791–800 of 1001 posts
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> but one of the hardest promises Bitcoin makes is that you can't change the rules mid-game Am I misremembering or did the other blockchain do exactly that in response to the DAO hack?
That was Ethereum, not Bitcoin.
https://news.bitcoin.com/bitcoin-history-part-10-the-184-bil...
My prediction is that Bitcoin will become fully institutionalized within twenty years, to the point that the “Bitcoin” held by investors are entirely disconnected from the theoretical blockchain. A similar thing happened with stocks. Not so long ago they used to be physical pieces of paper. You could trade shares peer-to-peer and even anonymously by handing over the share certificate to someone in person. For dividen…
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My argument is just as substantive as the pro-bitcoin ones and spending any meaningful amount of effort arguing with these people is just like fighting windmills. But no, not because I say so but because it's obvious if you have at least a cursory understanding of the international monetary system works.
Fair enough - your "no" vote is duly counted. > But no, not because I say so but because it's obvious Okay, so not because you say so but because you think so :)
Well.. I mean it's a bit like the "climate change is fake" or "5G causes cancer" people. Getting into a serious argument with them only legitimizes their viewpoints and makes them seem just as valid for not good reason..
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Actually a huge amount of Bitcoin that people bought from large institutions over the last 5 - 10 years was already not on the blockchain. (1) a customer would go to an exchange’s website and purchase 1 Bitcoin (2) the exchange would add 1 to an internal counter representing the Bitcoin balance for that customer on their internal SQL database (3) the exchange would use / trade that money sent by the customer to try t…
That’s not at all fractional banking. That’s called a bucket shop.
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> if the US regulators want to change how a crypto is traded ... tough biscuits They can happily regulate on and off ramps, and enforce traceability etc for anything that touches the 'real' economy though, should they wish.
> They can happily regulate on and off ramps, and enforce traceability etc for anything that touches the 'real' economy though, should they wish. But what good is that? All you get is traceability for people with nothing to hide. You can't actually prevent on and off ramps because anybody could go to the black market digital currency dealer (whose operations are conveniently situated near the local drug dealer) and e…
Have we officially abandoned the original goal of privacy/anonymity with bitcoin? Privacy isn't only a good thing when you have something to hide.
> You can't actually prevent on and off ramps because anybody could go to the black market
On and off ramps are generally meant to only include the legal avenues for buying and selling bitcoin. The government can absolutely regulate those, the black market is a separate concept. If you are left only with black market trades, the available market for the currency is drastically reduced and the potential value would be a fraction if what it otherwise could be.
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> just leave and live somewhere else, taking their wealth with Wealth can't really use to purchase anything with is not real wealth. If you can't convert bitcoin to $/€ it becomes effectively worthless > History shows that societies with the hardest money win. Objectively not true. Look at what happened with Britain after 1918 when tried doing everything they could to stick with "hard" money and avoid devaluation/dro…
Bitcoin is the ultimate answer to the coincidence of wants (of which money arose from). "You have some pigs and I have some chickens, but I don't want pigs right now" On top of that, it is the first global currency, that is internet native. It's an upgrade like going from papyrus/parchment to the printing press. The first printing presses were smuggled throughout Europe. But hey, stick with your evil fiat holy roman…
Or you know... switch to a bank that allows you to get an unique card number for any transaction with a click of a button. Or use SEPA, or many other similar alternatives which (and I'm not overstating this) are 100-1000 times more efficient that Bitcoin.
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Exactly the point, it’s not bringing any value to the society beyond what any currency is already providing.
Simply asserting something doesn't make it true; concretely, before crypto, we had no means to trustlessly distribute a ledger, now we do and could start working towards a practical solution that doesn't let random banks and governments mess with currencies as much as they like. I'm not an economist but that seems like a pretty big deal. I'm not a bitcoin proponent by the way, and am well aware that it has massive do…
History has proven time and time again that sound money requires equivalent work to create.
Is there any guarantee that if this goes wrong (let's say ETF's are hacked and lose their BTC) then assets in other ETF's are safe? Let's say BlackRock ends up on the hook for billions after their BTC ETF goes wrong. Are my shares in iShares NASDAQ 100 ETF safe? I want to make sure I don't have any exposure to crypto world by owning stock ETFs. If there is any scenario that I am on the hook for crypto nonsense going…
Sorry but not sorry, there is no more BS around BTC being for "bad actors", now everyone is exposed. Your disdain is not warranted and makes you a loser if you go with the cash option and 0 exposure. Again, sorry but but sorry ...
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> just leave and live somewhere else, taking their wealth with Wealth can't really use to purchase anything with is not real wealth. If you can't convert bitcoin to $/€ it becomes effectively worthless > History shows that societies with the hardest money win. Objectively not true. Look at what happened with Britain after 1918 when tried doing everything they could to stick with "hard" money and avoid devaluation/dro…
> Wealth can't really use to purchase anything with is not real wealth. If you can't convert bitcoin to $/€ it becomes effectively worthless I agree, that is why Bitcoin was supposed to be electronic cash, you were supposed to be able to pay for everything with it. Bitcoin (BTC) doesn't scale today to this purpose, but you can still use it to pay directly for some products and services as long as the other party will…
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> hardest money mankind has ever seen Except it's not really money is it? It's a speculative asset. > The difference is that they can never stop you custodying the bitcoin yourself. Except if you can no longer convert it to real money ($/€/etc.) it becomes effectively worthless or at least start trading at massive discount. Also the delusional/quasi-religious rhetoric is getting old. Can't you actually try to think o…
Let's not argue semantics. With bitcoin you don't need "real money", you can exchange it directly person to person. In any case other countries that embrace bitcoin will always exist. It sounds like you need to learn what money really is. Try and figure out why mankind chose shells and beads as money, then gold and then fiat. It will help you understand why it will choose bitcoin next.
Maybe you don't (almost) everyone else does.
> In any case other countries that embrace bitcoin will always exist.
Doubtful. None exist and unlikely any will exist in the future (at least not the type of countries many people would want to live int)
> It sounds like you need to learn what money really is. Try and figure out why mankind chose shells and beads as money, then gold and then fiat. It will help you understand why it will choose bitcoin next.
I'm sorry but you sound pretty much like the "flat earth" people... (maybe that was the point?)