Bitcoin

eskbanker

Bravepants said:

the 99.9999999% of the general public that don't have a computing degree

I'd humbly suggest that there are probably more than eight people on the planet with a computing degree!

* misses point of thread by some distance *

Bravepants

pioruns said:

Wrong again, last Bitcoins will be mined in year 2140, that's 120 years from now.

Oh sorry, yes I was wrong. I meant 120 years of volatility.

coyrls

pioruns said:

coyrls said:

pioruns said:

coyrls said:

TCP/IP is not an experiment and it doesn't evolve and change every day.  What would be the use of a protocol that changes every day?

I meant protocols and upgrades existing and being built thanks to TCP/IP, they don't need to share the name, like "TCP/IP 2.0". On top of TCP/IP protocol, we now have https (TLS) protocol, most widespread protocol without which Internet as we know if would not be able to function. Also, on top of TCP/IP (and UDP, another fundamental Internet protocol) we have NFS, NIS+, DNS, telnet, ftp, rlogin, rsh, rcp, RIP, RDISC, SNMP, and so on. It would not work without TCP. Bitcoin is similar in a way - it's a protocol for sending money without censorship, free of foreign control and seizure. It's up to us, how we are going to use it. And let me emphasize, Bitcoin works absolutely fine regardless if it's price if $100, $10000 or a million.

That fails as an analogy because there are no "protocols" built on top of the bitcoin "protocol" (I think you are misusing the term protocol).  Incidentally, none of the protocols you list are “upgrades” to the TCP/IP protocol and they certainly couldn’t share the name TCP/IP.

Wording doesn't matter,

OK, on that we must disagree.

[Deleted User]

Bravepants said:

pioruns said:

Wrong again, last Bitcoins will be mined in year 2140, that's 120 years from now.

Oh sorry, yes I was wrong. I meant 120 years of volatility.

What is the final price of pound? When will it stabilize, then?

Pound marketcap and it's widespread, global usage is orders of magnitude bigger than of Bitcoin, and yet...

it's up 1.18% today to Euro, and 0.76% up to Dollar. Why is it so volatile?
Bitcoin is down 1.40% today. What's so different about it?

Maybe you just don't understand how currencies work?

And lastly... Why you assume that end of new Bitcoins minting will stop volatility??

New pounds are being "minted" at all time, we all it feel with ever diminishing purchasing power. New Bitcoins are being minted too, the only difference is that Bitcoin inflation rate is predetermined. Right now it's 1.80% per annum and no force on earth can change it. No government will print extra Bitcoins to cover their spending.

[Deleted User]

coyrls said:

pioruns said:

coyrls said:

pioruns said:

coyrls said:

TCP/IP is not an experiment and it doesn't evolve and change every day.  What would be the use of a protocol that changes every day?

I meant protocols and upgrades existing and being built thanks to TCP/IP, they don't need to share the name, like "TCP/IP 2.0". On top of TCP/IP protocol, we now have https (TLS) protocol, most widespread protocol without which Internet as we know if would not be able to function. Also, on top of TCP/IP (and UDP, another fundamental Internet protocol) we have NFS, NIS+, DNS, telnet, ftp, rlogin, rsh, rcp, RIP, RDISC, SNMP, and so on. It would not work without TCP. Bitcoin is similar in a way - it's a protocol for sending money without censorship, free of foreign control and seizure. It's up to us, how we are going to use it. And let me emphasize, Bitcoin works absolutely fine regardless if it's price if $100, $10000 or a million.

That fails as an analogy because there are no "protocols" built on top of the bitcoin "protocol" (I think you are misusing the term protocol).  Incidentally, none of the protocols you list are “upgrades” to the TCP/IP protocol and they certainly couldn’t share the name TCP/IP.

Wording doesn't matter,

OK, on that we must disagree.

Can you elaborate then, what you don't like about my wording? Please give me better example how would you explain Bitcoin to new people.

coyrls

pioruns said:

coyrls said:

pioruns said:

coyrls said:

pioruns said:

coyrls said:

TCP/IP is not an experiment and it doesn't evolve and change every day.  What would be the use of a protocol that changes every day?

I meant protocols and upgrades existing and being built thanks to TCP/IP, they don't need to share the name, like "TCP/IP 2.0". On top of TCP/IP protocol, we now have https (TLS) protocol, most widespread protocol without which Internet as we know if would not be able to function. Also, on top of TCP/IP (and UDP, another fundamental Internet protocol) we have NFS, NIS+, DNS, telnet, ftp, rlogin, rsh, rcp, RIP, RDISC, SNMP, and so on. It would not work without TCP. Bitcoin is similar in a way - it's a protocol for sending money without censorship, free of foreign control and seizure. It's up to us, how we are going to use it. And let me emphasize, Bitcoin works absolutely fine regardless if it's price if $100, $10000 or a million.

That fails as an analogy because there are no "protocols" built on top of the bitcoin "protocol" (I think you are misusing the term protocol).  Incidentally, none of the protocols you list are “upgrades” to the TCP/IP protocol and they certainly couldn’t share the name TCP/IP.

Wording doesn't matter,

OK, on that we must disagree.

Can you elaborate then, what you don't like about my wording? Please give me better example how would you explain Bitcoin to new people.

Building on top of an existing protocol is totally different from a soft (or hard) fork in software development.  That is what I didn't like about your wording.  I'm not the best person to ask about how to explain bitcoin, my point really wasn't about bitcoin; it was that your analogies were misleading.

[Deleted User]

coyrls said:

pioruns said:

coyrls said:

pioruns said:

coyrls said:

pioruns said:

coyrls said:

TCP/IP is not an experiment and it doesn't evolve and change every day.  What would be the use of a protocol that changes every day?

I meant protocols and upgrades existing and being built thanks to TCP/IP, they don't need to share the name, like "TCP/IP 2.0". On top of TCP/IP protocol, we now have https (TLS) protocol, most widespread protocol without which Internet as we know if would not be able to function. Also, on top of TCP/IP (and UDP, another fundamental Internet protocol) we have NFS, NIS+, DNS, telnet, ftp, rlogin, rsh, rcp, RIP, RDISC, SNMP, and so on. It would not work without TCP. Bitcoin is similar in a way - it's a protocol for sending money without censorship, free of foreign control and seizure. It's up to us, how we are going to use it. And let me emphasize, Bitcoin works absolutely fine regardless if it's price if $100, $10000 or a million.

That fails as an analogy because there are no "protocols" built on top of the bitcoin "protocol" (I think you are misusing the term protocol).  Incidentally, none of the protocols you list are “upgrades” to the TCP/IP protocol and they certainly couldn’t share the name TCP/IP.

Wording doesn't matter,

OK, on that we must disagree.

Can you elaborate then, what you don't like about my wording? Please give me better example how would you explain Bitcoin to new people.

Building on top of an existing protocol is totally different from a soft (or hard) fork in software development.  That is what I didn't like about your wording.  I'm not the best person to ask about how to explain bitcoin, my point really wasn't about bitcoin; it was that your analogies were misleading.

You already said that, you don't like my wording, this is your opinion, while I am simply trying to explain something, I am not misleading anyone, and you presented no alternative wording at all.

In fact, wording such as this has not been introduced by me, but other people with certainly more knowledge about the topic, you can search for yourself.

Bravepants

pioruns said:

Bravepants said:

pioruns said:

Wrong again, last Bitcoins will be mined in year 2140, that's 120 years from now.

Oh sorry, yes I was wrong. I meant 120 years of volatility.

What is the final price of pound? When will it stabilize, then?

Pound marketcap and it's widespread, global usage is orders of magnitude bigger than of Bitcoin, and yet...

it's up 1.18% today to Euro, and 0.76% up to Dollar. Why is it so volatile?
Bitcoin is down 1.40% today. What's so different about it?

Maybe you just don't understand how currencies work?

And lastly... Why you assume that end of new Bitcoins minting will stop volatility??

New pounds are being "minted" at all time, we all it feel with ever diminishing purchasing power. New Bitcoins are being minted too, the only difference is that Bitcoin inflation rate is predetermined. Right now it's 1.80% per annum and no force on earth can change it. No government will print extra Bitcoins to cover their spending.

Over the last 12 months Bitcoin has varied in value from just over £10,000 to just below £4000, an over 100% change. Sure the GBP varied by perhaps 10 to 15% over the same period, BUT a 10% change in the value of GBP is not the same magnitude as a 10% change in Bitcoin. Constantly attacking my level of knowledge is not going to win your own argument. Yes you are very knowledgeable about the theory of Bitcoin, but I think you have a lot to learn about practicalities.

coyrls

You asked me to elaborate what I didn't like about your wording and I did.  It's a bit rich to then complain that I had already said that I didn't like your wording.  I am not going to get drawn into trying to give an alternative explanation of bitcoin.

I would add that my point is not an opinion, it is a fact that building on an existing protocol and a soft or hard fork in software deveopment are two completely different things.

[Deleted User]

Bravepants said:

pioruns said:

Bravepants said:

pioruns said:

Wrong again, last Bitcoins will be mined in year 2140, that's 120 years from now.

Oh sorry, yes I was wrong. I meant 120 years of volatility.

What is the final price of pound? When will it stabilize, then?

Pound marketcap and it's widespread, global usage is orders of magnitude bigger than of Bitcoin, and yet...

it's up 1.18% today to Euro, and 0.76% up to Dollar. Why is it so volatile?
Bitcoin is down 1.40% today. What's so different about it?

Maybe you just don't understand how currencies work?

And lastly... Why you assume that end of new Bitcoins minting will stop volatility??

New pounds are being "minted" at all time, we all it feel with ever diminishing purchasing power. New Bitcoins are being minted too, the only difference is that Bitcoin inflation rate is predetermined. Right now it's 1.80% per annum and no force on earth can change it. No government will print extra Bitcoins to cover their spending.

Over the last 12 months Bitcoin has varied in value from just over £10,000 to just below £4000, an over 100% change. Sure the GBP varied by perhaps 10 to 15% over the same period, BUT a 10% change in the value of GBP is not the same magnitude as a 10% change in Bitcoin. Constantly attacking my level of knowledge is not going to win your own argument. Yes you are very knowledgeable about the theory of Bitcoin, but I think you have a lot to learn about practicalities.

I don't have any argument, in am not convincing anyone, just correcting some myths. I am not trying to sell you Bitcoins so I can make millions of profit lol.

And it was you who said that you don't care and never will, I treat you as you deserve.

Lastly, regarding volatility - volatility has historically been decreasing with bigger marketcap. Simply because it requires more billions and billions to move the market. As it grows, volatility will diminish, but never stop - just like with normal currencies, regardless of fact that bitcoin is still being minted or not, which you failed to understand, when minting will end, price will still be volatile simply because the currency to which you comparing it to, remains volatile.