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A Bitcoin Believerís Crisis of Faith
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A Bitcoin Believerís Crisis of Faith

  #41 (permalink)
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SMCJB View Post
2.5 of your 3 quotes are about the Blockchain not Bitcoin.
I think there is a huge divide in the future of each.

Yeah sorry I should of just used the word Blockchain not Bitcoin. I wasn't trying to intentionally fool anyone. My post was aimed at Pedros comment re Blockchain never being able to handle transactions like Visa.

I think it's interesting that Big US banks +the IMF seem bullish on Blockchain. Bitcoin is becoming a conflict of interest.

"Free markets work because they allow people to be lucky, thanks to aggressive trial and error, not by giving rewards or incentives for skill. The strategy is, then, to tinker as much as possible and try to collect as many Black Swan opportunities as you can"
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  #42 (permalink)
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TheTradeSlinger View Post
Care to elaborate?

Sure,

I was just laughing at your perception of Bitcoin & "virtual currency"

Each to their own.

"Free markets work because they allow people to be lucky, thanks to aggressive trial and error, not by giving rewards or incentives for skill. The strategy is, then, to tinker as much as possible and try to collect as many Black Swan opportunities as you can"
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  #43 (permalink)
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I tried a bit of bitcoin. The biggest cost was actually getting some through an exchange where the fees were horrendous. But no problem when I used my bitcoin "wallet" to send to someone who required bitcoin in a transaction. Interestingly it went up about 10% a day after I exchanged for a sum in milli-bitcoin. So I made a little profit

I have no idea bout the ramifications or how it would fare as a legit currency in the future. I do like the idea of it being limited in existence so that there is no Fed or ECB to inflate it.


Last edited by Cloudy; March 10th, 2016 at 03:57 AM.
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  #44 (permalink)
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Cloudy View Post
I do like the idea of it being limited in existence so that there is no Fed or ECB to inflate it.

The flip side of that argument is that the limited supply gives it Ponzi scheme similarities. It's value becomes linked to its popularity which I wonder whether that is sustainable.

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  #45 (permalink)
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SMCJB View Post
The flip side of that argument is that the limited supply gives it Ponzi scheme similarities. It's value becomes linked to its popularity which I wonder whether that is sustainable.

Right, and beside that, it is only limited if we think of let's say Corona beer in limited supply. There are other beers that do the same job just fine or even better, so the limited supply doesn't really hold up when it goes to crypto currencies.

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  #46 (permalink)
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Interesting perspective, I hadn't thought of that. Supply could potentially be increased by additional cryptocurrencies rather than by additional bitcoins. Interesting. Not sure thats the way the Bitcoin faithful see it going though.

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  #47 (permalink)
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SMCJB View Post
Not sure thats the way the Bitcoin faithful see it going though.

Of course not, when you sign up for one Ponzi, you don't want competing Ponzis to suck away possible incoming capital.

Right now there are at least 3 technologically more advanced cryptos (Monero, Dash, Ethereum) that addressing issues what have been holding bitcoin back. That inflexibility of dealing with problems only affects established cryptos.

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  #48 (permalink)
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News about Ethereum

Hi !

It seems that there wasn't any post on Bitcoin-like community since more than 2 weeks ago now.
I've got the news about a nice commentary post of : Fabian Vogelsteller - Hard worker of Ethereum Community.
It comes from GateCoin : https://gatecoin.com/blog/2016/01/from-bitcoin-to-blockchain/


Quoting 
Fabian Vogelsteller • 3 months ago

I personally disagree with the negative perspective on R3 and others.

I think there will be all facets of blockchain, from fully public, to consortium chains, to special purpose chains to private chains with only one "miner".

They all have their purpose and will fulfil a specific use case. Using smart contract enabled blockchains like Ethereum, will make them all connectable and what we get is a internet of blockchains.

In the midterm it will lead to a mass of (probably EVM based) blockchains, working aside and with each other, in the very long term i see strong public chain(s) forming. Once the scalibity is addressed, they will be more and more used, over internal private chains.

Its just the way to go.

Where does bitcoin fit in all of this? I guess it will be valuable for a very long time and will probably be used as the gold of the internet. I don't see projects like rootstock moving bitcoin beyond what Ethereum already is.

In add, last week French Government opened a legal path to experiment blockchains for French PME Financing.
Source : Le gouvernement ouvre la voie ŗ la blockchain ? Blockchain France


Cheers,
P.

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  #49 (permalink)
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This NYTimes article from the weekend discusses a lot of what @Pharmakon quoted including companies using Blockchain for purely internal projects.

NYTimes :- Ethereum, a Virtual Currency, Enables Transactions That Rival Bitcoinís

http://www.nytimes.com/2016/03/28/business/dealbook/ethereum-a-virtual-currency-enables-transactions-that-rival-bitcoins.html

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  #50 (permalink)
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I welcome newer and more advanced virtual currencies for a couple of reasons:

1. It shows that bitcoin isn't unique or in any way valuable itself or limited in supply. By this last one I mean if you can find another unlimited mineral that can replace gold just fine for all purposes, than gold isn't limited, practically speaking.

2. Because of decentralization it is hard to achieve consensus about developments, so it is just easier to start a new altcoin with the better features. Another weakness of bitcoin.


That being said, the above criticism is also valid for ANY altcoins. And generally the idea of making my own money is still silly, unless you are a big organization or retailer...

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