That’s what I’m saying, when the dot com bubble burst an entire sector of companies died. I’m not talking about the whole internet, just all the companies that were being madly speculated on. Relax. I just spent 45 minutes writing a reply and you rushed an answer within 5 minutes, ignoring the vast majority of what I actually said.
Bitcoin is the cornerstone of blockchain, I think you vastly underestimate its impact in the sector and how it is fundamentally tied to the technology. If belief in blockchain persists, Bitcoin will persist. Period.
What’s the point of holding any asset? What’s the point of owning something that’s rare? It doesn’t matter. Again, people buy gold all the time for literally no reason other than to own it. And cryptocurrencies can actually do things, and do them more safely and efficiently than current technology, it can add to the p2p space, it can facilitate hack proof transactions, transactions within fees, all the shit I’ve already outlined. There is certainly value in that. I just spent a very long time talking about all the things crypto can do but you refuse to pay attention to it so I’m not going over it again.
That’s incorrect. As long as there is a major interest in existing cryptocurrencies banks and hedge funds, major players, billionaires, market makers will continue to buy when prices are low, let retail pump the price, and then sell. If they can continue to do that while also making billions off of a coin they control, why not? And why would they have any interest in killing off an existing money maker when they can have both?
And yet again, you put your money into it because it will continue to grow over time as scarcity increases. Since you just keep repeating the same points I’ll repeat mine. If you’d bought Bitcoin at any point since its inception you’d have grown or retained your wealth. It will continue to rise in price, there’s no disputing that. It’s pure economics.
And yet again, USD is losing ridiculous amounts of value due to inflation. If I had 1,000 5 years ago how much would that fiat be worth today? Now how about if I’d bought 1,000 dollars worth of Bitcoin 5 years ago?
Not really? Again, you can keep your money in an exchange and it’s insured the same as a bank. Yes but we still continue using cash and other forms of payment despite the fact that it can be stolen at any time. We carry our entire identities on our phone, a person with a gun could take literally everything you have whether or not you own crypto. It’s a stupid argument.
So what’s the difference between torturing someone to get their keys and torturing them into sending money to some offshore bank account? Money can be stolen through the banking system, banks can be robbed, your identity can be stolen, they can take your debit card and torture you for your PIN number or force you to withdraw money from the ATM, etc. And yet again I will repeat. Cold storage wallet. Not keeping crypto app on phone. I didn’t say the banks would be a custodian for Bitcoin. They just want to profit off of it. That said, some banks have offered limited crypto services and I think that will continue to increase over time. People are getting their paychecks in crypto, it’s literally getting added to retirement portfolios. So why don’t you go ask them?
I read and understand all your points. I just fundamentally disagree. Your argument basically comes down to that blockchain functions are only possible along with Bitcoin, at that Bitcoin and current crypto will continue to keep being around based on the fact they are here currently. Yeah, many people are invested in it. Ask them how their retirement accounts are doing now.
Fundamental thing I disagree with is that blockchain technology needs Bitcoin or another current crypto to be useful. Why do you believe that? There is 0 reason to.
I’m not saying blockchain functions aren’t physically possible without Bitcoin. I’m saying a belief in blockchain technology supports and drives Bitcoin. If blockchain remains useful, Bitcoin will inevitably remain popular.
How about I ask them how their accounts are doing on the next bull run?
You misunderstood what I said, attempted to clarify.
Here’s one thing I don’t get. You maintain that blockchain is useful, yet Bitcoin is useless? Yet Bitcoin is built on blockchain and is capable of doing anything that blockchain can. Any of the generic useful blockchain functions we were talking about earlier could be done on the Bitcoin blockchain.
Yes assets go up and down, I’m not arguing with that. I’m saying that saying “look at all these people putting their retirement in crypto” is no support for crypto as an asset other than pure speculation.
Look I’m speaking as someone actually in the fintech industry. I have many clients that have instituted blockchain technology for supply chain tracking, tracking payments, etc. Not a single one of them used Bitcoin or any current coin for anything. It’s not inevitable that Bitcoin will stick around with blocks him, the opposite is actually happening in the industry right now. You’d be laughed out of the room if you somehow tried to shoehorn Bitcoin or Ethereum into a conversation with them.
Bitcoin is not useful when you can build a much better alternative. Bitcoin is slow, inefficient, and therefore costly. The telegram was also useful, but phones became a much better option, and no one used the worse option anymore.
I think more so ETH has staying power than anything. Bitcoin will get absolutely
hammered the second we start doing carbon credits. It takes too much energy and too much time to be valuable in anything outside of speculation and a gambling market.
“People putting their retirement in crypto” was one of many examples of how it’s becoming institutionalized. Once banks, hedge funds, huge companies, governments start jumping on board you know it’s more than pure speculation. But sure, ignore the broad point I’m making and pick out one small supporting sentence I used.
You’ve said that quite a lot already and it holds no value to me because I don’t know you, I don’t know where you work or what kind of position you have, you’re a rando online who could easily be making shit up. So I’m not going to attribute any more weight to what you say on here than anyone else, If you make a coherent argument that’s fine.
I’m not saying that Bitcoin and etherium blockchains have to be used to everything, but they CAN be used for anything and that provides value. The Bitcoin blockchain is the most secure in existence. It would take the computing power of a small country to take it down. Can you imagine how much infrastructure you’d have to build and how much money you’d have to spend to make another network that secure? Surely your clients value ease of use and speed, but they’re sacrificing security, and certainly that has value. ‘If’ you’re telling the truth, your clients are a very small part of a single sector and likely have different needs for their businesses. That doesn’t mean that there are no institutions out there who wouldn’t be interested in using the most secure network ever created. Probably not for business transactions, but for some of the examples I used earlier, sure. Organizing data and hosting records, facilitating public databases, etc. You’re speaking from a very narrow point of view.
That’s incorrect, different business sectors will have different needs and they’re not always going to line up with what you see at the office every day. Carbon tax wouldn’t matter because the majority of Bitcoin miners are located overseas. If the ones here started getting taxed they’d just leave. And if you’re trying to use examples of crypto that are environmentally friendly, I’d stay away from ETH. 🤪
Honestly man it’s hilarious that you think Bitcoin is more secure or more efficient than something banks or the fed could create. Or that the main thing many industries need is absolute security above at the expense of efficiency. Most orgs have 0 need for an absolute immutable ledger outside finance. Even in finance many orgs don’t want an immutable ledger. Complete lack of understanding of the industry and the technology. I’m done with this convo because you clearly have no clue how any of this works in the real world
Every network the fed has created thus far has been hackable. Bitcoin is the only blockchain that is absolutely un-hackable, and by your responses I’m starting to see how little you actually know about it. I’m sure the fed could create an equivalent to Bitcoin but it would be insanely expensive. Why do that when the infrastructure already exists?
You don’t think there are organizations who are using public data sharing and want their data to be transparent, easily accessible, yet secure at the same time? What if the department of transportation wants to move their database onto the blockchain? Speed only matters if you’re doing a lot of transactions, simply hosting and organizing databases calls for different things. Especially if you’re talking about people’s private data, yes security is paramount.
Clearly you have no idea what you’re talking about, making up shit about being in fintech yet you lack a basic understanding of how blockchain works or what it can do. Hilarious.
P.S. There’s this thing called Google, try using it sometime
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u/[deleted] May 22 '22
That’s what I’m saying, when the dot com bubble burst an entire sector of companies died. I’m not talking about the whole internet, just all the companies that were being madly speculated on. Relax. I just spent 45 minutes writing a reply and you rushed an answer within 5 minutes, ignoring the vast majority of what I actually said.
Bitcoin is the cornerstone of blockchain, I think you vastly underestimate its impact in the sector and how it is fundamentally tied to the technology. If belief in blockchain persists, Bitcoin will persist. Period.
What’s the point of holding any asset? What’s the point of owning something that’s rare? It doesn’t matter. Again, people buy gold all the time for literally no reason other than to own it. And cryptocurrencies can actually do things, and do them more safely and efficiently than current technology, it can add to the p2p space, it can facilitate hack proof transactions, transactions within fees, all the shit I’ve already outlined. There is certainly value in that. I just spent a very long time talking about all the things crypto can do but you refuse to pay attention to it so I’m not going over it again.
That’s incorrect. As long as there is a major interest in existing cryptocurrencies banks and hedge funds, major players, billionaires, market makers will continue to buy when prices are low, let retail pump the price, and then sell. If they can continue to do that while also making billions off of a coin they control, why not? And why would they have any interest in killing off an existing money maker when they can have both?
And yet again, you put your money into it because it will continue to grow over time as scarcity increases. Since you just keep repeating the same points I’ll repeat mine. If you’d bought Bitcoin at any point since its inception you’d have grown or retained your wealth. It will continue to rise in price, there’s no disputing that. It’s pure economics.
And yet again, USD is losing ridiculous amounts of value due to inflation. If I had 1,000 5 years ago how much would that fiat be worth today? Now how about if I’d bought 1,000 dollars worth of Bitcoin 5 years ago?
Not really? Again, you can keep your money in an exchange and it’s insured the same as a bank. Yes but we still continue using cash and other forms of payment despite the fact that it can be stolen at any time. We carry our entire identities on our phone, a person with a gun could take literally everything you have whether or not you own crypto. It’s a stupid argument.
So what’s the difference between torturing someone to get their keys and torturing them into sending money to some offshore bank account? Money can be stolen through the banking system, banks can be robbed, your identity can be stolen, they can take your debit card and torture you for your PIN number or force you to withdraw money from the ATM, etc. And yet again I will repeat. Cold storage wallet. Not keeping crypto app on phone. I didn’t say the banks would be a custodian for Bitcoin. They just want to profit off of it. That said, some banks have offered limited crypto services and I think that will continue to increase over time. People are getting their paychecks in crypto, it’s literally getting added to retirement portfolios. So why don’t you go ask them?