Cryptocurrency as the next significant stage for computing technology, not just an investment

[auxien]

According to a thread I just read, the password reset email system maybe doesn't even work

 

so I dunno if WATMMcoin is really the next significant stage for WATMM, or for humanity

 

but hey, maybe.

[Amen Warrior]

I'm sure Joyrex can fix any issues with it before it inevitably becomes the dominant global currency

[zlemflolia]

Most of them that aren't shitcoins are continuing to get better and better as their devs implement bug fixes, network scalability optimizations, decentralization parameter tweaks, transaction format clarifications, and new use cases are discovered.  Crypto keeps getting better and better in every conceivable way.  Bitcoin underwent a large stress test and managed to survive it.  It also underwent one of the most contentious hard fork chain splits ever, and the chain that is more oriented towards decentralization ended up coming out on top in usage.  Ethereum had one of the biggest decentralized apps (DAPP) ever launched on the chain, cryptokitties, and it caused some issues but the chain came out unscathed.  Everything is getting better each week that passes, and there is no reason to be negative towards cryptocurrencies.

Edited October 5, 2018 by Zeffolia

[Guest Ovitus]

did you check the graph I posted? it shows bitcoin price, beginning to present. two previous crashes show greater decline then what we're currently seeing. only difference now is more people are aware of it and the duration of these price swings are becoming longer. it appears that the price of crypto is slowly stabilizing, as it becomes less volatile with every cycle. I'd say we're in the midst of a 3rd major bear trend, but a rebound is just around the corner compared to other markets. I do believe cryptocurrency will leapfrog traditional banking infrastructure in significance in upcoming years, developing countries will be able to take advantage of it and global trade will become much easier and faster

 

https://www.tradingview.com/chart/BLX/BiVh8LiU-Bitcoin-s-Three-Market-Cycles-Time-Price-Observations/

[chenGOD]

Most of them that aren't shitcoins are continuing to get better and better as their devs implement bug fixes, network scalability optimizations, decentralization parameter tweaks, transaction format clarifications, and new use cases are discovered.  Crypto keeps getting better and better in every conceivable way.  Bitcoin underwent a large stress test and managed to survive it.  It also underwent one of the most contentious hard fork chain splits ever, and the chain that is more oriented towards decentralization ended up coming out on top in usage.  Ethereum had one of the biggest decentralized apps (DAPP) ever launched on the chain, cryptokitties, and it caused some issues but the chain came out unscathed.  Everything is getting better each week that passes, and there is no reason to be negative towards cryptocurrencies.

 

Cryptokitties jammed the hell out of the eth network. It needs to scale.

To say "everything is getting better each week" is just blind fanboyism. Issues are being worked on, but there are a lot of things that need to be worked out.

[zlemflolia]

ok but that doesn't exactly answer my question. how are you able to say it is tiny compared to other losses? it seems like a pretty significant blow even if it will recover.

 

There are no losses except for people who got in at the to, and the top was a short period of time.  If they hold long enough they will most likely stop being down at some point.  I'm up and so is anyone who has held crypto for a while, but I don't even care about the price.  Price doesn't matter at this point.

 

 

Most of them that aren't shitcoins are continuing to get better and better as their devs implement bug fixes, network scalability optimizations, decentralization parameter tweaks, transaction format clarifications, and new use cases are discovered.  Crypto keeps getting better and better in every conceivable way.  Bitcoin underwent a large stress test and managed to survive it.  It also underwent one of the most contentious hard fork chain splits ever, and the chain that is more oriented towards decentralization ended up coming out on top in usage.  Ethereum had one of the biggest decentralized apps (DAPP) ever launched on the chain, cryptokitties, and it caused some issues but the chain came out unscathed.  Everything is getting better each week that passes, and there is no reason to be negative towards cryptocurrencies.

 

Cryptokitties jammed the hell out of the eth network. It needs to scale.

To say "everything is getting better each week" is just blind fanboyism. Issues are being worked on, but there are a lot of things that need to be worked out.

 

 

The things that need to be worked out have been exposed and are being worked on

Edited October 5, 2018 by Zeffolia

[chenGOD]

Man you should read the stuff that Vitalik is saying. These are not insignificant problems.

I don't disagree, that blockchain tech is highly valuable, but there are some major issues with cryptocurrency.

[zlemflolia]

Anything in particular with irrefutably grim conclusions for the future of cryptocurrency, he says many things

[auxien]

I'm not going to hunt through the thread to see if this was discussed before, just tell me to piss off if so:

 

https://www.nytimes.com/2018/11/01/technology/nevada-bitcoin-blockchain-society.html

 

In case it's behind a paywall for you, the gist of the article in its conclusion: 

 

Ethereum is what he believes makes his community more than just a giant real estate project. To understand why requires more than a bit of imagination. And faith. Every resident and employee will have what amounts to an Ethereum address, which they will use to vote on local measures and store their personal data.

 

Mr. Berns believes Ethereum will give people a way to control their identity and online data without any governments or companies involved.

That is a widely shared view in the blockchain community, but there are significant questions about whether any of it can work in the real world. Most blockchain companies have failed to gain any traction, and Ethereum and Bitcoin networks have struggled to handle even moderate amounts of traffic.

 

Mr. Berns believes that one of the big problems has been security. People have been terrible at holding the private keys that are necessary to access a Bitcoin or Ethereum wallet.

 

He wants to address that with a custom-built system where people’s private keys are stored on multiple digital devices, kept in vaults, so that no one device can access the keys. He has already purchased vaults that are burrowed into mountains in Sweden and Switzerland and he plans to build additional vaults in the mountains in Nevada.

 

The other thing holding back Ethereum, Mr. Berns believes, has been a lack of real-world laboratories. His Nevada land, he hopes, will change that.

 

“This will either be the biggest thing ever, or the most spectacular crash and burn in the history of mankind,” Mr. Berns said. “I don’t know which one. I believe it’s the former but either way it’s going to be one hell of a ride.”

[Braintree]

Bitcoin emissions alone could push global warming above 2°C

Edited November 1, 2018 by Braintree

[zlemflolia]

Bitcoin emissions alone could push global warming above 2°C

 

>Bitcoin is a power-hungry cryptocurrency that is increasingly used as an investment and payment system. Here we show that projected Bitcoin usage, should it follow the rate of adoption of other broadly adopted technologies, could alone produce enough CO2 emissions to push warming above 2 °C within less than three decades.

 

Article dismissed, the same can be said of anything that's growing exponentially in the beginning, like the desire for fidget spinners.  If fidget spinner usage continues increasing at the exponential rate it did when they first got popular, they will soon fill the entire universe

 

What it's missing is that adoption doesn't require more miners

Edited November 2, 2018 by Zeffolia

[Hugh Mughnus]

Err... just because there is a theoretical equivalent negative effect from some other product doesn't mean you should dismiss that potential.

[Hugh Mughnus]

Your last sentence makes that make more sense, thx.

[BobDobalina]

Sounds like someone needs to kick up the 4d3d3d3, amirite?

[Candiru]

Cryptocurrency is the next significant stage for getting caught in a web of international organized crime and having your sense of reality fucked with beyond repair. Next thing you know, all of your assets are being seized, you’re testifying in front of a grand jury and Mark Zuckerberg calls you, contemplating suicide after a coke binge.

[usagi]

lol

[pcock]

i sold out, needed a new pc. i lost about 12 percent. fuck it. 

[zlemflolia]

Cryptocurrency is the next significant stage for getting caught in a web of international organized crime and having your sense of reality fucked with beyond repair. Next thing you know, all of your assets are being seized, you’re testifying in front of a grand jury and Mark Zuckerberg calls you, contemplating suicide after a coke binge.

 

Cryptocurrency is the asset most resistance to seizure since you can make it only exist in your brain if you memorize your randomly generated wallet seed phrase

[usagi]

it's also extremely resistant to fraud and essentially all the types of crimes driven by that basic human trait which crypto will help us magically erase: greed.

[goDel]

Cryptocurrency is the next significant stage for getting caught in a web of international organized crime and having your sense of reality fucked with beyond repair. Next thing you know, all of your assets are being seized, you’re testifying in front of a grand jury and Mark Zuckerberg calls you, contemplating suicide after a coke binge.

 

this piece of poetry needed another quote.

 

Breaking news:

Candiru = Bret Easton Ellis

[DerWaschbar]

 

Bitcoin emissions alone could push global warming above 2°C

 

What it's missing is that adoption doesn't require more miners

 

 

Adoption doesn't require more miners but if it has a positive effect on price then it the creates incentives which will increase mining activity.

 

Very interested to see how btc performs over the next year with quantitative tightening and the looming corporate junk bond crisis.

Another high risk asset to be deleveraged and dumped? A hedge for the digital age as it was designed?

[DerWaschbar]

And if that wasn't the bottom then I hope you bought earlier than 2017

[dr lopez]

damn that thread title is so fucking embarrassing

[manmower]

Using BTC again for the first time in years to send about 20 euro to someone who prefers to paid in BTC for whatever reason.

 

Currently at least an hour into the process (more than half of that waiting for confirmations, still waiting by the way) and down a couple euro on fees.

 

"The next significant stage for humanity, not just an investment."

[zlemflolia]

Using BTC again for the first time in years to send about 20 euro to someone who prefers to paid in BTC for whatever reason.

 

Currently at least an hour into the process (more than half of that waiting for confirmations, still waiting by the way) and down a couple euro on fees.

 

"The next significant stage for humanity, not just an investment."

 

Senders don't have to wait for confirmations, only receivers.  And since you're using it again for the first time in years it's not surprising you don't find it smoothe since you're probably setting up websites to buy BTC and trying to remember how to send it etc.