/biz/ - Business & Finance

>>28592229
Retards get confused by the word CryptoCurrency and think that every Crypto is designed to be a payment system like fiat. That might have been Bitcoins initial intention but the whole crypto space has moved well beyond that narrative now. BTC will never be a currency and anyone that thinks that, is out of the blockchain space, is a newfag or is just deluded. Gold is a store of value, an appreciating asset due to supply and demand. Its not a currency to buy a Tesla or a pizza with, although its obviously possible. Ethereum, Dot and other POS smart contract platforms have moved us past that tired narrative into something much much more positive and groundbreaking.

>>28592386
>Gold is a store of value, an appreciating asset due to supply and demand. Its not a currency to buy a Tesla or a pizza with
false, gold is the worlds reserve currency
its called a reserve currency because it is the currency that is held in reserve, to be used if all else fails
"money" has to be useable as currency or it's just a massive liquidity trap that will bankrupt everyone who's stuck in it when SHTF

if the dollar collapses, how will you deploy your btc to get the stuff you need to survive or make investments during the chaos? its impossible
there are 7.7 billion people on the planet, at 7 transactions per second that takes 34 years to process
without ANOTHER CURRENCY to transact your bitcoins for on a CENTRALIZED exchange your Bitcoins wont be useable
this is why Bitcoin can never be the worlds reserve currency, it always needs something else for liquidity
gold however has an infinite number of transactions per second, everyone can use it to buy the things they need or mobilize it to make investments during chaotic times
modern coins have such advanced security features you don't need any additional verification although you can use sound test if you want

also the reason central banks still hold gold is so that they have something to back their currencies with if faith in the currency starts to fail
the reason Weimar hyperinflation happened is because Germany had no gold, it was taken from them after WW1

this shit is why satoshi abandoned the project, he realized that it fucking failed.. you need higher tps

>>28592229
Holy shit, fucking obliterated that crypto jew.

>>28592229
I lost a lot of respect for Taleb after I saw his Twitter feed, the man who wrote a book about antifragility is blocking users who reply to his tweets left and right

>>28593033
From the tweet I think he just saw some coiner say something politically incorrect about covid on twitter and now ORANGE COIN BAD.

>>28592869
>idk what the lightning network is: The Post

>>28592386
I think Bitcoin and others will be used as currency, coexisting with fiat, but only for big purchases. You will be able to use BTC for buying a house or a car, but not a burger or groceries.

imagine thinking this guy was anything but a closet leftist

>>28593214
>lightning network
this kills the network you nigger
currently bitcoin network security and usability is 90% (900btc per day) funded through inflation and 10% (100btc per day) through tx fees
as time goes on the share of inflation decreases and the share of tx fees increases
without people making 7tps on the network with massive fees the network will become heavily underfunded and open itself up to attacks
the scalability problem of cryptocurrencies still has not been solved
lightning (layer2) doesn't move enough btc on base layer to fund mining operations

like his whole autistic fixation on IQ being a myth or whatever... come on guys he's been cucked for years

>>28593214
>>28593386

>>28593155
No you retards, you simply can't price goods in bitcoin.
It doesn't fluctuate with commodity prices because it has an autistic supply designed by the class of people (comp sci) that currently think they will end history and make the world redundant.
Gold/silver are the only viable moneys because the supply adjusts automatically to demand (ignoring other reasons right now). You need an inflationary money. A deflationary money is not possible. There is no endgame for bitcoin besides previously mentioned class forcing it onto the economy causing the worlds greatest collapse.
Gold and silver would see production increase by multiples in the year following remonetization. Which is what you would want to see because they would become too expensive compared to other commodities.
Bitcoin maxis do not believe in markets, they believe in what they think is their own intelligence. They somehow think that all their blindspots don't exist

>>28593400
No his point is that IQ only has a correlation with personal outcomes for stupid people. Look at his article. His entire point is "cover up the data points below 100 and tell me there's a worthwhile correlation"

>>28592229
> shitskin on shitskin hate crime

>>28592869
>gold however has an infinite number of transactions per second,
delusional gold cucks lmao
>>28593590
>A deflationary money is not possible.
with programmatic money it absolutely is. not bitcoin but literally any liquidity token with a built-in burn is by definition deflationary money. which one will come out on top remains to be seen. put away the rocks bro

>>28593590
Damn boomer dont get so stressed out so early in the morning LOLE

>>28593033
lmao me too. Online version of "never meet your heroes" - never follow them on twitter

he isn't and wasn't my hero by the way, just upsetting to see behind the curtain of the dude who wrote a book I really truly thought was excellent

>>28593848
No all of those tokens are just token money for a single product. They're literally chucky cheese token or car wash tokens. They're only use it to allow anyone to buy a single service without going through forex on the site. They can't be used as a currency because no one would buy bread with something that is going to go up in price

>>28593386
layer 1 tx are final settlements, layer2 tx are small tx to buy coffee or to run smart contracts with rgb protocol, they are not the same thing, they have different costs and purposes
you can be pretty sure layer 1 tx will keep going regardless, they are different things, people still need to settle final tx all around the world

>>28593848
>delusional gold cucks lmao
indeed
every cryptoking knows that strong, independent queens and btc is the future while old white men and gold is the past
>https://www.youtube.com/watch?v=msRM-4l-x1o
fucking stupid rocks, amirite guise?

>>28593863
Learn econ. Literally one of the first things ever discovered was that inflationary money will always displace a less inflationary money. Bitcoin is actively deflationary in supply if adopted. It cannot function

>>28594013
Why are you here?

>>28594214
Watching cope. I hold Cryptos like>>28593848
Said because they are pretty much a way for individuals to get in on venture seed rounds. I also own privacy tokens. Only bitcoin is shitcoin. But really none of them can be "money" in a free market

>>28593971
This. Fucking hell, how can you invest into crypto if you don't even know the basics.

I mean IDC for all that matters, invest into your shitcoins and act like you understand scaling, I'm just saying, BTC is here to stay.

>>28592229
Like I told you yesterday you autistic faggot this is not an own
The reply is retarded and off topic
Btc is bound to die, for diff reasons tho

>>28593971
Except no one will ever buy coffee with bitcoin. It would be like creating a fintech company that offers $3 loans against home equity

>>28594013
That economic "law" is just an observation about the fact that people try to spend "bad money" first if they have a choice, because they know that "good money" will keep its value for longer. Essentially, it's a hot potato so you want to pass it on to someone else ASAP, which means that ironically enough, the worst money will be the most in circulation.

But what you're saying is actually an argument FOR BTC, but you're too much of a midwit to understand that. It means people are trying to accumulate BTC as much as possible because it's the highest on the value ladder. If SHTF, they'll use BTC, but they prefer not to because it's literally the best money on the market.

>>28593590
You described the perfect, eventual SoV, currency, etc. That is ERC-20s created using ether on the Ethereum platform. Bitcoin is good though and will explode upward.

>>28594876
No my point I'd that there already are, and always will be, more inflationary currencies that are sound (commodities) which people will actually exchange. You can't have a currency that doesn't get sold. No one will ever sell bitcoin for goods and one day that bubble will just pop because its a paradox. I expect the ruble and yuan to gain on the dollar, but I don't own any because I can't buy anything with them, and neither does anyone else in the us

>>28595062
Yeah I'm surprised no one has created some elastic algorithm for this. But the ultimate problem is the ctrl-v problem. There is only 1 gold, silver, and copper because of physics. There half a dozen bitcoins worth >1 billion. Crypto can't be more than a conduit

>>28592386
That may be what has happened but it's not better than creating an actual alternative currency.

Teehee AMPL teehee

>>28593971
>>28594638
dear lord you niggers are stupid
the settlement on layer 1 doesn't provide nearly enough funds for miners and settlement only happens when a user opens or mutually closes a channel, channels can be kept open for decades and I don't think you understand just how expensive it is to keep the network safe
btc uses 150TWh of electricity, using Chinese subsidized coal at $0.084 per kWh that's $12,600,000,000 just in electricity costs every year for keeping network safe at $45k/btc
assuming ideal conditions and constant network throughput of 7tps that's 220,752,000 tx per year on layer 1, that's $57 per tx JUST IN ELECTRICITY at $45k/btc, add cost of ASICs, locale and personell and you'll easily hit $100 per tx
ADDING MORE TX TO LIGHTNING DOES NOT INCREASE NUMBER OF TX ON LAYER 1(!!!!!!!!!!) NO FEES PAID ON LAYER 2 GOES INTO LAYER 1
>"There are no miners on the Lightning Network and all fees go to the node operators. This is one key difference between Bitcoin and Lightning nodes"
also cold storage is impossible on lightning nodes, they are required to stay online constantly which means these fuckers will get attacked constantly
griefing channels, flood and loot, pinning, time-dilation attacks, lightning is fucked

>>28595593
You are a brainlet of you think ampl is different than btc
>good thing only the total value of my portfolio went down! Each AMPL is still $1!

>>28592229
>taken over by Covid denying sociopaths
What?
[

>>28595072
>No one will ever sell bitcoin for goods
You can literally buy a Tesla for BTC right fucking now. Wake up grandpa

>>28595902
>JP Morgan chase to allow mortgage payments to be made in NYSE and NASDAQ listed stocks
>that means equities are now money!

>>28595681
>channels can be kept open for decades
But they won't be. Technically, you needn't be paid your wages by your company every month, they could just pay you after X years if you leave the company for good in the form of a settlement, but you still get paid every month because you kinda like to eat and shit. So there will be settlements, because you need them to stay liquid. Seriously dude, just stop, you're embarrassing yourself.

>>28596023
You can buy any of these things for BTC right now, be that from a company, or a private entity
>a car
>a house
>lmao weed/drugs
>pizza
>gold/silver
>labor
etc.

Look, we get it, you're a stupid fucking boomer, time will prove you wrong. Just don't say you weren't warned or that you could not have known this in advance.

>>28592229
i have lost all respect for taleb over the last 2 years, he has gone completely nuts
>"everyone who disagrees with me is a nordic supremacist!"
>"i am lebanese, not a dirty arab!"
>"IQ doesnt exist! africans are super smart!"
>"Covid will kill us all! panic is rational!"

he has turned into a total bootlicker schizo.

>>28596031
you do realize that closing and opening channels that often just doesn't work right?
opening a channel requires you to sign 3 transactions and broadcast 1 transaction on layer 1
that means only 18 million channels can be opened every month, if people are to open more they will have to start outbidding each other and we will see a 2017-2018 scenario with settlements taking weeks despite massive fees
I suggest you read up a little on how Lightning actually works
>https://medium.com/@peter_r/visualizing-htlcs-and-the-lightning-networks-dirty-little-secret-cb9b5773a0

>>28595072
Lol no loony. If given the choice I would never use an inflationary currency. Deflation is no longer an issue with infinite divisibility. What is more of a pain in the ass is momentary liquidity shocks due to hodling. Also more than one crypto is fucking great, not that they are inflationary because they can gauge their own respective markets. The issue I see is power usage after everyone piles into their favorite coin.