/biz/ - Business & Finance

thanks asshole, you've ruined everything
I hope you die slowly and painfully

I really wish that homosexual would stop talking about bitcoin like he understands any of it.

>>11885726
You say complicated words. Grug no understand. Grug just want rock go to moon.

>>11885818
If greedy attackers such as Bitmain and Bitcoin.com who seek to drastically alter the protocol are able to assemble more CPU power than all the honest nodes, they would have to choose between using it to defraud people by stealing back their payments, or using it to generate new coins. The
system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes.

>>11885726
Imagine namefagging as fucking Satoshi

>>11885820
You know what to do. It's all your fault!

>>11885726

Bitcoin:

can't be used for micropayments. It's too slow, too expensive to stack fees, too obstructed.
can't last in a bubble. It's losing 82-99% of its value constantly.
can't be trusted to hold money, or transfer it. Miners can deny you. Miners can sort you into 'low frequency' if you don't attach a high enough fee. Fees get insane with expanded usage, like what happened in 2014 and 2017..
bitcoin can be hijacked by single entities who have enough computers/the meagre sum of money and resources necessary to take it over. See ABC vs SV holy war.
bitcoin puts all your information on a public, accessible to all ledger. There is no privacy or anonymity.
bitcoin is propped up by 'reserve' notes (shitcoins/altcoins), to make up for the lack of 'federal' notes (bitcoins). There's even bearer cheques employed by segwit to multiply capacity, when necessary. A bitcoin is traded in for a fake dollar equivalent, tethers, in a sum of X.
the dollar equivalent isn't worth a dollar, so the end user must be savy, and do his own research, or he'll lose purchasing power.
tether itself is a fractional reserve. They print more as as needed, and then stuff it back 'in the treasury' when they want to ease off the market.
bitcoin is an environmental disaster.
bitcoin is an incredibly fragile, vulnerable, slow, and terribly unsecure thing in general, as evidenced by the current religious war between Bitcoin Jesus and the Real Slim Satoshi.
bitcoin is a cult, and puts purchasing power and favor in the hands of the 'chosen ones,' like Bitcoin Jesus, who has infinite bitcoins. Average Joe will never have any bitcoins.

Everything it set out to do, it's failed at. Check mate.

>>11885726
In a sane society it is recognized that money and markets are structure imposed by the State. BTC has value because it can be exchanged for USD (or some other stable state's currency). If you can't trust the state to not destroy your savings by increasing the money supply by a factor of 100 you have a serious societal problem, as in, terminal liberalism. Wright like most other coiners live in an autistic Libertarian fantasy land.

kek. you must not realize that currency has been totally and utterly debased since at a bare minimum 1971.

how do you think QE is possible, anon?

>>11885726
The fact that Bitcoin is built on incentives is a huge part of the problem. We should be trying to limit the power of any one user as much as possible. PoW gives huge amounts of authority to miners and then prays that incentives will keep them in line. There is no way to guarantee it will work, and no way to deal with a malicious miner if they are willing to act outside of their economic interest.

Everything BTC does is the opposite of sanity. That it was founded by libertarians should not be considered a coincidence in light of this.

>>11885992

Satoshi, and the core team as a whole, don't understand power dynamics, or how anyone would for any reason not work solely to benefit themselves (it's in their rational self-interest to only ever be selfish), by merging into, for instance, mining pools, create dedicated miner hardware (Satoshi argued this would never, ever happen, and when it was obvious he was a fucking idiot, he begged the chinese not to do it), or run exchanges.

Even when it was new, bitcoin was centralized as fuck, and the early years were plagued by the threat of pools reaching the mythical 51%, but realistically, you don't need that much. You just need enough in your palm, that you control, and a cartel.

I find it very disturbing, ideologically, that the naive children who made this were totally going to sunder the old power structures, and the average peasant would have bitcoins, but now ten years later, 94% of the wealth is held by the top 2% of the users.

>>11885846
Yeah, pretty much this. So, what's next? How do we create a new monetary system now, in all of this chaos?

>>11886143

The answer is that you don't need to create a new one. In 2018, you pay for your steam games with a debit or credit card. You have the numbers noted in your steam account, but from a place where Valve can't access your digits, to find out who you 'actually' are, only that you're real and not a fraud.

No one needs to scramble to exchange Zimbabwe dollars for african rand, to cash in at the black market, to trade in for an amazon giftcard, which you can convert into SMS credit, so you can buy premium time in your hardcore browser game.

In the bitcoin sphere, they still think it's really neat to exchange bitcoin for gyft cards, amazon cards, and other such nonsense that gets called in as russian frauds, then they get their accounts closed and rage on bitcointalk. They're living in the past, using a shitty system that never did what it was supposed to, while surrounded by modern things that didn't exist back then, like smartphones, tablets, 100% 64-bit acceptance by ever OS, 500/250 broadband connections, modern bank agreements. No one actually goes to the bank, sits at one of those little pews, manually writes out all their account shit on a pink slip, takes the pink slip to the teller, sits in line for 40 minutes, then gets dollar bills over the counter. Why the fuck would you do that, but that's what bitcoiners talk about, even to this day.

Did you know that luke dash jr, one of the lead devs on bitcoin, is still using 56k modems, fighting for 512k blocks, and imprints bible verses on the blockchain to this day? Because that's real.