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Bitcoin is a disaster

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Re: Bitcoin is a disaster

#981

Post by xapata »

ric2b wrote: post #976
xapata wrote: post #936

Earlier quoted context omitted.

> Do you have an example ...? The Great Depression. https://en.m.wikipedia.org/wiki/Deflation#Deflationary_spira... If you're looking for commodities only, it's easy enough to Google "commodities bubble". https://en.m.wikipedia.org/wiki/2000s_commodities_boom#Opini... The problem is that when markets get turbulent, they can suddenly shift to going the other direction. Instead of everyone wanting to buy, suddenly no o…

> The Great Depression. What commodities ceased being traded during the Great Depression? > Are we talking about store of value or medium of exchange? Mostly store of value for now, both when adoption improves and LN support is more widespread. Eventually the base layer will also need some capacity bumps. > Soros' comments on gold are helpful. A multi millennium bubble? Can't get more unprecedented than that.

In case you're not familiar with it, the Great Depression was a period of deflation.

I'm guessing you didn't bother reading Soros' comments I linked. Or maybe you're pretending you don't know the typical usage of "bubble" is in this context?

Re: Bitcoin is a disaster

#982

Post by arcticbull »

dlegal wrote: post #958
arcticbull wrote: post #811

Earlier quoted context omitted.

Remember the DAO?

Fire feeds on obstacles homie

lol, if code = law were any good, everyone would be on ETH classic.

The DAO was a classic example of crypto being trustless for thee but none for me thanks.

Re: Bitcoin is a disaster

#983

Post by arcticbull »

ric2b wrote: post #905
arcticbull wrote: post #881

Earlier quoted context omitted.

What technology do you use from 2008 that hasn't changed at all since then, and is also considered nascent?

I don't know but Bitcoin is definitely not it, it's seen multiple large improvements over the years.

Oh cool! Does it exceed 7tx/sec now? That's great news.

Re: Bitcoin is a disaster

#984

Post by darawk »

lottin wrote: post #968
darawk wrote: post #922

Earlier quoted context omitted.

Highest authority means actual physical control. When your money is in a bank, the highest authority is the bank. Not you. This is the literal definition of sovereignty, and it's used in many digital contexts, not just crypto. E.g. 'self-sovereign identity'. This isn't a word usage made up by crypto, it's quite common, and this is its meaning.

Possession and ownership are two very different things. Physical control can be transferred without loss of ownership. This is what happens when somebody rents a car, or when somebody deposits money with a bank. Sovereignty is a concept very specific to political science. It doesn't make a lot of sense to use it in other contexts. You can use it, if you want, but it's usually a sign that the person using it doesn't r…

Or maybe it's that you don't really know what you're talking about. People have been using the term in this way for quite a while, and it isn't specific to crypto. It also comports just fine with the dictionary definition. So it seems to me that it's you who's definition is idiosyncratic. But the meanings of words are beside the point. Sovereignty in this sense is a property crypto has that other financial assets do not, whatever word you want to use for it.

Re: Bitcoin is a disaster

#985

Post by StanislavPetrov »

wpietri wrote: post #895
StanislavPetrov wrote: post #874

Earlier quoted context omitted.

>Bitcoin adoption in venezuela is Absolutely fake/nonexistant This is completely and absolutely false. I personally know hundreds of (mostly very poor) Venezuelans who absolutely depend on bitcoin and other crypto currencies to survive. The people I'm personally familiar with eke out a few dollars creating content on platforms like Hive and Steemit, trade their alt crypto for bitcoin, pool it crypto together, and hav…

You personally know hundreds of people there? That seems like quite a lot. How did you meet them? Also, I'm not sure I'd call that significant Bitcoin adoption if their only use for it is as an intermediary to exit a different cryptocurrency.

>You personally know hundreds of people there? That seems like quite a lot. How did you meet them?

As an active member for years I've chatted and interacted with them for years and gotten to know many of them quite well.

>Also, I'm not sure I'd call that significant Bitcoin adoption if their only use for it is as an intermediary to exit a different cryptocurrency.

Why is that so? As far as I'm concerned (as an early adopter of bitcoin and other crypto), Bitcoin's primary use has always been to fill the void when government-sanctioned currencies and financial systems fail. Without Bitcoin these poor people would be unable to cash out the fruits of their creative endeavors - its absolutely critical. Different people use Bitcoin for difference purposes, but none of these purposes is inherently less legitimate than another.

Re: Bitcoin is a disaster

#986

Post by dang »

cambalache wrote: post #621
firekvz wrote: post #547

Earlier quoted context omitted.

Another fellow Venezuelan here, this guy points are actually wrong and he's just using the momentum to prove some point related to bitcoin that is not true Before hand, I would like people to know that the current VES:USD rates are the following: - Official rate: 1.107.198,58 per each USD [1] - Unofficial rate: 1.027.812,89 per each USD [2] So now, The way that remittances work in Venezuela is pretty simple, let’s sa…

For people unaware OP sounds suspiciously close to a Maduro bot. If you dont believe me, ask a Venezuelan friend of yours (regretfully it is a big diaspora now) or go to a place like r/vzla and ask around. Venezuelans in Colombia getting remitances in WU : http://sunoticia.com/inicio/a-grandes-sacrificios-e-irregula...

Can you please make your substantive points without personal attack? We're trying to avoid flamewars here.

I realize this can be difficult when a topic is close to home, but it's an effort we all have to make on the topics that we feel strongest about.

https://news.ycombinator.com/newsguidelines.html

Re: Bitcoin is a disaster

#987

Post by dang »

hombre_fatal wrote: post #186
VintageCool wrote: post #136

Earlier quoted context omitted.

Except that cash in USD is also used as a medium of exchange.

This is an extremely tiring response. I pay for most things in Bitcoin. I just built a new computer from parts I ordered off of Newegg, paid 100% with Bitcoin. I pay my rent in Bitcoin. I get paid in Bitcoin.

Please make your substantive points without swipes or name-calling. Your comment would be fine without that first bit.

https://news.ycombinator.com/newsguidelines.html

Re: Bitcoin is a disaster

#988

Post by dang »

colinmhayes wrote: post #261
hombre_fatal wrote: post #186

Earlier quoted context omitted.

This is an extremely tiring response. I pay for most things in Bitcoin. I just built a new computer from parts I ordered off of Newegg, paid 100% with Bitcoin. I pay my rent in Bitcoin. I get paid in Bitcoin.

This is an extremely tiring response. Just because you're a pyscho doesn't mean bitcoin makes sense as a currency. The vast majority of institutions will not accept bitcoin as payment because they realize it's a horrible currency.

Taking threads further into flamewar like this will get you banned here. Personal attacks especially.

If you wouldn't mind reviewing https://news.ycombinator.com/newsguidelines.html and sticking to the rules when posting here, we'd be grateful.

Re: Bitcoin is a disaster

#989

Post by exclusiv »

literallycancer wrote: post #872
exclusiv wrote: post #603

Earlier quoted context omitted.

Understood that is a concern for you and some. I hope it gets there. But I'm not sure most people care. Bitcoin isn't a currency yet. Most people can call up their credit card and get stuff blocked and returned instantly. Debit cards are definitely less of a service in that regard though and shouldn't be used like credit cards. But the services are valued by most people. As a currency, and as someone mentioned earlie…

Credit cards are debt instruments. Very easy to use of course, but having credit card UX isn't required to qualify as a currency. There were no credit cards 100 years ago. Many countries still rely exclusively on cash and debit cards.

Agreed. My comment wasn't organized well and I can see that it linked the two statements, but I don't mean it like that.

I was referring to credit cards being a service that consumers value because they have fraud protection and other things. The parent was talking about arbitrary restrictions and freezing accounts. That typically happens when you have fraud on cash accounts (bank account, debit card, etc). And a credit card layer works extremely well.

I just had someone accidentally send me money on Venmo and I returned it to them right away. Cash or cash equivalent digital services are nice, but it limits "purchasing power" (great for consumers IMO, bad for merchants), has no rewards, and little to zero fraud protections.

Countries that use chip and pin on debit cards are definitely more secure. This should be in place in all countries. Fraud on a debit card is a nightmare. Fraud on a credit card is not usually a big deal for consumers.

Regardless of the various financial instruments, bitcoin cannot be a real currency when it's value is unstable.

Re: Bitcoin is a disaster

#990

Post by chauck »

leoplct wrote: post #369
brianobush wrote: post #75

Earlier quoted context omitted.

Is there a useful signal in the dollar price? Price of silver? They are all used in hedging bets. Same for BTC, people with a lot of cash are looking for a safe spot while we have the possibility of hyper inflation.

Look at the Money Velocity. It’s decreasing. You cannot have hyper inflation with a decreasing velocity.

Hey leopict, strange question... I saw your comment about the PG::Internal Error in the 'Is Apple Silicon Ready' thread but wasn't able to reply there. I've been experiencing the same thing for two weeks and have tried everything. Did you have any luck resolving the issue?
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