331–340 of 659 posts
Stellar which they mention as alternative would probably suit them way better. It doesn't have any of the issues that were problem with Bitcoin, but it's adoption is significantly less. Litecoin support would be very nice to have, it is kind of obvious step for transaction processing.
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So is gold. Most gold ends up in vaults (see [0]), where absolutely nothing is done with it. If we would price it for practical stuff (for it's thermal and electric properties), it would be worth much, much less. Also, gold is not scarce by any means, just expensive to mine. [0] https://www.youtube.com/watch?v=CTtf5s2HFkA
The difference is that cryptocurrency is ephemeral, and gold is not. One can create a new crypto-currency at any time. One cannot conjure up gold at any time. Crypto-currency can be wiped out with a hard drive crash or a lost password because it is a social contract. Gold cannot because it is physical. That still makes a difference.
1. You can't create new bitcoin at any time - not after all blocks are mined 2. Same as bitcoin, Gold needs to be mined. This is basically "conjuring" gold. 3. Wiped cryptocurrency can be returned. 4. Gold can be destroyed as well.
In turn doesn't this imply mined coins as they are pretty much are useless for anyone except those having monetary assets in the first place?
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Consider aluminium. At one point it was more expensive than gold (due to mining+refining challenges). When those were overcome the cost plummeted to it's current "cheap" level. Personally, I think a better comparison is to the diamond trade. Through a series of machinations (price fixing, artificial supply constraint, marketing) diamonds are deeply overvalued if you consider just the fundamentals of them - aka they'r…
But only a one-way retail value. No diamond dealer will give you anything close to their retail price, when you try to sell them diamonds.
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That's not a problem at all; just ban them. For example, I would predict that Coinbase and Gemini will never support Monero or ZCash.
That's exactly what the authorities will do. In fact it'll be extraordinarily trivial for the G30 to regulate Monero et al. out of common use in larger markets if they want to. If you want to use it, you'll be a financial criminal, 99.9% of people in the G30 will avoid it accordingly.
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Well, the problem with regulating anonymous transactions is you don't know who's doing them.
> the problem with regulating anonymous transactions is you don't know who's doing them Every government has departments of agents adept at tracing cash transactions. Bitcoin offers the advantage of total transactional transparency. Shady wallet? Trace back until you find a known wallet. An exchange, vendor, et cetera . Subpoena, find their counterparty, rinse and repeat. Best case: you find your guy. Consolation: mo…
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I do think the value in all these currencies is that it will change the value Banks in general bring to society. If we see a widely traded and daily useful crypto-currency in use for general goods and services, we'll see a deleveraging of the banking system. Right now how often do you exchange a real Dollar or Nickel for goods or services. Chances are your token of exchange is your credit or debit card, with a balanc…
> If we see a widely traded and daily useful crypto-currency in use for general goods and services, we'll see a deleveraging of the banking system Based on what? Cryptocurrency markets went from zero to doing practically every financial fraud, scam and deception in the book in a matter of months. Excessive leverage? See Tether. Ponzi scheme? See Bitconnect. Backroom dealing to help the well connected? See Ethereum. B…
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> the problem with regulating anonymous transactions is you don't know who's doing them Every government has departments of agents adept at tracing cash transactions. Bitcoin offers the advantage of total transactional transparency. Shady wallet? Trace back until you find a known wallet. An exchange, vendor, et cetera . Subpoena, find their counterparty, rinse and repeat. Best case: you find your guy. Consolation: mo…
Has either of the above ever happened historically, not counting jumps of just 1 person?
If you mean for cash/gold/diamonds/..., then yes, absolutely, all the time.
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The difference is that cryptocurrency is ephemeral, and gold is not. One can create a new crypto-currency at any time. One cannot conjure up gold at any time. Crypto-currency can be wiped out with a hard drive crash or a lost password because it is a social contract. Gold cannot because it is physical. That still makes a difference.
..What? 1. You can't create new bitcoin at any time - not after all blocks are mined 2. Same as bitcoin, Gold needs to be mined. This is basically "conjuring" gold. 3. Wiped cryptocurrency can be returned. 4. Gold can be destroyed as well.
Bitcoin Cash did exactly that. New value was conjured up out of nowhere - Bitcoin didn't drop, and every owner of a Bitcoin suddenly had $2-3k worth of Bitcoin Cash.
> Wiped cryptocurrency can be returned.
... What? Are you sitting on a SHA-256 exploit we don't know about?