11–20 of 26 posts
When inflation across the world becomes high like Turkey, crypto currencies will become unstoppable. When atomic swaps start to take off, there will be no way to stop these currencies with regulations.
Earlier quoted context omitted.
It is not clear that proof of stake can be very decentralized. Proof of work, however, can be. Bitcoin can scale using 3rd party payment providers . That's exactly how fiat currencies are made to scale. We use Visa, PayPal, Zelle, ACH, Swift, etc. We usually do not talk to a ledger at the Fed or ECB, even though they do have those (for huge banks or wire transfers).
I'm not sure what you mean when you say that Bitcoin can scale by using 3rd party payment providers? Any Bitcoin transaction will only ever be as fast as the underlying blockchain, which currently processes around seven transactions per second (last time I checked). Of course proof of stake can be decentralized! I think what you mean is that it's not clear whether a widely adopted PoS based blockchain will end up cen…
Then check again. Go google the Lightning Network. This is outdated FUD.
Lightning sets up secure channels on top of the underlying blockchain. Actual blockchain transactions are only required (I'm simplifying) to record slow trends in average usages.
When inflation across the world becomes high like Turkey, crypto currencies will become unstoppable. When atomic swaps start to take off, there will be no way to stop these currencies with regulations.
I don't think you are wrong, there is plenty of logic that would lead one to believe this. However, every major crypto is down 40% or so while the US is reporting its highest inflation prints since the 70s. By your logic, these currencies should be at all time highs, instead, they seem more correlated with the NASDAQ recently and actually negatively correlated with inflation.
Since more people use crypto as speculation (including leverage) rather than for payments or store of value, interest rate increases result in net outflows
When inflation across the world becomes high like Turkey, crypto currencies will become unstoppable. When atomic swaps start to take off, there will be no way to stop these currencies with regulations.
I don't think you are wrong, there is plenty of logic that would lead one to believe this. However, every major crypto is down 40% or so while the US is reporting its highest inflation prints since the 70s. By your logic, these currencies should be at all time highs, instead, they seem more correlated with the NASDAQ recently and actually negatively correlated with inflation.
When inflation across the world becomes high like Turkey, crypto currencies will become unstoppable. When atomic swaps start to take off, there will be no way to stop these currencies with regulations.
I don't think you are wrong, there is plenty of logic that would lead one to believe this. However, every major crypto is down 40% or so while the US is reporting its highest inflation prints since the 70s. By your logic, these currencies should be at all time highs, instead, they seem more correlated with the NASDAQ recently and actually negatively correlated with inflation.
I think that's where we are now. If there is a market sell off, crypto is along for the ride initially. the question will be what it looks like from there.
Earlier quoted context omitted.
I'm not sure what you mean when you say that Bitcoin can scale by using 3rd party payment providers? Any Bitcoin transaction will only ever be as fast as the underlying blockchain, which currently processes around seven transactions per second (last time I checked). Of course proof of stake can be decentralized! I think what you mean is that it's not clear whether a widely adopted PoS based blockchain will end up cen…
> Any Bitcoin transaction will only ever be as fast as the underlying blockchain, which currently processes around seven transactions per second (last time I checked). Then check again. Go google the Lightning Network. This is outdated FUD. Lightning sets up secure channels on top of the underlying blockchain. Actual blockchain transactions are only required (I'm simplifying) to record slow trends in average usages.
This is not to say that the Lightning Network doesn't significantly improve the usability of Bitcoin as a currency. But it does so at the expense of security. A much better approach is to use a layer 1 solution that achieves scalability, security, and decentralization by default.
Earlier quoted context omitted.
Can you provide more details/references to your statement on altcoins that have better scalability and decentralization.
[dead]
it seems like that's exactly what you want. Given that you are spreading lots of misinformation and don't seem to be trying to understand the other side's point.
Earlier quoted context omitted.
It is not clear that proof of stake can be very decentralized. Proof of work, however, can be. Bitcoin can scale using 3rd party payment providers . That's exactly how fiat currencies are made to scale. We use Visa, PayPal, Zelle, ACH, Swift, etc. We usually do not talk to a ledger at the Fed or ECB, even though they do have those (for huge banks or wire transfers).
I'm not sure what you mean when you say that Bitcoin can scale by using 3rd party payment providers? Any Bitcoin transaction will only ever be as fast as the underlying blockchain, which currently processes around seven transactions per second (last time I checked). Of course proof of stake can be decentralized! I think what you mean is that it's not clear whether a widely adopted PoS based blockchain will end up cen…
Try thinking about it. It would work the same way PayPal works with USD. Bitcoin payments simply don't need to happen on the blockchain. Similarly, I can buy gold in my brokerage account without any actual gold moving between warehouses.
> Of course proof of stake can be decentralized! I think what you mean is that it's not clear whether a widely adopted PoS based blockchain will end up centralizing power in the hands of a few whales. This is a legitimate concern
That's right, which is why it probably can't be decentralized. Even if the majority of holders are small individuals, the coins still end up on exchanges, which become whales.
> however, this threat is no different than the threat of centralization of computing power in Bitcoin.
This is a common misunderstanding of Bitcoin. Bitcoin miners do not "vote" or participate in governance. Thus, bitcoin does not have vulnerabilities that proof of stake has. Bitcoin's decentralization does not come from miners. It comes from users who run nodes and enforce the rules of bitcoin by not recognizing illegitimate protocol changes, invalid blocks, etc. Market forces also play an important part: Bitcoiners would not pay for coins from a block that breaks the rules of bitcoin, because those coins will not be recognized as being bitcoin.
Earlier quoted context omitted.
I don't think you are wrong, there is plenty of logic that would lead one to believe this. However, every major crypto is down 40% or so while the US is reporting its highest inflation prints since the 70s. By your logic, these currencies should be at all time highs, instead, they seem more correlated with the NASDAQ recently and actually negatively correlated with inflation.
Think about what happened to crypto and other inflation hedges in march 2020. They got ahnilated worse than equities in the initial risk off and then out performed ever since. I think that's where we are now. If there is a market sell off, crypto is along for the ride initially. the question will be what it looks like from there.
Earlier quoted context omitted.
I'm not sure what you mean when you say that Bitcoin can scale by using 3rd party payment providers? Any Bitcoin transaction will only ever be as fast as the underlying blockchain, which currently processes around seven transactions per second (last time I checked). Of course proof of stake can be decentralized! I think what you mean is that it's not clear whether a widely adopted PoS based blockchain will end up cen…
> I'm not sure what you mean when you say that Bitcoin can scale by using 3rd party payment providers? Try thinking about it. It would work the same way PayPal works with USD. Bitcoin payments simply don't need to happen on the blockchain. Similarly, I can buy gold in my brokerage account without any actual gold moving between warehouses. > Of course proof of stake can be decentralized! I think what you mean is that…
> It would work the same way PayPal works with USD. Bitcoin payments simply don't need to happen on the blockchain. Similarly, I can buy gold in my brokerage account without any actual gold moving between warehouses.
This is a terrible idea.