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Started By
Message
re: Daily Bitcoin Article
Posted on 2/24/14 at 11:30 am to Broke
Posted on 2/24/14 at 11:30 am to Broke
quote:
Why would you need millions?
You don't need millions. There are plenty of reasons to build new alt coins. The primary being to test changes safely.
quote:
Kinda defeats the deflationary aspect eh?
No, I can't pass my Dogecoin as Bitcoin, they are two different things.
1
Posted on 2/24/14 at 11:36 am to joshnorris14
quote:
quote:
Kinda defeats the deflationary aspect eh?
No, I can't pass my Dogecoin as Bitcoin, they are two different things.
How many different "currencies" do you suppose merchants will want to have to deal with?
What's odd is, the more you post the supposed unique benefits of this cryptocurrency stuff, the more perplexing it seems as to why anyone would ever really want or need such a thing.
Posted on 2/24/14 at 11:39 am to Y.A. Tittle
quote:
How many different "currencies" do you suppose merchants will want to have to deal with?
If implementation is easy any of them that the customers demand. Patrick Byrne said he wanted to implement a payment process for alt-coins but there is no service to do so as of now.
quote:
What's odd is, the more you post the supposed unique benefits of this cryptocurrency stuff, the more perplexing it seems as to why anyone would ever really want or need such a thing
Which isn't uncommon for innovative technologies.
Posted on 2/24/14 at 11:40 am to joshnorris14
quote:imagine how much fun that will be? I work in an extremely technical field and when I am away from it, simplicity is where I find my solace. I want one credit card, one debit card, and CASH. As far as I'm concerned about Bitcoin, and others, the intrigue is in how it can become something of value out of thin air with nothing behind it but code that keep being rewritten and manipulated without any substance backing it. Yes, the federal reserve does basically the same thing, but I have FDIC safeguards, whereas, crypto currencies have nothing.
In the future there will be millions of alt-coins.
Posted on 2/24/14 at 11:42 am to joshnorris14
quote:
Which isn't uncommon for innovative technologies.
I have a hard time thinking of something analogous.
Posted on 2/24/14 at 11:43 am to HubbaBubba
quote:
As far as I'm concerned about Bitcoin, and others, the intrigue is in how it can become something of value out of thin air with nothing behind it but code that keep being rewritten and manipulated without any substance backing it.
Scarcity!
quote:
imagine how much fun that will be?
Just because there are 120 alt-coins doesn't mean payment processors will develop around them. Of the 120 cryptocurrencies, the only one businesses have a real reason to adopt is 1. The other 119 can't act as a transaction network at this point (perhaps Litecoin could).
Posted on 2/24/14 at 11:44 am to Y.A. Tittle
Posted on 2/24/14 at 11:46 am to joshnorris14
I'm sorry but I don't think you can compare the invention of the internet to digital currency.
Posted on 2/24/14 at 11:48 am to joshnorris14
quote:
LINK
I knew that's where you were going to go, but I don's see any way it's analogous.
The internet opened ways to do entirely new things, that admittedly many people did not foresee when it first appeared. What "new" things are you envisioning people will be able to do with cryptocurrency that they can't do currently?
While perhaps it's a neat concept, I've yet to see any suggestion of how it's anything but a reworking of things that essentially already exist.
Posted on 2/24/14 at 11:49 am to Broke
Just humor me and consider that cryptocurrency technology isn't static.
If Bitcoin in 2014 is to TCP/IP in 1981, the limitations of Bitcoin today will seem hilarious in 30 years.
If Bitcoin in 2014 is to TCP/IP in 1981, the limitations of Bitcoin today will seem hilarious in 30 years.
Posted on 2/24/14 at 11:49 am to joshnorris14
quote:astitine is scarce. Bit code is not.
Scarcity
Posted on 2/24/14 at 11:50 am to HubbaBubba
Go ahead and try to create another bitcoin with some code.
Posted on 2/24/14 at 11:50 am to joshnorris14
quote:
If Bitcoin in 2014 is to TCP/IP in 1981, the limitations of Bitcoin today will seem hilarious in 30 years.
What is bitcoin designed to do? Buy shite? That's kinda it right? Are you saying that we are going to be doing other stuff with Bitcoin? Maybe washing our clothes with bitcoin? Doing the dishes with bitcoin?
Posted on 2/24/14 at 11:51 am to joshnorris14
And hey Josh, I appreciate you not running off like a pussy when we put some heat on you. I'm serious
Posted on 2/24/14 at 11:54 am to Broke
quote:
I appreciate you not running off like a pussy when we put some heat on you. I'm serious
Agreed
Posted on 2/24/14 at 11:54 am to Broke
quote:Lifetime.
We don't even know if it's a month, year, or what
Posted on 2/24/14 at 11:58 am to Broke
quote:
What is bitcoin designed to do?
I think Satoshi had some foresight in knowing the possibilities he unlocked when he developed block chain technology, but I don't think he had near the understanding that we do today. Two specific use cases were cited by him: As a currency (Bitcoin) and as a decentralized DNS (Namecoin).
But we know today is that the application of block chain technology far exceeds those uses.
quote:
Are you saying that we are going to be doing other stuff with Bitcoin?
Personally my favorite illustration is the poor African who can attract capital for a business idea instantly without using a third party. That kind of access to capital could change things drastically in underdeveloped countries (The kind of countries that use cell phone minutes as currency).
Posted on 2/24/14 at 12:01 pm to LSURussian
quote:How many changes have been made with and without the blessing of the Bitcoin Foundation? Changes to the code can result in branching, someone has to seek consensus among the miners to avoid branches. Who performs that function?
Who decides if it's 'good code' and how is it decided?
Posted on 2/24/14 at 12:02 pm to joshnorris14
quote:
Personally my favorite illustration is the poor African who can attract capital for a business idea instantly without using a third party.
Do you really think it is currency exchange issues that are keeping poor African villager business start-ups from happening?
Posted on 2/24/14 at 12:03 pm to Y.A. Tittle
quote:
Do you really think it is currency exchange issues that are keeping poor African villager business start-ups from happening?
Not currency exchange, but a lack of access to capital is certainly a huge hindrance.
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