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Coinbase adds support for Litecoin

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Re: Coinbase adds support for Litecoin

#251

Post by kang »

flashmob wrote: post #233
kang wrote: post #230

Earlier quoted context omitted.

>Bob exchanges currency B for currency A with Alice. Alice now holds some currency B There is no reason for Alice to want B, a less secure money than A which they already hold. If Alice were perfect mathematician, this exchange would never occur.

I'm failing to see your point. I do not know why, nether don't care, why Alice wants to buy currency B. Maybe she just wanted to buy some coffee from Charlie, and she was comfortable that her transaction didn't burn thousands of dollars of electricity to verify it? Maybe it was early in the morning? Faster block times means she'll get her coffee sooner. If that was the reason, let's hope she was satisfied with her co…

> transaction didn't burn thousands of dollars of electricity to verify it

If a transaction does not do this, it can be guaranteed to be insecure.

>Faster block times means she'll get her coffee sooner

Maybe. Or maybe the merchant doesn't get paid for coffee at all (because faster blocktime means more orphans)!

Re: Coinbase adds support for Litecoin

#252

Post by kang »

daics wrote: post #231
kang wrote: post #227

Earlier quoted context omitted.

> Ethereum offers a lot that Bitcoin does not Myth. There is not even a single thing you can do with ethereum that you cannot with bitcoin. OTOH, you can do money with bitcoin, but you can't do it on ethereum because neither is it a true blockchain nor is it immutable ledger or decentralised either.

https://oasisdex.com/ is a decentralized OTC exchange for Ethereum tokens that has been successfully running for a year on Ethereum(without getting hacked!) No fees for transactions other than gas costs. I know you can do it on Bitcoin too, but has anyone done it? It took a team less than 2 months to build this OTC market on Ethereum. Bitcoin can do one type of money with extremely rigid parameters that is volatile a…

You made such a long comment and could not name one thing that ethereum can do but bitcoin cannot. People using that decentralised exchange have either lost money during the ethereum forks (or haven't because oasisdex is not really decentralised if you look closer?)

>Ether is similar but at least has lower transaction costs

Myth. Do the math. Ethereum is much more expensive at similar parameters.

Re: Coinbase adds support for Litecoin

#253

Post by gnaritas »

oelmekki wrote: post #248
gnaritas wrote: post #243

Earlier quoted context omitted.

> The message sent by making insider trading a crime could be heard that way : we're making money with your work that we don't really care about because we won't own stock from your company a year from now, we're deteriorating your work environment, and we'll punish you if you try to join the party. I really don't think you understand the purpose of markets. If you did you wouldn't be having thoughts like this.

Well, if you refuse to try to understand other points of view, that's your choice. Beware, though : in coming decade, you may find that the whole world "doesn't understand" and acts accordingly. Happy trading.

The whole world is going to do what's it's always done, remain a mess of disagreement and be dominated by the rich and serve the interests of the rich.

Re: Coinbase adds support for Litecoin

#254

Post by codingmyway »

gnaritas wrote: post #145
verroq wrote: post #44

Earlier quoted context omitted.

It wasn't a bug with the protocol though. It was a bug with the coding of the contract. However there has been a few forks to mitigate DDoS attacks.

No, it was worse; it was a bug in the community that proved people aren't really willing to abide by smart contracts when they feel they lost. That incident split the community in half with one side willing to tear down the entire thing just to make sure the thief didn't get away with it. And now there are 2 Ethereums.

Ironically that might be a reason for the later increase in the price of ETH compared to ETC as corporate types like the idea of being able to 'roll back' the chain in the event of fraud or a serious bug and don't appreciate that the DAO fork was a one-off event where the majority of the stakeholders were in favor due to their foolish purchase of DAO tokens.

Re: Coinbase adds support for Litecoin

#255

Post by QML »

kordless wrote: post #192
pyabo wrote: post #173

Litecoin is now back because of Segwit. It's Bitcoin's hope to push a final acceptance of Segwit on Bitcoin. But, it doesn't have a real value in my opinion. About cryptocurrencies in general I can say that I use them to get payments and to pay employees and I find them very useful and the user experience is much better than normal banking (fast international transfers and complete tracking) and no need for KYC.

I would modify that slightly and say Litecoin is back because of the Lightning Network, which benefits greatly from features provided by Segwit, and which itself leverages payment channels backed by multi-sig addresses. While Lightning can be enabled without Segwit, it's far more trustworthy with it, than without it. https://www.youtube.com/watch?v=MpfvhiqFw7A

Yeah there's no way to the transaction rate of PayPal or Visa without the use of side chains -- modifying the blockchain protocol only results in linear changes to scalability.

Re: Coinbase adds support for Litecoin

#256

Post by if_by_whisky »

runeks wrote: post #189
if_by_whisky wrote: post #180

Earlier quoted context omitted.

There's a growing interest in the underlying technology's implications for fintech. I think largely because transactions can be ultra fast, ultra cheap, and can execute auditable, but arbitrary custom logic. ACH is extremely old, very slow, inflexible, and still used across the world for large financial transactions.

> I think largely because transactions can be ultra fast, ultra cheap, and can execute auditable, but arbitrary custom logic. Blockchains are neither fast nor cheap; their value is trustlessness, not performance. The SWIFT network handled 15 million transfers per day in 2015 [1], Bitcoin's current maximum is around 600k per day/~7 transactions per second. That being said, the Bitcoin-limit is self-imposed (1MB per bl…

Your view reflects that of most of the bitcoin community. And it's true that the promise of trustless, decentralized transactions certainly got the price of bitcoin to where it is now-- but I think there's something more for fintech in crypto than digital gold.

At least, that hope is why I myself dabble. I also think it's why there's so much enterprise investment in ethereum.

Re: Coinbase adds support for Litecoin

#257

Post by oelmekki »

gnaritas wrote: post #253
oelmekki wrote: post #248

Earlier quoted context omitted.

Well, if you refuse to try to understand other points of view, that's your choice. Beware, though : in coming decade, you may find that the whole world "doesn't understand" and acts accordingly. Happy trading.

The whole world is going to do what's it's always done, remain a mess of disagreement and be dominated by the rich and serve the interests of the rich.

I don't see why rich people are in this discussion. Certainly, should there be a collapse of classic finance, they would move away and just be as rich. This is hardly relevant anyway, because it's not rich people who drive classic finance, it's banks.

And banks are major actors because ... they have all the money of the world at their disposal. Should people be angry at banks and move their money from them (let's see... what recent financial innovation could allow people to withdraw their money from banks?), banks would be powerless. By the way, your overconfidence is typical of end of 3rd wave.

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