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The Limits to Blockchain Scalability

vitalik.ca

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Re: The Limits to Blockchain Scalability

#3

Post by laurent92 »

maxrev17 wrote: post #2

This is a really good read. More of this and less of Elon's chatter needed!

I was trying to summarize, for an employee who got caught in “Elon Musk shouldn’t have manipulated the BTC” (!) (obviously the employee lost 25% of his savings), I was trying to summarize the list of dangers of having savings in BTC.

- Laws of any big country could change and trigger the sale for a lot of sellers of a country,

- Especially given BTC is used by Iran to bypass petrol restrictions, used by ransomware and all sort of dealers, as well as Chinese who want to flee,

- Currencies are in theory regalian = only emitted by the central bank;

- Once any country gets upset with this, they could blame terrorism on BTC and ask owners to prove their origin of wealth, which would be a major hurdle if the law was strict.

I’m adding this to the list. Volatility is desired because “you can make it big”, but the rest is only dangers.

Re: The Limits to Blockchain Scalability

#4

Post by javert »

laurent92 wrote: post #3
maxrev17 wrote: post #2

This is a really good read. More of this and less of Elon's chatter needed!

I was trying to summarize, for an employee who got caught in “Elon Musk shouldn’t have manipulated the BTC” (!) (obviously the employee lost 25% of his savings), I was trying to summarize the list of dangers of having savings in BTC. - Laws of any big country could change and trigger the sale for a lot of sellers of a country, - Especially given BTC is used by Iran to bypass petrol restrictions, used by ransomware an…

Bitcoin is about giving the world honest money (someday), not about getting rich. Don't put "savings" in bitcoin.

Re: The Limits to Blockchain Scalability

#5

Post by maxrev17 »

laurent92 wrote: post #3
maxrev17 wrote: post #2

This is a really good read. More of this and less of Elon's chatter needed!

I was trying to summarize, for an employee who got caught in “Elon Musk shouldn’t have manipulated the BTC” (!) (obviously the employee lost 25% of his savings), I was trying to summarize the list of dangers of having savings in BTC. - Laws of any big country could change and trigger the sale for a lot of sellers of a country, - Especially given BTC is used by Iran to bypass petrol restrictions, used by ransomware an…

Yeah savings vs investment. Crypto is a very high risk investment and should be used as the high risk cherry on top of any portfolio pie! Unless you are minted and don't mind losing a tonne in which case go all in on eth :p

Re: The Limits to Blockchain Scalability

#7

Post by mantenpanther »

laurent92 wrote: post #3
maxrev17 wrote: post #2

This is a really good read. More of this and less of Elon's chatter needed!

I was trying to summarize, for an employee who got caught in “Elon Musk shouldn’t have manipulated the BTC” (!) (obviously the employee lost 25% of his savings), I was trying to summarize the list of dangers of having savings in BTC. - Laws of any big country could change and trigger the sale for a lot of sellers of a country, - Especially given BTC is used by Iran to bypass petrol restrictions, used by ransomware an…

There is only a loss if you sell.

Re: The Limits to Blockchain Scalability

#8

Post by rapsey »

laurent92 wrote: post #3
maxrev17 wrote: post #2

This is a really good read. More of this and less of Elon's chatter needed!

I was trying to summarize, for an employee who got caught in “Elon Musk shouldn’t have manipulated the BTC” (!) (obviously the employee lost 25% of his savings), I was trying to summarize the list of dangers of having savings in BTC. - Laws of any big country could change and trigger the sale for a lot of sellers of a country, - Especially given BTC is used by Iran to bypass petrol restrictions, used by ransomware an…

The price is manipulated by hedge funds and/or whales to fleece unsophisticated investors. Wyckoff pattern has described BTC this tear to a t.

Re: The Limits to Blockchain Scalability

#9

Post by javert »

laurent92 wrote: post #3
maxrev17 wrote: post #2

This is a really good read. More of this and less of Elon's chatter needed!

I was trying to summarize, for an employee who got caught in “Elon Musk shouldn’t have manipulated the BTC” (!) (obviously the employee lost 25% of his savings), I was trying to summarize the list of dangers of having savings in BTC. - Laws of any big country could change and trigger the sale for a lot of sellers of a country, - Especially given BTC is used by Iran to bypass petrol restrictions, used by ransomware an…

There are also big risks to fiat money, such having the entire economic output of your civilization be grossly distorted by central banks.
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