Discussion
BTC in particular is deflationary. You avoided the question before so here it is again; how can a government break deflation spiralling into economic depression when your main source of payments is BTC? Do you really think government are going to give up ALL control of monetary policy? I think you may understand the tech but you don't appear to understand economics or politics. We haven't even touched on kyc/aml...
Better than western union huh? I'll bear that in mind the next time I'm sending 50 quid back to my village in Africa!
Better than western union huh? I'll bear that in mind the next time I'm sending 50 quid back to my village in Africa!
fblm said:
BTC in particular is deflationary. You avoided the question before so here it is again; how can a government break deflation spiralling into economic depression when your main source of payments is BTC? Do you really think government are going to give up ALL control of monetary policy? I think you may understand the tech but you don't appear to understand economics or politics. We haven't even touched on kyc/aml...
kyc would apply if you were lending etc btc which currently it does not support. AML more of an issue I would agree
Better than western union huh? I'll bear that in mind the next time I'm sending 50 quid back to my village in Africa!
kyc would apply if you were lending etc btc which currently it does not support. AML more of an issue I would agree
Better than western union huh? I'll bear that in mind the next time I'm sending 50 quid back to my village in Africa!
Gecko1978 said:
Amazon pre bubble ipo $7 bubble around $160 today $1200....see the point its early days no one knows where it will go.
For every Amazon there are a thousand other tech starups that went as high or even higher and then disappeared when the bubble burst, so it's an incomplete analogy.I have no doubt that a crypto may become mainstream in the future but your analogy suggests that most of the ones around now will leave their holders with a big fat (insert symbol of your choice)0 balance before that happens, and afterward the one or two left standing will have to hold their own against established currencies.
To those brave or smart enough to take the chance that hey will be holding the winning hand go knock yourselves out, but the intentionally opaque nature of cryptos makes it a much greater gamble than making a judgement of the potential future success of any company.
Also your analogy is flawed as the value of Amazon to the consumer as a service is what you should be comparing the value of cryptos to.
The image of cryptos at the moment is the same as the image you portray when you hire certain types of lawyer.
Edited by r11co on Sunday 21st January 09:51
r11co said:
Gecko1978 said:
Amazon pre bubble ipo $7 bubble around $160 today $1200....see the point its early days no one knows where it will go.
For every Amazon there are a thousand other tech starups that went as high or even higher and then disappeared when the bubble burst, so it's an incomplete analogy.I have no doubt that a crypto may become mainstream in the future but your analogy suggests that most of the ones around now will leave their holders with a big fat (insert symbol of your choice)0 balance before that happens, and afterward the one or two left standing will have to hold their own against established currencies.
To those brave or smart enough to take the chance that hey will be holding the winning hand go knock yourselves out, but the intentionally opaque nature of cryptos makes it a much greater gamble than making a judgement of the potential future success of any company.
Also your analogy is flawed as the value of Amazon to the consumer as a service is what you should be comparing the value of cryptos to.
The image of cryptos at the moment is the same as the image you portray when you hire certain types of lawyer.
Edited by r11co on Sunday 21st January 09:51
Gecko1978 said:
r11co said:
Gecko1978 said:
Amazon pre bubble ipo $7 bubble around $160 today $1200....see the point its early days no one knows where it will go.
For every Amazon there are a thousand other tech starups that went as high or even higher and then disappeared when the bubble burst, so it's an incomplete analogy.I have no doubt that a crypto may become mainstream in the future but your analogy suggests that most of the ones around now will leave their holders with a big fat (insert symbol of your choice)0 balance before that happens, and afterward the one or two left standing will have to hold their own against established currencies.
To those brave or smart enough to take the chance that hey will be holding the winning hand go knock yourselves out, but the intentionally opaque nature of cryptos makes it a much greater gamble than making a judgement of the potential future success of any company.
Also your analogy is flawed as the value of Amazon to the consumer as a service is what you should be comparing the value of cryptos to.
The image of cryptos at the moment is the same as the image you portray when you hire certain types of lawyer.
Edited by r11co on Sunday 21st January 09:51
Normal currency does everything I need, plus won't disappear if I lose my hard drive or forget my password.
Some Gump said:
Given that the sale price will then be the same in btc or gbp, I'll use the secure, simple big of plastic and pay at the end of th Month rather than the elaborate, risky fanny on that is crypto.
Given that the speed of Karl Benz's automobile will be the same as a horse, I'll use the secure simple horse rather than the elaborate risky fanny on that is an automobile. fblm said:
BTC in particular is deflationary. You avoided the question before so here it is again; how can a government break deflation spiralling into economic depression when your main source of payments is BTC? Do you really think government are going to give up ALL control of monetary policy? I think you may understand the tech but you don't appear to understand economics or politics. We haven't even touched on kyc/aml...
Better than western union huh? I'll bear that in mind the next time I'm sending 50 quid back to my village in Africa!
I have answered it before. Please read back. In short, deflationary spirals are accentuated by the fractional reserve banking system as the total circulating money supply rapidly contracts. Less of a problem for Bitcoin which is completely immune to FRB. There are also some other coins with interesting auto inflationary algorithms Better than western union huh? I'll bear that in mind the next time I'm sending 50 quid back to my village in Africa!
Yes, better than Western Union. You may not use it but doesn't mean others don't.
jammy-git said:
Surely it would be worse than cash for tax evasion because as soon as the authorities tie you to one account they have an immutable digital record of all the transactions?
Absolutely. Bitcoin is not a very good tool for laundering/evasion since all transactions are public. Monero or simply cold hard cash are much better ways of doing this. Meanwhile, we've all heard of the famous first Bitcoin transaction being for Pizza. We've just had the first physical item bought on Lightning Network. Instant & fee free. Number of Lightning nodes has increased another 30% since yesterday! Exciting times.
http://bitcoinist.com/lightning-network-happening-...
Greshamst said:
Given that the speed of Karl Benz's automobile will be the same as a horse, I'll use the secure simple horse rather than the elaborate risky fanny on that is an automobile.
Gotta laugh at the luddite comparison. Trad currencies have already gone electronic, so really the horses have had their legs replaced with wheels and their muscles replaced with motors already.Crypto is just an opaque equivalent to other existing currencies and most of it is 'generated' by stealing (yes, stealing) computer power from unsuspecting individuals, so it isn't so much a clever future as an opportunistic present. When it stops being shady in its nature then it stops being relevant.
It's value is not because of what it is but because of what it isn't (ie. on the straight-and-narrow).
Trolleys Thank You said:
Meanwhile, we've all heard of the famous first Bitcoin transaction being for Pizza. We've just had the first physical item bought on Lightning Network. Instant & fee free. Number of Lightning nodes has increased another 30% since yesterday! Exciting times.
http://bitcoinist.com/lightning-network-happening-...
Am I the only one smelling hype?http://bitcoinist.com/lightning-network-happening-...
Edited by r11co on Sunday 21st January 12:00
r11co said:
Trolleys Thank You said:
Am I the only one smelling bulls
t?
Ironically I had never personally encountered CoinHive until my avast firewall flashed up a warning of an attempted js run of it on my machine this morning.....t?
Protip: stop visiting dodgy webstites. Use your imagination and right hand for your Sunday morning relief.
Trolleys Thank You said:
Oh, well that's obviously evidence that "most" cryptos are mined this way...
Protip: stop visiting dodgy webstites. Use your imagination and right hand for your Sunday morning relief.
FYI all reputable firewalls block it by default regardless of the type of site employing its use.Protip: stop visiting dodgy webstites. Use your imagination and right hand for your Sunday morning relief.
Coinhive is marketed as an alternative to using ads to monetise any website (your associating it with just porn says more about your predilictions than mine).
The more I read about cryptos the more I realise that they are just an attempt to obfuscate cybercrimes and change the language of them to try and morph the comprehension of them as legitimate business activities. No different I guess to the business empires built on convincing people with access to resources but lacking the means or wherewithal to exploit them to willingly or be pressured into handing them over to people lacking those resources but having the intention to exploit the resource and the resource holders.
The Spruce goose said:
it is like paid shills on here sometimes. For the next 2 years this is all we will hear.
Like everything else there's money to be made just from talking up the value of the enterprise. Likewise the value vanishes if people see through it.
Edited by r11co on Sunday 21st January 13:23
r11co said:
The Spruce goose said:
it is like paid shills on here sometimes. For the next 2 years this is all we will hear.
Like everything else there's money to be made just from talking up the value of the enterprise. Likewise the value vanishes if people see through it.
Edited by r11co on Sunday 21st January 13:12
Trolleys Thank You said:
r11co said:
Like everything else there's money to be made just from talking up the value of the enterprise. Likewise the value vanishes if people see through it.
Hardly. BTC has already proved itself to be one of the most secure, un forgeable and cheapest to store assets in existence. If you don't see the value in at least those properties then your'e going to struggle to get to grips with the rest of it's benefits. Probably for the best you don't get involved.BTW The tactic of the snake-oil salesman was also to mock those who walked away from the sales pitch.
ProTip - try explaining the alleged benefits instead of just asserting them and then avoiding actually explaining them by alleging they are too complex for mere mortals to understand. Starting to see the fundamental flaw in the enterprise yet?
As I said - obfuscation and opacity is the key.
Oh, and Bitcoin isn't an asset, it is a concept as are all currencies (but talking about it as if it is an asset is part of the exercise).
Edited by r11co on Sunday 21st January 13:36
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