An insight on Bitcoin

[Edge-]

Oh yes, the time the clueless "boomers" come out of the woordwork to regurgitate things they heard once on CNN. Go back to bed grandpa.

Ah I love the "boomer" argument. Like, my aversion comes more from the few crypto/blockchain companies that we almost worked for at my company, but thankfully we passed on it as none of them could even remotely convince us of the practicality of the technology, much less their services they wanted us to support.

Sure, the theoretical white paper version of blockchain/crypto is great. Call me when we're getting anywhere near that through proper R&D and investment, and not just people setting up mining farms with hundreds of cards drawing massive amounts of power from dirty sources.

[hellhamster]

Ah I love the "boomer" argument. Like, my aversion comes more from the few crypto/blockchain companies that we almost worked for at my company, but thankfully we passed on it as none of them could even remotely convince us of the practicality of the technology, much less their services they wanted us to support.

Sure, the theoretical white paper version of blockchain/crypto is great. Call me when we're getting anywhere near that through proper R&D and investment, and not just people setting up mining farms with hundreds of cards drawing massive amounts of power from dirty sources.

Did you even read my post? I don't like bitcoin. It's just a thing that has kinda happened before it's eventually replaced by the better thing. I also have no idea what you or or your company were after.

Also, don't deny that even half of posters here have any idea how any of this works, they just hear bitcoin BAD, therefore blockchain bad. This is why I mention them as boomers.

[Edge-]

Did you even read my post? I don't like bitcoin. It's just a thing that has kinda happened before it's eventually replaced by the better thing. I also have no idea what you or or your company were after.

Did you read my post? Because I didn't even mention bitcoin (in that post, I did in a separate post), just blockchain/crypto. None of the companies worked with bitcoin specifically, they had their own blockchain "solutions" built on the same fundamental tech.

I work for what is essentially a marketing company, so it would have been taking these companies products through the marketing phase and into launch, with post launch support. We're not "after" anything, just good clients who pay us on time and aren't a nightmare to work with (though we still work with some that cause headaches, gotta pay the bills). Thankfully we were in positions where we could choose to not continue pursuing those businesses, and if memory serves we did check back to see how their respective launches went and...either they never launched, or their launches were completely silent.

[hellhamster]

Did you read my post? Because I didn't even mention bitcoin (in that post, I did in a separate post), just blockchain/crypto. None of the companies worked with bitcoin specifically, they had their own blockchain "solutions" built on the same fundamental tech.

I work for what is essentially a marketing company, so it would have been taking these companies products through the marketing phase and into launch, with post launch support. We're not "after" anything, just good clients who pay us on time and aren't a nightmare to work with (though we still work with some that cause headaches, gotta pay the bills). Thankfully we were in positions where we could choose to not continue pursuing those businesses, and if memory serves we did check back to see how their respective launches went and...either they never launched, or their launches were completely silent.

So if I'm understanding this correctly, you approached a bad blockchain tech company as a client, realised they were shit, and moved on, therefore all blockchain tech is bad.

[Edge-]

So if I'm understanding this correctly, you approached a bad blockchain tech company as a client, realised they were shit, and moved on, therefore all blockchain tech is bad.

No, they both approached us (and other agencies). We went through the process and could have continued moving on, decided not to because it seemed like a dumpster fire.

This jives with what I see elsewhere all over the internet about blockchain. I guess if my experiences with blockchain/crypto have been negative, I'm just a really, really young boomer who somehow managed to sneak into that group despite being a few decades too young.

Blockchain as tech is interesting, and has potential applications. But as it stands now I don't see any of them, and instead see a technology that should be pursued in a R&D environment to refine it and improve it so that it CAN be functional at what it's supposed to be (often times as a currency when it comes to crypto), rather than a bunch of derps pumping their meme coins and new crypto popping up seemingly every other day.

[Zan15]

, I'm just a really, really young boomer who somehow managed to sneak into that group despite being a few decades too young.

.

lol somehow kids of boomers are now also being labeled boomers because they don't believe!
You Heathen.

[breadisfunny]

Why does every single one of your takes essentially boils down to "WHO CARES LOLZ THAT'S A PROBLEM FOR FUTURE HUMANS TO SOLVE"?

because it's coming from someone who thinks coruscant from star wars (a planet that is basically a giant city with no visible trees) is an actually viable way to run a planet.

[PC2]

because it's coming from someone who thinks coruscant from star wars (a planet that is basically a giant city with no visible trees) is an actually viable way to run a planet.

That's off-topic but yes it's possible to make food and have an economy without trees. Coruscant is thousands of years ahead of Earth so it should be pretty easy to handle by that point. Indoors agriculture will likely be much more efficient than outside farming and we're only getting better at it.

[Sunseeker]

What you just said is that the dollar is based on the ability of the USA to stay on top... the value of the die isn't tied to anything tangible but instead the idea of USA hegemony.

Ideas and ability are not the same thing.

Jesus christ this is fiat currency 101.

No, I'm not going to educate you. Time costs money. You want an education? You can paypal me $300/unit and I'll give you a full course on it. Or you can spend 15 minutes on google and get an actual education.

I'd start with learning the difference between "belief" and "ability".

[Jastall]

No, they both approached us (and other agencies). We went through the process and could have continued moving on, decided not to because it seemed like a dumpster fire.

This jives with what I see elsewhere all over the internet about blockchain. I guess if my experiences with blockchain/crypto have been negative, I'm just a really, really young boomer who somehow managed to sneak into that group despite being a few decades too young.

Blockchain as tech is interesting, and has potential applications. But as it stands now I don't see any of them, and instead see a technology that should be pursued in a R&D environment to refine it and improve it so that it CAN be functional at what it's supposed to be (often times as a currency when it comes to crypto), rather than a bunch of derps pumping their meme coins and new crypto popping up seemingly every other day.

That's my issue as well- Bitcoin, and crypto as a whole for now, is a victim of its own success to some degree. There's not much financial incentive to refine the process if just investing in crypto or setting up mining groups/farms is as profitable as it is in fiat currencies that are actually useful right now, and not in some indeterminate maybe future where decentralized finance will somehow be both superior and widely adopted- an uncertain future to begin with IMO even if there were incentive.

[Magical Mudcrab]

As someone who has a masters in Computer Science and has worked in cyber security for over 5 years, everyone involved in cryptocurrency should be beaten to death with an oar.

Oi, what do you have against a network of linked lists m8?

[Themius]

Ideas and ability are not the same thing.

Jesus christ this is fiat currency 101.

No, I'm not going to educate you. Time costs money. You want an education? You can paypal me $300/unit and I'll give you a full course on it. Or you can spend 15 minutes on google and get an actual education.

I'd start with learning the difference between "belief" and "ability".

You sound like one of those “I’m so educated you can’t touch me I am a fucking sovereign citizen, your laws mean nothings”

[Edge-]

TIL "stablecoin" is a thing, and it's literally just crypto tied to an existing fiat currency. I don't know why, but this deeply amuses me.

[crewskater]

To add to that:

the Bitcoin bitchain is public knowledge. Criminals currently think they're safe trading in bitcoins but long term they're one of the unsafest forms of currency you can use. Because if you find one coin you know was used for a criminal purchase you instantly know both the buyer and the seller. Scientists and law enforcements around the world are already creating databases of information. Also because the mining process isn't exactly anonymous they're able to track find out which miner won what coin(because some try to be anonymous). If you then find coins mined by a certain miner being used by a certain criminal organization you've got a pretty strong correlation and reason to start dinging deeper (as law enforcement).

With new software and tech being developed around bitcoin the things that supposedly make it "great" will be undermined swiftly.

And all that will remain is a very expensive coin you can't remove your fingerprints from.

the benefits to normal consumers remain (no central control). but if it's worth the price. I doubt it.

You can tumble coins for a small fee and they come out with a different signature than they went in with. Even without tumbling your coins, it's still harder to track down than regular currency. This thread is filled with people who know nothing about the technology and it shows.

Edit: Google what IPSEC is and it becomes even harder to track down. You can buy coins with cash and they get transferred to you so the original buy doesn't lead back to you.

[kail]

TIL "stablecoin" is a thing, and it's literally just crypto tied to an existing fiat currency. I don't know why, but this deeply amuses me.

It's kind of what cryptocurrencies should have done because stability is key to viable currency. Too much fluctuation is terrible for the buyer and seller where one overspends when the price goes up and the seller gets underpaid when the price falls (and visa versa). BTC in question has many good things going for it as a currency but the volatility keeps it s as a speculative investment.

[Doctor Amadeus]

From the very beginning, I called this bullshit what it is, but kept an open mind, and now it's been a few years the jury is back, Crypto Currency is a great big Ponzi Scheme it's entire system is made up of unsecured trust and a influx of others buying into it. It's a scam.

The Deflect is always the same "Fiat Currency" Or "Social Security" etc etc us a Ponzi Scheme. And Current Dollars aren't backed by the gold standard.

Neither point which accounts for the fact there is no security on Bitcoin or Dog Coin or anything else like it, it's basically on big hyped fad created by a scam which does exactly what a Ponzi or Pyramid Scheme does.

One would be better saving money and putting it in a MM Account.

[jonnysensible]

we should cut out the middleman, get rid of bitcoin, and just make a device that directly sets the atmosphere on fire.

[Zan15]

From the very beginning, I called this bullshit what it is, but kept an open mind, and now it's been a few years the jury is back, Crypto Currency is a great big Ponzi Scheme it's entire system is made up of unsecured trust and a influx of others buying into it. It's a scam.

The Deflect is always the same "Fiat Currency" Or "Social Security" etc etc us a Ponzi Scheme. And Current Dollars aren't backed by the gold standard.

Neither point which accounts for the fact there is no security on Bitcoin or Dog Coin or anything else like it, it's basically on big hyped fad created by a scam which does exactly what a Ponzi or Pyramid Scheme does.

One would be better saving money and putting it in a MM Account.

https://www.cnbc.com/2021/04/23/bitc...x-missing.html

poof goes 2 billion.

[Edge-]

https://www.cnbc.com/2021/04/23/bitc...x-missing.html

poof goes 2 billion.

https://en.wikipedia.org/wiki/Mt._Gox

This too, though I didn't know they'd found 200K of the nearly million bitcoins lost in that.

[jonnysensible]

i saw that turkish lad nicked 2 billion and then coinbase listed tether lmao