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re: People buying these Crypto Currencies
Posted on 6/17/22 at 9:42 am to boogiewoogie1978
Posted on 6/17/22 at 9:42 am to boogiewoogie1978
My point is that not every "cryptocurrency" is trying to be a piece of digital gold. For example, some technologies are for smart contracts. Others are for record keeping. It's a very diverse space, and Bitcoin and it's intended purpose is not the only thing people are trying to accomplish with cryptocurrencies.
0
Posted on 6/17/22 at 10:11 am to BottomlandBrew
quote:
The whole point is it's verifiable.
I get that part. I was saying that if it is centralized somewhere, is that verifiable?
quote:
Etherscan is a website that reads the validated blockchain and tells people what's going on
Isn’t that centralization via Etherscan?
Posted on 6/17/22 at 10:22 am to Suntiger
quote:
I was saying that if it is centralized somewhere, is that verifiable?
A centralized ledger is only verifiable if you trust the holding party not to modify the ledger to their advantage. The point of decentralization is to have tons of people look at the ledger and say, "yup, checks out. We good."
quote:
Isn’t that centralization via Etherscan?
Etherscan is just a website that reads the Ethereum blockchain. There are many services, private and public, that do this, be it for bitcoin, ethereum, cardona, etc. I only used it as an example as to how a normal person like you and me can read the blockchain and see what went where.
Posted on 6/17/22 at 10:25 am to Eurocat
quote:Bet I can guess what political party you identify with just by this comment
Why should I care if my data is centralized or decentralized. Heck, make it centralized, what's the matter with that?
And because of that I can see why decentralized data does not matter much to you.
This post was edited on 6/17/22 at 10:26 am
Posted on 6/17/22 at 10:29 am to Suntiger
quote:Etherscan is just an easy way any person can view the data. If you wanted to take all possibly corruption of data that is being reported (for example on Etherscan) out of the realm of possibility, anyone can run a node and verify the data themselves at home.
Isn’t that centralization via Etherscan?
This post was edited on 6/17/22 at 10:30 am
Posted on 6/17/22 at 10:51 am to GeneralLee
quote:
Probably the best crypto stock play is BRPHF, but it is overbought at the moment and you can probably pick it up under $23 in the next month or two.
or under $5 if you waited six months
Posted on 6/17/22 at 11:24 am to Suntiger
quote:
Isn’t that centralization via Etherscan?
Yes. Ethereum the blockchain is very well decentralized, but the tools surrounding it are lacking decentralization. It's difficult & expensive for those tools to scale, so the centralized services came online first with bigger funding. Decentralized options are starting to pop up; for example, for an RPC provider there's now Pocket Network that competes with Infura, Alchemy, and others. For block explorers, there's one in development: Librescan
It is an expensive and difficult endeavor to keep track of and store every block transaction over the last year or so. So far, no decentralized options for block exploration have succeeded. There are multiple centralized block explorers, however, so data can be validated by a service through multiple explorers. A list of block explorers
In addition, node operators (most large projects will want to run nodes for efficiency) can look up data directly on the blockchain if they have things like transaction IDs and addresses.
All this is to say: The block explorers are not decentralized (yet), but there's enough competition and people watching that it'd take a really large coordinated effort to have all of these options show the same bad data. The data is very trustable.
This post was edited on 6/17/22 at 11:28 am
Posted on 6/17/22 at 12:12 pm to I Love Bama
quote:
In my opinion, only Bitcoin wins
First mover and better brand recognition.
What else does it have? It's the same as the rest. Requires a lot of belief that it has some sort of value, or can reasonably used as currency (its ridiculously slow), and it's not just another "greater fool" operation.
I don't "invest" in what I don't understand. That includes a lot of stocks in companies I don't understand. I didn't invest in Yahoo when they had a market cap greater than General Motors at the turn of the millennium.
Will some of these survive and provide utility? I'm sure they will. But for now, I'm reminded of the "gold rush" and all the snake-oil salesmen that went with it. This feels like that.
Posted on 6/17/22 at 12:18 pm to Grievous Angel
quote:Have you brushed up on the bitcoin Lightning network? This point is moot if Lightning can continue growing
or can reasonably used as currency (its ridiculously slow
Posted on 6/17/22 at 4:59 pm to Pendulum
quote:
Also you seem to be confusing crypto with btc.
Nah.
I know that bitcoin is one of several versions of crypto currency.
Posted on 6/17/22 at 6:27 pm to FLObserver
I play it like online Horse Racing. I use Hotbit.io. There are all kinds of 3x and 5x volatility multipliers (long and short) in the ETF section that track the main crypto like Bitcoin, Ethereum, etc. along with all the other crypto.
Example: BTC1D5L tracks Bitcoin (long) but is 5x more volatile. You can also short it (BTC1D5S). There are tons of plays.
Example: BTC1D5L tracks Bitcoin (long) but is 5x more volatile. You can also short it (BTC1D5S). There are tons of plays.
Posted on 6/19/22 at 8:21 pm to FLObserver
quote:
Its seems like a pyramid scheme
Because it is. Pump and dump.
It’s a casino.
Posted on 6/20/22 at 6:25 am to jcaz
quote:
Because it is. Pump and dump.
It’s a casino.
Explain.
Posted on 6/20/22 at 10:10 am to tenderfoot tigah
Probably doesn't know enough about it to explain. Just the cool thing to say nowadays
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