Lira crisis fuels Bitcoin boom in Turkey
theguardian.com
Lira crisis fuels Bitcoin boom in Turkey
1–10 of 26 posts
Re: Lira crisis fuels Bitcoin boom in Turkey
#2Are you trying to say x
"cryptocurrency boom" or "altcoin boom"? Because Bitcoin (BTC) is almost useless for payments.
Re: Lira crisis fuels Bitcoin boom in Turkey
#3Cryptocurrencies as a whole are an amazing innovation. It’s sad though to see people rushing to adopt things they don’t fully understand, and getting hurt as a result.
Bitcoin and Ethereum are pretty terrible currencies. Proof-of-work is a foundational idea in cryptography, but it’s much better suited for preventing mass email spam than it is as a consensus mechanism.
Not to mention how the cryptocurrency space is crowded with useless AltCoins. Unless you’re an expert in the space, its so hard to distinguish from true innovation and dummies just trying to get a piece of the pie. As a result, you have millions of people pushing things like Dogecoin and Shiba, and it ends up hurting real people.
The way I see it is this: a useful cryptocurrency needs 3 things:
(1) Security (2) Scalability (3) Decentralization
Almost all mainstream crypto fails at (2) miserably, and as a result end up failing at (3). High transaction fees, volatility, low throughput, and energy-intensive participation costs are all barriers to achieving actual utility.
Re: Lira crisis fuels Bitcoin boom in Turkey
#4I remember when I thought the people who ran governments were the adults in the room, the experts. Now I literally think the total opposite.
Re: Lira crisis fuels Bitcoin boom in Turkey
#5Cryptocurrencies as a whole are an amazing innovation. It’s sad though to see people rushing to adopt things they don’t fully understand, and getting hurt as a result. Bitcoin and Ethereum are pretty terrible currencies. Proof-of-work is a foundational idea in cryptography, but it’s much better suited for preventing mass email spam than it is as a consensus mechanism. Not to mention how the cryptocurrency space is cr…
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).
Re: Lira crisis fuels Bitcoin boom in Turkey
#6Cryptocurrencies as a whole are an amazing innovation. It’s sad though to see people rushing to adopt things they don’t fully understand, and getting hurt as a result. Bitcoin and Ethereum are pretty terrible currencies. Proof-of-work is a foundational idea in cryptography, but it’s much better suited for preventing mass email spam than it is as a consensus mechanism. Not to mention how the cryptocurrency space is cr…
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 centralizing power in the hands of a few whales. This is a legitimate concern; however, this threat is no different than the threat of centralization of computing power in Bitcoin. In Bitcoin, this isn't even a threat, it’s a reality!
I'll say it again: Bitcoin and Ethereum are not great currencies. There are altcoins that have far surpassed both of them in terms of achieving security, scalability, and decentralization simultaneously.
Re: Lira crisis fuels Bitcoin boom in Turkey
#7Earlier 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…
Can you provide more details/references to your statement on altcoins that have better scalability and decentralization.
Re: Lira crisis fuels Bitcoin boom in Turkey
#8When 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.
Re: Lira crisis fuels Bitcoin boom in Turkey
#9When 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.
Re: Lira crisis fuels Bitcoin boom in Turkey
#10Earlier 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…
Can you provide more details/references to your statement on altcoins that have better scalability and decentralization.
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