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

[zlemflolia]

 

 

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?

 

 

I wouldn't be surprised if the bear market continued for 1 to 2, even 3 years.  The sentiment on crypto is very negative right now among the general population, and all of the typical people who don't even know what it is are patting themselves on the back for "predicting" that it's a scam that's going to crash.  They'll forget about it until the next hype cycle

[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."

 

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.

 

Well, I had to wait for 6 to receive what I paid for. And I used my old Coinbase account, although I did include the time it took to buy the BTC. But even without that part I'm at 30+ minutes and what, 10% fee, for what would have been one or two minutes and no fees using any debit or credit card or PayPal.

[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.

 

Well, I had to wait for 6 to receive what I paid for. And I used my old Coinbase account, although I did include the time it took to buy the BTC. But even without that part I'm at 30+ minutes and what, 10% fee, for what would have been one or two minutes and no fees using any debit or credit card or PayPal.

 

 

This is a Coinbase problem not a Bitcoin problem.  Every one of these problems is caused by both Coinbase and traditional banking.  I'm not deflecting I'm making a technical point here to explain it to you

 

How did you pay for your BTC on Coinbase?  Through a bank transfer?  Or through USD that had already been deposited into your Coinbase USD wallet?  I don't know what you did, but the process could have been smoother if you did this:

 

• Already have USD in your Coinbase USD wallet which you can transfer to GDAX, Coinbase's realtime trading platform.
• Buy BTC instantly through a market buy order, or a little cheaper with a bit of waiting and fiddling using a limit buy order.
• Transfer your BTC from GDAX to the receiver's BTC address through a GDAX withdrawal - if you do this GDAX also actually subsidizes the BTC transaction fee.  They near-instantly broadcast the transaction to the Bitcoin network
• If you did all of this, the receiver would have had his BTC in his wallet within a matter of minutes, and then it would only be his responsibility to wait for as many blocks worth of confirmations as he decides to wait based on how much he trusts you

See all of these issues are caused by a combination of the traditional banking system and Coinbase itself, none of these gripes have anything to do with Bitcoin.  If you already had Bitcoin, which people generally would if it gained mainstream adoption, you could have just done the transaction yourself and the whole process would have been very fast, with only the receiver waiting as many confirmations as he decides to.  And once ~6 confirmations occur, the transaction is irreversible for all practical purposes.

 

tl;dr

Your complaints are about the process of transferring USD to Coinbase and purchasing BTC from them, not about the process of making Bitcoin transactions to give people BTC

Edited January 12, 2019 by Zeffolia

[zlemflolia]

Also you're mistaken, PayPal and all credit cards have fees.  Credit card fees are paid by the receiver though so consumers are hidden from them, but you can bet your life that sellers pass those fees back on to buyers.  Credit card companies also have "cash back rewards" programs which are a way to trick people to use specific credit cards that often have even higher fees for merchants to pay, but the buyer feels like they're getting "cash back" as the programs are named when they're really passing additional transaction costs on to merchants, which the merchants then pass on to the buyers, of which the buyers are then refunded a small percentage.  It's a scheme for credit card companies to literally skim money off the top of the economy while providing little value in the majority of cases (nobody needs to dispute $2 transactions for coffee, nobody's going to spend the money to perform the Bitcoin network attacks required to make those unsafe in a 0/1-conf scenario).  And with lightning network fees become nonexistent.

 

Anyway it will take a while for people to learn the full picture but eventually the economics of the scenario and the efficiency gains for society generated by cryptocurrencies will make them the only practical option.

[zlemflolia]

I understand the frustration though and yeah it's annoying - as decentralized exchanges (DEXs) become more popular, inter-crypto exchange friction will be eliminated entirely and exchanges will have to compete with these decentralized almost platonic systems with perfect efficiency, so if they want to compete and gain consumers they will have to lower fees and make their experience more smooth.  It -will- take time.  These are the early stages.

[zlemflolia]

The Bitcoin blockchain and more importantly any PoW blockchain is the one object most resilient to entropic decay.  The genesis block will never have a bit flip that goes unnoticed by future generations because if that happens it's immediately detectable and correctable through a brute force search of the single-bit-flip modifications to the first erroneous block.  Same for N-bit flips and as N increases to be sufficiently large, brute force regeneration becomes impossible but single-backup regeneration abilities still remain.  This is all because of the hash chain structure among blocks going backwards.

 

The Bitcoin blockchain (or another if Bitcoin loses favor which is unlikely due to network effects and first mover advantage) will be the fundamental structure indicative of power that will persist for future generations to see.  If all governments on Earth try to outlaw Bitcoin with oppressive surveillance methods and military force, all you need is one flash drive with a copy of the blockchain at the certain point on it, to be buried somewhere or lost in the space between someone's walls, for the entire blockchain up until that backup point to be regenerated and for Bitcoin to continue on as normal starting where it left off, assuming the internet (or an internet) exists which it will.  It doesn't matter if 99.999999% of all backups are bit-rotted or burned by the governments, all you need is ONE copy and you can perfectly verify its legitimacy.  This is astounding and the most important innovation in computing since the internet, or since the general purpose computer itself

Edited January 13, 2019 by Zeffolia

[Candiru]

Whoa that’s a lotta bitcoin fuggedaboutit

[oscillik]

 

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

 

But what if brain has seizure? What happen then?

[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

 

But what if brain has seizure? What happen then?

 

 

Troll post assumed but this is a good point.  If you store your crypto only in your brain then suffer a brain injury that causes memory loss, or die, then your crypto is gone forever.  There aren't really good solutions to this right now apart from using a partial multisig timelocked revokable cold storage smart contract mechanism. 

 

Basically it means there are 3 parties (A=You, B=Heir, C=ThirdPartyCustodialKeyHolder)

 

You can lock your funds into a smart contract whose encumbrance is the following:

• A can sign transactions any time he wants, they're his coins
• If A dies, B and C can sign transactions, but there is a timelock on them being fulfilled
• If B and C conspire against A, then A can transmit a revokation transaction which moves his coins elsewhere immediately, invalidating the pending timelock fulfillment made by the conspiring parties

The one flaw is that if the ThirdPartyCustodialKeyHolder falls apart as an organization or loses their copy of private key C, or refuses to cooperate and wants to spite Heir B, they can refuse to sign the multisig transaction even with a valid proof of death.  This seems unlikely though, and furthermore the scenario can be incentivized to make it so C gets a small cut of every multisig transaction they sign when a primary keyholder dies, so if they conspire against the heir upon A's death then they lose money, but still can't scam A if he's alive.  One issue remaining is that B and C can kidnap A or otherwise incapacitate him so he can't sign the revocation transaction in which case B and C can steal A's funds while he's still alive.  This is the one fatal flaw but it's always a risk though even with traditional financial systems, and it doesn't really happen

 

This keeps your coins safe but if you die they go to your heir, and nobody can scam you even the heir, unless the heir and custodial agency cooperate to incapacitate A.  I don't think there's a simple way to do this right now but I'm pretty sure it's possible using the above scheme.  If anyone reads this who knows otherwise and I'm wrong, please correct me.

Edited January 13, 2019 by Zeffolia

[Guest]

[usagi]

partial multisig timelocked revokable cold storage smart contract mechanism. 

 

lol

[hello spiral]

I'd pay good money to hear Chris Morris say that

[usagi]

I can hear it in my mind... Brass Eye: Crypto Special, featuring Ted Maul reporting undercover from a flat shared by white-collar weekend warriors using titcoin to get their dope delivered by post.

[zlemflolia]

 

partial multisig timelocked revokable cold storage smart contract mechanism. 

 

lol

 

 

What's so funny.  The wording is weird, the correct term would probably just be "partially timelocked multisig cold storage smart contract mechanism"

Edited January 15, 2019 by Zeffolia

[usagi]

could you please use that exact sequence of words in a spoken sentence, record it, upload it to youtube and link it here, thanks.

[triachus]

if only most men were smart enough to lock their easily stolen cums in a partial multisig timelocked revokable cold storage smart contract mechanism

[DerWaschbar]

sry tri: https://coinmarketcap.com/search/?q=cum

blockchain still has a long way to go

[Blir]

l

 

 

partial multisig timelocked revokable cold storage smart contract mechanism. 

 

lol

 

lol

[mcbpete]

The name of Snares' best-of compilation ?

[DerWaschbar]

l

 

 

partial multisig timelocked revokable cold storage smart contract mechanism. 

 

lol

 

lol

lol

[usagi]

if only most men were smart enough to lock their easily stolen cums in a partial multisig timelocked revokable cold storage smart contract mechanism

 

I do. my partial multisig timelocked revokable cold storage smart contract solution for this is my woman's vagina.

 

- partial: I part-own it with several others

- multisig: every use requires mutually-witnessed signatures from everyone

- timelocked: only avail Tues between 1900 and 1930 hours

- cold storage: self-explanatory

- smart contract: if performance falls short of expectations, future contracts are auto-revoked. smot

 

of course the major flaw with this solution is that it might form babby, which could then be used as a pretext to steal all my electronic monies.

[oscillik]

I was about to say - doesn’t the risk of a babby also act as an air-gapped bitcoin wallet, though? Potential increasing security at a rate unheard of before?

 

If babby can be trust, though…

[zlemflolia]

weird cum obsession but ok

[Candiru]

Ya know when you don’t cum for like a week and then you do and it comes out like fuckin clam chowder and it feels amazing? How much bitcoin would it take to experience this forever, in your estimation? $15 was not enough.

[zlemflolia]

masturbation is a sin didnt you know, more like eternal hell chowder

 

only satoshi can save you, even sky daddy agrees