111–120 of 362 posts
Earlier quoted context omitted.
In the USA? Not much. Bitcoin is a decent choice for sending your money across borders though! It could also be a gift if you think holding it long-term would be valuable. I remember my grandma buying me bank bonds as a kid for the same reason.
I usually send money across borders using Wise.com or wire transfers. What am I missing out on with bitcoin?
Earlier quoted context omitted.
> The supply is finite Until It isn't. Miners will one day decide to hardfork bitcoin to increases the mining rewards, hence increasing the supply. They will of course need to prepare the narrative, and say "it is for the good of bitcoin". It might be in 10 years, or in 50 years. But on a long enough time-scale, you can be sure of one thing: Bitcoin will change, because it's man-made and because it's mutable/forkable…
Has that worked in the past? While they could obviously create their own fork, they can’t force people to actually use it.
If double spends looked imminent, or started occuring, I think it would make sense to fork to increase the block reward. Of course, bitcoin has forked before and it becomes a political issue. Personally, the big block wars (and subsequent Bitcoin Cash split) was where I got off the Bitcoin train.
But if a fork happened, and the network that didn't adopt the higher block reward started getting 51% attacked, I do think people would move over to the new network (and that would become "bitcoin")
Earlier quoted context omitted.
> Let's compare a highly valuable and needed metal with 6000+ years of history as a solid investment Hi, I've worked in the global mineral exploration industry for decades, both as a mine worker, an exploration geophysicist, and as a compiler of a global DB that now backends the S&P mineral intelligence division. Let's clear up some things about gold. 1) It's valuable because it's valued .. That's pretty much it, it'…
I don't understand how does that relates to calling a cryptocurrency a gold-like asset. There's nothing in the world with such a long history of a solid investment that goes back to ancient times on a global scale.
So basically, cryptocurrency (i.e. proof of work limited shiny token) has "a long history of a solid investment that goes back to ancient times on a global scale"
3 years ago ETH was $100, today it's $1300, maybe we should all just wait and see before writing the obituary
If I were a bank, I'd stay far away from any non-bitcoin cryptos that I'm not an issuer of. Why would I want to own a coin that someone else is able to freely devalue, in addition to conventional currencies? On the other hand, if I were a bank, bitcoin presents a compelling argument. The supply is finite. Disclaimer: I don't own any crypto or bitcoin.
How being the supply finite is relevant? This idea that being scarce implies value makes no sense. You realize we can go on github and setup a bitcoin network too, we call it BitcoinYC, our coins have the same properties of bitcoins, why would that have a value? Please repeat with me: - currencies (wheter fiat or crypto) have no value. You can't do anything with them, maybe watch dead national heroes printed or them.…
Miners will only mine the blockchain with the longest proof-of-work. They won't mine yours, as Bitcoin's preexisting blockchain is longer. This principle was explained in the Bitcoin paper and is the heart of what makes Bitcoin work. Miners can only use their electricity for one thing at a time, thus the competition to secure the underlying asset (energy) forces what might seem to be otherwise unrelated projects to in actuality compete against each other.
Earlier quoted context omitted.
How being the supply finite is relevant? This idea that being scarce implies value makes no sense. You realize we can go on github and setup a bitcoin network too, we call it BitcoinYC, our coins have the same properties of bitcoins, why would that have a value? Please repeat with me: - currencies (wheter fiat or crypto) have no value. You can't do anything with them, maybe watch dead national heroes printed or them.…
> You realize we can go on github and setup a bitcoin network too, we call it BitcoinYC, our coins have the same properties of bitcoins, why would that have a value? Miners will only mine the blockchain with the longest proof-of-work. They won't mine yours, as Bitcoin's preexisting blockchain is longer. This principle was explained in the Bitcoin paper and is the heart of what makes Bitcoin work. Miners can only use…
Earlier quoted context omitted.
I think he means the compelling aspect is its fixed monetary policy. Gold deposits can be discovered (Uganda) or asteroids mined. Governments actively change their monetary policy. But bitcoin, for the first time in history, sets monetary policy in stone and gives all participants perfect information (in the game theoretic sense). I'm not saying that's overall good or bad, but it certainly makes predicting the future…
> But bitcoin, for the first time in history, sets monetary policy in stone and gives all participants perfect information This is as true as saying that the United States Department of Treasury sets the supply of dollars in stone. Bitcoin is as fixed as the relatively small number of parties who run the network want it to be. If enough of them wanted to fork it, remove the deflationary model, change their rewards, e…
Earlier quoted context omitted.
> - currencies (wheter fiat or crypto) have no value. You can't do anything with them You can pay taxes to stay out of jail with fiat, which seems desirable.
The example you've chosen reiterates that currencies have a price (letting you out), not a value. If you had only Deutsche Marks to pay would that help you avoid prison? No. Because they have no value, same as USD, on top of that, they have no price either because there's no demand for Deutsche Marks.
If I were a bank, I'd stay far away from any non-bitcoin cryptos that I'm not an issuer of. Why would I want to own a coin that someone else is able to freely devalue, in addition to conventional currencies? On the other hand, if I were a bank, bitcoin presents a compelling argument. The supply is finite. Disclaimer: I don't own any crypto or bitcoin.
> if I were a bank, bitcoin presents a compelling argument. The supply is finite. I've worked at a number of banks now and what keeps them up at night isn't how much money they could make or what competitive technologies like Bitcoin are doing. It's their ability to consistently operate with the increasingly tight regulatory guard-rails imposed by the government. And Bitcoin's incompatibility with KYC and AML regulat…
A worrisome title. https://www.businesswire.com/news/home/20230109005186/en/ The Company expects minimal financial impact from the exit of this vertical. MCB currently has four active institutional crypto-asset related clients that in the aggregate currently account for approximately 1.5% of total revenues and 6% of total deposits. MCB’s relationships with these clients are limited to providing debit card, payment an…
The title that's inside is not so bad. "Metropolitan Bank Is Fleeing Crypto. Bitcoin Investors Should Be Worried" As for other banks, what about Silverlake. Not many banks are offer crypto services. Regulators are stepping up. https://fortune.com/2023/01/04/crypto-winter-us-regulators-w... It is likely that countries will launch their own digital currencies.