You do understand that there is a middle ground between tyranny and demanding the freedom to senselessly kill yourself, right?
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Middle ground is too messy to debate. Either we have fiat currency without the fiat and every citizen can own an atomic bomb - or we outlaw squirt guns and tell everybody to get a job at the DMV.
According to this guy, the cryptocurrencies are here to stay. He predicted it as late as 2012 in this book.
Money laundering mixed with get-rich-quick? What is there not to love?
According to me cryptocurrencies are a scam and will crash, and I predicted this back in 1957. So there, I win.
It is. Itās spectacularly wasteful, and itās wasteful by design. Bitcoin doesnāt function if it isnāt burning obscene amounts of electricity (on top of obscenely wasteful hardware) to satisfy a quota of CPU cycles spent per step in the blockchain. No other currency does this.
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If it takes months to settle a payment itās because of fraud protection, not because of the time required to execute a transaction. And for bitcoin to ever be useful as anything more than legalized gambling it will have to incorporate the same kind of fraud protection, which means suffering from the exact same delays.
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Iām sure someone will offer such a service on top of it.
And then the processing delays you complain about will be exactly the same for bitcoin.
There is no need for so much additional encryption.
As long as there is enough security for the Electronic Data Transaction System to function, it can be used to transact safely.
We had to design those systems.
Just because someone attacks them doesnāt mean they are right.
Just because someone wants to spend time and efforts on encryption whether block chain or other is all the same thing.
More than enough encryption is enough, however, the extra encryption which is not necessary is more than needed and more than enough.
Also, if too much security is put on encryption and not enough on other security methods, efficiency of the encryption can be lost or wasted.
Itās like someone attacking an online transaction from a bank.
It is no more legal.
ā
Because 2 people decide to make a transaction be worth $1 trillion or more, can make it worth that much.
If marriages are good enough to legitimize children from birth,
so can they own the value of the earth from it.
When those attacking the transactions reduce it to be negative and against the interest of the state, the $1 trillion of asset can then be misrepresented as zero, or a debt to the interest of the state, however, it is not for the interest of the state to do so.
If the state decides to waste $1 trillion because they want to create a bad debt with 2 people, and make claims for damages from them, the state is responsible for their own actions.
If police and courts try to steal money and efforts from 2 people,
they donāt have to associate with that state and they donāt have to tolerate their attacks by conniving with them to ignore it by refusing evidence of their attacks against the interest of the state so as to try to gain from false debt.
There is a difference if the backend can actually do instant finality without trust and applications on top that add additional constraints. VISA canāt do instant finality, is completely proprietary and trust based. But why do I even have to say that. If you canāt even think that far there is nothing we really can talk about.
And just how exactly does āthe backendā solve the scenario where a seller accepts payment but does not ship the product the customer bought? Because if a conventional payment processor is taking āmonthsā to resolve a transaction the reason is protecting against that kind of fraud.
You are supposed to send your bitcoin to Mr Big, who holds it in escrow until the shipment of coke is delivered.
Hi [Client nameā¦],
We apologize for the delay in answering your support request. The market conditions have created a high demand for service. We are working very hard to resolve your support ticket, we know it is frustrating and we thank you for your patience.
Our transactions backlogged due to high trading velocity, congestion on blockchain networks and third-party banking systems being maxed out, causing a spike in our number of support requests.
"This is truly a historic moment that we are sharing, and every exchange, platform and network has been tested with the recent spikes in volume.
I want to thank you again for investing with Coinberry. You made the right choice. We are adapting and growing fast to bring our response times to be the best in the industry.
We look forward to answering your emails, and thank you again for your patience and your business.
ā Andrei Poliakov, CEO
I think it is important to keep the debate going. Bitcoin has duped a lot of intelligent people - it has something to do with the combination of new technology combined with finance and philosophy.
People want to believe in it, and there is a lot of stuff to unwrap before you can figure out what is really going on. Having the āassetā go up in value like a rocket ship also makes it easier for people to convince themselves that it is real.
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I was referring more to the fact that almost nobody on earth can understand the financial industry - so when a new financial product comes to market, there is no point-of-reference for people to decide if it makes sense.
Lemme guess,
Did you invest in Ripple?
Cosā you yourself seem awfully invested in centralizing and regulating what clearly doesnāt have to be centralized and regulated.
Itās more likely that the tech will slip between the fingers of anyone trying to regulate it, the same way the books of the printing press did.
To me, all of that is akin to saying stone tablets will stay because itās easier for the government to regulate their content.
I think you are underestimating the tech, personally.
Oh, I know. Iām not expecting to convince someone that deep into blind fanboyism. Iām simply pointing out his errors and evasions so that itās very clear to anyone reading this thread who might otherwise be persuaded by the fanboy arguments.
I think youāre confusing tech issues with human behavior issues. Regulation is inevitable because most people want things like fraud protection for their financial activities. Bitcoin can either accept regulation and satisfy the demands of these potential customers, or it can stubbornly refuse to be regulated and remain a niche interest with no mainstream adoption.
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Thatās even more sick when those criminals are falsely accused and imprisoned.
Also notice the direct relation of cause and effect between the countries prosecuting the criminals they incriminate when they commit no crimes,
and how they intend to benefit those criminals they wrongfully accuse,
or, rather, those other criminals they refused to rightfully accuse and prosecute instead.
So yes,
if fair is fair,
which criminal is it going to be that they actually benefit ?
The criminals who are liable and are not prosecuted because of criminal consensus,
or, those victims of crimes, wrongfully accused of those crimes committed by others they same criminal refuse to prosecute and they seek to justify their attacks against their victims?
It also intends to justify to keep them poor and abuse their rights by the way, but they lie they donāt understand that, when they are the ones getting paid to actually do the understanding about that, about which they make falsification of reports instead, which leads to war and inevitable losses, no matter how unacceptable they are.