Coinbase mafia shows how tight a circle holds sway over Bitcoin

Post by shawnz » Sun, Feb 28, 2021, 11:44 AM UTC

WJW wrote: post #30

Traster wrote: post #21

It is kind of funny that exchanges have become so successful for Bitcoin- since they lose 100% of the stuff that made BTC attractive in the first place. They’re centralised, regulated and transactions don’t even go on the blockchain. The result is that the number 1 way people get into Bitcoin is through a mechanism that has none of the attributes of Bitcoin.

> since they lose 100% of the stuff that made BTC attractive in the first place Not so. They still allow speculation on BTC price volatility and "get rich quick" gambles is what drove most of Bitcoin growth in the past few years. If anything, the big exchanges make Bitcoin even more suitable for speculation than if it was on the blockchain, since you can trade way more if you don't have to wait several blocks for you…

Post by gurtyui » Sun, Feb 28, 2021, 11:51 AM UTC

Traster wrote: post #21

It is kind of funny that exchanges have become so successful for Bitcoin- since they lose 100% of the stuff that made BTC attractive in the first place. They’re centralised, regulated and transactions don’t even go on the blockchain. The result is that the number 1 way people get into Bitcoin is through a mechanism that has none of the attributes of Bitcoin.

Post by tromp » Sun, Feb 28, 2021, 11:57 AM UTC

barbegal wrote: post #20

gnrlst wrote: post #13

Remember when BTC used to be fun and exciting? Stupid projects being created, tipping widespread all over the internet. It was created to be a "peer-to-peer electronic cash system" (quoting from the whitepaper title)... oh how far it has strayed.

Yes I remember when you could send Bitcoins and your transaction was practically guaranteed to get into the next block. I had fun solving puzzles created using Bitcoin scripts. If you could solve the puzzle you could win some Bitcoins. Transaction fees were so low as to be irrelevant and you could send small tips to anyone you wanted, buy beers, gift it to strangers to try out... But even then you could see that Bitc…

Post by chrisco255 » Sun, Feb 28, 2021, 11:59 AM UTC

rsp1984 wrote: post #35

“It’s a money network,” Winklevoss said. “What happens when you put an economic incentive around that network? That’s possibly the most effective network in the world.” How in the world can you call Bitcoin a "money network"? Unless I'm missing something obvious there's no more network effect to it than to any other popular currency or security.

Post by random5634 » Sun, Feb 28, 2021, 12:00 PM UTC

dmingod666 wrote: post #29

55555 wrote: post #23

Earlier quoted context omitted.

These says, if you write "men" instead of "mostly men", you get attacked my SJWs. My favorite form is when they write "men (and they are almost entirely men)." But as is becoming clear to many, you cant please everyone all of the time, and, especially these days, there are some people you cant please any of the time. What phrasing would you prefer? "Humans" or just "men"?

If someone cannot think about a topic without classifying the genitals of the discussed people irrespective of what they are talking about, you'd probably not be wrong to take notice of that. Not that it matters, but, expecting the whole world to share the same perversion is a bit too much..