"Will Bitcoin Fail?" with Mark Carnegie
Podcast Episode · Uncomfortable Conversations with Josh Szeps · 10/12/2021 · 1h 28m
Thought this was a pretty good even handed appraisal of where we are.
Cryptocurrency
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Thought this was a pretty good even handed appraisal of where we are.
Thanks for the response, I appreciate you taking the time to discuss this.
In your Google photos example, the photo has to be stored somewhere, right? A single person's photos will be scattered across hundreds or thousands of servers (i.e. The Cloud) but the 1s and 0s still have to be in memory somewhere. So when someone wants to view that photo, how is that photo located? I presume it has something to do with blockchain/wallet tech - fine. But there's still a risk that the server where the photo is stored is offline at the time you want to view it. Unless it's duplicated in multiple places, which is really inefficient. Compare that to Google, who has an interest in keeping their servers online and has the capital to create the related infrastructure. There's no guarantee Google doesn't go bankrupt and all your pictures are lost, but there's also no guarantee that one of those decentralized servers isn't compromised and loses pictures.
The main issue here is that Google controls the numerous servers. I'm sure they have servers all over the place, but they are still Google servers. In a decentralized web, your pictures would still be in the cloud and redundant copies would be located on various data centers worldwide. The difference is that the public has shared ownership and no company or government has the authority or ability to effect the data or access of it. I found this segment in an article that helps explain the difference:
In the current World Wide Web, massive companies (e.g., Google) running applications store and control user data on their own centralized servers and databases. Even if user data is not monetized and sold to third parties, it is possible that the servers and databases can be breached. Rather than storing data in centralized databases, in the web 3.0, all user data is stored in secure and decentralized data storage protocols.
The decentralization of data and file storage has important implications for data ownership—no longer is personal information stored in large data centers and databases owned by tech companies. Instead, all applications, users, and connected devices interact directly, and personal data is not controlled by a single company. Significantly, this would likely lead to a dramatic decrease in personal data breaches.
Who owns and operates those data centers in the decentralized web? Those things are expensive.
It will be a major undertaking to shift the current paradigm. Here is an article that provides some insight on how it could happen. Admittedly, I understand this kind of change is a significant undertaking. But tech seems to be able to evolve faster then most expect it can. We will see.
Is a new decentralized internet, or Web 3.0, possible?
Web 3.0, or the new internet of the future, shares the values of peer-to-peer environment, decentralized governance and users’ privacy.
It will be a major undertaking to shift the current paradigm. Here is an article that provides some insight on how it could happen. Admittedly, I understand this kind of change is a significant undertaking. But tech seems to be able to evolve faster then most expect it can. We will see.
Is a new decentralized internet, or Web 3.0, possible?
Web 3.0, or the new internet of the future, shares the values of peer-to-peer environment, decentralized governance and users’ privacy.cointelegraph.com
Interesting. This is certainly where I see the it's possible, but I'll believe it when I see it stage.
"Will Bitcoin Fail?" with Mark Carnegie
Podcast Episode · Uncomfortable Conversations with Josh Szeps · 10/12/2021 · 1h 28mpodcasts.apple.com
Thought this was a pretty good even handed appraisal of where we are.
Thank you for sharing! I just finished it and really enjoyed it. Agree that it is a fair representation! The only bone I would pick is the fact that he appears to be more bullish on Ethereum then Bitcoin due to the defi possibilities. He may be unaware of the fact that the Bitcoin protocol will be upgraded next month with Taproot. This will allow defi on the bitcoin network due to implementation of smart contracts.
Speaking of bitcoin. How bout that new ATH!
So BTC hits $66k today. Where is the next play for crypto investment? Hold on to BTC forever, or is the doubling going to slow now? Are their rivals that need to be invested in to hedge any BTC holdings?
I am complete novice at this and hold a nominal amount of crypto, which will neither impact my life if i lose all it, nor significantly change my life if it hits.
I look at at Crypto as another piece to my investment portfolio, but a very small piece.
I am complete novice at this and hold a nominal amount of crypto, which will neither impact my life if i lose all it, nor significantly change my life if it hits.
I look at at Crypto as another piece to my investment portfolio, but a very small piece.
Bitcoin will likely continue to go up overtime. I personally hold onto my investments long term 5-10 years down the road. Other projects in the crypto world I like are Cardano, Solana and Polkadot. All have a chance to get you good gains going forward. Just my opinion though.
Long term bitcoin is certainly the safest play long term.
If you are trying to maximize your profit this cycle, Ethereum and alt coins will likely have a strong Q1 2022 after bitcoin makes a big Q4 move. Money tends to flow from bitcoin to ethereum to alts...then to cash. wash, rinse, repeat.
MATIC is a decent option available on Coinbase, depends how much risk you're willing to take.
Agree! Although, for those who haven't lived through a crypto winter I would suggest selling all of your alts during the rise (which we hope is still coming). Alts can lose 95% of value from peak during a bear cycle. Just a word of warning for those who are new to the asset class.
At this point I think another leg up looks extremely likely. I think statistically double tops with this kind of bullish momentum are meant to be broken to the upside. However, we haven't had a pull back since we went up from 40k very quickly. We are probably due for one imo. Could of course go the other way, just my 2 cents.
Correction, just throw money at random animal based coins.
Paper crypto was approved because it allows for the opportunity for central banks to influence the market. Buy slowly, dump in large chunks to keep people cautious about seeing it as a legitimate competitor to paper currency.
Cashing out 401K to go all-in on Shiba Inu right now. It will only keep going up, I'm sure of it.
Here is the next Shiba. You can thank me later
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Are you saying the Fed will be buying Bitcoin ETFs? I only buy spot. I don't have a very robust understanding of "paper".
I'm saying there is a very curious trend in the metal markets where a big seller will dump a lot of paper all at once from time to time (something no rational investor would do because it crashes the price), and that has worked to suppress gold prices (even physical, as it tends to follow along with paper, loosely).
