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Bitcoin

Grogu said:
Bitcoin has been exchanged since 2009. If there is still an “engineering problem” after fifteen years, then perhaps it’s not all that it’s cracked up to be.

Oh, and Bybit, Mt. Gox, Bitfinex, Coincheck, and FTX called to remind everybody that hackers are a massive part of the lack of security, too. Lovely.
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Bitcoin cannot and it never will be able to handle the amount of transactions necessary to make it a viable Payment system.
 
Jezcoe said:
Bitcoin cannot and it never will be able to handle the amount of transactions necessary to make it a viable Payment system.
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Honestly, this is like saying Fedwire would not be capable of being a viable payment system.

Bitcoin already has viable payment systems working, like the Lightning Network. I've used it frequently. Steak'nShake is about to start taking Bitcoin at their locations just in about a week.
 

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cAPSLOCK said:
Honestly, this is like saying Fedwire would not be capable of being a viable payment system.

Bitcoin already has viable payment systems working, like the Lightning Network. I've used it frequently. Steak'nShake is about to start taking Bitcoin at their locations just in about a week.
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It’s a stunt.
 
cAPSLOCK said:
A stunt?

Not sure what that even means.
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It isn't a serious corporate policy.

It's a stunt.

Bitcoin is not a viable payment system. It can't handle the rate of transactions necessary to be one.

If anything it is an unregulated security whose value is derived from burning electricity and whose majority ownership is concentrated into very few hands.
 
Hatuey said:
Ah yes, the problem of Americans carrying billion dollar bills, or carts of money through the streets.
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We just didn't give Biden enough time - he was doing his best and was getting us there...
 
aociswundumho said:
The dream is to never convert back to fiat.

Lots of businesses accept bitcoin, and their numbers are only going to go up.

How Many Businesses Accept Bitcoin? 39 Statistics

Approximately 15,174 businesses worldwide accept Bitcoin. Find more Bitcoin acceptance statistics in this roundup.
buybitcoinworldwide.com buybitcoinworldwide.com
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What currency could be more "fiat" than bitcoin? There is no intrinsic value to the algorithms that create and maintain them.
 
aociswundumho said:
Because compared to using cash or a credit card, crypto is slow and inconvenient. But that's just an engineering problem that will be solved, especially when AI gets into the mix. I'll be starting a thread on that soon.
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If AI is involved, won't that undermine the whole point of blockchain and distributed processing? AI is a great reason to stay away from Bitcoin and other blockchain based crypto currencies. AI could potentially compromise the vaunted 51% of nodes needed to seize control. No human or team of humans could react fast enough to SHA-256 hashes to pull this off, but AI could. A worm in NVidia or Radeon drivers...
 
Those who want to play in the Bitcoin pool, go right ahead, accepting the risk that all of it could vanish on you.
Absolutely do not connect it to the real economy and real currencies.
 
aociswundumho said:
Because compared to using cash or a credit card, crypto is slow and inconvenient. But that's just an engineering problem that will be solved, especially when AI gets into the mix. I'll be starting a thread on that soon.
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hahahahaha oh my god you can't be serious
 
aociswundumho said:
Serious about what?
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Crypto is slow and inconvenient by virtue of its digital architecture, implanting an AI program within the network to assist those transactions is not suddenly fix all that.

Its also just another laughably obvious vector of infiltration and exploitation by bad actors, which crypto is already full of.
 
Jredbaron96 said:
Crypto is slow and inconvenient by virtue of its digital architecture, implanting an AI program within the network to assist those transactions is not suddenly fix all that.
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Crypto isn’t slow and clunky just because it’s digital - it’s slow in some cases because early networks prioritized security over speed. AI won’t magically fix every problem, but it can definitely make crypto way more user-friendly - like handling fees, speeding up transactions, fraud detection, and by making wallets easier to use. It’s not broken tech, it’s still in its infancy, and the benefits for the world are going to be enormous.
 
Jezcoe said:
So… in order to fix the non problem that decentralized currency fixes… they made an online bank.
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:rolleyes:

No. A bank holds your money, watches your every move, and hands over your info to the government the second they ask. Crypto exists so the average person can finally escape all that surveillance-state garbage.
 
aociswundumho said:
Crypto isn’t slow and clunky just because it’s digital
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Thats not what I said. Crypto is slow and clunky because the validation network is poorly developed to actually handle high volume transaction because the architects had a near comically bad grasp of what is actually needed for a reliable network of currency exchanging.

aociswundumho said:
- it’s slow in some cases because early networks prioritized security over speed. AI won’t magically fix every problem, but it can definitely make crypto way more user-friendly - like handling fees, speeding up transactions, fraud detection, and by making wallets easier to use.
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The limitation of transactions speed is the result of the design of the digital architecture crypto operates on. Adding AI to the mix is not going to magically solve that.

aociswundumho said:
It’s not broken tech, it’s still in its infancy, and the benefits for the world are going to be enormous.
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Its amazing given how naive so many ancap crypto ethnusiats are that more aren't completely penniless and destitute.
 
aociswundumho said:
:rolleyes:

No. A bank holds your money, watches your every move, and hands over your info to the government the second they ask. Crypto exists so the average person can finally escape all that surveillance-state garbage.
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The tax man can in fact track your crypto usage.
 
aociswundumho said:
:rolleyes:

No. A bank holds your money, watches your every move, and hands over your info to the government the second they ask. Crypto exists so the average person can finally escape all that surveillance-state garbage.
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By having a public ledger that people have to jump through hoops to use and pay a third party in order to make a transaction.
 
Jredbaron96 said:
The tax man can in fact track your crypto usage.
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They can track what you do on centralized, regulated exchanges. But total privacy between peers is relatively easy with crypto.

www.getmonero.org

The Monero Project

Monero, a digital currency that is secure, private, and untraceable
www.getmonero.org www.getmonero.org
 
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