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Bye-bye, Bitcoin: It's time to ban cryptocurrencies

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Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies

#101

Post by okareaman »

cwkoss wrote: post #98
okareaman wrote: post #37

I'm curious if crypto enthusiasts believe crypto currencies won't be as regulated as other currencies and if not, in what way will it be more free and open in a beneficial manner?

Right now, the government taxes USD cash savings at 5.4% (current inflation rate). There are good reasons for fiat currencies to continue existing, but it is also easy to understand why savers find a currency that cannot be devalued by federal reserve policy appealing. Personally, I also think the transparency of Bitcoin is a positive quality. Even the federal reserve does not have the capability to trace exactly whe…

Thanks, I see, especially that the govt can't print more Bitcoin

Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies

#102

Post by opheliate »

snejad123 wrote: post #84
briefcomment wrote: post #53

Earlier quoted context omitted.

> I've said this so many times: But what does it doooooo??? Are you asking about Bitcoin or Crypto? Bitcoin doesn't do much atm, but Ethereum does stuff, and Bitcoin Cash is pretty practical as a currency at the moment. There's plenty that can be done, but the market will have to decide what to converge on.

Bitcoin does a lot. A store of value that hedges against government inflation is by definition a valuable service. I don't understand why everyone is looking for a swiss-army knife like application from BTC. The value has already been proven in the marketplace, hence why everyone is buying it.

I'm sure everyone who bought bitcoin at >$50,000 would have something to say about whether its utility as a "store of value" has been proven in the marketplace.

Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies

#103

Post by trident5000 »

bamboo2 wrote: post #100
trident5000 wrote: post #71

Earlier quoted context omitted.

Ok. While you're in denial - its being adopted by social media platforms (twitter), ecommerce platforms (Amazon), its on corporate balance sheets (tesla, spacex, microstrategy, some others), all major payment vendors, banks (JMP), and something like 70 million americans, hundreds of millions globally own it and disagree with you. Its useful to have a money system that isnt abused by central banks, destroying what you…

JPM? If Jamie getting into it it can’t be too bad, but I looked just now and find this, “I'm not a bitcoin supporter,” Dimon said during The Wall Street Journal CEO Council summit on Tuesday. “I don't care about bitcoin. I have no interest in it.” Edit: sorry, I got the wrong bank (jpm vs jmp). Thanks for clarifying below.

Yeah I didnt say anything about Jamie Dimons opinion on bitcoin (the CEO of a bank). I said JMP is supporting bitcoin. All private clients have access to bitcoin funds (announced recently) and they bank coinbase.

Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies

#104

Post by coralreef »

Jasper_ wrote: post #76
coralreef wrote: post #70

Earlier quoted context omitted.

>Bullshit. When one coal mine in a remote region of China flooded, the Bitcoin hash rate measurably dropped by 30%. Keep in mind this was just one coal mine. Not all of China's production. FYI, China kicked out crypto miners, which is why hash rates tanked in the last few months: https://www.blockchain.com/charts/hash-rate So we don't know what percentage of mining is even left in China. Also, dirty energy is a regul…

> FYI, China kicked out crypto miners, which is why hash rates tanked in the last few months: The coal mine flood happened about a month before the widespread ban of Bitcoin in China, and we can see both events on the hashrate over time chart.

Sure, but that means any estimate on clean/dirty energy usage is harder to make now.

Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies

#105

Post by snejad123 »

bamboo2 wrote: post #86
snejad123 wrote: post #66

Earlier quoted context omitted.

just because you don't use it or put in the effort to look at different decentralized projects doesn't mean there are "no use-cases". I think with the amount of activity on AAVE and yearn, plus the growth these projects have received have killed that argument. Very 2017 argument that no longer makes any sense and is presented by luddites. Most the bottlenecks right now to why you don't have day-to-day apps deployed o…

It would be more persuasive if you could point to something that has utility and viability in the here and now. A killer app or something that benefits society and offsets the much talked about negative externalities. From the outside it’s hard to see the good and so the crypto community would benefit greatly by focusing on pr at least as much as the technology itself. When I talk to working class people, the view of…

A decentralized marketplace is more akin to what you would see in ancient bazaars of Mesopotamia.

It will allow vendors to collect more money for their service while at the same time allowing customers to pay less for the same service.

This is because a decentralized service does not need a thousand people and billions of dollars of VC funding to run (take Uber for instance).

Instead there will be the smart contract (which will require funding so there will be a very small fee per transaction), the governance body (which is going to be like the shareholder system of the stock market so token holders), and the vendors themselves.

Multiple layers of waste will be cut (middle management, needing an actual corporation to provide a service) and it's a more natural way of doing business. It's a pretty radical shift from the way we're doing things now and the wheels are in motion which is why so many people are excited.

Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies

#106

Post by ben_w »

trident5000 wrote: post #89
ben_w wrote: post #82

Earlier quoted context omitted.

Even if it functioned as a perfect replacement for all existing currency[0], it wouldn’t steal or create jobs, merely change some titles while the tasks (and likely the employers) remain the same. And the point of this website is to shake up the status quo specifically where tech meets business and finance, so we’d like it better if it actually did that. [0] which it can’t partly for the same reason the U.K. dropped…

"inflation is economically useful" is not proven (and at high levels is destructive and demotivating - look at socialist countries that blow up from hyperinflation and have no productivity) - its just the status quo. The idea that people dont spend in a stagnant/deflationary monetary environment is nonsense. People still want above average returns (investment) and will still spend on necessities and non necessities.…

"inflation is economically useful" is not merely proven, it’s 101 econ, so fundamental is it that even people like me know about it. Trying to criticise it by comparison to hyperinflation is only a tiny bit worse than saying “water isn’t needed for life because people can overdose on it”.

> There is no argument that the govt is adopting bitcoin over the dollar.

On the contrary, roughly 75% of the time this topic comes up I see bitcoin supporters absolutely advocate for that.

Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies

#108

Post by skytreader »

kjksf wrote: post #79

"First they ignore you, then they laugh at you, then they fight you, then you win” We're at the "they fight you" stage. Yesterday it was energy usage FUD. Today it's cybercriminals FUD. I'm buying because there's only one stage left: "you win" and we're not there yet.

> "First they ignore you, then they laugh at you, then they fight you, then you win”

Great wisdom from Gandhi but I prefer the Silicon Valley way of saying things. More inspiring.

"This is what happens when you work to change things. First they think you're crazy, then they fight you, then you change the world."

From Elizabeth Holmes, founder and CEO of Theranos.

Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies

#109

Post by soco »

skytreader wrote: post #90
rspeele wrote: post #56

Earlier quoted context omitted.

Crypto democratizes and decentralizes finance, banking the unbanked, debanking the overbanked, and rebanking the debanked. Using lightning network crypto eliminates middlemen and the annoying experience of transacting money between businesses and customers. With brain wallet seeds you can take your wealth with you anywhere as long as you can remember it or write it down where nobody else will see it, ever. For maximu…

Pretty please be satire because that flew over my head the first time and I'm still not really sure if you are sarcastic or serious. What an exemplar of the cultish enthusiasm and logical inconsistencies I consistently get from crypto enthusiasts, which is exactly why I'm wary of the whole thing.

That comment is genius: "When your sarcasm is so advanced that people actually think you're stupid". I saved it just in case.

Re: Bye-bye, Bitcoin: It's time to ban cryptocurrencies

#110

Post by verdverm »

coralreef wrote: post #104
Jasper_ wrote: post #76

Earlier quoted context omitted.

> FYI, China kicked out crypto miners, which is why hash rates tanked in the last few months: The coal mine flood happened about a month before the widespread ban of Bitcoin in China, and we can see both events on the hashrate over time chart.

Sure, but that means any estimate on clean/dirty energy usage is harder to make now.

If BTC uses clean energy, someone else has to use the dirty energy because BTC took the renewable they could have used. Mining has also driven up costs for communities that had cheap renewables.

BTC is a waste of energy because it doesn't do any of the things it claims to do. It's highly centralized, far more wealth imbalance, and trending towards custodial accounts if it ever wants to reach mass adoption.

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