121–130 of 734 posts
I don't think I am ever going to get used to "crypto" meaning "cryptocurrency" and not "cryptography". Can't we just keep calling it "cryptocurrency"? I thought this article would be about the various misguided governments' attempts to outlaw cryptography.
For me its purpose is simple.
If my money is a representation of my time and effort, why should I accept the central banks' inflation "target" of even 2%, due to money printing? I don't see why anyone should be okay with that, particularly given that central banks rarely meet that target for long and more often than not overshoot by a significant amount.
It's insane to me that anyone should expect the purchasing power of their money to reduce, debasing their own time and effort. Why is that acceptable to people?
Earlier quoted context omitted.
Depends on the people you hang with. I'm currently at devconnect in Amsterdam and it's full of people who care about tech. Really nice a crowd and even a bit more diverse than the rest of IT.
I had a fantastic experience at DevCon V. Ethereum developer conferences attract all the technical folks and almost none of "money" people. I haven't gone to any Bitcoin conference, but I can't see it being the same. Bitcoin's aversion to change means mostly demagogues are left, and all the talk is money talk.
That's true, but you say it as if that's a bad thing. Bitcoin is valuable because it does not change, its proven to work, and people know that. If the downside is that there isn't as much to talk about at a conference, then I don't give a shit.
Earlier quoted context omitted.
> that isn’t deflationary So you believe inflation is a good thing?
Inherently deflationary asset guarantees it's going to be used as a speculation vehicle rather than money.
Inflationary policies also have a very tight link with speculation in the economy. You only need to look at the past 2 years.
Earlier quoted context omitted.
> mostly just been abused as a vehicle for crazy, baseless manias The whole movement came out of monetary crank-ism, those people were always there. Let me know when there’s a mainstream non-scam MiltonCoin or KeynesCoin that isn’t deflationary and automatically models semi-optimal central bank policy.
> that isn’t deflationary So you believe inflation is a good thing?
The people who need it the most will ask questions like: "How can I send money from the EU to the Dominican Republic without paying 25% 'banking commissions'?" or "How can I help my mother in Jakarta to get money quickly?" and totally organically, we come to the conclusion that Bitcoin is the answer...
We in the West tend to be blind from the problems and solutions that the rest of humanity has found by using bitcoin...
See also: https://bitcoinmagazine.com/culture/check-your-financial-pri...
I'm grumpy about Visa/MC taking 3% of every transaction. I want a technofix for that. There are new blockchains that cost less than a penny per transaction use about a millionth of the wattage of bitcoin and I hope they turn out to be non-BS. I just want an efficient low-cost barrierless payment network.
They don't. Scheme fees in a 4-party payment network are the smallest part of the net fee, around 0.1-0.2%.
> I want a technofix for that.
And you'll never get one. Moving money between bank accounts in an immutable way is extremely cheap already. But that isn't what people want.
If you want to lower card payment fees you need to introduce regulations that cap the interchange and prevent fraud, it's purely a political fix.
Earlier quoted context omitted.
Inherently deflationary asset guarantees it's going to be used as a speculation vehicle rather than money.
...which is good because it helps us move away from the throw-away society mentality. Bitcoin is very effective environmental activism.
While using the per-design resource destroying, planet burning Proof-Of-Waste? Are you Kidding?
And no, deflation does not encourage more long term investments, it does simply encourage hoarding, not exactly a desirable thing, form any perspective. And of course it is the fatal (and likely never fixed) flaw in bitcoin-as-a-currency.
Earlier quoted context omitted.
I wasn't specifically giving a btc example, qr code can also be apple pay or anything like that. It's just that in the case of btc, there's no central authority to cancel the transaction. You need a court order to force the bar to manually send the money back to you. The bank cannot freeze the funds. Enforcement is crippled. If this is not a reputable business (unlikely for a bar and very unlikely for a small sum lik…
Yes but all these things are features to me. I like cash for small purchases, and I like, say, Monero for the same reasons. If I lose 50 € to some unscrupulous merchant, that's worth it to not have to ask the bank for permission for and tell them about every transaction.
in other words, you aren't poor enough for the loss of 50 € to mean that you are going to have less food this month and won't be late on your rent because of it.
The largest and easiest argument against crypto is the environmental impact. It’s completely ignored in that piece.
That's really irrelevant in 2022, since 90% of blockchains are not Proof of Work anymore.
Like, if we are using the second metric we could even create 1000s of irrelevant PoS coins to pump that baby up.