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I Looked into 34 Top Real-World Blockchain Projects So You Don’t Have To

weh.wtf

151–160 of 359 posts

Re: I Looked into 34 Top Real-World Blockchain Projects So You Don’t Have To

#151

I keep saying this, but: Bitcoin is well over 10 years old by now. In 10 years, the internet was already clearly adding a ton of value all over the place. Bitcoin is not really a 'young technology' anymore, and the only thing it has enabled so far is risky, unregulated investment strategies, and an staggering amount of crime.

What country do you live in? Because I know plenty of folks in certain countries with massive inflation and projects such as bitcoin are their refuge from 100-1000% inflation a year. When you say “in 10 years” when did that 10 year time frame start and end? Are talking about the 1960s or the 1990s? Because most people I knew didn’t start using the internet regularly until the mid to late 90s or about 30 or so years a…

> I know plenty of folks in certain countries with massive inflation and projects such as bitcoin are their refuge from 100-1000% inflation a year.

Countries with hyperinflation lend to not have a ton of assets. Even if this were a use-case, it doesn't seem to justify anywhere near the valuation of BTC or other crypto.

And why on earth you would you use BTC as opposed to a stable-coin in that case?

Re: I Looked into 34 Top Real-World Blockchain Projects So You Don’t Have To

#152
post #125

Earlier quoted context omitted.

Those had immediate, obvious value which were held back by the technology: every military in the world wanted flight (remember those Civil War hot air balloons?), as well as things like postal services, etc. There was zero question that as soon as the technology was functionally available, people would buy it. Similarly, the earliest photographs had unquestionable demand but were held back by the technology — again,…

Bitcoin and crypto has an immediate, obvious value that was previously held back by technology. Similar to the rest of the examples you've listed. We live in an age where we are forced to own nothing and be happy. Bitcoin, Blockchain and crypto solves this.

Crypto does not bypass in any way the ability for a company to charge me a subscription instead of offering me an option to buy something outright.

Re: I Looked into 34 Top Real-World Blockchain Projects So You Don’t Have To

#153
post #114

Earlier quoted context omitted.

Both Omen and Augur appear to be dead. Omen isn't online, Augur isn't available on the US but their email signup is broken and they haven't posted on social media in a year. "Company is a fucking joke. I invested upon launch and there's still nothing usable after half a decade. Been seeing the same "roadmaps" for 5+ years. Company raises hundreds of millions and can't manage to launch a simple UX for prediction marke…

That's unfortunate to hear, I haven't followed these projects in a while. Looks like their competitor PolyMarket is now the most popular prediction market: https://polymarket.com/

Polymarket looks interesting but crypto/blockchain isn't necessary for prediction markets-- with Polymarket you still need a trusted entity to record whether the event happened. There are much more legitimate non-crypto prediction markets -- this new one is actually federally regulated in the US https://kalshi.com/

Re: I Looked into 34 Top Real-World Blockchain Projects So You Don’t Have To

#154
post #83

Earlier quoted context omitted.

Why did ransomware explode after Bitcoin came along? Why is it (and Eth) the payment method everyone asks for? Because it’s far far easier to use for ransomware and to hide your trail than any traditional bank transaction or money transfer.

Ransoms have been paid via Bank Wires, PayPal and other technologies for decades. 99% of internet based ransoms are still being paid via Bank Wires.

What evidence do you have for, "99% of internet based ransoms are being paid via Bank Wires"?

That would be decisive if it were true.

But I always thought that it is much easier to get ill-gotten gains out of BTC than out of the banking system.

Re: I Looked into 34 Top Real-World Blockchain Projects So You Don’t Have To

#155
post #150

I keep saying this, but: Bitcoin is well over 10 years old by now. In 10 years, the internet was already clearly adding a ton of value all over the place. Bitcoin is not really a 'young technology' anymore, and the only thing it has enabled so far is risky, unregulated investment strategies, and an staggering amount of crime.

I do see one use of Bitcoin - harvesting energy in remote places where the electricity transmission cost is prohibitively high. Cheap energy in remote places that have no chance of transmitted out for normal usage is converted to value in Bitcoin.

Or we could just burn it. In what way is bitcoin more valuable than smoke?

Re: I Looked into 34 Top Real-World Blockchain Projects So You Don’t Have To

#156
post #94

Earlier quoted context omitted.

What country do you live in? Because I know plenty of folks in certain countries with massive inflation and projects such as bitcoin are their refuge from 100-1000% inflation a year. When you say “in 10 years” when did that 10 year time frame start and end? Are talking about the 1960s or the 1990s? Because most people I knew didn’t start using the internet regularly until the mid to late 90s or about 30 or so years a…

I’ve heard people say this but when I’ve asked people from places like Venezuela they use dollars not bitcoin. Even places with not so good local currency will gladly accept Euros or Dollars instead.

"they use dollars not bitcoin" for their daily purchases. But how are they storing the money they have. Are they depositing dollars in a bank? How did they get the dollars? Are they banked at all?

They can't take a bitcoin out of their wallet and pay for something at their local store. They can't use their bitcoin like a credit card.

If you looked at my daily spending habits, you'd say "that guy doesn't have any crypto or stocks, look, he buys everything with a debit card which takes fiat currency out of his back account".

You can't see crypto with your eyes, but look at blockchain activity, and ask people what the source of their currency is.

Obviously it's a TINY TEENSY bit that is held in crypto. I'm not suggesting it is a majority. Crypto is hard to work with for the average person, it's volatile, and scary, but so was trading on the internet in the early days. Trust isn't there, the paypal of crypto does not yet exist.

Re: I Looked into 34 Top Real-World Blockchain Projects So You Don’t Have To

#157
post #150

I keep saying this, but: Bitcoin is well over 10 years old by now. In 10 years, the internet was already clearly adding a ton of value all over the place. Bitcoin is not really a 'young technology' anymore, and the only thing it has enabled so far is risky, unregulated investment strategies, and an staggering amount of crime.

I do see one use of Bitcoin - harvesting energy in remote places where the electricity transmission cost is prohibitively high. Cheap energy in remote places that have no chance of transmitted out for normal usage is converted to value in Bitcoin.

And why exactly does this need to happen? Especially if it is dirty coal or gas generation?

Re: I Looked into 34 Top Real-World Blockchain Projects So You Don’t Have To

#158
post #105

Earlier quoted context omitted.

It’s interesting giving attribution of crime to Bitcoin and not the internet or hackers. The internet has facilitated a staggering amount of crime as well as the fiat currencies of the globe. Let’s suppose this 14billion dollar number of Bitcoin crime is right … https://www.coindesk.com/tech/2022/01/06/crypto-crime-hit-an... Global credit card fraud hit 32billion in 2021 - https://chargebacks911.com/credit-card-fraud…

> The internet has facilitated a staggering amount of crime as well as the fiat currencies of the globe. Sure, but both the internet and fiat currencies have facilitated a huge amount of legitimate activities, far, far more than crime. I would assert that the vast majority of users of Bitcoin (>90%) are either speculators or criminals (the vast majority of that majority being speculators, with some small but signific…

I disagree with nearly everything you wrote all the way down to investing in single stocks.

But I appreciate your thoughts and you sharing them.

Re: I Looked into 34 Top Real-World Blockchain Projects So You Don’t Have To

#159
post #136

Earlier quoted context omitted.

That is the whole point of bitcoin. There is no entity that can prevent you from using it. Anyone can say you are not allowed, but enforcing it is impossible in practice.

So what happens when the government just blocks all Bitcoin nodes so there is no way to connect to the network and broadcast transactions? What if they just turn off the external internet? They can prevent it. It doesn’t matter if you can get around it. When no stores take it it’s worthless to you.

> What if they just turn off the external internet?

No government is capable of this. Even North Korea has people smuggling phones over the border. A single cell or satellite connection that can sustain 2-3 KB/s is all you need to keep the rest of the country connected.

Re: I Looked into 34 Top Real-World Blockchain Projects So You Don’t Have To

#160
post #91

Earlier quoted context omitted.

… and that means that if cryptocurrencies ever see notable adoption, those same currency controls will be expanded to cover it. There's this popular mythology that cryptocurrencies are immune to regulation but in reality it's just that most countries don't spend time regulating things which aren't widely used. If that changes, cryptocurrencies are perfect for those governments to enforce since the public ledgers prov…

That is the whole point of bitcoin. There is no entity that can prevent you from using it. Anyone can say you are not allowed, but enforcing it is impossible in practice.

> That is the whole point of bitcoin. There is no entity that can prevent you from using it.

This is a common marketing claim which doesn't hold up if you think about it even a little. It's like saying that no entity can prevent you from saying something because you define “prevent” as whether there's a cop following you around ready to punch you if you open your mouth — almost all real-world censorship happens after the fact or relying on third-parties, and Bitcoin is no different in that regard.

Bitcoin can trivially be blocked or tracked at the network level. If you have a hostile government, consider the risks of connecting to a well-known network if they've banned it.

If Bitcoin is not completely banned, a government can require everyone to report transactions for taxation or other purposes. That means that your ability to evade punishment for a transaction comes down to whether all of your earning and spending can be done outside of the country without leaving a trace of that network activity, and that you and everyone you make transactions with will never be compromised (think about how would you know?) or cooperate with the authorities (businesses will share their records because they have a legal presence which can't ignore local laws). Similarly, if you want to actually spend that money you have to be extremely stealthy to avoid the authorities wondering how you're spending more money than you appear to make, hope that someone you know never develops a grudge or is coerced to tell the authorities that you're, say, living lavishly on your trips outside the country, etc.

If _any_ of those points aren't true for you, Bitcoin is not safe to use — especially because the public ledger gives the authorities a huge data source of all of your historic activity so you have to consider not just whether they're watching you at the time of an illicit transaction (as is the case with cash) but also whether you or the the other party will at any point in the future have your wallet IDs leaked.

(Yes, I've heard of tumblers. Ask yourself who in this situation is going to risk being charged as an accomplice to the worst crime anyone else using that tumbler is involved with — or whether the police are running the tumbler to get criminals to self-identify their intent to do something illicit.)

The underlying concept to understand here is that sovereign states control their territory. If you live under an abusive government, you are only safe to evade their rules to the extent that the government is weak — if so, just use USD like everyone else. If not, all of the options are risky and there's no magical thinking about technology which is going to materially change that … but almost all of it opens up new avenues for fatal mistakes which are hard to recognize until after the fact.

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