Crypto Megathread V29 - Bottoms Up!

[meauneau]

Wouldn't it be easier to just say what crypto solves? There are a million things it doesn't solve or do better than exiting means.

It solves the problem of trust, efficiency and centralisation.

The onus is on him, he claimed it doesn't solve any real problems. He has to substantiate his claim.

 

[kimocomplex]

AVAX back up to $20 now. Hope I'm not going to regret not buying more at $15.

I still didn't get AVAX or SOL.

 

[God_Emperor_Of_Mankind]

21k....

 

[Prefect]

It solves the problem of trust, efficiency and centralisation.

The onus is on him, he claimed it doesn't solve any real problems. He has to substantiate his claim.

Trust?

Fraud and theft are rampant. The industry is comically out of control and needs regulation to have credibility.

Efficiency?

Transfer fees exceed banking transfer fees.

Having middle men is more efficient than peer to peer.

Centralization?

The market price is manipulated by whales and Tethers that it is hard to claim that it is beyond manipulation. In comparison, the central bank acts in a manner generally to support the economy.


You still haven't answered my question of where is it used heavily legitimately or why 90%+ of transactions are fake. You just throw vague concepts at me without answering my question.

 

[HOLA]

English isn't my first language, but anyway.

You said it doesn't solve any problems. What are these problems that it doesn't solve?

I think you're misunderstanding me. I don't have a list of problems Bitcoin was unable to solve, because financial transactions worked and work, for all intents and purposes, just fine without Bitcoin. That's what I mean by saying it ultimately doesn't solve any real problems.

The excitement surrounding Bitcoin is because people believe it will make them rich, not because they think or even care if it will make the Accounts Receivable Department run smoother.

 

[Rob Battisti]

I think you're misunderstanding me. I don't have a list of problems Bitcoin was unable to solve, because financial transactions worked and work, for all intents and purposes, just fine without Bitcoin. That's what I mean by saying it ultimately doesn't solve any real problems.

The excitement surrounding Bitcoin is because people believe it will make them rich, not because they think or even care if it will make the Accounts Receivable Department run smoother.

By all means, keep displaying your lack of knowledge for someone who’s been “investing” since 2007.

 

[TeTe]

https://www.yahoo.com/finance/news/ethereum-scaling-solution-immutable-x-075204689.html

Another example of keeping decentralization, but using a scaling solution to increase speeds and lower fees.

Ethereum scaling solution Immutable X will allow users to receive U.S. dollars in their bank accounts on ether withdrawals, developers said this week.

The ether off-ramp is available to any developer building on Immutable. Developers can enable their users to sell the layer 2-based ether and have the proceeds deposited directly into their bank accounts.

Decentralized layer 2 solutions like Immutable X enable faster, cheaper and more energy-efficient transactions than the Ethereum mainnet. As per developer documents, Immutable can process more than 9,000 transactions per second (tps), while the Ethereum network averages 10.54 tps as of Thursday morning.

This is one of the first instances of a layer 2 application allowing users to directly withdraw ether holdings to U.S. dollars. The fiat transactions are processed via crypto payments firm MoonPay.

 

[HOLA]

Trust?

Fraud and theft are rampant. The industry is comically out of control and needs regulation to have credibility.

Efficiency?

Transfer fees exceed banking transfer fees.

Having middle men is more efficient than peer to peer.

Centralization?

The market price is manipulated by whales and Tethers that it is hard to claim that it is beyond manipulation. In comparison, the central bank acts in a manner generally to support the economy.


You still haven't answered my question of where is it used heavily legitimately or why 90%+ of transactions are fake. You just throw vague concepts at me without answering my question.

There are people in here talking about never selling their bitcoins; there are people in here talking about averaging down by buying and holding more; there are people in here talking about how naysayers are going to eat shit when the price skyrockets, etc. This is why they have such a visceral reaction to criticism of it.

Noticeably absent from the discussion are all the people talking about how Bitcoin made running their small business easier, or whatever. Because it doesn't do that. It's a nonproductive asset that is a poor means of payment, but people want to get rich, so they'll proselytize it.

 

[meauneau]

Trust?

Fraud and theft are rampant. The industry is comically out of control and needs regulation to have credibility.

That's true, but that is not an issue with the tech. It's people designing their projects for the purpose of funneling money in to their pockets. You can read the smart contract and decide whether it is safe or not. If you cannot read the smart contract then here are auditors who check these things and categorsie dapps from high to low risk.

Efficiency?

Transfer fees exceed banking transfer fees.

Having middle men is more efficient than peer to peer.

It takes 3 business days for transfers and they cost over $10 for international transfers. Whereas I can send billions, instantaneously and for less than 20c.

Sorry, but you will have to substantiate your claim that having a middle man makes it more efficient than P2P. In a network P2P is always faster and more efficient than having a server in the middle.

Centralization?

The market price is manipulated by whales and Tethers that it is hard to claim that it is beyond manipulation. In comparison, the central bank acts in a manner generally to support the economy.

If you hold the keys you hold total control over the assets. All the stories of people losing their assets is because they gave their keys to a centralised exchange, so they lost control of their assets. The price is determined by the market, but that has nothing to do with the tech though.

You still haven't answered my question of where is it used heavily legitimately or why 90%+ of transactions are fake. You just throw vague concepts at me without answering my question.

Like I said, there are projects that were designed to funnel money from retail into their pockets, but there are serious ones who don't and do not have fake transactions on chain. All this can be seen in the chain's explorer, nothing is hidden.

I know [REDACTED] and [REDACTED] are used by governments, such as the UK and Chinese govs and by some massive companies/institutions. We are still early and the tech is still being developed, they keep a lot secrete and under NCNDAs.

If you wanna miss out it's up to yoU. I am not here to educate or convince you. DYOR.

 

[meauneau]

I think you're misunderstanding me. I don't have a list of problems Bitcoin was unable to solve, because financial transactions worked and work, for all intents and purposes, just fine without Bitcoin. That's what I mean by saying it ultimately doesn't solve any real problems.

The excitement surrounding Bitcoin is because people believe it will make them rich, not because they think or even care if it will make the Accounts Receivable Department run smoother.

That's why there are crypto courses in the top universities in the world, right? Because there is no need or use for it, it is just a passing fad and a scam.

 

[meauneau]

There are people in here talking about never selling their bitcoins; there are people in here talking about averaging down by buying and holding more; there are people in here talking about how naysayers are going to eat shit when the price skyrockets, etc. This is why they have such a visceral reaction to criticism of it.

Noticeably absent from the discussion are all the people talking about how Bitcoin made running their small business easier, or whatever. Because it doesn't do that. It's a nonproductive asset that is a poor means of payment, but people want to get rich, so they'll proselytize it.

You haven't criticised the tech though, have you?

If you paid attention we do criticise projects and compare their tech. For example, air nodes vs DONs, chains that separate the consensus layer from the compute layer vs those that don't, and so on.

Yes, we also speculate on the price, but that is a different thing.

 

[HOLA]

By all means, keep displaying your lack of knowledge for someone who’s been “investing” since 2007.

How many vapid responses like this are you going to write me? You never write, "you're wrong because XYZ." It's just a whole bunch of:

"you need to learn!"
"so Ignorant!"
"displaying your lack of knowledge!"

 

[m25105]

 

[kimocomplex]

Felt like some more ADA just because

 

[meauneau]

Anyway, off to get folded in my pijamas

 

[Rob Battisti]

There are people in here talking about never selling their bitcoins; there are people in here talking about averaging down by buying and holding more; there are people in here talking about how naysayers are going to eat shit when the price skyrockets, etc. This is why they have such a visceral reaction to criticism of it.

Noticeably absent from the discussion are all the people talking about how Bitcoin made running their small business easier, or whatever. Because it doesn't do that. It's a nonproductive asset that is a poor means of payment, but people want to get rich, so they'll proselytize it.

You haven’t offered any actual criticism outside of “all it’s good for is hiring hitmen”.

 

[HOLA]

You haven’t offered any actual criticism outside of “all it’s good for is hiring hitmen”.

Come on man you know this is a lie.

 

[TeTe]

There are people in here talking about never selling their bitcoins; there are people in here talking about averaging down by buying and holding more; there are people in here talking about how naysayers are going to eat shit when the price skyrockets, etc. This is why they have such a visceral reaction to criticism of it.

Please, people do that same shit in the stock market. I wish I had a dollar for every time I heard someone go on about continuously buying or selling gamestop or AMC stock last year. Or whatever the newest gamble was on Reddit. Let's not make this out to be a "crypto bro" thing.

 

[Prefect]

It takes 3 business days for transfers and they cost over $10 for international transfers. Whereas I can send billions, instantaneously and for less than 20c.

.

LOL. No. I can talk to my bank and do transfers instantly and get paypal in a day.

Quit making it seem like a billion dollar transfer is realistic or that the fees you are quoting are normally accurate. It isn't even quick enough for normal transactions. Who is going to wait 10 minutes for a transaction to clear. No one transferring a billion dollars would use an irreversible system that has no safety.

 

[Rob Battisti]

How many vapid responses like this are you going to write me? You never write, "you're wrong because XYZ." It's just a whole bunch of:

"you need to learn!"
"so Ignorant!"
"displaying your lack of knowledge!"

You … haven’t offered any actual intelligent argument against anything outside of “it’s a Ponzi scheme”.