This is part of why I find it strange so many people believe crypto is DS driven. Blockchain technology makes it much more difficult for the DS to hide their goings on and print money out of thin air, short stocks that don't exist (naked short), falsify or destroy documents, etc.
Yeah, there is no value in crypto currencies. The people who buy them are probably the same ones who saw value in beanie babies, as long as you didn't cut off the tag!
So you ask about the value of crypto currencies and then ask whether I understand blockchain and smart contracts. Notice I didn't say blockchain was worthless. Blockchain came out of the crypto currency work but isn't dependent on crypto currencies. It seems to have some usefulness, but as with bitcoin is way over hyped. And as far as I can tell, all the cryptography that used in blockchain had existed already so nothing really new there. Chaining the blocks together with a cryptographic hash such that you can't, or virtually impossible, change the ledger without breaking the cryptography is probably new.
So I would agree that Bitcoin is over hyped being as old as it is, the way the Bitcoin is governed for updates, its privacy isn't really there (until taproot), it doesn't have smart contract capabilities, and its hard as shit to program (wasn't built very well for updates).
But smart contracts are a real game changer that takes out all the middlemen of the finance industry and allow everyone around the world to have access to loans and finance products only available in countries like the US. That's a big deal, smart contracts will allow loans, insurance, contracts, for less fees than what we have today. It'll also be more inclusive worldwide, allowing a population to participate that otherwise wouldn't have been able to because of their corrupt government. So its cheaper and greatly expands the financial industry market, that's a big deal!
Coming from an ignorant dumbass who knows nothing about what they're talking about.
Cryptocurrencies are as big of an innovation as the internet. They are changing everything from supply chain tracking, deeds/ownership with NFTs, providing financial services and cutting out the bank middlemen, gaming, control of your data. Because of the unique business model possible with cryptocurrencies, companies are developing 6G internet WiFi towers in Africa and making it profitable, which isn't possible for Telecom giants in their present business model.
Block chain technology is like a referee that would take so much money/computing power to corrupt, it just isn't possible or worth it in any way.
Bitcoin has taproot coming out for privacy, you got privacy coins like zcash and monero that keep everything you do private, you have freedom with cryptocurrencies unlike this bullshit system of central and commercial banks that needs to be torn down and set on fire.
You are most likely a fed or a banker. The more unstable these pieces of shits make this world, the more people will buy cryptocurrency and the more you will lose power. China is reinstating their crypto ban because their whole real estate market is collapsing from Evergrande so they're trying to prevent Chinese from flooding into cryptocurrency again.
Not really. Proof of Work blockchain is backed up by electricity alone but proof of stake is valued on ownership.
Also there's several other lesser used proofs that can be used to back up the blockchain like proof of history, proof involving influential people, proof of memory using hard drive space, etc...
There are obvious pitfalls with these lesser used proofs but if you stack all proofs together in a blockchain, the blockchain would build more trust and be more secure overall.
It would be which is why it's not neccessarily used, but if that is used in conjunction with other trusted proofs and doesn't take precedence over more secure proofs (adds a little to a trusted network like 6% weight for example) it can be useful.
Transactions can be made offline but ultimately yes they need electricity when they go through. However, it's much less electricity and much more secure than our current financial system while still enabling a world where connections can take place over vast distances. You just have to make sure those connections aren't toxic.
Agreed, but still require electricity for offline transactions! Unless they have some sort of paper entry ledger thing but I’ve never come across any such thing or idea relating to crypto.
No, in the end you're right electricity is needed to check every computers copy of the block chain ledger.
However, while bitcoin requires huge amounts of electricity to verify since Bitcoin miners are competing on processing the transactions (and getting the fees/Bitcoin) through proof of work (essentially bitcoin miners compete on having the most powerful computers to have higher chance of selection), proof of stake with cryptocurrencies like Cardano are much more efficient.
Proof of stake is shown to be at least 10,000 times more energy efficient right now (it is still fairly new and many optimizations can be made). While Bitcoin mining is equivalent to the country of Pakistan in electricity use, Cardano proof of stake is equivalent to a small island like the Isle of Man in UK.
So yes electricity must be used and quite honestly to you want to waste all of the resources trying to verify every transaction by every business ever made on paper? Fuck that, everything is automated and verified with electricity in our current financial system but its all prone to error and fraud by people as the money moves around several layers with no easy way of finding or proving fraud of an individual/company. Fraudulent payments eat up a huge chunk of our economy each year and its only possible because of our current financial system. Bitcoin has never had any fraudulent payments in its 12 year history and I would argue it is the oldest and least updated major cryptocurrency. Bitcoin is already more efficient than our current financial system (which additionally is backed up with military because it needs to physically control others to keep its authority, that's a whole lot of extra resources devoted to a financial system). Proof of stake cryptocurrencies at present are 10,000 times more efficient than Bitcoin.
Yeah you need electricity, but how much is important. Cryptocurrencies take less energy than the current financial system and eliminate fraudulent payments (unless you buy into shitcoins and bugged projects). There are ways to prove mathematically a dApp project won't have bugs/backdoors in their code using functional programming (very few businesses in general have moved to formal methods in programming to prove no bugs but it has all been promising. Cardano is doing this on their network and others are following as well).
Some coins have a limited supply, some don't and are minted when mined/etc. It depends on the coin. I love how people who have no understanding of crypto feel the need to flaunt their naivety on this subject.
Yeah dude you don't know anything about what you're talking about.
Proof of work cryptos are backed up on the blockchain using electricty. Its not neccesarily what gives them value. What you can do with the cryptocurrency is what largely gives it value.
China bans crypto every year.. sometimes multiple times a year... It's to manipulate crypto prices down which allows them to buy bitcoin for cheap..
then they magically unban it again.
The funny thing is though.. is the userbase of crypto are becoming savvy to it, and it's becoming less and less effective for China.. which is why it is happening more often. They are gaining less from it so they have to do it 2-3 times a year now just to gain anything.
It didn't crash the market, the market barely went down when they announced it today. The market has already been down due to the Chinese Evergrande Real Estate Bubble.
The largest stablecoin Tether is suspected to be involved in Evergrande and Chinese loans backing up its price. Would not recommend using Tether.
The whole cabal thing is about capturing the last bit of currency transactions that are anonymous (cash). They want their hands on the billions that is transacted in cash without banks.
This is part of why I find it strange so many people believe crypto is DS driven. Blockchain technology makes it much more difficult for the DS to hide their goings on and print money out of thin air, short stocks that don't exist (naked short), falsify or destroy documents, etc.
Where do you think crypto comes from? That's right, thin air.
The price of the crypto is based on what people will pay for it.
If you buy a shitcoin and lose your money, that's your own stupid fault.
Do your own research and learn what you're talking about, there are many valuable cryptocurrencies that bring value for their use.
Yeah, there is no value in crypto currencies. The people who buy them are probably the same ones who saw value in beanie babies, as long as you didn't cut off the tag!
The only one that's going to miss out is yourself.
Tell me, why is there no value in cryptocurrencies? Do you understand how Blockchain and Smart Contracts work? Have you done any research yourself?
So you ask about the value of crypto currencies and then ask whether I understand blockchain and smart contracts. Notice I didn't say blockchain was worthless. Blockchain came out of the crypto currency work but isn't dependent on crypto currencies. It seems to have some usefulness, but as with bitcoin is way over hyped. And as far as I can tell, all the cryptography that used in blockchain had existed already so nothing really new there. Chaining the blocks together with a cryptographic hash such that you can't, or virtually impossible, change the ledger without breaking the cryptography is probably new.
So I would agree that Bitcoin is over hyped being as old as it is, the way the Bitcoin is governed for updates, its privacy isn't really there (until taproot), it doesn't have smart contract capabilities, and its hard as shit to program (wasn't built very well for updates).
But smart contracts are a real game changer that takes out all the middlemen of the finance industry and allow everyone around the world to have access to loans and finance products only available in countries like the US. That's a big deal, smart contracts will allow loans, insurance, contracts, for less fees than what we have today. It'll also be more inclusive worldwide, allowing a population to participate that otherwise wouldn't have been able to because of their corrupt government. So its cheaper and greatly expands the financial industry market, that's a big deal!
Coming from an ignorant dumbass who knows nothing about what they're talking about.
Cryptocurrencies are as big of an innovation as the internet. They are changing everything from supply chain tracking, deeds/ownership with NFTs, providing financial services and cutting out the bank middlemen, gaming, control of your data. Because of the unique business model possible with cryptocurrencies, companies are developing 6G internet WiFi towers in Africa and making it profitable, which isn't possible for Telecom giants in their present business model.
Block chain technology is like a referee that would take so much money/computing power to corrupt, it just isn't possible or worth it in any way.
Bitcoin has taproot coming out for privacy, you got privacy coins like zcash and monero that keep everything you do private, you have freedom with cryptocurrencies unlike this bullshit system of central and commercial banks that needs to be torn down and set on fire.
You are most likely a fed or a banker. The more unstable these pieces of shits make this world, the more people will buy cryptocurrency and the more you will lose power. China is reinstating their crypto ban because their whole real estate market is collapsing from Evergrande so they're trying to prevent Chinese from flooding into cryptocurrency again.
Then some pissed off tradie takes out the power and I still got metals
You sure do buddy! Are you going to scrape off that gold for every trade you make?
Point taken but people got wealthy on tulips, Pet Rocks, & timeshares too, fad vs. trend.
It actually comes from electricity…
Not really. Proof of Work blockchain is backed up by electricity alone but proof of stake is valued on ownership.
Also there's several other lesser used proofs that can be used to back up the blockchain like proof of history, proof involving influential people, proof of memory using hard drive space, etc...
There are obvious pitfalls with these lesser used proofs but if you stack all proofs together in a blockchain, the blockchain would build more trust and be more secure overall.
All these things operate because of electricity still…well idk about proof of influential people but that sounds like a horrendous idea
It would be which is why it's not neccessarily used, but if that is used in conjunction with other trusted proofs and doesn't take precedence over more secure proofs (adds a little to a trusted network like 6% weight for example) it can be useful.
Transactions can be made offline but ultimately yes they need electricity when they go through. However, it's much less electricity and much more secure than our current financial system while still enabling a world where connections can take place over vast distances. You just have to make sure those connections aren't toxic.
Agreed, but still require electricity for offline transactions! Unless they have some sort of paper entry ledger thing but I’ve never come across any such thing or idea relating to crypto.
No, in the end you're right electricity is needed to check every computers copy of the block chain ledger.
However, while bitcoin requires huge amounts of electricity to verify since Bitcoin miners are competing on processing the transactions (and getting the fees/Bitcoin) through proof of work (essentially bitcoin miners compete on having the most powerful computers to have higher chance of selection), proof of stake with cryptocurrencies like Cardano are much more efficient.
Proof of stake is shown to be at least 10,000 times more energy efficient right now (it is still fairly new and many optimizations can be made). While Bitcoin mining is equivalent to the country of Pakistan in electricity use, Cardano proof of stake is equivalent to a small island like the Isle of Man in UK.
So yes electricity must be used and quite honestly to you want to waste all of the resources trying to verify every transaction by every business ever made on paper? Fuck that, everything is automated and verified with electricity in our current financial system but its all prone to error and fraud by people as the money moves around several layers with no easy way of finding or proving fraud of an individual/company. Fraudulent payments eat up a huge chunk of our economy each year and its only possible because of our current financial system. Bitcoin has never had any fraudulent payments in its 12 year history and I would argue it is the oldest and least updated major cryptocurrency. Bitcoin is already more efficient than our current financial system (which additionally is backed up with military because it needs to physically control others to keep its authority, that's a whole lot of extra resources devoted to a financial system). Proof of stake cryptocurrencies at present are 10,000 times more efficient than Bitcoin.
Yeah you need electricity, but how much is important. Cryptocurrencies take less energy than the current financial system and eliminate fraudulent payments (unless you buy into shitcoins and bugged projects). There are ways to prove mathematically a dApp project won't have bugs/backdoors in their code using functional programming (very few businesses in general have moved to formal methods in programming to prove no bugs but it has all been promising. Cardano is doing this on their network and others are following as well).
Some coins have a limited supply, some don't and are minted when mined/etc. It depends on the coin. I love how people who have no understanding of crypto feel the need to flaunt their naivety on this subject.
I know what I'm talking about. They come from thin air. And as someone pointed out below, electricity.
Yeah dude you don't know anything about what you're talking about.
Proof of work cryptos are backed up on the blockchain using electricty. Its not neccesarily what gives them value. What you can do with the cryptocurrency is what largely gives it value.
Oh jeez, and I thought I actually did know something. That's for straightening that out for me.
They have achieved a digital item with scarcity, and are created on a fixed supply curve/schedule.
Just like the dollar currently. Lol.
China bans crypto every year.. sometimes multiple times a year... It's to manipulate crypto prices down which allows them to buy bitcoin for cheap..
then they magically unban it again.
The funny thing is though.. is the userbase of crypto are becoming savvy to it, and it's becoming less and less effective for China.. which is why it is happening more often. They are gaining less from it so they have to do it 2-3 times a year now just to gain anything.
This is accurate. Just like they have an "anti_corruption" campaign every year.
China bans and unbans all the time. Free money.
Crash the market. Pump it. Repeat.
You cant really ban crypto...you can ban your country’s access to exchanges but theres work arounds for that too.
China has banned crypto like 6 times in the past two years :/ always crashes the market too…
It didn't crash the market, the market barely went down when they announced it today. The market has already been down due to the Chinese Evergrande Real Estate Bubble.
The largest stablecoin Tether is suspected to be involved in Evergrande and Chinese loans backing up its price. Would not recommend using Tether.
nuke china already. they do nothing for this planet
No you take out the CCP. There’s a ton of innocent people there
Of course.
The whole cabal thing is about capturing the last bit of currency transactions that are anonymous (cash). They want their hands on the billions that is transacted in cash without banks.
They were never going to let crypto continue.
They can't stop it anyway. They'd have to shutdown the internet.