If you think NFT’s are a scam, check out the ludicrious markups on the Omega MoonSwatch’s on ebay.
I don’t see calls to heavy handedly regulate that.
People think the solution is to make people poor equally? The only thing you get out of that, is more dependency and centralisation of control / power over you. That means you are less at liberty to criticize and object to their decisions over you.
“We have to prepare for a more angry world” - Klaus, that’s because they’re manufacturing your reaction to bring in what they want. They cannot do it by force, you will object and resist, that is human nature, the desire to be free, but if you demand it, you only have yourself to blame.
Power and control has largely been eclipsed and captured. It is now manouvering to remodel.
Problem → Reaction → Solution.
The digital Fourth Industrial Revolution will make punchcards look like lego and they will know everything about you and control you. Beware digital technology that has no built in privacy that you control. You will have to be more obedient or they can deny you whatever they control (which will be everything digital).
Imagine, somebody somewhere, analysing your DNA. Patenting it.
If you don’t control your own self, what do you own? What are you? Why do you exist? What is your purpose?
Are you free if you don’t control your own self? Do you want somebody to control over you? Why? How much?
You want somebody else to decide and control what affects your self?
Where is that red line? The boundary you control?
That is the problem, you have no boundary, or perhaps you have a boundary, but others should not?
How far do we have to go into dystopia for you to say enough?
“You will own nothing and be happy”, not sure how that holds true if you don’t own your own self, and exist as an individual. Not sure how that’s being free. Freedom is the power to control ones own destiny, and to say no…
It will be used to control and quantify you even more (you will be socially scored and rated), for a glimpse at that means, take a look at China. And even more so in the future, Gattaca, Brave New World et al. will be more realised. The more data they have on you, the more you lose your freedom and the less you will know about your rulers…
Someone with a narrative I think. If I’m wrong about something I just look into it more and then revise my belief, I don’t become disruptive because I’m wrong.
Being wrong is actually an important step towards learning.
Yeah, just got a notification that my initial post was flagged. But it didn’t tell me what was wrong with it (i.e. spam, trolling, offensive, etcetera). So, now I get to play a guessing game.
Regardless,
And to whoever is trying to shut down this thread:
In case you didn’t know, this isn’t r/groupthink. Around hyar, we actually tolerate and discuss different opinions. If you want to meta-game a platform’s mechanics in order to bury dissenting opinions, go to reddit. There you can downvote into oblivion any opinion you don’t like. Don’t need to concern yourself with the merits of their position, or bother coming up with any well-constructed arguments in order to defend yours.
If only one of you was also raised to utter the reasoning behind their opinions. So far we just got “it’s a scam” or “it’s a ponzi scheme” etc. Would appreciate to actually read a good argument for a change.
I hope the ISD suspend that person and don’t let themselves be meta gamed and just close the thread
The next Bitcoin difficulty adjustment is estimated to take place on Mar 31, 2022 04:56:32 AM UTC increasing the Bitcoin mining difficulty from 27.45 T to 28.50 T.
Let’s shovel another amount of ‘clean coal’ into it’s value ?
Now, the difficulty (made for the sole purpose of carrot, has no other technological or mathematical goal) will increase over time. Unless… a government, like China decides electricity should not be wasted on crypto. Reasons given by the Chinese authorities were “environment” and “fraud” and “money laundering”. Those are good arguments an I have not seen any counter argument besides “Evil China wants to take your freedom!”.
“Bitcoin provides anonymous transactions”. MOSTLY FALSE. It was promoted this way and if you want to do this, it’s not impossible but extremely cumbersome.
“Bitcoin will cut out the middleman!”. MOSTLY FALSE. It was promoted this way and if you want to do this, it’s not impossible but extremely cumbersome.
“Bitcoin will be limited “print”” FALSE. “Bitcoin” cash is one of Bitcoin forks and still goes Brrr. Then… “Bitcoin Cash” split off and got a new brother called “Bitcoin SV” which still goes Brrr. So the nonsense about Crypto being a counter to the FED printing is laughable. The FED actually decides what is best for the economy, Crypto is more like a wildcat bank.
I had replies to these points but they were mostly false too. I am still waiting on Bitcoin’s child and grandchild to stop printing Brrrr… Brrrr…
Already your arguments lack substance, in fact the difficulty is in place to stop too many BTC being created too quickly. The world will have to make do with the amount of BTC currently in circulation. This is a crucial feature of BTC because the scarcity of BTC is what will control the value. so the less BTC is circulation the higher the value.
This can’t be a reason for people thinking it is a scam or ponzi? can you not see it was purposely designed this way? A finite currency will always behave this way where supply and demand control it’s value rather than banks and government.
No one will ever know what legal BTC transactions I make, I am confident of that. Only the crypto exchange can link me to transactions in the event of a legal or criminal investigation. Since I never break the law this will never apply to me.
BTC needs crypto exchanges operating as a sort of middleman, If we look at a typical exchange they seem to be very much prepared to buy lots and lots of BTC, I believe lots of rich people (like the rapper Nas) have invested lots in crypto exchanges, I for one am happy there is someone able to buy the BTC I earn instantly at top market rate.
BTC forks are logical if a consensus can’t be reached, it will be the crypto community who will determine if these forks fail or not. Lets say nobody was prepared to accept Bitcoin SV as payment, people could still speculate that one day retailers might, but still it just may not happen. this will keep the value low and miners will have little interest in working with it.
Bitcoin SV for example may have better features like a bigger block size that will enable a higher level of transactions per second. So again there are some benefits which retailers may find useful, It just depends on how long one is prepared to wait for Bitcoin SV value to grow if at all.
I could be wrong, maybe a crypto with a higher per second transaction volume will only gain value when the BTC transaction limit is reached and people are waiting longer for BTC transactions to confirm. This makes sense as the BTC transaction per second limit might not have been reached yet so it might not be apparent that a higher volume solution is needed.
The people mining a crypto currency which features a higher transaction volume now might all become millionaires in 3 or 4 years, who knows. The cool thing about forks and crypto is that one can limit their loss and invest in a small machine and mine a forked crypto coin with the hope the value may increase due to it’s features.
I feel these are reasonable replies which are also fact (some realistic speculation thrown in), you should be doing research on these answers to gain an understanding,
The purpose of the difficulty adjustment, as Aaron already correctly described is to make sure the block production is constant. If you use more hash power you will find blocks faster, so Bitcoin will adjust to make sure block time is ~10min on average again.
So is China cleaner now? Did they shutdown coal plants? How much did this delay the climate catastrophe? A week? No time at all?
If your concern and argument is climate change it shouldn’t matter what the coal, oil or gas energy is used for. It should only matter that fossil carbon is diggd out of the earth and pumped into the atmosphere and I’m all for stopping that.
But shifting the blame on Bitcoin or cars, or meat eating or maybe you should just wear a jacket indoors in winter than heat your house comfortably…
this is all a distraction, and seriously the more I hear this ■■■■ the angrier I get, because it’s actually working and it’s actually part of the problem! We are doing nothing about the actual cause, because we are all busy blaming ourselves and each other for consuming energy. Meanwhile a couple companies just make a killing digging fissile fuel out of the earth, causing the actual problem, and sell it without taking any responsibility at all. WTF
Do I really have to address the “fraud” and “money” laundering? It’s a public ledger, how dumb does a criminal have to be to leave such an obvious trace. This is an invalid argument. Criminals that use Bitcoin get caught left and right. Yet the opaque fiat financial system launders multiples of the whole crypto market cap every year and gets away with it. Go look at the recent leeks, crypto wasn’t mentioned once. Was there any action taken? How many of the politicians that want to get rid of Bitcoin where in the middle of all that?
No one ever said that, and it was not promoted this way. Bitcoin provides “pseudonymous” transactions. They are not obviously attached to a person but you can trace it back if you have enough motivation to do so. Small payments can be made private with Lightning.
Bitcoin works completely without a middleman. Just because a lot of people don’t interact with it directly and use centralized exchanges doesn’t mean that Bitcoin itself does not work without a middleman. There is no central server or central entity anywhere that is required for Bitcoin to work. I hope I don’t have to explain this further, I’m starting to lose my faith in humanity here, and it’s just monday morning.
A fair argument. Forks is how disagreements about changes to the consensus protocol are handled. It’s a strange phenomenon and I’m not sure how mainstream compatible it is, as the complete social dynamics are not fully understood yet I think.
However, those forks will die off. You can check the price of Bitcoin cash and BSV, they are in steady decline and they will just vanish over time.
So no, Bitcoin will always have 21mil coins. But there will probably always be other crypto currencies but historically most of them vanish again.
The economy can be regulated without fiddling with the money supply. Increasing the money supply is a way to raise additional taxes that sidelines democracy. It’s effectively theft.
Maybe be a bit more specific about why you absolutely require an elastic money supply, to solve what problem exactly apart from stealing money from the people?
By the rules in the code of every single node out there running and checking. And no the programmers can’t just change that code of those nodes.
I know the answer, I know you know the answer, you know I know you know, yet still you reply these things? You are wording it wrong, the goal is to have 1 entry in the ledger ‘on average’ every 15 minutes. But Karak already came in here and beat me to it.
No, I see it in a different way. You mix up “that the value of Bitcoin depends on what people think it will be worth in the future” with “One entry of the ledger will be completed on average every 15 minutes.”. Be clear and concise in your answers.
Probably and that is good, but that doesn’t counter the “incorrect advertisements” that are made for Bitcoin.
Ok, but nevertheless, cryptoprinter goes brrr… So the “Crypto community” you speak off is generally the “industrial scale miners” and if two groups decide to continue anyways, you have two parallel currencies.
You reply with lots of words but do not disprove at all. I accept your answer and I believe you and other crypto guys are having fun doing what you do, but that does not negate that he advertising of the Bitcoin again was wrong.
We are talking about cyrpto, and it became dirtier… China will be able to adjust their electrcial production in due time.
You don’t have to, more and more regulations are being voted in place. The use of crypto for those purposes is slowly winding down.
You do know a fair lot about cypto, but here you are wrong. You aren’t scamming me, are you?
In what timeframe? 5 years, 10 years, 100 years?
Not sure why you ask that, again you can ask any country in the world why they do it. Even China and Iran do it, lol.
Also, crypto adjust difficulty depending on the miners work, and they are mostly driven by profit margin. So it’s inverted of what the FED does but once can shut down entire farms, wait for the adjustment then start them back up, same flaw lol. And no, it’s not individuals, it’s industrial mining facilities that make those large farms you can see thousands of images of…
Again, in stead of just stating how it is, you react cornered and say “explain me why practically every government in the world needs elastic money supply just like crypto”. Wow, I guess we both compete to get the Gold medal at the Mental Gymnastics, right, lol?
The reason why Bitcoin tries to adjust to keep a block time of 10min (not 15min) is a technical one. It gives the blocks enough time to propagate trough the network and it keeps the database growth in check. A faster growing database would mean it gets more expensive to run a node and that would hurt decentralization. That is why there is a TPS limit on Bitcoin, it’s not because of “old tech”, but on purpose. The reasoning behind this is also called the “blockchain trilemma”.
Ok, so you are not addressing my answer and repeat the same thing. I’m sorry, but you are part of the problem because you help spread the distraction from the actual issue with climate change.
I’m not sure what your goal is here. It’s not a secret how Bitcoin transactions work. It doesn’t matter if some third party claims that it’s anonymous, everyone can clearly see that the privacy of Bitcoin isn’t very strong.
If I claim that EVE will have t2 titans and t3 mining barges and that doesn’t materialize in a year, are you then going to blame CCP that the promoted features of EVE’s t2 titans and t3 mining barges where false? Is that how this works?
We are figuring that out together as we write this. Exciting isn’t it?
As we already said, difficulty adjustment has absolutely no effect on coin issuance. I’m not sure how you can even mix this up with elastic money supply.
The Bitcoin block reward is a way to auction off new coins over a given time until the full supply of 21mil coins is reached. It is the fairest way I have ever seen to issue a new currency.
Elastic supply of fiat currencies is in the hand of a central authority that can just print new money out of thin air at their own convenience and effectively draining that value out of the economy into their own hands. How is that good for the economy?
The ONLY argument for elastic supply I have ever heard that made any sense was to regulate the exchange rate to other currencies to make sure exports stay competitive. And that is not relevant for a global currency like Bitcoin.
I still want to hear from you why YOU think elastic supply is an important feature of a currency.
