Bitcoin as a viable currency?

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Re: Bitcoin as a viable currency?

#141  Postby OlivierK » Feb 09, 2018 12:50 pm

Macdoc wrote:Consider ...1 Trillion dollars a day exchanges hands ...1% is wealth building, 99% is speculative. Bit coin is only a relatively frictionless form of that speculation.

Removing friction from transactions structurally favours high-volume speculative trade.
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Re: Bitcoin as a viable currency?

#142  Postby Macdoc » Feb 09, 2018 2:55 pm

actually it allows smaller players to compete on a level transaction cost.
The current system already is 99% speculative.
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Re: Bitcoin as a viable currency?

#143  Postby minininja » Feb 09, 2018 5:34 pm

Macdoc wrote:actually it allows smaller players to compete on a level transaction cost.
The current system already is 99% speculative.

What's your source for that 99%? From what I've read I understand it to be more like 90%, - which is of course still pretty obscene and the reason why there are economists, campaigners, and some politicians looking at the possibilities of progressive financial transaction taxes, - which would only be possible to implement with a highly regulated and audited banking and financial sector. Bitcoin basically wants to be the opposite of that.

And the idea that smaller players could compete seems silly to me. Smaller players will never have the resources to stay ahead of the markets, nor the large amounts of disposable wealth needed for the benefits to outweigh the risks.
[Disclaimer - if this is comes across like I think I know what I'm talking about, I want to make it clear that I don't. I'm just trying to get my thoughts down]
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Re: Bitcoin as a viable currency?

#144  Postby Macdoc » Feb 09, 2018 7:50 pm

You are confusing the cost of procedure with resources.

actually it allows smaller players to compete on a level transaction cost.
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Re: Bitcoin as a viable currency?

#145  Postby minininja » Feb 09, 2018 10:40 pm

No I'm not. I'm saying the cost of speculation is irrelevant to people who don't have enough wealth to speculate with.
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Re: Bitcoin as a viable currency?

#146  Postby Macdoc » Feb 09, 2018 11:13 pm

You need to parse that a bit.
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Re: Bitcoin as a viable currency?

#147  Postby juju7 » Feb 12, 2018 9:20 am

zoon wrote:Bitcoin is already using as much energy as a small country, while processing a tiny fraction of financial transactions across the globe. The energy per transaction, as far as I can tell, will go up rather than down as Bitcoin grows.

Fortunately Bitcoin will fail, so no problem.
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Re: Bitcoin as a viable currency?

#148  Postby minininja » Mar 04, 2018 10:39 am

Interesting discussion about bitcoin, cryptocurrencies and blockchain tech in this week's podcast from the New Economics Foundation. Worth a listen.
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Re: Bitcoin as a viable currency?

#149  Postby Cito di Pense » Mar 04, 2018 10:59 am

minininja wrote:Interesting discussion about bitcoin, cryptocurrencies and blockchain tech in this week's podcast from the New Economics Foundation. Worth a listen.


I hung in for 5 minutes or so. Too much filler, too much chit-chat / schmoozing. Can't you just give us the executive summary? If you can't, it's probably because the hubbub over cryptocurrency is still dominated by noise.
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Re: Bitcoin as a viable currency?

#150  Postby minininja » Mar 04, 2018 11:59 am

It's a podcast, what do you expect? I'm not going to summarise it because why should an interesting discussion about a complex subject be summarised?
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Re: Bitcoin as a viable currency?

#151  Postby Cito di Pense » Mar 04, 2018 2:29 pm

minininja wrote:It's a podcast, what do you expect? I'm not going to summarise it because why should an interesting discussion about a complex subject be summarised?


You said you found it interesting. You can either say what you found interesting or let me guess you were just a little taken by all the schmoozing and hipster backslapping about hip new trendy trends.
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Re: Bitcoin as a viable currency?

#152  Postby minininja » Mar 04, 2018 4:20 pm

Christ, I just shared it because thought people in this thread might be interested to listen. If you're not, then don't. No need to be an arse.
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Re: Bitcoin as a viable currency?

#153  Postby Animavore » Mar 22, 2018 11:02 am

Bitcoin could be illegal because it contains references, links, to child pornography in its blockchain which makes it against the law to store in many countries.

https://www.sciencealert.com/bitcoin-il ... ornography
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Re: Bitcoin as a viable currency?

#154  Postby felltoearth » Mar 22, 2018 11:53 am

I’m hoping this event was created as a honeypot for douchebags and it will be nuked from the air.

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Re: Bitcoin as a viable currency?

#155  Postby LucidFlight » Mar 22, 2018 12:01 pm

Ooh, that reminds me...

Hey hey heeeeeey!

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Bitconnect | h3h3 having a goof, a gaff
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Re: Bitcoin as a viable currency?

#156  Postby purplerat » Mar 22, 2018 1:43 pm

Animavore wrote:Bitcoin could be illegal because it contains references, links, to child pornography in its blockchain which makes it against the law to store in many countries.

https://www.sciencealert.com/bitcoin-il ... ornography

Whether you think Bitcoin is a viable currency or not I think this highlights potential issues with making data illegal.
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Re: Bitcoin as a viable currency?

#157  Postby minininja » Mar 22, 2018 3:29 pm

purplerat wrote:
Animavore wrote:Bitcoin could be illegal because it contains references, links, to child pornography in its blockchain which makes it against the law to store in many countries.

https://www.sciencealert.com/bitcoin-il ... ornography

Whether you think Bitcoin is a viable currency or not I think this highlights potential issues with making data illegal.

I think it more highlights issues with a system to which anyone can contribute and in which all contributions are necessarily permanent and universal.
[Disclaimer - if this is comes across like I think I know what I'm talking about, I want to make it clear that I don't. I'm just trying to get my thoughts down]
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Re: Bitcoin as a viable currency?

#158  Postby Animavore » Mar 22, 2018 4:35 pm

I missing why they are permanent and can't just be deleted.
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Re: Bitcoin as a viable currency?

#159  Postby purplerat » Mar 22, 2018 4:39 pm

minininja wrote:
purplerat wrote:
Animavore wrote:Bitcoin could be illegal because it contains references, links, to child pornography in its blockchain which makes it against the law to store in many countries.

https://www.sciencealert.com/bitcoin-il ... ornography

Whether you think Bitcoin is a viable currency or not I think this highlights potential issues with making data illegal.

I think it more highlights issues with a system to which anyone can contribute and in which all contributions are necessarily permanent and universal.

You mean like the internet?
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Re: Bitcoin as a viable currency?

#160  Postby purplerat » Mar 22, 2018 4:41 pm

Animavore wrote:I missing why they are permanent and can't just be deleted.

They could be but it would defeat the purpose of the blockchain. What I don't get is why data needs to be criminalized.
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