Unlikely.
Bitcoin has the longest mathematically prove-able, secure chain.
Companies can and probably will start hashing say, their own database state, then anchor that information into the bitcoin blockchain.
That would be a great way to securely store critical information off-site, nearly free of charge into a decentralized network that is resistant to take-down orders or attackers.
How can you say with certainty that it wont be solved?And that is the problem with Bitcoin. It has severe scalability problems. Look at how long it can take a transaction to be verified currently. That problem won't be solved.
How long does it take? Mempool looks totally fine these days.So?? It doesn't matter how secure the chain is if there limited real life uses. And that is the problem with Bitcoin. It has severe scalability problems. Look at how long it can take a transaction to be verified currently. That problem won't be solved. All that Bitcoin has going for it is that it was the first to grab the worlds attention. Blockchain technology will develop. Other crypto-currencies will come on the market that will allow scalability and faster transaction times and where does that leave Bitcoin. Are we honestly saying that all the value in Bitcoin is that is has the longest mathematically provable secure chain??
That would be a useful network and this thought experiment precisely puts the finger on the illusion of bitcoin. Because it is of course not what bitcoin is. Bitcoin does not transfer money it transfers digital entries on a blockchain. Can I ask Brendan's question in a different way. What makes an entry on a blockchain signifying nothing more than it is such an entry have any value?"Someone comes along and tells you to imagine an electronic network, for moving money anywhere in the world, that no-one owns. It’s an intriguing idea. It’s an unprecedented idea. In the entirety of human history such a thing has literally never existed.
Would your response really be: ‘lol the true value of bitcoin is zero’?"
Imagine a network which transfers dollars anywhere in the world, a network that no-one owns. What would that do for the value of the dollar?
Duke, seriously.That would be a useful network and this thought experiment precisely puts the finger on the illusion of bitcoin. Because it is of course not what bitcoin is. Bitcoin does not transfer money it transfers digital entries on a blockchain.
In accordance with their previous announcement regarding putting an offer for real estate trade in Bitcoin, the UK billionaire entrepreneurs sold out 50 luxurious apartments. These apartments are located in Dubai’s Science Park and their development is scheduled to be completed by 2020
The article states that the crypto is immediately converted into USD because of the volatile nature of crypto. And you can bet the crypto price of the apartments is determined by its current USD exchange rate and is not a fixed figure on a brochure. Same for the Canadian KFC. This is pure gimmickry. Is anything at all on this planet truly priced in crypto?All 50 flats listed in bitcoin, sold out in Dubai.
http://cryptocoin123.com/all-50-apartments-listed-in-bitcoin-sold-out-in-dubai/
Interesting to see Charlie Munger call Bitcoin “a noxious poison”.
“I regard the Bitcoin craze as totally asinine. I expect the world to do silly things from time to time because everyone wants easy money. It’s just disgusting that people are taken in by something like this. Our Government’s lax approach to it is wrong. The right answer with stuff that bad is to step on it hard.”
Charlie Munger: "The right answer with stuff that bad is to step on it hard.”
I don't know that this is the right approach.
And it's not a systematic fraud
I think that the Central Banks should warn people about their stupidity,
but the problem is that one of the selling points is the Shortie Syndrome so such warnings probably won't be listened to - they might even boost it.
If they regulate it, it gives it a credibility which makes it worse.
And sure, clamp down hard on the guys who are deliberately defrauding people as you would with any other fraud.
So what is it then? If its not a systematic fraud why the dogmatic 'return to zero' view?
This implies that there is systematic fraud. Which is it?
No one has shown any case for why it's worth anything.
But when there is a mass hysteria around, fraudsters will move in and rob people. So it's the frauds around Bitcoin and other cryptos which should be stopped.
I don't really have a big problem with this anymore. At the end of the day, people will decide it's value in the long run. You could well be right - perhaps it's zero or closer to zero...or perhaps it's more. Time will tell.Bitcoin will fall, in time, to its correct value, zero.
We have KYC (Know Your Customer) and AML (Anti Money Laundering) regulations already in place. I'm not sure where someone could go to circumvent this right now (aside from peer to peer)? If the on and off-ramps are regulated in this way, what other step is there to be taken in this regard?Sure, update money laundering rules to account for Bitcoin.
There isn't anyone in crypto who wouldn't want this. These sort of scams have nothing to do with crypto and are being run by Jordan Belfort types.And sure, clamp down hard on the guys who are deliberately defrauding people as you would with any other fraud.
Now that's the thought process of a banker! What a statement. We have this ongoing stream of newsfeeds all pointing to the lack of regulation of bitcoin yet we won't regulate it because that would give it legitimacy? Price speculation aside, I thought you accepted that this technology has a certain value (i.e. there is a use case for it - even if we were to both agree that it's future price would be near zero)? I have no problem with regulation that does not stymie innovation. The kind that Munger is looking for is to crush it completely.If they regulate it, it gives it a credibility which makes it worse.
I don't see the problem there.The article states that the crypto is immediately converted into USD because of the volatile nature of crypto. And you can bet the crypto price of the apartments is determined by its current USD exchange rate and is not a fixed figure on a brochure. Same for the Canadian KFC. This is pure gimmickry. Is anything at all on this planet truly priced in crypto?
I'm sure you are right, why else did they drop the bitcoins like they were hot potatoes as soon as they received them?The owners probably have to pay in the currency their suppliers accept.
There's probably a range of currencies involved like USD and AED.
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