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

[chenGOD]

34 minutes ago, cyanobacteria said:

clearly the energy of earning the money to spend on those things

Yeah that has nothing to do with the flow of money. Paying taxes has nothing to do with creating the banking system. 

[zlemflolia]

2 hours ago, chenGOD said:

Yeah that has nothing to do with the flow of money. Paying taxes has nothing to do with creating the banking system. 

the moneys liquid and its moving from one place to another, its flowing

paying taxes has everything to do with creating the banking system because the banking system exists upon the foundation of the state and the population of people in need of that banking system

Edited January 21, 2021 by cyanobacteria

[usagi]

so's my cum but that doesn't necessarily create babby

[dingformung]

im ultra rich

[auxien]

7 hours ago, cyanobacteria said:

talk more precisely i literally have no idea what youre talking about.  "get more money to more people" scenario?  where was the described?  if youre going to use quotes make it a quote not your own made up rephrase

i quoted you initially, genius. 

 

7 hours ago, cyanobacteria said:

i dont control what people do, and it is a good investment.  its not a stock investment because its not stock.  its not a ponzi or pyramid scheme unless land is too.  those words have specific meanings and dont generically apply to any and all finite resources.  bitcoin is more like rare art or land.

bitcoin is not a good investment. bitcoin is a risky investment: risky investments can be anywhere between winning the lottery and losing every penny you have. (goes for all the crypto stuff not just BC) 

it is very much a pyramid scheme, despite its legitimately interesting technological basis. if you ripped up the records of every bitcoin transaction and all the associated tech of it at once, the associated wealth all disappears with it. 100% gone. if you ripped up every land deed tomorrow and all the records of it, that land still exists and has some use, some inherit value. these things are not the fucking same.

[zlemflolia]

38 minutes ago, auxien said:

i quoted you initially, genius. 

 

bitcoin is not a good investment. bitcoin is a risky investment: risky investments can be anywhere between winning the lottery and losing every penny you have. (goes for all the crypto stuff not just BC) 

it is very much a pyramid scheme, despite its legitimately interesting technological basis. if you ripped up the records of every bitcoin transaction and all the associated tech of it at once, the associated wealth all disappears with it. 100% gone. if you ripped up every land deed tomorrow and all the records of it, that land still exists and has some use, some inherit value. these things are not the fucking same.

an investment being risky doesn't mean it's not good.  investment portfolios are about balancing risk.  you won't lose every penny you have if you don't invest every penny you have

it's not a pyramid scheme, that's a very specific thing which bitcoin is not [https://en.wikipedia.org/wiki/Pyramid_scheme]

if you completely destroy something from the universe of course it ceases to exist anymore.  that's like saying if an asteroid destroys the earth the US dollar will no longer be worth anything.  no shit.  and it's basically impossible to rip up every blockchain.  even a nation state level actor couldn't do it unless they just destroy every computer.  i have copies of the blockchain spread out on various computers that at some points ran bitcoin full nodes.  some of these are backed up onto some of my hard drives.  the same can be said for many others.  that's a backup of much of the bitcoin history.  and who's going to come destroy my hard drives or even find them?  they're spread out over the world. and that's just me, not the millions of other people

Edited January 21, 2021 by cyanobacteria

[auxien]

jesus zeff you really are deluded. 

On 1/20/2021 at 1:45 AM, dcom said:

“You can't convince a believer of anything; for their belief is not based on evidence, it's based on a deep seated need to believe.” -- Carl Sagan.

 

[zlemflolia]

Just now, auxien said:

jesus zeff you really are deluded. 

 

there is nothing in my post that i said which is untrue.  its you who is deluded

[dingformung]

13 hours ago, zero said:

smart move to walk away while ahead. what did you do with all that money? did you spend it on useless crap? or put it to good use, like saving all the animals in Africa, like any good anti-capitalistic watmmer would do...

I spent it on fries wiv catch up

[chenGOD]

5 hours ago, cyanobacteria said:

the moneys liquid and its moving from one place to another, its flowing

paying taxes has everything to do with creating the banking system because the banking system exists upon the foundation of the state and the population of people in need of that banking system

When talking about the flow of money there is a pretty specific meaning, at least in terms of discussing the economy. Paying taxes and banking isonly a small part of it.

Banking has been around long before the idea of the modern state. Go read some economic history that isn't Marx.

https://cointelegraph.com/news/bitcoin-double-spend-spotted-in-the-wild

So it looks like one of the main claims to fame (avoiding double spending) for bitcoin has just been breached. Will investors recognize that fundamental flaw?

From a generation (not just Americans) that appears to take financial advice off tik tok....I would say not likely.

[dcom]

The Unreasonable Ecological Cost of #CryptoArt (Memoakten/Medium)

 

Edited January 21, 2021 by dcom

[TubularCorporation]

https://twitter.com/search?q=stephen diehl bitcoin&src=typed_query

Edited January 21, 2021 by TubularCorporation

[Alcofribas]

28 minutes ago, dcom said:

The Unreasonable Ecological Cost of #CryptoArt (Memoakten/Medium)

 

the figures in that medium link are..uh, p fucked up. getting the impression crypto is not such a good idea

[chenGOD]

21 minutes ago, Alcofribas said:

getting the impression crypto is not such a good idea

Don't forget: https://www.reuters.com/article/usa-election-cryptocurrency/large-bitcoin-payment-made-to-far-right-individuals-before-us-capitol-attack-report-idUSL4N2JP429

[Alcofribas]

2 minutes ago, chenGOD said:

Don't forget: https://www.reuters.com/article/usa-election-cryptocurrency/large-bitcoin-payment-made-to-far-right-individuals-before-us-capitol-attack-report-idUSL4N2JP429

woah bitcoin come in different sizes? 

[auxien]

lol

[chenGOD]

2 minutes ago, Alcofribas said:

woah bitcoin come in different sizes? 

They ordered the large thinking it was American sizes, but they should have ordered the XXL.

[zlemflolia]

5 hours ago, chenGOD said:

When talking about the flow of money there is a pretty specific meaning, at least in terms of discussing the economy. Paying taxes and banking isonly a small part of it.

Banking has been around long before the idea of the modern state. Go read some economic history that isn't Marx.

https://cointelegraph.com/news/bitcoin-double-spend-spotted-in-the-wild

So it looks like one of the main claims to fame (avoiding double spending) for bitcoin has just been breached. Will investors recognize that fundamental flaw?

From a generation (not just Americans) that appears to take financial advice off tik tok....I would say not likely.

it sure has, but previous relations of production are irrelevant when discussing how things are now unless youre supposing we will regress some day.  my post was clearly talking about present tense

the possibility of a double spend attack happening is not a fundamental flaw but a well understood security tradeoff and inevitable occurrence.  there is a simple solution for transaction receivers - wait for more blocks to be mined before considering transactions received.  this exponentially reduces the probability of a double spend.  and in fact most popular wallets have a built in feature helping you track the number of blocks mined on top of your transaction, called the number of "confirmations".  this article not only severely overrates the severity of this incident if you understand the technical aspects at play here, but is misleading to the point where I'm surprised this dude is allowed to write articles for this website and it undermines the website's legitimacy

Edited January 21, 2021 by cyanobacteria

[zlemflolia]

1 hour ago, dcom said:

The Unreasonable Ecological Cost of #CryptoArt (Memoakten/Medium)

 

the ecological cost of bitcoin is hilariously overrated when you consider the ecological cost of the US maintaining the US dollar's global hegemony which involves everything from mass murder to constant use of fossil fuels and even more advanced fuel forms like jet fuel, of course along with its externalities like the maintenance of capitalism in general regardless of currency, and its ecological costs

[auxien]

your capitalism bad

my capitalism good

[zlemflolia]

11 minutes ago, auxien said:

your capitalism bad

my capitalism good

capitalism good when used as an advancement above a previous relation of production

capitalism bad once it solidifies, in comparison to more advanced relations of production

Edited January 21, 2021 by cyanobacteria

[auxien]

5 minutes ago, cyanobacteria said:

capitalism good! - Zeffolia

wow, can't believe you're a filthy capitalist dude. crazy. Bernie would be ashamed 

[Amen Warrior]

29 minutes ago, cyanobacteria said:

the ecological cost of bitcoin is hilariously overrated when you consider the ecological cost of the US maintaining the US dollar's global hegemony which involves everything from mass murder to constant use of fossil fuels and even more advanced fuel forms like jet fuel, of course along with its externalities like the maintenance of capitalism in general regardless of currency, and its ecological costs

Yeah all that stuff is really bad, so let's add to it loads with this second other thing that has no purpose or value beyond allowing shitmunchers to talk about how they've "diversified their portfolio" on a subreddit about trading tesla stock, that'll be cool

[zlemflolia]

3 minutes ago, Amen Warrior said:

Yeah all that stuff is really bad, so let's add to it loads with this second other thing that has no purpose or value beyond allowing shitmunchers to talk about how they've "diversified their portfolio" on a subreddit about trading tesla stock, that'll be cool

once it's developed sufficiently it will allow us to send money to friends in other countries which typically have high remittance fees, practically for free.  of course nobody in the first world cares about things like this

[Amen Warrior]

Ive managed to live for 34 years without ever needing to send money to friends in other countries, but it's good to know we might soon be able to do that for free with something that isn't actual money but still inexplicably needs to consume loads of energy to exist.