Bitcoin on the path to irrelevance?
111,876 Views |
1822 Replies |
Last: 3 days ago by Yukon Cornelius
This post is pretty obtuse, and contradictory. Cash is moved digitally millions of times a day.bmks270 said:
Digital assets are transferable accross the internet. You need a physical location to swap cash. For example, ransomeware attackers wouldn't really be effective if they didn't have digital currency, they'd get caught at the point of cash exchange since they'd have to physically make a trade.
It's why criminals were the first to adopt digital currency.
This isn't unique to Bitcoin.
The ledger and know your customer is making Bitcoin less useful for crime. But shady exchanges overseas don't care if criminals are using their exchange to convert to government back currencies.
Hamas for example uses Bitcoin a lot. I'm sure Iran, China, Russia, and probably even NATO are using cryptos and shady exchanges to finance activity they want kept secret.
Can you provide examples of Hamas using BTC a lot?
People think I'm an idiot or something, because all I do is cut lawns for a living.
Algorithmic Epiphany said:
New All Time High, 75% of bitcoin New ATHs results in a doubling in price in 18 days or less.
Who wants to gamble against ~$140k bitcoin in 18 days?
If I were to have bought a new $69,000 Mercedes 5 hours ago with one bitcoin - how do they correct for the $5,000 in value it has lost intraday? I can't be the only one that sees that as a serious concern for viability.
So that poor sucker that bought a $69M bitcoin was finally able to offload it to a better sucker at $69,001?
Good deal.
Good deal.
It's definitely a concern with regards to its prospects as a currency TODAY. It's not a currency right now. It's an asset/store of value. We're still a long way from it being a currency, and that's fine. It's the natural progression of money.
Collectible to asset/store of value to medium of exchange to unit of account.
Collectible to asset/store of value to medium of exchange to unit of account.
You must never have bought a house before. Kinda how the economy of assets works.
Let me introduce you to gold.
Is crypto keeping you dry and warm?
Gold isn't portable and costs vastly too much to transfer and transport. And I can't store it in my brain or take it across international borders.
The wealth from Bitcoin is definitely keeping me warm. Keeping me warmer than my dollars and index mutual funds.
The wealth from Bitcoin is definitely keeping me warm. Keeping me warmer than my dollars and index mutual funds.
You mean the heat from your mining rig.
Nope, but that's also a great source of heat, so thank you. I'm toying with the idea of heating my pool or hot tub with it.
Quote:
Collectible to asset/store of value to medium of exchange to unit of account.
But you just said: gold, a store of value, will someday be a medium of exchange.
Are you disagreeing with yourself?
It already was a medium of exchange when nations were on the gold standard, but it has devolved back into a store of value.
Because of gold's portability problem, we had to invent fiat currency. Then human nature took over when governments realized they could inflate the fiat substitute for gold, print more notes, and not have to have the gold backing up those notes.
And here we are with gold back to a store of value and no longer being used as a medium of exchange.
These are great questions. I'm enjoying this.
Because of gold's portability problem, we had to invent fiat currency. Then human nature took over when governments realized they could inflate the fiat substitute for gold, print more notes, and not have to have the gold backing up those notes.
And here we are with gold back to a store of value and no longer being used as a medium of exchange.
These are great questions. I'm enjoying this.
Wait wait.
Just a few minutes ago it was too expensive to move around and got stopped at international borders.
Just a few minutes ago it was too expensive to move around and got stopped at international borders.
It is. That's why Bitcoin is better than gold.
Gold doesn't disappear when power or communication goes down.
BTC is great and all but at the end of the day, it's in direct competition to central banks. The powers that be have been playing the currency game for many, many, many, generations, when all is said and done, they will be able to take control and/or kill it.
That doesn't mean that blockchain has no use case going forward though.....Do your research and find the tokens that have a use case.
Personally I love Theta.....for several reasons (mainly the US patents, corporate partnerships and that they never ICO-ed) and such as the article below.
[url=https://thetalabs.medium.com/edgecloud-for-mobile-unleashing-ai-computing-on-3-9-billion-android-devices-7f07f02637f9][/url]
That doesn't mean that blockchain has no use case going forward though.....Do your research and find the tokens that have a use case.
Personally I love Theta.....for several reasons (mainly the US patents, corporate partnerships and that they never ICO-ed) and such as the article below.
Quote:
EdgeCloud for Mobile unleashing AI computing on 3.9 billion Android devices
Theta EdgeCloud and the 10,000+ active Edge Nodes around the world are the backbone that allows Theta to deliver fast, cost-effective compute work for AI and video applications over a decentralized network. As the Theta engineering team continues its core development of EdgeCloud for its first release on May 1, a separate and parallel R&D track is under way to launch a pilot of the Theta Edge Node for mobile Android devices in the next few months.
The goal of this initial pilot is to test the feasibility of leveraging up to 3.9 Billion active Google Android devices for certain types of AI computation workloads. Android today accounts for 70% of the mobile operating system market share across 190 countries, and provides an ideal platform to evaluate mobile CPU/GPU capabilities.
This also sets up the opportunity to target over 150 million active Android TVs globally that run the AndroidTV operating system from Sony, Sharp, Phillips and many more brands. While the average daily consumption of television today is around 3 hours, this leaves the device available the majority of the time for other types of computation and data sharing, especially as these always connected Smart TVs increase CPU and GPU capabilities over the next decade.
https://thetalabs.medium.com/edgecloud-for-mobile-unleashing-ai-computing-on-3-9-billion-android-devices-7f07f02637f9
[url=https://thetalabs.medium.com/edgecloud-for-mobile-unleashing-ai-computing-on-3-9-billion-android-devices-7f07f02637f9][/url]
Neither does Bitcoin. All power all over the world at the same time would have to go off. If even one computer with a node was left on, it would still continue running. If every single computer went off all over the world at the same time, it would just continue on the second the power came back on.
If all the power all over the world went off and stayed off, nobody will care about gold either. The only things of value at that point are guns, bullets, food and water.
If all the power all over the world went off and stayed off, nobody will care about gold either. The only things of value at that point are guns, bullets, food and water.
TexasRebel said:
theatlantic.com/ideas/archive/2024/03/crypto-bitcoin-market-strength/677643/
The utility is very very simple. Asset immune to inflation that can be transferred between parties without trusting the other person and without having to ask permission of a company or government.
p-townag said:TexasRebel said:
theatlantic.com/ideas/archive/2024/03/crypto-bitcoin-market-strength/677643/
The utility is very very simple. Asset immune to inflation that can be transferred between parties without trusting the other person and without having to ask permission of a company or government.
But that's true of a lot of crypto (except maybe the fixed supply). And a number of other cryptos can transfer faster and cheaper and much more volume.
It's an alternate August 14, 2003 where bitcoin is money.
You live in New York.
You worked through lunch.
Go…
You live in New York.
You worked through lunch.
Go…
The fixed supply is one of, if not the most important attribute, so you can't dismiss that.
Layer 2s like Lightning Network, Liquid, etc, allow for faster settlement. You want proof of work to allow for secure, unhackable settlement at the base layer. So that's 30 minutes, who cares? Current traditional financial final settlement takes many days.
Layer 2s like Lightning Network, Liquid, etc, allow for faster settlement. You want proof of work to allow for secure, unhackable settlement at the base layer. So that's 30 minutes, who cares? Current traditional financial final settlement takes many days.
I'm not sure what you're asking, but if you'll clarify I'm happy to answer
Depends on their bookkeeping and bitcoin management. Are they holding the bitcoin or just the margin or a %margin?
In a coffee or vehicle sale you can set the %s you want with most processors to reduce your risk or maximize the risk, or accept bitcoin and receive only fiat for it.
In a coffee or vehicle sale you can set the %s you want with most processors to reduce your risk or maximize the risk, or accept bitcoin and receive only fiat for it.
The fixed supply a list item that makes it fail.
Some inflation is necessary for a healthy economy. (Not hyperinflation). Otherwise there is no spending. No work. No money.
You also have no way to replace the lost. Due to carelessness, malice, corruption… it's just gone. If you have the only p-towncoin, why would anyone else want "it"?
Some inflation is necessary for a healthy economy. (Not hyperinflation). Otherwise there is no spending. No work. No money.
You also have no way to replace the lost. Due to carelessness, malice, corruption… it's just gone. If you have the only p-towncoin, why would anyone else want "it"?
p-townag said:
I'm not sure what you're asking, but if you'll clarify I'm happy to answer
Northeast Blackout for 4 days.
TexasRebel said:
The fixed supply a list item that makes it fail.
Some inflation is necessary for a healthy economy. (Not hyperinflation). Otherwise there is no spending. No work. No money.
You also have no way to replace the lost. Due to carelessness, malice, corruption… it's just gone. If you have the only p-towncoin, why would anyone else want "it"?
That's only true if you're a staunch keynesian economist. Many very intelligent classical Austrian economists would vehemently disagree with you that inflation is necessary or needed. People don't need inflation to spend. You will always have needs and wants. That's what actually drives spending and the economy. Supply and demand, not inflation.
Each Bitcoin is divisible into 100 million satoshis. That can be further subdivided with a soft fork. Again, according to classical Austrian economics, any quantity if money, as long as it is sufficiently divisible, is sufficient for any size of economy. Only if every single satoshi, or fraction of a satoshi is lost, would any of that matter.
Why would anyone ever spend "money" that will be worth more tomorrow?
There are always other methods to use to fulfill needs. Don't buy a sandwich with your 401k.
There are always other methods to use to fulfill needs. Don't buy a sandwich with your 401k.
TexasRebel said:p-townag said:
I'm not sure what you're asking, but if you'll clarify I'm happy to answer
Northeast Blackout for 4 days.
If I still have a cell phone, I buy things with Bitcoin with other people's and business's cell phones. The same thought experiment is true as we transition away from paper dollars. Some of us have enough paper currency to transact, but a great number of people only have their credit cards and Apple Pay. It's not a very different situation than what would happen in the traditional system. And, again, we're still a very long way from Bitcoin being the dominant medium of exchange, so we'll have to innovate to decide what should happen in blackouts. We'll have dollars around for a very long time.
I think of Bitcoin as my savings account and dollars as my checking account.
Quote:
Onlyifwhen every single satoshi, or fraction of a satoshi is lost, would(sic) any of that matter.
TexasRebel said:
Why would anyone ever spend "money" that will be worth more tomorrow?
There are always other methods to use to fulfill needs. Don't buy a sandwich with your 401k.
Because they know that what they have left will continue to increase in value. What they earn at their job will continue to increase in value. It also creates incentive for saving and not blowing money on useless stuff. If I'm going to part with my Bitcoin, it better be worth it. I'm not going to buy worthless junk.
p-townag said:TexasRebel said:p-townag said:
I'm not sure what you're asking, but if you'll clarify I'm happy to answer
Northeast Blackout for 4 days.
If I still have a cell phone, I buy things with Bitcoin with other people's and business's cell phones. The same thought experiment is true as we transition away from paper dollars. Some of us have enough paper currency to transact, but a great number of people only have their credit cards and Apple Pay. It's not a very different situation than what would happen in the traditional system. And, again, we're still a very long way from Bitcoin being the dominant medium of exchange, so we'll have to innovate to decide what should happen in blackouts. We'll have dollars around for a very long time.
I think of Bitcoin as my savings account and dollars as my checking account.
Yeah, communication power failed, too. Read about it.
TexasRebel said:Quote:
Onlyifwhen every single satoshi, or fraction of a satoshi is lost, would(sic) any of that matter.
Sorry, not convincing.
p-townag said:TexasRebel said:
Why would anyone ever spend "money" that will be worth more tomorrow?
There are always other methods to use to fulfill needs. Don't buy a sandwich with your 401k.
Because they know that what they have left will continue to increase in value. What they earn at their job will continue to increase in value. It also creates incentive for saving and not blowing money on useless stuff. If I'm going to part with my Bitcoin, it better be worth it. I'm not going to buy worthless junk.
Why would they be paid in a store of value?
It's cheaper to directly pay them in sandwiches and company housing.
You want the coal mine towns back, huh? Ever wonder why they weren't paid in coal or cash?