Meet the Man Traveling the World on $25M of Bitcoin Profits

Post by owebmaster » Sun, Jul 09, 2017, 11:32 PM UTC

vertex-four wrote: post #57

owebmaster wrote: post #56

Earlier quoted context omitted.

I never said "lightning network" won't work. I said that it doesn't matter. If bitcoin someday becomes a thing, it will just behave like dollar, nothing less. With more technology, someone or some corporation will find a way to concentrate more power. Then someone will come up with an idea of a new way to do transactions. Algorithms don't fix social issues. People fix social issues.

In response to my message saying that Lightning Network is only a year or so away, you said: > But it may probably not be a solution or take a couple of decades, like the scalability of Elon Musk's projects. But OK, if you meant something other than what you actually said, fine.

Post by Jabanga » Mon, Jul 10, 2017, 1:20 AM UTC

nosuchthing wrote: post #62

Jabanga wrote: post #41

Earlier quoted context omitted.

There's nothing ponzi schemish about that. The cost of mining is proportional to competition for new coins. Not much different than any other resource extraction.

The irony here is the "resource" being created by processing cycles is not rare. This is evident by the 800+ variations of cryptocoins. Often times, designers have chosen to 'premine' large sums of coins which are sold off directly for a set price, which then is arbitrary raised because people falsely believe these things are rare. It's a ponzi scheme in a loose sense, as early adopters produced and acquired large su…

Post by nosuchthing » Mon, Jul 10, 2017, 6:55 AM UTC

Jabanga wrote: post #63

nosuchthing wrote: post #62

Earlier quoted context omitted.

The irony here is the "resource" being created by processing cycles is not rare. This is evident by the 800+ variations of cryptocoins. Often times, designers have chosen to 'premine' large sums of coins which are sold off directly for a set price, which then is arbitrary raised because people falsely believe these things are rare. It's a ponzi scheme in a loose sense, as early adopters produced and acquired large su…

Of course the resources are rare. Each cryptocoin is unique to the network that backs it. The network is more than the open source software of the clients. It's also the blockchain itself, which is made more difficult to reverse through proof of work, and the userbase that uses the network/blockchain to transact value. Something being cheap at first, and then becoming more expensive as demand for it increases, doesn'…

  June 12, 2010, 08:14:44 PM


  This is an open offer by the way.. I will trade 10,000 BTC 
  for 2 of these pizzas any time as long as I have the funds 
  (I usually have plenty).  If anyone is interested please 
  let me know.  The exchange is favorable for anyone who 
  does it because the 2 pizzas are only about 25 dollars 
  total, maybe 30 if you give the guy a nice tip.  If you 
  get me the upgraded extra large ones or something, I can 
  throw in some more bitcoins, just let me know and we'll 
  work something out.


  My 1 year old daughter really enjoys pizza too!  She just 
  smears it all over her face if you give her a whole slice, 
  but she does eventually manage to get most of it in her 
  mouth (minus a few loose toppings of course).

Post by vertex-four » Mon, Jul 10, 2017, 7:55 AM UTC

nosuchthing wrote: post #64

vertex-four wrote: post #54

Earlier quoted context omitted.

The point of Lightning is that transactions don't go on the blockchain until they need to be settled - payment channels could be open for months or years without being settled if there's no need to access the underlying currency. If everyone uses Lightning Network for the vast, vast majority of transactions (and there's no reason not to), the only times most people would ever have to put something on the blockchain i…

Lightning network design is akin to tacking a vacuum tube communication system onto the outside of a defunct slow steam locomotive rail system. It's nonsensical, because you might as well just design an entirely new protocol and token network (which is essnetialy what the lightning network is, and there's no reason to tie it to an existing cryptocoin ledger unless you're trying to improve the antiquated design which…

Post by owebmaster » Mon, Jul 10, 2017, 5:06 PM UTC

vertex-four wrote: post #66

owebmaster wrote: post #61

Earlier quoted context omitted.

> Bitcoin will never become the "world wide common digital currency": it's deflationary in the long term, very volatile int he short term, and transactions are expensive and slow. Maybe some other cryptocurrency could, but not bitcoin. You said that Lightning network would drop transaction costs thus making bitcoin workable. I said it would do nothing because the problem is not technical but social. But I don't mind…

Bitcoin could be workable, and be a world wide common digital currency, without starting a revolution, you realise. A dollar that I can send to people without a bank being involved is still a useful concept.