Goldman Sachs now in the Crypto Exchange business & JP Morgan admit that Crypto is a threat

Firefly said:
That's my point. A wide-scale adoption of crypto currencies would lead to a massive reduction in the monies available for governments to fund public services.

Just like what happened with gold, people would start to hoard bticoin and the whole economy would dry up.

Very interesting article here....

https://www.fastcompany.com/40537404/how-bitcoin-ends
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It's interesting, but they failed to take in account things like Layer2 solutions built ontop of the blockchain.
I'd also point out that bitcoin is divisible by 8 decimals so there is really not much of a shortage should it ever take over as the primary global reserve currency.
 
Firefly said:
Why are you replying for TheBigShort?????????
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Big Short can reply himself - I'm not replying FOR him. That doesn't preclude me from making a point. This is a public discussion. If you'd like to carry out a private discussion with Big Short, PM him.
 
At current exchange rates.
.01 USD (1 penny) is equal to 0.00000100 Bitcoin
It's more divisible than Fiat.

Just wait until .01 USD equals 0.00000001 Bitcoin
Then imagine if 1.00 USD equals 0.00000001 Bitcoin
 
Firefly said:
Do you have a link to the fraud committed by GS and a link to which law was broken?
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I took it from this post that fraud was being committed.

Firefly said:
The Greek government are responsible for their national accounts and it's not the fault of the currency (either their own or the Euro) nor the fault of a bank whom they employed to cook the books for them.
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Here is another

http://www.bbc.com/news/av/world-europe-17108367/how-goldman-sachs-helped-mask-greece-s-debt
 
Firefly said:
Do you have a link to where and how GS broke the law?
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In the overall context of this particular discussion does it matter if he can or cannot? I've provided a link citing fraud by GS on an epic scale.

The hypocrisy...Jamie Dimon says bitcoin is a fraud after what they did!

The irony...when an internal report of theirs cites crypto as a threat...
 
Firefly said:
The books were certainly cooked, but that is different to fraud. Fraud is breaking the law. Do you have a link to where and how GS broke the law?
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My understanding of the term 'cooking the books' is to mean fraud. See here;

https://www.investopedia.com/terms/c/cookthebooks.asp

If on the otherhand you are saying that no laws were broken, that what occured was perfectly legitimate then it only means that other countries, who may want to join the euro, can now aspire to do so by 'cooking the books' as Greece did.
Which only adds weight to having your own private currency out of reach of central authorities.

Time to buy some more bitcoin.
 
FireFly i read some more of that article and it's got some inaccurate informaton.
What happens when all the bitcoin is mined? Bitcoin transactions are authenticated by the thousands of people who dedicate their computers and electricity to building the blockchain. They’re not donating all this money and computing power; they are being paid in bitcoin. Mining for bitcoin and authenticating transactions is the same thing.
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No they are not quite the same thing.
Infact some Miners try and game the system by not validating the transactions of the just-mined block.
They try to get a head start on winning the next puzzle.
In addition, the Full Nodes that people are running across the globe to validate transactions are not rewarded.
What is the incentive for people to spend millions of dollars on computers and power once there’s no more kickback of coin? I have asked this question of the world’s leading blockchain investors, miners, and scholars, and none of them have offered a satisfactory answer. The best they can come up with is “we’ll figure out when the time comes.
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This is not a new question and the solution is Transaction fees.

Here's a good read: https://medium.com/@rusty_lightning/the-three-economic-eras-of-bitcoin-d43bf0cf058a
Currently the network is essentially being paid for via currency inflation.
When that ends, the network is paid for by transaction fees.
Yes there will be attempts to change the rules but I am confident the greater network participants will see it down.
 
jman0war said:
Currently the network is essentially being paid for via currency inflation.
When that ends, the network is paid for by transaction fees.
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Thanks for that. I'll be honest and admit I didn't understand it all. unless people start to use Bitcoin to actually buy stuff I think it will collapse long before transaction fees will support these miners.....
 
Firefly said:
Thanks for that. I'll be honest and admit I didn't understand it all. unless people start to use Bitcoin to actually buy stuff I think it will collapse long before transaction fees will support these miners.....
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Well we don't exactly need all those miners.
We just need enough of them to be censorship resistant.
That's an unknowable quantity, but the fact is: fewer miners means lower difficulty which then reduces the 'cost' of the network.
 
Firefly said:
unless people start to use Bitcoin to actually buy stuff I think it will collapse long before transaction fees will support these miners.....
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It is being used in a limited way but I agree that it needs to push through the scaling issue. Lightning Network is central to that.
 
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