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re: Why bitcoin is worse than a Madoff-style Ponzi scheme
Posted on 12/24/21 at 3:05 pm to TigerTatorTots
Posted on 12/24/21 at 3:05 pm to TigerTatorTots
quote:
Bitcoin has never been hacked in its 12 year life. The question was about bitcoin. Your article says “blockchains”
Bitcoin cannot be used without Blockchain to the degree that without Blockchain it doesn’t exist.
1
Posted on 12/24/21 at 3:21 pm to EA6B
Centralized VC projects get hacked. Bitcoin does not.
To me that is the long term question. Does the original idealistic dream of bitcoin win or do we just chase fiat gains under the guise of “better technology”.
Super simplistic summary but that is the debate going on now from what I can tell. Jack and Bitcoin maximalists vs the VC crowd of the likes of Marc Andreessen. Perhaps both can coexist is Bitcoin is relegated to just a store of value. We’ll see. Going to be interesting that’s for sure.
To me that is the long term question. Does the original idealistic dream of bitcoin win or do we just chase fiat gains under the guise of “better technology”.
Super simplistic summary but that is the debate going on now from what I can tell. Jack and Bitcoin maximalists vs the VC crowd of the likes of Marc Andreessen. Perhaps both can coexist is Bitcoin is relegated to just a store of value. We’ll see. Going to be interesting that’s for sure.
Posted on 12/24/21 at 3:21 pm to TigerTatorTots
it’ll be fun to look back in a decade and see people still waiting on the Bitcoin network to show a fault.
Hell; even if a collision is found ala the SHA1 hash functions the network protocols could easily be changed to allow for a new hash function with a larger number space than 256 bits and make it even more improbable for there to be any issues. Wouldn’t even be much fanfare, just a simple hard fork from the miners and nobody would even notice.
Same argument for the public key/private key pairs and digital signatures
Hell; even if a collision is found ala the SHA1 hash functions the network protocols could easily be changed to allow for a new hash function with a larger number space than 256 bits and make it even more improbable for there to be any issues. Wouldn’t even be much fanfare, just a simple hard fork from the miners and nobody would even notice.
Same argument for the public key/private key pairs and digital signatures
Posted on 12/24/21 at 3:23 pm to EA6B
quote:
Bitcoin cannot be used without Blockchain to the degree that without Blockchain it doesn’t exist.
brother blockchains exist as a high level concept. They vary tremendously in practice with different consensus protocols and number of users supporting the network.
Posted on 12/24/21 at 4:58 pm to Ping Pong
quote:
a competing fiat currency that they cant control
what is the value of a currency? Ive always considered it to be the origin country's GDP. What is the value of the currency of Bitcoin? Sure, the "value" is high as giraffe pussy. But what is driving it up? The GDP of?
Posted on 12/24/21 at 5:37 pm to jamiegla1
it’s value is proportional to the square of the number of users interacting with the network divided by the circulating supply, if you trust Metcalfe’s Law in valuing networks
This post was edited on 12/24/21 at 5:39 pm
Posted on 12/24/21 at 6:10 pm to Ross
which is saying that its value is based on nothing but its users, as I expected it was
Posted on 12/24/21 at 6:39 pm to TigerTatorTots
quote:
When does the Ponzi scheme collapse? If you think it is one, it can't go on forever right? 12 years running now, when does it all go to zero?
Madoff operated his investment scheme for more than 17 years before it was found to be a fraud, possibly longer, it is not known at what point prior to that he quit operating legitimately.
Posted on 12/24/21 at 7:20 pm to jamiegla1
the network has properties that attracts users (scarce supply, known inflation rate, decentralized and peer to peer network) and network valuation is proportional to the number of interconnections within it (which is approximately the square of the number of users)
I don’t find this concerning at all
I don’t find this concerning at all
This post was edited on 12/25/21 at 2:58 pm
Posted on 12/24/21 at 7:58 pm to jamiegla1
quote:
which is saying that its value is based on nothing but its users
the value is based on being money where the supply and issuance is not controlled by oligarchs
person A holds their wealth in dollars (down 6% on the year)
person B holds their wealth in bitcoin (up 110% on the year)
one is preserving their wealth with a capped supply, the other has to hope sleepy joe and elizabeth warren dont print trillions more every single year
good luck lol
This post was edited on 12/24/21 at 8:03 pm
Posted on 12/24/21 at 8:46 pm to EA6B
quote:ok, so when does it all come crashing down?
Madoff operated his investment scheme for more than 17 years before it was found to be a fraud, possibly longer, it is not known at what point prior to that he quit operating legitimately.
Posted on 12/24/21 at 8:53 pm to TigerTatorTots
this thread hurts to read.
Posted on 12/24/21 at 8:57 pm to down time
just shows how early it all is to normies
Posted on 12/24/21 at 9:37 pm to TigerTatorTots
Read Mac Jones is giving Bitcoin to all his o-linemen for Xmas…so there’s that.
Posted on 12/25/21 at 2:34 am to rocket31
quote:
reading this thread is a good case study that we are still early. half the people on the money board still don't even understand what it is
Unless it’s a friend or family member who is interested in learning I just ignore people who use “crypto” and “bitcoin” interchangeably.
Posted on 12/25/21 at 3:56 am to DeathValley85
Welcome to the stock market 100 years ago.
We are going to be so rich in another 10 years as adoption grows.
We are going to be so rich in another 10 years as adoption grows.
Posted on 12/25/21 at 8:56 am to jamiegla1
quote:
Sure, the "value" is high as giraffe pussy. But what is driving it up?
Supply and demand. Unlike the US dollar, which is being devalued by printing more, there is a finite amount of Bitcoin. As it continues to gain acceptance the limited supply is in greater demand.
Posted on 12/25/21 at 10:29 am to Big_Sur
quote:
Big_Sur
Posted on 12/25/21 at 11:47 am to jamiegla1
quote:
Ive always considered it to be the origin country's GDP.
quote:
The GDP of?
just because that's how you view it does not make your question the gotcha you think it isPosted on 12/25/21 at 12:13 pm to rocket31
quote:
the value is based on being money where the supply and issuance is not controlled by oligarchs
person A holds their wealth in dollars (down 6% on the year)
person B holds their wealth in bitcoin (up 110% on the year)
one is preserving their wealth with a capped supply, the other has to hope sleepy joe and elizabeth warren dont print trillions more every single year
good luck lol
Currency was used to purchase bitcoin. It is then like any other stock except that it has no inherent value. Im not opposed to making money. I just wish people stop pretending that bitcoin has some kind of intrinsic value. Its noting more than a way for people to try and get rich quick. And maybe launder money or purchase black market goods
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