Forget Bitcoin.
Posted on 06/15/2018 8:22:19 AM PDT by oblomov
That’s a static view. Try looking at the bigger picture.
OK, educate me on the “bigger picture”.
Hint: you actually have to know what you are talking regarding crypto to be persuasive.
“The thefts of bitcoin and other crypto have occurred due to either exchange hacks (bad website security, not a flaw of bitcoin or other crypto per se”
Bigger picture. You need to see the bigger picture.
It doesn’t matter what technicality by which something was stolen. It was stolen.
The entire crypto currency is a joke. People relying on ridiculous processing to perform simple transactional processing isn’t sustainable and it is obviously open to theft.
If it weren’t open to theft, there wouldn’t be the need for so much processing.
Also, the entire hashing algorithm process is open to exploits those that created it have no clue about. They claim it is mathematically secure, so you do. The old “everyone knows” teenager excuse.
“Hint: you actually have to know what you are talking regarding crypto to be persuasive.”
How about a cryptanalyst having worked within the NSA? Would that credential move you or do you really feel you’ve got something in bitcoin? I mean, nerds believe EMP is going to destroy the world the same way other nerds believe in globull warming and “crypto currencies”.
Hint: My screen name is my profession.
I have graduate degrees in mathematics. I understand the math, all of it, behind bitcoin and other cryptocurrency.
If you believe the algorithms employed are flawed, then provide as much technical detail as you wish.
I don’t see why the current global banking system isn’t any more susceptible to EMP attack than cryptocurrency.
If your objection is something else, then explicate it rather than simply appealing to authority.
To be honest, I can’t understand why conservatives and libertarians would object to the idea of cryptocurrency. What could be a better attack on statism than having a competing non-state currency? I know quite a few that are opposed to it, and typically it is because they are older and personally or professionally invested in the status quo. I am 50 years old, and have for many years pursued alternative and semi-exotic investments, to great success.
“. I understand the math, all of it, behind bitcoin and other cryptocurrency.”
No, you don’t. There is no way you understand prime numbers and their uses in cryptography while backing Bitcoin.
“system isn’t any more susceptible to EMP attack “
We’ll that’s a real tell admitting you believe in that Internet fairytale. EMP is the worst conspiracy theorist joke right next to globull warming. “Everybody knows”.
“What could be a better attack on statism than having a competing non-state currency? “
Because Bitcoin is not a currency. It is a virtualized fiat as much as the dollar currently is.
Next week the popular cryptocurrency event, The North American Bitcoin Conference (TNABC) will be hosted in downtown Miami at the James L Knight Center, January 18-19. However, bitcoin proponents got some unfortunate news this week as the event organizers have announced they have stopped accepting bitcoin payments for conference tickets due to network fees and congestion.
Bitcoin Blockchain Settlement Fees Exceed $30 USD At Certain Times of the Day
Forget Bitcoin.
No, unlike the dollar, crypto can’t be issued at will.
Also, it isn’t backed by debt, which is the reason that faith (fiat) is required by users of USD, EUR, JPY, etc.
Fees are one reason that I moved most of my BTC holdings to other crypto and other investments a long time ago.
Another reason is that the BTC community is toxic, in particular the arrogant, dogmatic attitude of so-called bitcoin maximalists.
There are other cryptos that do not have these issues, and are for additional reasons more attractive as investments.
Bitcoin is an important prototype. It is analogous to the Ford Model A. There will be many failures in the crypto space, but the survivors will prosper, and for good or ill will transform finance and socioeconomic relationships irrevocably.
eMP is not a significant risk, but you brought it up.
I take people’s arguments at face value, and don’t need to resort to browbeating, feigned indignation, or argumentum ad vericundiam as rhetorical strategies.
decred imo....F.B. is taliking about buyin a crypto.....SO it would probly be a U.S. based not chinese because they will have too much gov. meddling.....SO which one?....only ONE has a proven management.....”these guys created bcoin”....and...only one has equal voting.....imo
a true “peoples” currency”......nteresting shot....
“No, unlike the dollar, crypto can’t be issued at will.”
Yes, it can, and it is. There is no such thing as increasing or decreasing in value as bitcoin has without fiat being involved.
I like Decred. I have had some DCR for a while, and also have some DCR ASIC rigs in transit to a colocation facility.
Keep dreaming one day you might make money in a collapse, most of us live in the real world. Keep your gold and bitcoins, I’ll take the guns, bullets, fresh water and food supply and we’ll see who comes out ahead.
You’re just like Al Gore, one day, maybe 5,000 years in the future, the world will collapse. Of course, Bitcoins will be completely useless without the convertibility or electrical power, but heck, you’ll at least feel better if you’re still living. And all the gold in the world won’t buy you one year’s worth of fresh water at that point in time.
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