Then they will ask why nobody wants to use their payment cards
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You're not really selling it for me, which I guess is the point aye?
What I imagine as ideal is an open-source and transparent bank and payment system that issues its own currency backed by ties to its investment portfolio that is properly regulated by its host country. i.e. you would use their currency to trade among others on the platform according to the percentage value of their portfolio that you own as measured by the currency to which you which to convert your holdings for a given purchase. You could select different tiers of risk if you'd like your "savings" to grow in value over time but experience potential dips or even loss of value if there is major market stability.
I am not an expert on such things, but this at least has real links to tangible asset worth, and isn't based on the artificial scarcity of an increasingly unsolvable math problem.
this at least has real links to tangible asset worth,
Well, kind of. But the worth of those assets is largely due to perception, rather than real utility value. Like, real estate is stupidly expensive in many places, but it's expensive because people believe that it's expensive. When real estate bubble burst, you see the 'worth' of that real estate drop sharply. The utility value is having a place to sleep, but it's often treated as an investment. So you would still see currency value fluctuations. Currency issue by gov'ts largely has worth because the gov't says that it has worth; it's not tied to anything. (BTW - tying currency to a tangible asset limits your ability to add currency when necessary. It will tend to lead to depreciation--the value of the currency rising--which is usually a bad thing.)
The other problem is that corporations and banks go bust; if they were issuing currency, that would mean all your money would instantly be worthless.
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Sure, lets replace a regulated scam with an unregulated scam, that will solve things /s
wrote last edited by [email protected]Whaaaaaa, are you talking about bitcoin, the currency developed out of pure kindness and honest intentions and promising equality and equity for all? Surely you can't mean the grand and noble bitcoin, I was told for years that it would decentralize all currency and make all our wildest dreams come true. Any day now.
(Unless it conflicts with the predictions for AI, that it will provide equality and equity for all and decentralize skill, talent and knowledge and make all our wildest dreams come true.)
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Well, what kind of items are these that are rare, they cannot be made as much as you want, they do not deteriorate over time And allow processing?
For most of human history, salt met this definition. Ever wonder why it's called a salary?
Tungsten is also one of the rarest minerals on Earth despite being relatively cheap.
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You pay fees for transactions?
Every digital payment has transaction fees, yes.
Credit card transaction fees for vendors are generally 1-3%, for example.
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there is Bitcoin (not owned by any single entity) and then there is everything else. Other “coins” are owned by corporations that can make decisions about it and change it to some extent. These are extremely risky.
What? Just ridiculous misinformation. Every coin but BTC is owned by corporations? Huh?
wrote last edited by [email protected]Personally, I'm not aware of any other coin that is not connected to a person or company. Can you name me a few? Note that coins like ethereum has clear central ownership and are not developed by community itself.
Tomorrow, ETH founder Vitalik (I think that was his name?) could tweet that he has taken a side in Israel-Palestine conflict, potentially angering good portion of ETH user base and dropping it's value.
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For most of human history, salt met this definition. Ever wonder why it's called a salary?
Tungsten is also one of the rarest minerals on Earth despite being relatively cheap.
wrote last edited by [email protected]For most of human history, salt has corresponded to this definition. Have you ever wondered why it's called a salary?
It's very nice when your wallet is barely keeping afloat and you're left without money because salt gone form wallet... Or do you mean super cheap rock salt?
Well, to be left without money because I got caught in the rain is not still a pleasure.
Tungsten is also one of the rarest minerals on Earth, despite its relative cheapness.
Good... At a time when gold was still a currency, tungsten was not yet able to be smelted. In addition, when heated, tungsten is reactively oxidized, unlike gold.
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Every digital payment has transaction fees, yes.
Credit card transaction fees for vendors are generally 1-3%, for example.
Every digital payment has transaction fees, yes.
If you say so.
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Yes, as everyone knows, if you are mugged in the street, you can just say "no". The robber legally cannot take your money without your consent.
wrote last edited by [email protected]Have you heard of a bank? That's where non criminals tend to keep their money.
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Every digital payment has transaction fees, yes.
If you say so.
Which digital payment doesn't have transaction fees?
Credit cards (vendor side), debit cards (vendor side), and crypto (consumer side) all have transaction fees. Paypal, venmo, etc all make their money from (vendor side) transaction fees as well. Is there a different type of digital payment you are using that doesn't have transaction fees?
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? And that makes bitcoins waste disapear?
No, and I never stated that. I just think it's stupid to group all of crypto as an environmentally unsustainable technology. Following your logic, switching to electric cars isn't worth it because the 100 years of petroleum pollution won't disappear.
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Credit card companies should be nonprofits under democratic control.
Isn't that kind of what a credit union issued card is?
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If you want to take a "purest" approach then bitcoin has similar problems. To gain any chance of mining BTC you have to buy specialised equipment from someone.
I would also put joining a mining collective in a similar "human consent" category
No.
You can study the universe and come up with a way to do PoW more efficiently. PoW requires knowledge to enter. With more knowledge and mastery, you are rewarded more.
The specialist equipment can be built by anyone at any time. Any country, any place. If your country blocks it? You can use specialist knowledge to circumvent them. You can also still use a computer to mine, though you will never mine a block now days, there is still a chance.
All of this is a very, very important feature that almost everyone overlooks now days. It is essential that it be this way. Anyone should be able to enter the network assuming they have the knowledge to do so.
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No.
You can study the universe and come up with a way to do PoW more efficiently. PoW requires knowledge to enter. With more knowledge and mastery, you are rewarded more.
The specialist equipment can be built by anyone at any time. Any country, any place. If your country blocks it? You can use specialist knowledge to circumvent them. You can also still use a computer to mine, though you will never mine a block now days, there is still a chance.
All of this is a very, very important feature that almost everyone overlooks now days. It is essential that it be this way. Anyone should be able to enter the network assuming they have the knowledge to do so.
The specialist equipment can be built by anyone at any time.
No no. This is a highly specialised industry dominated by Bitmain. Unless you are using the latest hardware you are vastly overspending on mining costs.
You can also still use a computer to mine, though you will never mine a block now days, there is still a chance.
There is almost zero chance. The only practical to get BTC using a normal computer is to buy it from someone else.
Anyone should be able to enter the network assuming they have the knowledge to do so.
Anyone can verify the network, but a there is no opportunity to obtain BTC without interacting with a (harware) gatekeeper.
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The specialist equipment can be built by anyone at any time.
No no. This is a highly specialised industry dominated by Bitmain. Unless you are using the latest hardware you are vastly overspending on mining costs.
You can also still use a computer to mine, though you will never mine a block now days, there is still a chance.
There is almost zero chance. The only practical to get BTC using a normal computer is to buy it from someone else.
Anyone should be able to enter the network assuming they have the knowledge to do so.
Anyone can verify the network, but a there is no opportunity to obtain BTC without interacting with a (harware) gatekeeper.
This will be my last reply to you because I already explained this very basic idea, so you are either an antagonist, trolling, or need to do some self-learning. I would recommend reading what I said again.
An alien can come to Earth and use its UFO compute to mine bitcoin if it wanted.
Someone in their garage could come up with a vastly superior way to compute hashes and mine bitcoin.
Large mining farms could be banned and made illegal and smaller operations can instantly become profitable again.
The list goes on, and on, and on, and on...
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Have you heard of a bank? That's where non criminals tend to keep their money.
Let me be more explicit: You say that like the people running banks aren't the exact sort of people who think that laws are merely suggestions and that fines are the cost of doing business. Finance bros are exactly the same as crypto bros, except instead of shitcoins they talk about Byzantine financial instruments that only have a 90% chance of collapsing the country's economy but has a 10% chance of making them $10000000000.
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This will be my last reply to you because I already explained this very basic idea, so you are either an antagonist, trolling, or need to do some self-learning. I would recommend reading what I said again.
An alien can come to Earth and use its UFO compute to mine bitcoin if it wanted.
Someone in their garage could come up with a vastly superior way to compute hashes and mine bitcoin.
Large mining farms could be banned and made illegal and smaller operations can instantly become profitable again.
The list goes on, and on, and on, and on...
An alien can come to Earth and use its UFO compute to mine bitcoin if it wanted.
Not if it wants to win a block reward in any reasonable length of time.
First of all it would have to set up manufacturing to produce 7nm asic chips generating the SHA-256 algorithm.
Someone in their garage could come up with a vastly superior way to compute hashes and mine bitcoin.
This just means your hypothetical Tony Stark gets richer. It doesn't help the aliens you invented earlier.
Large mining farms could be banned and made illegal and smaller operations can instantly become profitable again.
You still need human interaction to buy the necessary mining equipment.
Face it. Your idealistic objections to PoS apply equally (if not more so) to Bitcoin.
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Let me be more explicit: You say that like the people running banks aren't the exact sort of people who think that laws are merely suggestions and that fines are the cost of doing business. Finance bros are exactly the same as crypto bros, except instead of shitcoins they talk about Byzantine financial instruments that only have a 90% chance of collapsing the country's economy but has a 10% chance of making them $10000000000.
All I'm saying that is if someone hacks the banks computer and takes the money you will get it back. Same if someone steals your credit card and makes a bunch of fraudulent transactions or the bank goes out of business. If someone does any of those things with crypto (which happens distressingly often), your money is gone.
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All I'm saying that is if someone hacks the banks computer and takes the money you will get it back. Same if someone steals your credit card and makes a bunch of fraudulent transactions or the bank goes out of business. If someone does any of those things with crypto (which happens distressingly often), your money is gone.
Your idea of "distressingly often", which you bring up a lot, I believe to be severely flawed. With respect to individuals who control their own wallets, it is in reality exceedingly rare for hackers to be able to breach a wallet's security measures and steal coins. Most wallets implement encryption of some sort, either through the device's keystore or using a password. Most crypto thefts take the form of people being tricked into giving away their key phrase or sending their crypto to a scammer. This is really the same type of scam as someone taking your debit card and then tricking you into giving them your PIN. According to most bank policies, you are liable for unauthorised chip-and-PIN debit transactions. "Zero liability" only applies to credit transactions proceed through the Visa or Mastercard networks. If you give someone your PIN for any reason, you are deemed to have authorised all transactions that they make with that PIN.
But you do raise a good point that the crypto industry is very under-regulated and there needs to be some form of deposit insurance for crypto exchanges. More regulation is definitely not a bad thing (despite what crypto bros will say), especially in the post-FTX era.
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Bitcoin may not be a scam per se, but its main usage is to facilitate scams. The biggest of which is being a market that speculators can manipulate to make the currency they actually want.
It's not a scam requires a huge Wikipedia <citation needed>
I'm not saying it's great, it's shit, but at least it's not as evil as visa or MasterCard
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The insane thing about Bitcoin's continued popularity is that out of all the thousands of cryptocurrencies out there, it's easily the worst in every regard.
I'm not going to name names for fear of being called a shill, but if you want a cryptocurrency for just buying stuff there's a ton that are more stable, faster, don't cost a fortune to process, and don't destroy the planet.
It's because the vast majority of people "into crypto" have no interest in the actual underlying asset. They're just hoping to get rich. I honestly think it destroys any potential crypto had. It's a shame because it would be good to have an alternative to credit cards for digital transactions, and especially to have a push payment method, as opposed to the pull method used by banks and credit cards
