Bitcoin currency of the future?

[Deleted member 409801]

If you think cryptocurrencies and blockchain technology are about destabilizing the global economy I have to question your sources for that. You sound like a CTer.

I would presume that the powers that be would consider anything that diminished the influence of the federal reserve to be " destabilizing" . At the end of the day the world doesn't operate as a function of altruism , its run by whoever has the requisite guns to make everyone else go along with the program.

Whats the incentive for a central bank to adopt a coin rather than build / control and implement one from the ground up?

 

[Reyesnuthugr]

Did you miss the part where the USD gets shoved by force down down the throat of the rest of the world? Its not gonna be surrendered without getting ugly

The US dollar is useful because it is more stable and useful than a lot of other countries can make their dollars sometimes, it also attracts investment. I don't think the USA forces Canada or Mexico to accept their dollars, but they do anyway. The US doesn't isn't pointing a gun at European countries or anyone else to use its dollar as the default for gold or oil trade or as the official default currency of the world. You literally can't enforce that because it's not a law and there is no penalty for not doing so.

Did it have to get ugly for that to happen? When was that?

 

[Reyesnuthugr]

I would presume that the powers that be would consider anything that diminished the influence of the federal reserve to be " destabilizing" .

They've already classified it in the new laws just passed as "securities" and accept taxes from its gains, which makes it legal.

 

[Deleted member 409801]

The US dollar is useful because it is more stable and useful than a lot of other countries can make their dollars sometimes, it also attracts investment. I don't think the USA forces Canada or Mexico to accept their dollars, but they do anyway. The US doesn't isn't pointing a gun at European countries or anyone else to use its dollar as the default for gold or oil trade.

Did it have to get ugly for that to happen? When was that?

Are you kidding , you don't the USD is backed up by full weight of the US Military?

Ill ask again , whats the incentive for a central bank or the US govt to adopt your pet coin vs building one that they have full control and authority over from the ground up?

 

[Reyesnuthugr]

Are you kidding , you don't the USD is backed up by full weight of the US Military?

I don't think threat of military action is the reason why SOME other countries choose to adopt USD as their country's currency. Most of them DON'T, so why don't they get threatened? Where's the shock troops? And some countries accept USD as payment but again, most of them DON'T. So where is that military action or threat of action, again?

Ill ask again , whats the incentive for a central bank or the US govt to adopt your pet coin vs building one that they have full control and authority over from the ground up?

Like I said, they don't even need to.

Not only that, but no one is expecting them to.

 

[Orgasmo]

You're out of your element, Donny.

Blockchain-backed currency is the future(and blockchain technology to a much greater extent is the future of the internet). Its efficient, trustless, fully traceable, and fool-proof. Whether it's going to be dominant through a private(centralized, think Ripple(XRP)) or public blockchain(decentralized, think Bitcoin, Ethereum) is what's up for debate.

And you're riding on a hype train. Fact of the matter is that blockchain has been around for nearly a decade, and has yet to see mass adoption. Having potential does not mean it will realize that potential. All newer technologies will have a honeymoon phase before reality sets in. You can't predict what you'll have for dinner same time next week let alone currency of the future, and to declare blockchain the future is a pretty bold claim.

Blockchain is subjected to the same human error, tampering and inefficiencies as any centralized system.

https://bitsonblocks.net/2016/07/19/so-you-want-to-use-a-blockchain-for-that/
https://securityintelligence.com/the-blockchain-is-only-as-strong-as-its-weakest-link/
http://www.circleid.com/posts/20160502_are_blockchains_the_most_expensive_database_ever_invented/

 

[HIMBOB]

And you're riding on a hype train. Fact of the matter is that blockchain has been around for nearly a decade, and has yet to see mass adoption. Having potential does not mean it will realize that potential. All newer technologies will have a honeymoon phase before reality sets in. You can't predict what you'll have for dinner same time next week let alone currency of the future, and to declare blockchain the future is a pretty bold claim.

Blockchain is subjected to the same human error, tampering and inefficiencies as any centralized system.

https://bitsonblocks.net/2016/07/19/so-you-want-to-use-a-blockchain-for-that/
https://securityintelligence.com/the-blockchain-is-only-as-strong-as-its-weakest-link/
http://www.circleid.com/posts/20160502_are_blockchains_the_most_expensive_database_ever_invented/

Thanks for the links.

I do think you over estimate the wanning power of the USD.

Crypto does not need US Fed acceptance to be useful. Surely acceptance would be useful but far from mandatory.

 

[Cid]

Why would a ban on mining drive the price down? What would happen to gold if it stopped being mined today? It sure as Hell wouldn't decrease in value.

Any pullback relating to China is because people ( probably rightly so ) are at least partially aware that a stroke of the right pen could upend the whole thing.

My post was before the big crash which was caused by pretty much what you said. Uncertainty in china.

Usability has always been poor , perceived scarcity is what's driving this bus.

Usability hasn't been an issue of the big coins until recently. Billions of dollars in transactions of illegal drugs occurred for years with little issue.

It's only now during the big push into crypto by noobs like myself trying to get rich that has caused the issues with transfers taking forever and price going up.

The scarcity does drive some of the price but buying alt coins with fiat currency is very difficult. If you're talking about use in shops it's never been that case to begin with and if anything that's getting better. Buying other coins is almost exclusively done with ETH and BTC. That's easily trillions of dollars being sent around per week.

You have to buy a coin from an exchange then you have to send it to another exchange to exchange it for another crypto. Then the exchange where you did the exchange doesn't allow you to sell to your local currency so when you make money you have to exchange it back to the original coin and send that to the exchange you originally bought it from to sell it. 2/3 of the exchanges I use aren't in my country.

Given the market moves hundreds of billions per day I wouldn't be surprised if over a trillion is sent and exchanged around the world each day.

That's the use right now. Fuck with that and it loses value.

 

[Orgasmo]

Thanks for the links.

I do think you over estimate the wanning power of the USD.

Crypto does not need US Fed acceptance to be useful. Surely acceptance would be useful but far from mandatory.

Yes it does. You will need to pay sales tax for transactions, which means the currency you pay must be legal tender. The scalability of cryptocurrency do not allow them to perform transaction at such a large scale.

 

[benebox]

I signed up and then using that Muse program I sent some POWR to it, but I couldn' figure out how to send it back out of my wallet. Truly low moment...

No idea what a muse programe is or why you would need it to send from an exchange to your wallet as you can do it directly with the exchance who charge a small commision? But to take your POWR out you need some etheruem on your wallet to pay the gas.

 

[Deleted member 409801]

At what point does your average johnny come lately " buy on the news " schmuck lose his nerve and flinch ? 9k.....8k?

When do enough hodl'ms fodl'm that it collapses?

Asking for a friend

 

[CauseImbetta]

I have cardano, should I sell, keep or change to another coin?

I hear NEO is the future.

 

[Cid]

At what point does your average johnny come lately " buy on the news " schmuck lose his nerve and flinch ? 9k.....8k?

When do enough hodl'ms fodl'm that it collapses?

Asking for a friend

If it keeps going like it is... before saturday lol.

 

[Luminaire]

It's a bloodbath

 

[Zazen]

All the optimistic people left this thread. What happened? Where's Der Eisbar? Did you sell or still buying on the dip?

 

[rj144]

All the optimistic people left this thread. What happened? Where's Der Eisbar? Did you sell or still buying on the dip?

I'm still in it. I'm just waiting.

Others are not doing well:

http://www.newsweek.com/cryptocurre...line-appear-reddit-forum-bitcoin-price-783412

CRYPTOCURRENCY CRASH SEES SUICIDE HOTLINE APPEAR ON REDDIT FORUM, AS BITCOIN PRICE CONTINUES SLIDE

 

[Luminaire]

All the optimistic people left this thread. What happened? Where's Der Eisbar? Did you sell or still buying on the dip?

It's Der Fraudsbar.

And he's a brilliant crypto day trader that never takes a loss. He just jumps from one winner to the next, and he sniffed out this crash and cashed out a couple days ago... right after riding Ethereums run.

Pretty sure he's a multi millionaire now and doesn't really see the point in posting here.

Either that or he's on hold for the cryptocurrency suicide hotline.

 

[benebox]

All the optimistic people left this thread. What happened? Where's Der Eisbar? Did you sell or still buying on the dip?

Probably too busy trying to find ways to raise more money to buy the dip. This is a golden opportunity, I wish I had money to invest right now.

 

[shockaholic12]

Are you kidding , you don't the USD is backed up by full weight of the US Military?

Ill ask again , whats the incentive for a central bank or the US govt to adopt your pet coin vs building one that they have full control and authority over from the ground up?

Better question is what incentive is there for any government to attempt to build something like bitcoin? The entire premise and allure of bitcoin is the fact it’s not under full control or authority of a government. What’s the point of a government sponsored bitcoin?

 

[Deleted member 409801]

Better question is what incentive is there for any government to attempt to build something like bitcoin? The entire premise and allure of bitcoin is the fact it’s not under full control or authority of a government. What’s the point of a government sponsored bitcoin?

Hmmmm , phasing out cash , making tax evasion , money laundering ECT ECT much more problematic. I can't see any reason why a govt would be interested in that.

And you answered your own question as to why bitcoin will not be allowed to compete with the dollar. The tech is useful and will be appropriated , the individual /existing coins not so much , imo.