161–170 of 265 posts
Earlier quoted context omitted.
There's a lot of hype but there's also a lot of potential to revolutionize commerce. imagine if you could pay 10 cents to read an article or tip a web site. How badly does this torpedo googles ad biz?
And what feature of cryptocurrency allows and or benefits this whereas traditional finance systems cannot?
Didn't El Salvador just announce that bitcoin is legal tender a few months ago? Isn't it a bit soon to declare that it failed? Especially considering the state of El Salvador's fiat.
Seems a bit too soon to call it a failure. It hasn’t even been a year.
Earlier quoted context omitted.
Also, ironically, crypto is at least as conjured up out of thin air as a properly operated "fiat" currency. A person decided - for whatever reason - that there should be up to 21 million of a new type of token in existence, and his software started printing them and dishing them out to random participants in the network. With a "fiat" currency the actual number in circulation goes up and down according to actual mark…
Crypto is fiat currency without even so much as the fiat. Meaning it floats completely at random based on the mood of the participants... which now is driven solely by wanting to sell that crypto to some Greater Fool.
Earlier quoted context omitted.
I remember being shocked that my uncle was doing NFT trading and buying and selling digital land in the metaverse over Thanksgiving (though not his primary job). I thought I was an early adopter for having 1.4 ETH.
When you say "metaverse", what do you mean? I'm not interested in the trade itself, I just don't see the metaverse as really properly established yet so where is this taking place? Maybe I'm out of touch.
Earlier quoted context omitted.
Hmm. By this logic, aren't power-efficient appliances a bad thing because they reduce demand for energy and thus reduce incentives to generate greener power? It's not clear to me that this is how supply and demand work. While increasing demand may increase investment in new capacity, it also should drive up the price of electricity. And since in some markets renewables are cheaper than carbon sources, one would expec…
I'm saying that power-efficient appliances were an innovation that responded to high energy prices, and with the reduced rate of growth in energy demand has come reduced innovation, which has had the effect of enabling the economics of dirty and inefficient energy generation. Energy production plants aren't public infrastructure, they're productive capital that has been mismanaged as infrastructure for the last 100 y…
Ultimately, though, the goal from a climate change perspective isn't "lower unit cost" or "energy innovation" per se; it's "reduced GHG emissions."
If Bitcoin mining were, say, +50% net demand, I could buy the argument that it will lead to innovations in supply. But it's more like +0.5% demand, so it seems much more likely that it's just driving up prices a small amount, keeping some production sources alive which would otherwise not be. And in at least some cases, those sources are going to be high carbon impact.
Didn't El Salvador just announce that bitcoin is legal tender a few months ago? Isn't it a bit soon to declare that it failed? Especially considering the state of El Salvador's fiat.
Earlier quoted context omitted.
I don't think you are including all variables. BTC fees does not include the conversion from currency1 -> btc acc 1-> btc acc 2-> currency 2. Where conversion from 1 currency to another would be more expensive than the BTC fees itselve. From which currency to which currency did you transfer?
This isn’t true at all. Right now, the actual network costs would be $0.07*2 on chain, and 0.15% for the actual sale at the receiving end on an exchange, and the “true” BTC/foreign currency rate. This beats the bad rates being offered on the forex leg of the wise transfer. I would rather remit funds by BTC any day, but not everyone at the other end has the competency to handle this yet. One day. Also, it took days to…
Earlier quoted context omitted.
I’m exhausted by the fiat money scam 2% annual inflation over a 40 year career amounts to 40% less earnings. Inflation is theft. Bitcoin fixes this. No one has ever explained a better solution to inflation than Bitcoin. Fiat money printing is a scam that lets politicians spend more money without directly raising taxes. Bitcoin is honest sound money with a fixed inflation policy forever that cannot be manipulated by a…
> Bitcoin fixes this. No one has ever explained a better solution to inflation than Bitcoin. Does anyone seriously claim that Bitcoin is currently solving inflation? I've heard some claims that it will eventually be the case, but claiming it is already a "solution to inflation" sounds like a stretch even for bitcoin supporters. Bitcoin was apparently at 30kUSD some time in July this year after reaching 60kUSD in June…