The decentralized nature and consensus protocol of a blockchain is a separate question from a question about a concentration of miners.
Bitcoin
- Thread starter Ron Resnick
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The decentralized nature and consensus protocol of a blockchain is a separate question from a question about a concentration of miners.
With the advent of Bitcoin I think gold is no longer the safe haven it was. BTC is now the gold for younger generations, at least.
I shifted a significant portion of my GLD into BTC. I think Bitcoin is usurping gold's use as a hedge against inflation and as a hedge against unlimited printing of fiat currency.
I think the main purpose of gold in the future will be to hedge one's Bitcoin holding against a Black Swan event affecting Bitcoin.
There is a popular expression in the Bitcoin rooms on Clubhouse that "one buys Bitcoin at the price one deserves." I actually think there's a lot of truth in that.
Bitcoin takes some work to understand it. It takes some effort to understand it sufficiently well, and some genuine open-mindedness, to be able to make the leap to convert your money into it.
In 2015, Tinka told me about Bitcoin, and I could not understand it, and I did not bother to learn about what she was telling me. I did not deserve to buy Bitcoin then. Of course if I had bought Bitcoin then, I would have life-changing wealth now.
In 2017, I interviewed for the Chief Operating Officer position at a start-up blockchain company and at a start-up cryptocurrency hedge fund. In preparation for those interview processes I gave myself a four week crash course in blockchain theory and practice, initial coin offering structures, cryptocurrency regulation and the libertarian underpinnings of crypto-anarchy.
I deserved to buy bitcoin in 2017.
Bitcoin takes some work to understand it. It takes some effort to understand it sufficiently well, and some genuine open-mindedness, to be able to make the leap to convert your money into it.
In 2015, Tinka told me about Bitcoin, and I could not understand it, and I did not bother to learn about what she was telling me. I did not deserve to buy Bitcoin then. Of course if I had bought Bitcoin then, I would have life-changing wealth now.
In 2017, I interviewed for the Chief Operating Officer position at a start-up blockchain company and at a start-up cryptocurrency hedge fund. In preparation for those interview processes I gave myself a four week crash course in blockchain theory and practice, initial coin offering structures, cryptocurrency regulation and the libertarian underpinnings of crypto-anarchy.
I deserved to buy bitcoin in 2017.
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All I see is a bunch of computers around the world running algorithms that enable gambling - not unlike online poker - and a whole bunch of gamblers playing along, and what's traded is nothing of any actual substance. I am surely making a concrete and solid distinction between real fiat money and this thing - and surely, REAL money has to be ponied up to engage in this gambling endeavor, and without real money, it is worth even less than nothing. Finally, unlike fiat currency, where there are well defined and followed rules for minting new currency - rules by which the entire world runs - here we have a bunch of hackers who decide if and when and how to mint new "tokens". You are all playing by some hackers' rules and trading nothing more than their concept of thin air. What kinda bullshit is this.So this doesn't look real to you?
FYI basically all fiat is digital.
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Seriously?!? I mean, seriously???
Haha , but they said the exact same thing about bitcoin ,, 10 years ago .
Gold stocks had some good days finally
No, this is incorrect. The things that were said about Bitcoin (Proof of Work, hard-capped issuance, store of value, digital currency, multi-layer capability, innumerable use cases) have never been said about Dogecoin (pure gambling, scam, 100% sh*tcoin).
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I wont put money in a digital wallet , im too old fashioned .
Plus you ll be in real trouble if you forget your pass word.
One guy lost his password but he still has 2 chances left
From the article
I would just lay in bed and think about it,” Mr. Thomas said. “Then I would go to the computer with some new strategy, and it wouldn’t work, and I would be desperate again.”
Lost Passwords Lock Millionaires Out of Their Bitcoin Fortunes (Published 2021)
Bitcoin owners are getting rich because the cryptocurrency has soared. But what happens when you can’t tap that wealth because you forgot the password to your digital wallet?
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I was genuinely surprised by Binance Coin or BNB last night.
I tried transferring a sum from one exchange to another and it happened in 1 second. The cost was negligible. Try doing that with Bitcoin. You're generally left biting your nails as you hope it works and it can take more than an hour and it costs more.
I have had Bitcoin transfers fail - with no loss of funds admittedly but I am sure the address used was correct. Ethereum is much slower and costs more to exchange. And Berlin was delivered with a serious bug yesterday, rendering those exchanges using it (like Coinbase) having to freeze trading on all Ethereum based coins.
It's going to take another year or so until Eth 2.0 is rolled out I believe. Possibly with bugs as per Berlin. With Binance coin's performance and much lower gas fees Eth had better watch out.
As for XRP I don't think its position is justified. As for Dogecoin, well, Elon likes it... and that's about all that can be said. Seems to appeal to his sense of humour. I wonder if he dumped some funds into it and will declare it later.....? $1 of Dogecoin a year ago and you'd have $85 now. Is it really a joke, or is the joke on us for not investing in it? Hm...
At the end of the day money is just BS. When USD was taken off the gold standard it became a joke, really, enabling huge money printing. Definitely worse than a lot of cryptos that have decreasing or fairly fixed supplies, as per Bitcoin. It's just a numbers game. Don't take it all too seriously, though it is hard not to
I tried transferring a sum from one exchange to another and it happened in 1 second. The cost was negligible. Try doing that with Bitcoin. You're generally left biting your nails as you hope it works and it can take more than an hour and it costs more.
I have had Bitcoin transfers fail - with no loss of funds admittedly but I am sure the address used was correct. Ethereum is much slower and costs more to exchange. And Berlin was delivered with a serious bug yesterday, rendering those exchanges using it (like Coinbase) having to freeze trading on all Ethereum based coins.
It's going to take another year or so until Eth 2.0 is rolled out I believe. Possibly with bugs as per Berlin. With Binance coin's performance and much lower gas fees Eth had better watch out.
As for XRP I don't think its position is justified. As for Dogecoin, well, Elon likes it... and that's about all that can be said. Seems to appeal to his sense of humour. I wonder if he dumped some funds into it and will declare it later.....? $1 of Dogecoin a year ago and you'd have $85 now. Is it really a joke, or is the joke on us for not investing in it? Hm...
At the end of the day money is just BS. When USD was taken off the gold standard it became a joke, really, enabling huge money printing. Definitely worse than a lot of cryptos that have decreasing or fairly fixed supplies, as per Bitcoin. It's just a numbers game. Don't take it all too seriously, though it is hard not to
As for Dogecoin, well, Elon likes it... and that's about all that can be said. Seems to appeal to his sense of humour. I wonder if he dumped some funds into it and will declare it later.....? $1 of Dogecoin a year ago and you'd have $85 now. Is it really a joke, or is the joke on us for not investing in it? Hm...
The fact Elon likes it makes it defacto NOT $hitcoin.
I think it sucks, but this is the way things work now apparently... and I think you may be right about the last sentence, lol. If I were going to I'd rather invest in Doge vs BTC, in fact I may put $100 down on it just because this is what the world's come to.
Don't do it anytime soon... it'll dump.
I put $1000 in it yesterday thinking I was an idiot and didn't look at crypto prices till 3pm today. Saw it had gone up >200% on the day and my $1000 was now $2500. I sold it immediately.
It was over 500% up on the week. It's dropping now. Nothing can hold >500% in a week. Well, not much.
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