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Line Launches Its First Cryptocurrency 'Link'

linecorp.com

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Re: Line Launches Its First Cryptocurrency 'Link'

#11

Post by TekMol »

wereHamster wrote: post #7
TekMol wrote: post #2

I wonder why all the new crypto projects are so complex. When Bitcoin was invented, it was already a pretty complex solution to a problem that indeed should be tackled with new technology: Make payments easier and more independent of third parties. So far, Bitcoin has not achieved this well. Yet, I think there will be technology that does. But all those new projects are super complex. As if it is already time to buil…

> […] Make payments easier and more independent of third parties. > > So far, Bitcoin has not achieved this well. The second goal is achieved spot on, it was one of the main reasons why Bitcoin was created in the first place. The first goal, well, that one is a bit more complicated. What's missing are good apps with decent UX. Though keep in mind that wallet apps should be seen as something separate from the bitcoin…

    The second goal is achieved spot on
I don't think so.

First of all: To make a Bitcoin payment you need to install native software. At this point you are already 100% at the mercy of the author of that software. They can do whatever they want. To your secret keys and other data on your machine.

Second: Bitmain could ramp up their hashrate or group with another big miner, control the chain and reverse your transactions.

Third: As we have seen with Ethereum and the Dao fork, when the people in power decide to reassign value, they do. In this regard, a blockchain is not different from a government controlled currency.

As things currently are, I feel way more in control of fiat then of crypto.

Re: Line Launches Its First Cryptocurrency 'Link'

#12

Post by jstandard »

AgentME wrote: post #5

Sounds like a lot of hot air. There's a lot written about how some new companies are going to encourage LINK use and reward the users (doesn't exactly sound very decentralized), and then a bunch of vague lines about how LINK can be used to incentivize users of decentralized apps (dApps) of every possible category. Nothing specific about those dApps though. Where do they run? Ethereum? A brand new blockchain with its…

The interesting point here is that they aren't doing an ICO. This reads to me more like a blockchain exploration of a rewards system from a large company.

Far less likely to be a 'pump and dump' than the me too altcoin of the week startups who focus on ICOs and being listed on bigger exchanges instead of what value is actually being created.

Re: Line Launches Its First Cryptocurrency 'Link'

#13

Post by mrschwabe »

hasa wrote: post #9
mrschwabe wrote: post #3

Earlier quoted context omitted.

So you're saying a technology that has spawned a new market doing volume to the tune of $500 million per day is 'not very useful'? I disagree. Anyway, a lot of the complexity in this space is indeed over-engineering and me-too engineering for problems that are already solved but that need to be 'customized' ever so slightly. In LINE's case they want the tech to line up with their business model so just forking Bitcoi…

Creating unscaleable energy wasting ponzi scheme mostly for darknet use is something which I personally call ultimate failure. Maybe not a technical failure, but it is sad chapter in humans history.

No, the sad chapter in human history was the era of fiat money in whereby governments monopolized and printed/inflated money supplies unchecked and without recourse. Thankfully that era is over, there is now competition in money itself which will help to peacefully remove this dangerous tool which has resulted in economic devastation & disparity worldwide; not to mention its financing of black ops, wars, cartels, and the grandest scams of all.

Re: Line Launches Its First Cryptocurrency 'Link'

#14

Post by m-i-l »

TekMol wrote: post #11
wereHamster wrote: post #7

Earlier quoted context omitted.

> […] Make payments easier and more independent of third parties. > > So far, Bitcoin has not achieved this well. The second goal is achieved spot on, it was one of the main reasons why Bitcoin was created in the first place. The first goal, well, that one is a bit more complicated. What's missing are good apps with decent UX. Though keep in mind that wallet apps should be seen as something separate from the bitcoin…

The second goal is achieved spot on I don't think so. First of all: To make a Bitcoin payment you need to install native software. At this point you are already 100% at the mercy of the author of that software. They can do whatever they want. To your secret keys and other data on your machine. Second: Bitmain could ramp up their hashrate or group with another big miner, control the chain and reverse your transactions…

> "I feel way more in control of fiat then of crypto."

I have to agree. I know it wasn't meant to turn out this way, but with crypto almost all the wealth and power has been concentrated in the hands of a tiny number of unelected often anonymous and largely corrupt individuals. At least with the government we have (limited) role in their selection, know who they are, and let's face it they're almost certainly less corrupt than the shady characters now in control of crypto.

Re: Line Launches Its First Cryptocurrency 'Link'

#15

Post by wereHamster »

TekMol wrote: post #11
wereHamster wrote: post #7

Earlier quoted context omitted.

> […] Make payments easier and more independent of third parties. > > So far, Bitcoin has not achieved this well. The second goal is achieved spot on, it was one of the main reasons why Bitcoin was created in the first place. The first goal, well, that one is a bit more complicated. What's missing are good apps with decent UX. Though keep in mind that wallet apps should be seen as something separate from the bitcoin…

The second goal is achieved spot on I don't think so. First of all: To make a Bitcoin payment you need to install native software. At this point you are already 100% at the mercy of the author of that software. They can do whatever they want. To your secret keys and other data on your machine. Second: Bitmain could ramp up their hashrate or group with another big miner, control the chain and reverse your transactions…

I don't see wallet apps and miners as third-parties. These parties have inherent interest in crypto succeeding. If miners start attacking the network that hurts the value of the currency. In my view a third-party would be your ISP (that wants to deep inspect your packets to see who you are transacting with), or an government.

You are in control of fiat only if you are in control of your government. Not many countries are democratic. And even those who are, are often only so on paper.

Re: Line Launches Its First Cryptocurrency 'Link'

#16

Post by kkarakk »

mrschwabe wrote: post #13
hasa wrote: post #9

Earlier quoted context omitted.

Creating unscaleable energy wasting ponzi scheme mostly for darknet use is something which I personally call ultimate failure. Maybe not a technical failure, but it is sad chapter in humans history.

No, the sad chapter in human history was the era of fiat money in whereby governments monopolized and printed/inflated money supplies unchecked and without recourse. Thankfully that era is over, there is now competition in money itself which will help to peacefully remove this dangerous tool which has resulted in economic devastation & disparity worldwide; not to mention its financing of black ops, wars, cartels, and…

who enforces the value of crypto really though? what if china just one day starts enforcing a law where to run any mining you have to have an official license(that only state actors get). everyone else gets raided and shutdown. it's easy to see where professional mining rigs are for power companies due to their power consumption.

when is crypto TRULY going to be decentralized and not just limited to agents with immense mining power and exchange? what's the difference in crypto for the end user right now in non-first-world countries is what I want to know.

There is no easy way to convert existing assets into crypto without a framework nor to mine a economically significant chunk of crypto without an economically significant investment.

creating a wallet is easy sure but where do I find someone who can transmit value into my wallet so I can start transacting? there is a lack of an element of "bootstrapping" in crypto for the vast majority of users.

Re: Line Launches Its First Cryptocurrency 'Link'

#17

Post by jstanley »

lwansbrough wrote: post #4
mrschwabe wrote: post #3

Earlier quoted context omitted.

So you're saying a technology that has spawned a new market doing volume to the tune of $500 million per day is 'not very useful'? I disagree. Anyway, a lot of the complexity in this space is indeed over-engineering and me-too engineering for problems that are already solved but that need to be 'customized' ever so slightly. In LINE's case they want the tech to line up with their business model so just forking Bitcoi…

> So you're saying a technology that has spawned a new market doing volume to the tune of $500 million per day is 'not very useful'? Well, actually that's pretty obvious. Most of the volume you speak of is just trading. Trading isn't very useful, especially when it's just speculations on speculations on virtual things that nobody really trusts enough to actually go whole-hog on.

Person who trusts it enough to actually go whole-hog on it here: you are wrong.

Re: Line Launches Its First Cryptocurrency 'Link'

#18

Post by jstanley »

kkarakk wrote: post #16
mrschwabe wrote: post #13

Earlier quoted context omitted.

No, the sad chapter in human history was the era of fiat money in whereby governments monopolized and printed/inflated money supplies unchecked and without recourse. Thankfully that era is over, there is now competition in money itself which will help to peacefully remove this dangerous tool which has resulted in economic devastation & disparity worldwide; not to mention its financing of black ops, wars, cartels, and…

who enforces the value of crypto really though? what if china just one day starts enforcing a law where to run any mining you have to have an official license(that only state actors get). everyone else gets raided and shutdown. it's easy to see where professional mining rigs are for power companies due to their power consumption. when is crypto TRULY going to be decentralized and not just limited to agents with immen…

> when is crypto TRULY going to be decentralized and not just limited to agents with immense mining power and exchange?

You don't need to mine in order to use bitcoin.

> There is no easy way to convert existing assets into crypto without a framework

You can buy bitcoin at numerous places, or ask for it in payment.

> where do I find someone who can transmit value into my wallet so I can start transacting?

The same place you find someone who can transmit value into your bank account. Employers, customers, family and friends.

Re: Line Launches Its First Cryptocurrency 'Link'

#19

Post by bigpeopleareold »

hasa wrote: post #9
mrschwabe wrote: post #3

Earlier quoted context omitted.

So you're saying a technology that has spawned a new market doing volume to the tune of $500 million per day is 'not very useful'? I disagree. Anyway, a lot of the complexity in this space is indeed over-engineering and me-too engineering for problems that are already solved but that need to be 'customized' ever so slightly. In LINE's case they want the tech to line up with their business model so just forking Bitcoi…

Creating unscaleable energy wasting ponzi scheme mostly for darknet use is something which I personally call ultimate failure. Maybe not a technical failure, but it is sad chapter in humans history.

If this happens a sad chapter, I'd think that this is more cheerful than the utter horror that happened during the 20th century.

Re: Line Launches Its First Cryptocurrency 'Link'

#20

Post by [deleted] »

mrschwabe wrote: post #6
lwansbrough wrote: post #4

Earlier quoted context omitted.

> So you're saying a technology that has spawned a new market doing volume to the tune of $500 million per day is 'not very useful'? Well, actually that's pretty obvious. Most of the volume you speak of is just trading. Trading isn't very useful, especially when it's just speculations on speculations on virtual things that nobody really trusts enough to actually go whole-hog on.

Nobody really uses the internet, most of the traffic you speak of is just usenet boards and people pirating books. The internet isn't very useful especially when you can get all the information you need at the library. Nobody really trusts all these servers in different locations, it's to slow to actually go whole-hog on anyway.

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