511–520 of 530 posts
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It's just on-chain layer 1 transactions that are somewhat expensive. The lightning network solves this and works great, can do thousands of transactions per second and has close to 0 fees. Feels like magic to use it :)
Why use an outdated planet-killing tech such as butcoin underneath your level 2 bolted on solution when you can use something modern and do it directly on-chain?
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Why use an outdated planet-killing tech such as butcoin underneath your level 2 bolted on solution when you can use something modern and do it directly on-chain?
I assume this is a bad-faith question, given how much it begs the question, but: there is no known solution to the double-spend problem that achieves the same security properties as proof-of-work without consuming energy.
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I'm not here to defend Bitcoin nor respond to critiques. Just not what I'm in to. Full disclosure, I have a financial stake in Bitcoin. My observation on all of this is that the most common themes to bear Bitcoin - can all be fixed! People are quite happy to look at the current landscape and proclaim immediate and indefinite failure. Detractors allow no room for growth. Volatility - you could argue that Bitcoin is st…
I've doubted bitcoin for years, and continue to. Part of me realizes I was wrong, in the sense that I would've made money had I only bought and held - but I can't bring myself to buy something that doesn't work. I can't use it as currency due to transaction fees and times. "Store of value" is basically the same thing as "Ponzi scheme" as far as I can tell. I would've made money, but...
Doesn't that also describe most stocks that do not have dividends? What is their tangible value?
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You're not wrong, but you are speaking from the perspective of a single implementation stack, i.e. modern Ethernet and the modern Internet. The model is still solid, even if the most common implementation has melted a bit.
I disagree. The model was supposed to be universal but it fell apart as soon as people started doing anything slightly unanticipated with it. It's simultaneously both overengineered and fragile, not providing enough insight to justify its complexity - rather like OSI itself. There's a reason their protocol suite was a failure in the real world.
I do think it is useful as an architectural device or a conceptual design goal -- i.e. a model to model your models on. :)
But I also concede that part of its teaching value is that it is a failure in practice.
It was a formalization of the ad hoc (successful!) design strategies of early networking. I see echoes of it everywhere, most obviously in the Linux kernel, and I think it's valuable for that.
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Because you will die if you don't spend it on some food. There is more to life than to grow your wealth.
People buy food with their worthless dollars that they got from their worthless job and then spend the excess on worthful Bitcoin.
Why is everybody betting on bitcoin for payments when there are faster and more stable alternatives in the crypto space? I’m thinking that this is more about a proof of concept to get into the space.
None are as stable as Bitcoin. There are some that are faster right now because no one uses them, but are likely to fail if they get any serious adoption. Ethereum is the only sensible alternative to Bitcoin but Ethereum has major scalability issues and much less infrastructure compared to Bitcoin to alleviate those issues.
One of the reasons I'm bullish on Bitcoin over the next decade is precisely because of the anti-BTC sentiment on this board.
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> The token backing BTC, Tether, is founded by con artists and was just revealed to not have had the backing they claim. USDT doesn't back BTC. It's just a stable coin people use. There are other coins tracking the dollar. Binance created their own BUSD and it seems to be as legit as it gets with frequent audits of reserves and everything. There's also USDC. BTC is actually backed by the eletricity used to power the…
For a crowd that constantly parrot “DYOR”...you should really DYOR. No stablecoin has even been audited. Zero. None. Most perform attestations, which doesn’t even come close to an audit. Tether does neither.
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Then came the bitcoin core wars. Today bitcoin is a technological dead end, unable to evolve.
> Then came the bitcoin core wars. Today bitcoin is a technological dead end, unable to evolve. Yet in spite of this, “speculative store of value” remains the only real world use case of cryptocurrency, full stop. No cryptocurrency has risen above speculative store of value absolutely without exception. N.B. “digital gold” is merely a euphemism for speculative store of value. “Digital gold” is the Cadillac of all cry…
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> Then came the bitcoin core wars. Today bitcoin is a technological dead end, unable to evolve. Yet in spite of this, “speculative store of value” remains the only real world use case of cryptocurrency, full stop. No cryptocurrency has risen above speculative store of value absolutely without exception. N.B. “digital gold” is merely a euphemism for speculative store of value. “Digital gold” is the Cadillac of all cry…
I guess you’ve never heard about stablecoins?
Contrary to popular belief, alternative free-floating “stablecoins” aren’t actually stable: every major example of one has imploded at least once in times of high market volatility. This makes them speculative.
Unstable “stablecoins” are speculative stores of value no different from any other cryptocurrency, but with a twist: the real world usage to virtue signaling ratio equally rounds down to zero, but the profit mechanism is different. You bet on unstable stablecoins by purchasing cooperative pseudo-equities whose value is propped up by all the drum beating that goes on for the closely linked unstable stablecoin itself.
(All the examples of unstable “stablecoins” I’m familiar with have shipped such tertiary pseudo-equity coins as investor bait, which IMO explains virtually all of the buzz they seem to have — again no different from any other cryptocurrency.)