Is there any concern in the crypto community about hostile "attacks" by governments or other large entities? What if you setup something to do millions (billions?) of transactions a day moving trivial amounts of money around. Could you effectively grind the entire system to a halt? I think transactions need to be verified, but could you setup fake verifiers and produce inconsistencies in the ledger?
Cryptocurrency
- Thread starter Playboi Carti
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Kypdurron, are you a cyrptocurrency broker of some sort? Whenever I read your posts, I imagine you are like a life insurance salesman who goes to a church for a few months until he has sold policies to everyone he can, then he moves on to another church. I am curious if you have engaged or brokered transactions with anyone else you met on the site.
And you never post about anything else, such as, oh, I don't know, maybe something like Iowa State sports. Perhaps this is just an alias account for your conversations about the subject and your true Cyclone fandom is under another username.
Pardon the suspicion, but cryptocurrencies seem to call for more, not less suspicion.
LOL. Here is a thought, simply do not buy any. Not sure why you feel the need to rail on crytocurrencies to people that see a possible future potential. You are beginning to sound like the old man that says, "Why would I use that Amazon thingy, I have a perfectly good Sears store down the street."
Yes, its value is not stable as a currency currently, but it is in its infancy.
HMU when you buy a car with BTC. Until then, it's an investment.
Again, I don't have a problem with it existing (apart from totally, royally f-ing PC hardware prices). It's just not a true 'currency'. The name is a lie in practice. I don't encourage people to join the crazy willy-nilly because of the damage potential.
My hope is that regulations will provide more stability to the market if possible. I'm not sure getting rid of Initial Coin Offerings is such a bad idea considering most average traders can't get involved with them in the first place.
There is a cap at 20 million BTC built into the code. No more can be created and those have to be mined, there isn't a concern there.
I would say most well researched people who buy into the crypto universe are buying into the technology and applications.
Take smart contracts - these coded contracts can remove the human error from current transactions and significantly reduce things like embezzlement and discriminatory pay.
Another thing people really like about using cryptos to move money is low transaction fee's, we as a world paid 96 trillion in transaction fees because lets face it banks are the only choice. If we would have only used Eth to transfer money the total transaction fees would have been 2 trillion (unless you used more gas/ether to get your transaction picked up quicker). That is lot of money back in the world economy.
Those are a couple of applications but when I talk to people I always tell them only put in what you are willing to lose and realize this is early in the stages of adoption. Everything that can go wrong will go wrong lol
That isn't my goal. Buying things will these coins isn't worth it because the price of the coin can go up or down. In like 2013 a guy bought 2 pizza for like 4 bitcoin, he basically paid $40,000 for those. This is my biggest problem with these coins.
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What?? That's going to cause massive deflation. And with no centralized authority they can't make more to counteract that deflation. What am I missing here?
...which is precisely why it's a s***ty "currency", and much more like a extremely-risky investment.
Gotta feel bad for pizza guy in hindsight, though.
No worries, I am an enthusiast. I do work insurance like 50% of Iowans. I love talking about the subject because I'm a computer nerd to start with and really enjoy the discussions around the future of the verse. Sadly I have yet to get paid by the crypto community for my advocacy.
As for ISU, I was born in Des Moines to a family of Hawks. I endured my childhood and then made an informed decision for myself. Part of this was being friends with Jake McDonough and meeting Seneca Wallace at a high school game.
It's always good to be suspicious
It'll be a long time before we reach that stage. Basically speaking, for every coin mined, the next coin is more difficult to mine. It takes more time.
...and wouldn't placing a market cap on it then introduce scarcity, potentially driving its value up (artificially)?
Nothing artificial about it. That's textbook deflation. Because the money is worth more tomorrow why would I spend it today? Then, no one spends any money, unless they absolutely need to. And the wealthy benefit because they have more reserves that continue to go up in value.
And since the value of BTC is only going to go up due to deflation I will use other currencies like USD in its place. Therefore nothing has really changed since we're all using USD anyways.
It was 10,000 bitcoins. He was a miner that had thousands and thousands of bitcoins. I am sure he made out just fine. You can thank him for your ability to make $200 because without that purchase in 2010 or my burrito I bought in 2013 or the cup of coffee Joe Schmoe bought in 2015, it would be worth nothing. It got initial value because you could buy actual goods and services with it but investors took it, ran with it, and now it's just a slot machine.
The base idea is good and blockchain technology will be used in the future with verifying contracts, baby formula, seed genomes etc but not as a currency. Which is a damn shame and why I believe Satoshi has disappeared.
Pulling out a Hok conversion story. Being friends with Jake McDonough. And throwing in a Seneca Wallace reference. No longer suspicious. Not.
Whatever, you sure do seem to know a lot about it. But I find myself having a perspective more like mtown13 and trusting the insights of ISU2015 because I know him. You I still wonder about.
How does buying a crypto currency today get you any return if some new application uses blockchain in the future? Did the makers of Archie in the early 90's all become filthy rich when Google came out with their Internet search engine?
A last note on this. What has happened since 2008 (and before), and that is now finally tapering off, is that pretty much all central banks started increasing their money supply like crazy. If one did, that currency would devalue tremendously and the sorry suckers holding that currency would lose most of it's value. When they all do it, since they're primarily valued in the market against each other, we have massive increases in money supply with low inflation (because they're all devaluing). That's not a healthy economic situation at all, which is why alternatives are being sought.
Doesn’t work like that
Change the code....uh oh now there's 2 billion BTC.
