271–280 of 297 posts
Earlier quoted context omitted.
lol, cry more.
https://tenor.com/view/woody-harrelson-crying-money-wipe-tea...
Look, I can do that too!
https://tenor.com/view/uncle-scrooge-mcduck-money-rich-gif-1...
Earlier quoted context omitted.
Reading this, it is bonkers to me that people think cryptocurrencies are ready or appropriate for mainstream use, either as a currency or as an investment. Line could go up, but if you aren’t extremely careful with processes that most people don’t and won’t comprehend—and don’t even realize are something you need to do—you can just straight up lose everything.
People(old and young) give away their entire life savings to scammers every day, everywhere in the world. You don't hear about it on the internet all the time because we either got used to it or they don't want the publicity. You hear about big cryptocurrency scams more often because people invested are more into tech and spend time on the internet. Do you say that cash is not ready or appropriate for mainstream use?…
Crypto, on the other hand, is specifically designed to evade regulation (permissionless setting), is useful for very little else, and you can do easily without it.
Earlier quoted context omitted.
Reading this, it is bonkers to me that people think cryptocurrencies are ready or appropriate for mainstream use, either as a currency or as an investment. Line could go up, but if you aren’t extremely careful with processes that most people don’t and won’t comprehend—and don’t even realize are something you need to do—you can just straight up lose everything.
Not really - it's simply that a lot of people are safer trusting a custodian to hold their bitcoin for them (e.g. an ETF)
> purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required [...]
Reality: The world's biggest financial institutions hold BTC as an intermediary for clients through trusted third party custodians for speculative purposes (rarely payments).
This is scary and even a hardware wallet might not help. When I create a transaction with Electrum on my computer, I use a hardware wallet to sign the transaction. When I sign the transaction, the hardware wallet shows the amounts, and the output addresses. But if my copy of Electrum was backdoored and smart about what it did, it could use an output address for the remaining amount that went to another wallet. And si…
> if my copy of Electrum was backdoored While it’s not foolproof, it’s a good reason to compile things yourself from source instead of using the binaries. Unless someone trusted is validating build reproducibility, but that isn’t as common as we’d all like. Some 4y old discussion of how some OSs for electrum are built reproducibly: https://old.reddit.com/r/Bitcoin/comments/dcz0my/what_is_not...
[flagged]
Earlier quoted context omitted.
Not really - it's simply that a lot of people are safer trusting a custodian to hold their bitcoin for them (e.g. an ETF)
Poor Satoshi. Vision: > purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide part of the solution, but the main benefits are lost if a trusted third party is still required [...] Reality: The world's biggest financial institutions hold BTC as an intermediary for clients through…
Of course bitcoin is rarely used for payments yet. Why would you sell the hardest money in existence, when you can sell junk dollars instead. And why would you price goods in something that's growing so quickly that its price changes dramatically month to month? It makes no sense.
Stage 1: prove ability to store value
once the value has grown to the point that it's stabilised enough to be a unit of account we will naturally move to
Stage 2: medium of exchange
The fact is we never even have to move to stage 2 for bitcoin to still be worth millions of dollars per bitcoin. Even if bitcoin only matches the market cap of gold, it will be worth ~$600,000/BTC and bitcoin has way better store-of-value fundamentals than gold.
This is scary and even a hardware wallet might not help. When I create a transaction with Electrum on my computer, I use a hardware wallet to sign the transaction. When I sign the transaction, the hardware wallet shows the amounts, and the output addresses. But if my copy of Electrum was backdoored and smart about what it did, it could use an output address for the remaining amount that went to another wallet. And si…
Reading this, it is bonkers to me that people think cryptocurrencies are ready or appropriate for mainstream use, either as a currency or as an investment. Line could go up, but if you aren’t extremely careful with processes that most people don’t and won’t comprehend—and don’t even realize are something you need to do—you can just straight up lose everything.