 95% of retail doesnt even move their btc off exchange. Their higher level "settlement" will be different from an institutional provider or exchange settlement where L1 is really used. SWIFT and ACH is used liberally (hence the high tx) be…

So does bitcoin then just become an alternative unit of account in the existing banking system? If so, what's the point? Especially when users have to eventually convert back to their local currency to pay taxes.

I honestly dont know if BTC will really fully replace the dollar. Probably not. It will most likely be a value store that some people choose to spend.

Re: Bitcoin surpasses $50K as major companies jump into crypto

#407

Post by saalweachter »

akvadrako wrote: post #97
r3dk1ng wrote: post #71

Earlier quoted context omitted.

I am neither a drug dealer nor an extortionist. I used bitcoin to buy a router from Newegg a month ago.

You paid a $20 transaction fee for a router?

Please, the anecdote alone is worth far more than $20.

Re: Bitcoin surpasses $50K as major companies jump into crypto

#408

Post by hanniabu »

onepointsixC wrote: post #82
r3dk1ng wrote: post #71

Earlier quoted context omitted.

I am neither a drug dealer nor an extortionist. I used bitcoin to buy a router from Newegg a month ago.

Then you're in the overwhelming minority of bitcoin users.

Not at all, you're just wrong.

Re: Bitcoin surpasses $50K as major companies jump into crypto

#409

Post by Dma54rhs »

Wowfunhappy wrote: post #394
DennisP wrote: post #390

Earlier quoted context omitted.

A carbon price wouldn't damage Bitcoin. Electricity costs for some miners would go up, some would drop out, hash rate goes down, difficulty adjusts to keep blocks coming out every ten minutes, and everything continues as before. (Still think proof-of-stake is big improvement though.)

Wouldn't the bulk of mining just move to the one part of the world without a carbon tax? I know that's a danger with carbon taxes in general, but it strikes me as far easier to do with Bitcoin than anything else.

I believe the bulk of mining already happens at places where electricity is extremely cheap?

Re: Bitcoin surpasses $50K as major companies jump into crypto

#410

Post by trident5000 »

stale2002 wrote: post #404
trident5000 wrote: post #284

Earlier quoted context omitted.

This response is just insignificant and ignores everything I said. Segwit adoption is at 50% and again, as I said in my comment, Lightning will be further adopted over time for people who want lower fees. The options are here its up to people and services to use them. And they will as their customers get angry.

It's been over 2 years since segwit was released. It turns out that people were right when they said that it would take a long while for it to be adopted.

I use it and I pay lower fees. You pay the price you deserve.
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