Bitcoins

TrustyOven

Qubit wrote: »

People talking about exit strategy do not really understand Bitcoin. The whole point is that you don't exit. One day it may well be something like a digital store of value that we all use. I believe there is a reasonable chance it may succeed, although it will face many obstacles.

For those talking about Bitcoin being backed by nothing and being worthless - what exactly do you think that note in your pockets is really worth? (other than less and less every year).

I would recommend that people educate themselves properly about the true nature of fiat currency and also what exactly Bitcoin is.

Bitcoin will indeed go down. And back up again. Who knows what it may or may not be worth in the future. I do know that futures trading is literally coming by the end of this year start of next and ETFs will likely not be far behind.

Yes, it's a currency, but too many seem to think it's an investment.

Qubit

TrustyOven wrote: »

Yes, it's a currency, but too many seem to think it's an investment.

That's one of the things it can/could be. I don't pretend to know the future, but i do know that blockchain technology (what Bitcoin uses) will likely change the world.

Malthusian

In other cryptocurrency news, $300m of Ethereum has been lost because a developer accidentally triggered a bug that transferred some electronic wallets to himself, then deleted the code that accessed those wallets in a panicky attempt to undo it.

There is a potential solution but it requires at least 51% of Ethereum holders to vote for a "hard fork". The consensus, judging by a quick browse of tech site comments, is "screw them". (Not that surprising - presumably the remaining Ethereum is worth more due to the reduced supply.)

But obviously cryptocurrency is much safer than fiat currency because although your money can disappear overnight due to a hapless programmer, you can rest content in the knowledge that the Zionist bankers weren't responsible.

Malthusian

Qubit wrote: »

That's one of the things it can/could be. I don't pretend to know the future, but i do know that blockchain technology (what Bitcoin uses) will likely change the world.

How?

Whenever I ask this question I usually get a bunch of solutions looking for a problem, but I'm keeping an open mind.

TrustyOven

Qubit wrote: »

That's one of the things it can/could be. I don't pretend to know the future, but i do know that blockchain technology (what Bitcoin uses) will likely change the world.

And?
So?
Your point?

Invest in fintech companies then. (risky single-sector investing)

Blockchain is a technology and tech on its own wont make you money. The fact that a young currency like bitcoin uses it, is immaterial.

TrustyOven

Malthusian wrote: »

How?

Whenever I ask this question I usually get a bunch of solutions looking for a problem, but I'm keeping an open mind.

I just very quickly skimmed through some parts here:
https://www.investopedia.com/terms/b/blockchain.asp

It could be as big as Git (for source code). However I am still not sure that it isn't just hype.

Qubit

Malthusian wrote: »

How?

Whenever I ask this question I usually get a bunch of solutions looking for a problem, but I'm keeping an open mind.

If i knew that, id go away and make my millions.

Basically its a distributed database technology that will allow us to have an accurate and immutable record of whatever we want.

For example it could change the music industry, away from a few labels controlling everything (although this has been eroded in recent years to some degree with the advent of the internet).

Example - a musician puts their music on a blockchain and specifies it can be used/listened to for free by joe public but if anyone wants to use it in a movie or advert or whatever then it will cost X (there would be a smart contract - itself on the blockchain).

Im sure you can think of many other similar areas where this could be applied. This is already happening. However, i admit its very much like the wild west at the moment and not without issues or risks.

Jeems

Qubit wrote: »

Example - a musician puts their music on a blockchain and specifies it can be used/listened to for free by joe public but if anyone wants to use it in a movie or advert or whatever then it will cost X (there would be a smart contract - itself on the blockchain).
.

Sounds like it's providing a solution to a problem that isn't there.

People are already putting their music freely on youtube and if someone wants to use it for a movie etc, they will approach them and discuss a contract. Or am I missing something? Is the automation part the selling point here?

As of now, the only people I see investing heavily in coins are teens/early 20's folk. Their main aim is to turn a fast buck and cash out.

atilla

Yep, voodoo currency safe as houses.

https://www.theguardian.com/technology/2017/nov/08/cryptocurrency-300m-dollars-stolen-bug-ether

Malthusian

For example it could change the music industry, away from a few labels controlling everything (although this has been eroded in recent years to some degree with the advent of the internet).

I thought Napster and P2P was meant to have already done that.

It turned out most people still want to listen to what everyone else is listening to, and the big record companies are as big as ever.

Example - a musician puts their music on a blockchain and specifies it can be used/listened to for free by joe public but if anyone wants to use it in a movie or advert or whatever then it will cost X (there would be a smart contract - itself on the blockchain).

They can do that now, under the existing copyright and licensing system. See what I mean?

How does a song being "on the blockchain" stop me from copying it onto a CD and using it in an advert without the author's permission?