It's interesting, but they failed to take in account things like Layer2 solutions built ontop of the blockchain.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
I don't in that specific instance but here's a link to the type of thing that brought bitcoin about in the first place.
https://newrepublic.com/article/132628/goldman-sachs-settlement-5-billion-sham
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.Why are you replying for TheBigShort?????????
See above.I wasn't asking you...I was asking TheBigShort
Do you have a link to the fraud committed by GS and a link to which law was broken?
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.
I took it from this post that fraud was being committed.
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.
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.Do you have a link to where and how GS broke the law?
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?
No they are not quite the same thing.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.
This is not a new question and the solution is Transaction fees.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.
Meh, if you're involved in crypto, you're a criminal. If you're GS, it's an 'acounting error'.My understanding of the term 'cooking the books' is to mean fraud.
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.....Currently the network is essentially being paid for via currency inflation.
When that ends, the network is paid for by transaction fees.
Well we don't exactly need all those miners.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.....
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.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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