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Bitcoin Is Time

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Re: Bitcoin Is Time

#661

Post by heterodoxxed »

chordalkeyboard wrote: post #641
hannasanarion wrote: post #609

Earlier quoted context omitted.

Yes, which is why I didn't say anything about horses. Opposition to cars, like opposition to bitcoin, isn't rustic ludditism. There are modern solutions to transportation that are superior to cars, like rail, frequent busses, and bike infrastructure, but lose out in funding and hype because they're not prestigious and utopian like cars are. Likewise, Bitcoin does not solve any problem that any other transaction netwo…

> There are modern solutions to transportation that are superior to cars, like rail, frequent busses, and bike infrastructure, Bicycles are nice but have lower capacity for cargo and passengers; mass transit is less flexible. So they aren’t strictly superior. > Bitcoin does not solve any problem that any other transaction network technology can't solve, How else do you propose to have a distributed ledger that is res…

| How else do you propose to have a distributed ledger that is resistant to inflation?

A deflationary distributed ledger has yet to prove itself as having any kind of real utility in the first place.

Re: Bitcoin Is Time

#662

Post by BLKNSLVR »

gnrlst wrote: post #210

I'm ready to be downvoted to oblivion, especially by all the Bitcoin purists, but I hope my message sparks at least some curiosity. Bitcoin is getting "weaker" every year for several reasons: - emerging centralization due to economies of scale. If this trend continues the mining power will be so consolidated that a 51% attack will be likely. The Nakamoto coefficient is already at 4, and tending towards 3. - energy us…

Yep, Nano is all the things bitcoin was attempting to be initially. Using Nano is a breeze, it feels like the future, especially compared to bitcoin in terms of speed.

Re: Bitcoin Is Time

#663

Post by hannasanarion »

chordalkeyboard wrote: post #641
hannasanarion wrote: post #609

Earlier quoted context omitted.

Yes, which is why I didn't say anything about horses. Opposition to cars, like opposition to bitcoin, isn't rustic ludditism. There are modern solutions to transportation that are superior to cars, like rail, frequent busses, and bike infrastructure, but lose out in funding and hype because they're not prestigious and utopian like cars are. Likewise, Bitcoin does not solve any problem that any other transaction netwo…

> There are modern solutions to transportation that are superior to cars, like rail, frequent busses, and bike infrastructure, Bicycles are nice but have lower capacity for cargo and passengers; mass transit is less flexible. So they aren’t strictly superior. > Bitcoin does not solve any problem that any other transaction network technology can't solve, How else do you propose to have a distributed ledger that is res…

>Bicycles are nice but have lower capacity for cargo and passengers

My e-cargo bike with a trailer can hold more stuff than my sedan ever could. Did an Ikea trip with it last year, carried home a filing cabinet, a desk frame, and a small table.

> mass transit is less flexible

frequent mass transit is plenty flexible. If a bus comes by your stop every 5 minutes, you never need to worry about planning.

> distributed

multi-node database. Done.

> resistant to inflation

Not something that sane people should want. Economies grow from commerce and reinvestment, not people jealously hogging every dollar they can find so that they can stash it under a bed to be used at higher value later.

Re: Bitcoin Is Time

#664

Post by noxer »

olah_1 wrote: post #241
Erlich_Bachman wrote: post #200

Earlier quoted context omitted.

But did you really include Lightning Network in your mental calculations? If so, care to elaborate on what exactly would stop it from working? (I mean it already works now, there is nothing technical that is going to stop it from scaling)?

Exactly. Lightning was anticipated from the very first email group conversation on Bitcoin. It is not ready for primetime usage, but it is rapidly approaching that point as Lightning improves. The "killer app" of Bitcoin is the shared CPU power / consensus, not necessarily the plain layer-1 transactions.

No clue where you got that from but satoshi expressed in his emails that he was under the impression that bitcoin would scale on its own in the early days. Just like he tough that millions of people would us their desktop to mine and therefore decentralization would only ever increase over time.

Re: Bitcoin Is Time

#665

Post by troycarlson »

chordalkeyboard wrote: post #641
hannasanarion wrote: post #609

Earlier quoted context omitted.

Yes, which is why I didn't say anything about horses. Opposition to cars, like opposition to bitcoin, isn't rustic ludditism. There are modern solutions to transportation that are superior to cars, like rail, frequent busses, and bike infrastructure, but lose out in funding and hype because they're not prestigious and utopian like cars are. Likewise, Bitcoin does not solve any problem that any other transaction netwo…

> There are modern solutions to transportation that are superior to cars, like rail, frequent busses, and bike infrastructure, Bicycles are nice but have lower capacity for cargo and passengers; mass transit is less flexible. So they aren’t strictly superior. > Bitcoin does not solve any problem that any other transaction network technology can't solve, How else do you propose to have a distributed ledger that is res…

Move from proof-of-work to proof-of-stake?

Re: Bitcoin Is Time

#666

Post by boredpandas777 »

loceng wrote: post #635
boredpandas777 wrote: post #348

Let me fix that title. Happy to be downvoted into negative territory. I only have 11 points. Go ahead. "Bitcoin Is A Waste of Time (and Resources)" What Bitcoin has done is that it taught people they can come together in a sustained flash mob (like an on-the-fly hedge fund operation) and manipulate the price of speculative assets by creating artificial short-term pump-n-dump type demand. Bitcoin has trained our colle…

Financially aligning people through greed, speculation, is certainly one way to gain "consensus" - however that ignores, attempts to circumvent the harder work - which takes healthy individuals who have genuine community via regular, conversations that go deep - of building trust; Bitcoin is a virus that has spread because our immune system isn't working, we're currently weak due to a lack of real connection, interco…

Thank you. Upvoted.

Re: Bitcoin Is Time

#667

Post by 99_00 »

BLKNSLVR wrote: post #649
99_00 wrote: post #393

Earlier quoted context omitted.

It's not new. History is full of these schemes. Eventually everyone who wants bitcoin has bought it, and there are no more bids.

The entire world of finance is built upon there being an infinitely increasing supply of people who want to buy in. You're effectively saying that the global economy is also a scheme. I wouldn't disagree with that, it's just that what you're describing isn't unique to bitcoin.

>The entire world of finance is built upon there being an infinitely increasing supply of people who want to buy in.

It's not. It's built on increasing productivity.

Re: Bitcoin Is Time

#668

Post by 99_00 »

BLKNSLVR wrote: post #651
99_00 wrote: post #618

Earlier quoted context omitted.

Bitcoin and dollars are not comparable. The US government forces you to use dollars under threat of violence. To exist as a legal entity in society you must use dollars, to pay fees, taxes, etc. And if you depend on the government, you must accept dollars. No one needs to use bitcoin. Its demand is chiefly speculation. It has very little use other than a speculative vehicle.

I think you describe quite well the fundamental reasons bitcoin was created.

Everything created by people was created for a reason. Having a reason for existing doesn't mean anything.

Re: Bitcoin Is Time

#669

Post by hfsp »

zepto wrote: post #368
hfsp wrote: post #356

Earlier quoted context omitted.

>Or maybe it comes from people who have read an Econo101 textbook and who have spent a lot of time trying to explain a crowd of Bitcoin enthusiasts why their reasoning is wrong The market decides. Not an economics "expert", nor fitting btc to an arbitrary theoretical definition of money. >It seems that tech has enabled a grand new theory about money to be implemented. Are you aware of the Austrian school of economics…

The market decided about Tulips at one point. It later changed its mind.

If you don't believe me or don't get it, I don't have time to try to convince you, sorry.

Re: Bitcoin Is Time

#670

Post by moralsupply »

abledon wrote: post #252

I'm curious how 70% of mining of BTC is done by China... how USA will react to allow BTC to take over their financial territory? Can governments step in and do some sort of play on this to not lose out on their value?

Check again. 70% of the mining pools are in China

The majority of the hash rate is produced in the USA

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