241–250 of 532 posts
I recently watched some traditional cable and was shocked by the number of crypto ads bombarding viewers. I have to imagine that this market was goosed up by retail investors trading on coinbase and binance just as the e-betting market was. The only difference between crypto and e-betting is that everyone got to be a winner on the crypto markets for a while. As users lose out, and exchanges stop ad campaigns - how lo…
> Crypto needed a tangible market/reason d'etre to be valuable. I have recently paid $40 for a $240 SWIFT transaction that I made on behalf of my father, as his bank (with most Russian banks) have been cut of from the world's financial system. Crypto is fulfilling a real need felt by many people all around the globe; it's just most of those people don't live in first world nations.
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> I'd doubt BTC will go to zero, but I wouldn't be surprised if the entire covid rally gets wiped out and we see BTC 6k again. I agree. We invest a small amount of money into $BTC and I feel pretty neutral on the topic and my comments come from an intention of neutral observation. I think $BTC is in a bad spot that's about to get worse in the short-term. It's getting hit from both ends: expensive energy, and high int…
Long term I'm bearish because it's a deflationary asset. Deflationary value stores have a tendency to cause all sorts of social ills by encouraging hoarding. There's a reasonable line of thought that observes that it's no coincidence that the end of the age of European colonialism coincided with the demise of the gold standard. More concretely: if crypto is deflationary, then its value works similarly to how an Amway…
It's definitely an interesting theory - any particular articles or books you've read on the subject? I find the story of money fascinating.
On the other hand, however, States are no longer constrained by how much gold they have. In the past you could wage war until you ran out of gold and then that was that - you couldn't print money out of thin air. Now you can just print money and at least up until some point (which we don't know yet) it works. I guess you could argue back to your first point that this is what caused wars - you needed to accumulate resources in order to have wealth so you'd start wars and take stuff.
I think deflationary economies have bad attributes - like why take risks when you can do nothing and the value of your assets goes up? On the other hand, (and someone else mentioned something related to this) inflation literally destroys wealth so how can someone working a non-high paying job store wealth when the value of that wealth is destroyed at a minimum of 2% per year?
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Alternatively: Many people will not pass an opportunity of a "risk-free" 20% APY. (Not sure if Binance in particular is paying interest on deposits, but many exchanges do, as far as I know.) Also, how are wallets the same thing as servers? That analogy seems a bit stretched.
I’ve only heard of this mythical “risk free 20%” after the crash. I never heard anyone advertising that rate before.
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meanwhile anybody who has their own keys is able to transact with it as per usual. “not your keys not your coin.” holding keys are not trivial but far simpler than running a server, better analogy might be to do with people not wanting to stake with a validator because it’s easier to use a centralized staking service.
There is a very real calculation to be done here: Leave it on an exchange and have access to customer support, etc in the event you get locked out of your account or whatever. -OR- Be the next news story of the person who messed up the transfer, forget their seed, etc. The entire blockchain ecosystem is still so incredibly difficult to use with bad UI/UX on top of it that this is the more likely outcome for the vast…
Richard & Gilfoyle At Landfill Site Talking ICO Crypto currency Idea To Russ:
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Use exchanges for just that, exchanging it, but don’t let a central exchange hold it in their wallet.
This reply completely ignores everything GP said. You didn't address either of the (seemingly very valid) points they made.
It seems like exchanges kind of are counterintuitive for a decentralized financial product (for holding your crypto). One could argue that exchanges that fail when people are selling off a lot of volume might not have a good business model. My naive brain thinks an exchange will make money on transactions so it shouldn’t matter if the exchange from crypto_bucks to USD is different. If volume falls drastically then maybe your operating costs are too high?
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Bitcoins reason d'etre is to permit an exchange of value without involving the banks/classic financial infrastructure. It could go down to fractions of a penny and still be able to do that.
No, because energy is not free.
You really cannot make this up. As usual crypto in practice is the opposite of decentralized because people. Will. Not. Run. Their. Servers. Moxie nailed it
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> As usual crypto in practice is the opposite of decentralized because people. Will. Not. Run. Their. Servers. Nope, you just don't own any crypto assets if they are not stored on your own means. That's not hard to understand.
If you cannot trust a single third party to hold your money, it's no better than cash under the mattress. We have guard rails in banking for a reason.