Then they will ask why nobody wants to use their payment cards
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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
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Monkey brain no like small numbers. Monkey brain like big numbers.
But for real, Bitcoin was the first decentalized currency to solve the Byzantine Generals Problem. Its worth something because its transparent, unmutable, and the original digital currency. It was birthed via grassroot origins in depths of the housing crash. It calls out the Federal Reserve (and any other human institution that seeks to expand their money supply).
Yeah. Just like how wood fire was the first way to cook fish.
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mBTC and satoshis (10^-8) are more common indeed, but are used pretty much everywhere. It's not 2015 anymore
wrote last edited by [email protected]Yeah no. I'm all over the place, and I have yet to come across a place that accepts crypto, let alone for anything useful.
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1 dollar is currently worth .0000084 BTC; or, 840 Satoshi if zeros scare you.
How much is it in binary digits oh brave one? And tell me how many milliseconds it takes you to calculate this with your mind.
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Yeah no. I'm all over the place, and I have yet to come across a place that accepts crypto, let alone for anything useful.
Multiple grocery stores accept Bitcoin in my small town
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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.
Thanks for that. I am not suggesting it need to be directly tangible like the gold standard, but something ostensibly public (perhaps embedded into an international economic alliance) that is directly ties to ownership of a secure portfolio of investments across a variety of intrinsically valuable staples or otherwise being carefully managed by skilled investors.
Think 401K, and the bond market, but without being subject to the whims of national foreign policy.
Crypto regardless of how impenetrable it is technologically, if it's inevitably controlled by unethical actors, it's still worse for the world and not a safe investment to recommend. And like everything else, tangible or untangable, it's value is still subject to market interest, i.e. as you say, people agreeing to pay for it assuming others will buy it off them in the future.
