Here we speculate on the future impact of today's nascent technologies on humanity, the state, and the environment, from an anarcho-capitalist, Agorist, or Libertarian perspective. All free thinkers are welcome.
In today's #Tokenncoin weekly #cryptonews roundup: Newly issued Fed #currency is not backed by paper bills #Bitcoin's inflation rate to drop to 1.8% #DowJones is forming a rising wedge similar to one from 1929 #BOLT's token swap raised suspicions to users
It has been ten years since the first crypto currency was launched: the Bitcoin. Today, numerous similar constructions exist alongside it. A representative ING survey in 13 European countries as well as Australia and the USA shows that digital currencies are not yet an alternative for consumers.
[Serious] How does Bitcoin have an economic moat? Why can't someone else just create a similar blockchain currency that can do all the things Bitcoin can do and make it better/more popular?
I used to view Bitcoin as a scam, but as I've read more into it, I'm starting to come more towards believing in it. However, why can't someone else just create a better version of Bitcoin (i.e. Facebook to Myspace, Google to Yahoo). I 100% believe blockchain is the future, but why does it have to be Bitcoin? For example, JP Morgan has created the JPM Coin and they have a humongous customer base they can implement it to in the future. What's stopping other banks from doing the same? EDIT: I appreciate all the answers. I recognize Bitcoin's current standing as the outright leader, but I have so many more questions.
Government/Regulation: What's stopping the US gov't from just creating their own blockchain currency, mandating its use, and outlawing all other cryptos?
Adoption: Despite many people not trusting bulge bracket banks, the reality is that most people do trust big banks over BTC. It's not a matter of whether you don't trust banks, but the general mass public. Also, I don't see full adoption happening anytime soon, there's a lot of time and things that can happen in between.
Economics: If BTC were to be adopted, a lot of things like curbing inflation, manipulating money supply, printing money to dissolve big debt would become even larger issues due to the scarcity and fixed supply of BTC. The volatility and adjusting the value of BTC drastically would create so much inflation/deflation issues that it makes BTC use impossible from an economics point of view.
Big Banking and Central Banks: These big players aren't just going to lay down and admit defeat. They're not going to just give up their positions of power and wealth because BTC is better. They're going to want to maintain power whether by use of their own blockchain currency or their own regulation of BTC, and the reality is that they are in power.
Currency or commodity? USD or Gold? Due to BTC's lack of medium of exchange values (mass acceptance) and measure of value (too much volatility to agree on how much it is worth in an exchange), I find it difficult for it to be accepted anytime soon as a currency. The only check it passes is the store of value. If it's a commodity, then honestly who cares.
To me, BTC is incredible in theory, but not in practice. I sincerely believe blockchain is the future of money, just not why it has to be BTC.
Fun fact, in 2017 we experienced the largest percentage increase in price during a bubble in bitcoins history, yet volatility was historically low. In 2 years we will have similar volatility levels as Gold, in 4 years we will have similar volatility levels as other major currencies.
CMV: Bitcoin and similar cryptos are bad currencies, bad investments and terrible for the environment
First of all, I understand the pros of cryptocurrency and I think the blockchain is a cool technology. However, I would argue that having a currency that isn't controlled by anyone is bad idea:
Currency needs to be stable, Bitcoin clearly isn't and it will never be because no one can control it.
Bitcoin transactions are both slower and more expensive than fiat despite there being much less of them.
There's endless amounts of other cryptos piggybacking the success of Bitcoin. Some of these have much more flaws than Bitcoin. Some of them are ponzi schemes.
There's "banks" for cryptocurrency that are getting hacked or scamming people out of their bitcoin. Bitcoin may be safe itself but all hackers and information security experts know that the biggest weakness is always the user. Most people don't understand how cryptocurrencies work, heck many people don't understand how computers work, so they're extremely easy targets for scammers.
Most market places do not or no longer accept bitcoin as payment. Even most of the owners of Bitcoin are not using at as a currency, they're holding it as an investment.
Bitcoin is a bad investment. Bitcoin, after failing to be a currency will be just digital numbers on some computers with no inherent value to them. Sure some people managed to make a lot of money with the bubble, but people have made a lot of money with other bubbles too. Smart investors have already taken their money out of bitcoin. Some people claim investing in Bitcoin is no different from investing in gold but gold is a real material that is used in jewelry, luxury items, electronics, satellites, medicine etc.
Bitcoin is terrible for the environment. Mining Bitcoin or other cryptos uses crazy amounts of energy that could be used on something actually useful. We are already struggling to move to clean energy, crypto mines are the last thing we needed.
The Bitcoin bubble is increasing the prices of GPUs. Good if you sell GPUs, bad if you're everyone else.
But... I don't have a degree in economics, so feel free to tell me why I'm wrong. And sorry about any typos or bad grammar there might be. English is not my native language and this is not the easiest topic to have a conversation about.
This is a footnote from the CMV moderators. We'd like to remind you of a couple of things. Firstly, pleaseread through our rules. If you see a comment that has broken one, it is more effective to report it than downvote it. Speaking of which,downvotes don't change views! Any questions or concerns? Feel free tomessage us. Happy CMVing!
Libra is more similar to CNY (controlled Yuan) while Bitcoin is more like CNH (market influence Yuan) - Right now, only one of the two can be converted from a long-term investment in security tokens, back into a cryptocurrency with purchasing power closest to my countries currency.
The Libra Reserve is passively managed, I know, and they will only invest in say debt from government with low default risk, and low probability of high inflation. However, it's controlled by specific mechanisms like investment selection, distributed network of custodians to avoid counter-party risk and such, so that Libra can be converted back at a narrow spread above or below their local currency. Basically, emulating the FX market for fiat currency, but importantly on Blockchain. Bitcoin on the other hand has no reserve backing it and its value is heavily influenced by market speculation, with no mechanisms in place. It is market determined. Out of the two, Bitcoin is the most popular cryptocurrency used to purchase security tokens obviously. Hypothetically, if I were holding security tokens, and the only option was to convert into a cryptocurrency because everything is on blockchain, I'd hope that the value of the cryptocurrency I convert to is similar that of my countries.
OnlineKhabar mining Monero a crypto currency similar to the bitcoin through their website
OnlineKhabar is mining Monero a crypto currency similar to the bitcoin through their website. This is ridiculous and a complete misuse of trust people have in them. Using your readers computing power without their knowledge is completely unethical. And i think it's illegal in Nepal to mine crypto currencies. Nepal Police To Non-tech people: Onlinekhabar is basically running a hidden application in their website which will eat all of your RAM and CPU usage which further can lead to crashing of your computers. So when you open onlinekhabar to read news, the website will use all your RAM and CPU power in background to run huge number of complicated mathematical tasks from which onlinekhabar will be making ton of money. Source: https://m.facebook.com/story.php?story_fbid=10203709104846144&id=1773473488 Edit: Proof by this guy: http://archive.is/naeoa search "coinhive" on this link
Crypto and fiat cash money comparison report. We compared coin capitalizations and money supply M0 (notes and coins) of different fiat currencies. For example, Bitcoin Cap is bigger than UK cash and less than Russian ruble. And EOS Cap is similar to Norwegian Krone.
I'm 16 and have been wanting to get into bitcoin and other crypto currencies for a while now. After looking around I found coinbase to be a pretty good site but when I went to sign up it says you must be 18 or older. Is there anything else similar to coinbase that I could use?
Are there symbols for cryptocurrency similar to the generic currency sign ¤ or Bitcoin's ₿?
When sorting data, I enjoy using special characters to keep things organised and noticeable. I'm therefore wondering if there are currently any official, unofficial, or proposed symbols for cryptocurrency similar to the general currency sign ¤. Further, does anyone know of any communities or forum threads that are discussing this idea? Thanks! Edit: I do appreciate examples of specific currency signs and don't want to discourage people from sharing those, but I am also mainly seeking signs for cryptocurrency as a general whole, something representative of the larger family. I'd be stoked if I could find a more universal symbol uniting the various clans.
Bank of Israel said: "Bitcoin and similar virtual currencies are not a currency and are not considered as a foreign currency. Cryptocurrencies should be seen as financial assets and Bitcoin does not match the legal definition of currency."
We are the developers of a new internet currency (DigiByte) similar to Bitcoin! Ask us anything!
We are the developers of DigiByte, a decentralized peer-to-peer crypto currency based upon Bitcoin & Litecoin. Feel free to ask anything about crypto currencies, DigiByte, or anything else you would like to discuss! Reddit: /Digibyte Website: http://www.digibyte.co/ Twitter: https://twitter.com/DigiByteCoin Facebook: https://www.facebook.com/digibytecoin BitcoinTalk: https://bitcointalk.org/index.php?topic=408268.msg5830601#msg5830601 We will host the AMA for about 2 hours, we can go longer if needed. Why use DigiByte? 1) Speed: DigiByte is Blazing fast! Much faster than Bitcoin & Litecoin, and fast enough to buy coffee from a merchant in just a few seconds with the press of a button on a smart phone! 2) Transactional Currency: With 21 billion coins, DigiByte will primarily become a worldwide currency traded for goods & services and not a volatile speculative commodity like Bitcoin. DigiByte has a natural ratio of 1BTC:1000DGB to Bitcoin. This means that if Bitcoin is worth $1,000 DigiByte should be worth $1 -$10. A Perfect price for buying goods & services. No one likes to look in their wallet and see that they have 0.001 coins; 1,000 DigiBytes are much more appealing. 3) DigiByte Name: You store data in megabytes & gigabytes. Why not store money in DigiBytes?
Bitcoin 1-hour chart Source: Binance.com - We see that Bitcoin hit nearly $11,000 today and is up by about a $1,500 in just several days on this 1-hour chart. ZCash ( ZEC-USD ) Coinbase is a popular broker for those looking to buy Bitcoin but there are many Coinbase alternatives. We found 10 crypto brokers that are similar to Coinbase. Maybe you do not like the interface and looking for a Coinbase alternative. Perhaps you find features lacking. Whatever the reason, not everyone is a fan of Coinbase. The world of virtual currencies is getting very crowded with so-called altcoins. Open navigation recipient and amount stay private. Similar to bitcoin, Zcash has the ability for users to send While bitcoin may be the best-known crypto, that doesn’t necessarily mean it’s the best. There are many other currencies with similar and even superior features to bitcoin, so let’s take a closer look at 10 leading bitcoin alternatives. Bitcoin crossed the $11,000 level and traded near its highest level in nearly a year on Tuesday amid US dollar weakness and a broad shift to alternative assets.; The token leaped as high as
How to cash out bitcoin? Is Bitcoin similar to Regular Currency?
What is Bitcoin? What is a crypto currency? How does Crypto currencies work? Can Crypto currencies be converted to cash? What is Bitcoin used for? How secure are Crypto currencies? How to invest ... Digital currencies like bitcoin are coming (and it's a good thing): Juan Llanos at TEDxMidAtlantic ... He is a member of the Bitcoin Foundation's Regulatory Affairs Committee, and writes about ... Bitcoin exchanges are online markets where you can trade bitcoin for traditional currencies, state BTC for USD. Similar to when you go to make a purchase online, you have alternatives. Bitcoin is a digital currency, known as cryptocurrency that is virtual in nature and is transacted online. You can buy bitcoins and use them to buy what you want just like regular currency. The crypto currencies like Bitcoin, Etherium, Lite Coin and others is an extremely attractive thing to trade. Millions have been made in a short amount of time by traders world wide.