|Wikileaks Cache Now Hosted on IPFS Thanks to this Bitcoin Cash Developer Comment Translate Page|
With the founder of Wikileaks behind bars, it’s been a trying time for activists who believe in spreading freedom and truth in an age steeped in lies and manipulation from parasitic central bankers and bureaucrats. In order to show support for Julian Assange, Bitcoin Cash (BCH) developer Chris Troutner decided to upload the entire Wikileaks […]
|Uber IPO: Cryptocurrency Will Be a ‘Huge Beneficiary’ Comment Translate Page|
Uber Technologies Inc. expects a valuation of about USD 100 billion when listed on the New York Stock Exchange. Large IPOs such as Uber’s and others could bring spectacular benefits to the crypto industry. At the same time, business solutions allowing Uber users to pay with Bitcoin are now moving to center stage. Uber IPO: […]
|Maker Community Votes to Raise Stability Fee as Dai Struggles to Hold $1 Peg Comment Translate Page|
For more than two weeks the dai stablecoin has sat below its $1 peg, and has been trading for roughly $0.97 over the last seven days. This has given concern to the Maker Dao community which has decided to raise the dai stability fee to 11.5% per year. Also read: Exchangewar Lets You Compare Crypto […]
|Transfer Bitcoins from One Wallet to Another Comment Translate Page|
Transferring cryptocurrencies can be just as easy as scanning a certain QR code to send an amount of Bitcoin. However, how easy the transaction can be depends on the wallet you have and how much information you have to be able to send it to another wallet. To move bitcoins from one wallet to another […]
Post source: Transfer Bitcoins from One Wallet to Another
|Lithuania to Adopt Crypto Regulations Even Stricter Than the EU’s Comment Translate Page|
Lithuania, one of the Baltic tigers that has in past few years demonstrated it doesn’t shy away from new technologies and the digital economy, is preparing to introduce stricter rules for crypto companies. The government in Vilnius is working on amendments that according to officials will go beyond the requirements of the latest, fifth EU […]
|Bitcoin and the Crypto Market Has Bottomed Out: Binance Research Comment Translate Page|
Binance has released a report showing that there is evidence to suggest that the massive market correction of 2018 means Bitcoin and altcoin prices have bottomed out. The research also highlighted the highly correlated nature of the virtual currency market due to the “herd mentality” that emerges during the late bull/early bear phases. Data Points […]
|Western Union is working with Blockchain service on the Remittances market Comment Translate Page|
The Philippines is one of the most important markets for cash transfers abroad. Previously, customers always had to go to a WU branch. Now, however, the US provider is cooperating with a Philippine FinTech company, which allows transfers directly into the e-wallet. The US-American provider of international cash transfers Western Union recently announced a partnership […]
|Re: Crypto bulls are back. Are you getting in? Comment Translate Page|
Commenting because I want to reconcile a few things after doing fairly extensive research on bitcoin. Whatever the merits of bitcoin are, it's not a tulip, but it's no investment either--and it's not a currency in any traditional sense of the word. A cryptocurrency is really the definition of something new. Trying to pigeon-hole it into Tulip, Investment, or Currency is like trying to fit a round peg into a square hole. There's no need for it. We can accept it for what it is.
I think the more charitable use case for what a crypto is --not what it aspires to be--but what it actually is right now at this moment, is a method of transacting, inefficiently, through a medium that is private. How private? So private that in theory, the transaction can be 100% untrackable. (you must use something other than bitcoin overtly to do this)
If you follow the online forums, just like the bogleheads have a particular psychology, so too do crypto adherents have their own psychology. I'm sure some of them deal in illicit activity, but there are many many of them that have an anti-government, anti-establishment, conspiracy theory minded slant. Just watch some of their youtube channels. Obviously I'm not here to comment on that. What I am here to comment on is where the value of crypto-currencies derives from. Wheres the faith?
The faith interestingly comes from a lack of faith, in the system, a lack of faith in government and institutions. On bogleheads, we've seen this mania already many times. Why do people consistently believe the sky is about to fall in the stock markets, why do people push gold, why do people constantly push ideas of recession, etc. It's a kind of anti-faith. Faith in the failure of the system--faith because the belief exceeds evidence the system/market is about to collapse.
The value of cryptocurrencies, illicit purposes aside, derives from a faith in the failing of the system. Nisiprius pointed out one of the central ideas of the early uses cases was that transaction friction would be so great, that transacting with bitcoin would be cheaper.
It makes sense too. If you think the banks are out to get you so that they'll impose all kinds of intermediate surchases, if you think government laws are inefficient making movement of money across borders inefficient, therein lies the value for cryptos, at the additional cost of ridiculous amounts of volatility and risk, and at the additional cost of total loss due to fraud. The value of crypto-currencies, even at this moment, is derived from costs imposed by governments and institutions, including the lack of faith by those governments and institutions.
In extreme cases like Venezuela, where the hyperinflation is in fact significantly higher than even the ridiculous volatility of bitcoin, there is some value to be had. see this article from the New York Times "Bitcoin Has Saved My Family"
https://www.nytimes.com/2019/02/23/opin ... ncies.html
For these reasons, I don't think cryptos will ever die. But I'm not sure they will or can ever take off.
Let's look at a legitimate use case. I want to buy a cup of coffee from starbucks.
There is nothing complex about that transaction technologically. Debit the cost of the coffee from me, Credit Starbucks. It can be done with a simple database. One computer. Yes you can increase the number of computers for redundancy, and atomicity of the transactions.
But compare it with bitcoin. Instead of using one database, you literally have to propagate the transaction through every node on the bitcoin network. That cannot possibly scale. Bitcoin uses a distributed blockchain ledger, established through consensus. How can it be that every time I buy a coffee, you need to update every single ledger on the network? What's more, every node needs a copy of the entire ledger---every single transaction that ever took place. In my prior comment I wrote that in trying to get a basic ethereum wallet to work, I found I could not because at this point the ethereum ledger has grown to exceed a terabyte.
It would be like if Visa decided that every single computer in the Visa financial network has to have the entire copy of the entire ledger of transactions that have ever taken place, and that with each new subsequent transaction, the update has to be propagated to every node. That's not hyperbole. That is in fact the technology.
Every node on the ethereum network needs a copy of a file that is already over a terabyte in size.
From a technological perspective, what this means is that idea that bitcoin has a use case in everyday transactions is for all intents and purposes impossible. It is significantly more inefficient than existing methods, and will forever be significantly more inefficient. There's just no two ways about this. Whether you want to use a tangle, a DAG, a lightning network, or some form of reconciled segregated witness, you're always going to be far more inefficient than an ordinary centralized network.
Which goes back to what I said before. The value of crypto derives not from trust, but a lack of trust. In a world where truly (and I mean truly truly) you can't trust anyone, it has value. But in a world where trust is reasonable, its value is minimal.
That is about as charitable as an interpretation I can give to the crypto cause at this time.
|Vip Crypto Broker - Vipcryptobroker.com Comment Translate Page|
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|Obtained the SEC filing, Vtoken is back to Times Square again Comment Translate Page|
Recently, the world’s leading decentralized exchange, Vtoken obtained the SEC filing from the United States Treasury Department, which received high attention, and then appeared on the giant display screen of NASDAQ in New York Times Square. It is understood that since March Vtoken has got intensive coverage from the global media, it has once again […]
|Cryptonite Browser Extension Protects You From Phishing Sites and Fake Profiles Comment Translate Page|
If you are new to the crypto space or if you are exploring new services and platforms, protection from scams and malicious websites should be a priority. Cryptonite is a useful browser extension that protects your private information and warns you in advance about risks to your crypto security. Also read: Get Real-Time and Historical […]
|From Bitcoin Price Pullback to #WeAreAllHodlonaut: Past Week’s Top Stories Comment Translate Page|
Bitcoin has had enough eventful week despite BTC price cooling off. Let’s take a look at the most important stories that shaped the past week with the Sunday Digest. Bitcoin Price Pulls Back to $5K For now, Bitcoin’s mini-bull charge seems to be on hiatus, although support has been found at $5000, leading to some […]
|Aussie Banks Still Cold to Cryptocurrency Businesses Despite Regulation Comment Translate Page|
Despite increasing regulation in the cryptocurrency sector, Australia’s major banks maintain cautious policies when it comes to cryptocurrencies. While cryptocurrency businesses appear to challenge Australian banks’ appetite for risk, many institutions permit cryptocurrencies to be purchased using credit cards. Credit Card Cryptocurrency Purchases Permitted by Many Australian Banks A spokesperson for Westpac, Australia’s second-largest bank […]
|Indian IT Giant—Mahindra, Set to Adopt Samsung’s SDS Nexledger Blockchain Comment Translate Page|
According to a recent report, Mahindra, an IT giant based in India has now formed a partnership with SDS which is the systems integration division of Samsung. The main purpose of this partnership is to be involved in the global blockchain market. The Samsung SDS Nexledger Platform SDS is set to increase the rate at […]
|Bitcoin Cash Milestones and Liberland’s Merit in the Weekly Video Update From Bitcoin.com Comment Translate Page|
Cashshuffle mixes transactions worth millions of dollars, merchant locations listed on Acceptbitcoin.cash surpass 1,000, and Liberland’s Merit token, which is built on bitcoin cash, captures $1 million market cap. The video news update shared on Bitcoin.com’s Youtube channel covers these and other interesting topics this week. Also read: Cryptonite Browser Extension Protects You From Phishing […]
|People Only Want to Buy Bitcoin *After* Price Rises, Google Data Shows Comment Translate Page|
The interest in buying bitcoin appears to lag the cryptocurrency’s price rise. A closer look at trending searches through the past month reveals that the phrase “buy Bitcoin” tends to increase in interest only after the price of Bitcoin has actually increased. ‘Buy Bitcoin’ Term Follows BTC Price Data from Google Trends reveals that volumes […]
|Bitcoin Will Top $10,000 in 2019, Says Fundstrat’s Tom Lee Comment Translate Page|
Given the performance of Bitcoin (BTC) since the start of 2019, especially the major gains realized in April, several analysts say BTC is set for a bullish year. Bitcoin Winter is Over According to Tom Lee of Fundstrat Global Advisors, the prolonged bear market of 2018 is now a thing of the past. Lee posits […]
|Bitcoin Cash Futures Volumes: A Prelude to the Recent BCH Price Appreciation Comment Translate Page|
Over the last few weeks, there’s been a lot of attention focused on bitcoin cash (BCH) doubling in value and the $10 million worth of BCH-based futures being swapped on the Crypto Facilities platform every month. Last month, Crypto Facilities saw close to $50 million in BCH contracts. Since then, the popular Huobi exchange has […]