politics of crypto (ban that crap)

[sys]

what are you even doing, wetwillie?

[wetwillie]

what are you even doing, wetwillie?

Taking your bait evidently

[sys]

there's no bait here.  you've just decided to argue with the editors of forbes about the speed of a visa transaction for reasons unknown.


without personally measuring the speed of a visa transaction, i can observe all i need to know about the relative efficiencies seeing costco push like 5 million people a day through each warehouse while accepting visa and not warehousing a server farm in the artic to price croissants in bitcoin.

[catastrophe]

Other digital transactions, like those powered by Visa, take less than a second and use roughly 1/500,000 the energy because they rely on a centralized authority to verify transactions.

Is that like with Venmo? I thought wiring money across countries was more involved. When I hear Visa I just think merchant transactions.

Edit. I’m talking about something like this: https://www.bankofamerica.com/foreign-exchange/wire-transfer/

[sys]

yeah, wiring money is more involved and takes a long time to clear.  but, on the energy side, it's still just a couple of banks agreeing to change some numbers.

[catastrophe]

crypto fans get a lot of mileage out of "just wait, someday someone is going to invent a version of this that doesn't suck complete ass", but at some point the clock's gonna run out on that.

I was so certain you were trolling when you first said this I didn’t bother responding. Your argument is the equivalent of someone in the late 1970s railing about how useless the internet is.

[sys]

was the internet still completely useless twelve years after it was invented?

[catastrophe]

was the internet still completely useless twelve years after it was invented?

Well the first domain wasn’t registered until 1985 according to an internet source. I sense your “completely useless” qualifier might be a loaded question. I don’t think I’d call the early internet completely useless, but I think it’s also ridiculous to say the same about crypto considering it is being used currently.

[wetwillie]

there's no bait here.  you've just decided to argue with the editors of forbes about the speed of a visa transaction for reasons unknown.


without personally measuring the speed of a visa transaction, i can observe all i need to know about the relative efficiencies seeing costco push like 5 million people a day through each warehouse while accepting visa and not warehousing a server farm in the artic to price croissants in bitcoin.

You aren’t talking about settlement, that takes 48 hours to clear all parties and the receiver of funds to get what is coming to them.   XRP can do that in 3-5 seconds.

[chum1]

All technology does is reinvent the wheel. How long was it before computers were useful?

[sys]

I think it’s also ridiculous to say the same about crypto considering it is being used currently.

95% of use = buy some and hold hoping someone even stupider will eventually give you more fiat currency for it than you did.
4% of use = buy some and lose the password.
.99% of use = crime
.01% of use = try to hide money from a govt for non-criminal reasons.

[MakeItRain]

There was a time when the only things on the internet were porn and instructions for things like making bombs and free long distance calls.

I find the energy use case against far more compelling.

Do you dry your clothes on a line?

https://twitter.com/csuwildcat/status/1402753394951950339?s=19

Sent from my moto g power using Tapatalk

Hmmmmm, I'm gonna need to see confirmation of this

[sys]

https://twitter.com/abitonline/status/1413138380720771080

[DaBigTrain]

Wow, this thread is great. The people who don’t get it, have shown that they REALLY don’t get it ITT. Not sure if some of you are being willfully ignorant or just plain stupid but keep it up here. This is great.

[sys]

i'm glad you found the thread, dbt.

['taterblast]

at what point does the mainstream buzz around digital currency become about more than how much of another currency it's worth? like how far off do experts think that is?

[steve dave]

at what point does the mainstream buzz around digital currency become about more than how much of another currency it's worth? like how far off do experts think that is?

same question but gold

['taterblast]

at what point does the mainstream buzz around digital currency become about more than how much of another currency it's worth? like how far off do experts think that is?

same question but gold

yeahhhhhh but gold makes fancy jewelry at least?

[sys]

same question but gold

the people that claim gold is a currency are at least widely understood to be crazy people.

[catastrophe]

at what point does the mainstream buzz around digital currency become about more than how much of another currency it's worth? like how far off do experts think that is?

same question but gold

yeahhhhhh but gold makes fancy jewelry at least?

My explanation could be wrong, but I’m confident you’re missing part of the story.

Most cryptocurrency is generated and used to perform transactions on block chains. So like if a recording artist wanted to license a song by NFT or create a smart contract on the Ethereum network, they would need to pay in ETH to do it. It has inherent value for that reason.

[chum1]

So, maybe the argument being made here is that crypto transactions between individuals should be banned, but not transactions between individuals and regulated institutions.

[steve dave]

same question but gold

the people that claim gold is a currency are at least widely understood to be crazy people.

[mocat]

It's no 2015 royals thread but there's some great sys itt

[Rage Against the McKee]

at what point does the mainstream buzz around digital currency become about more than how much of another currency it's worth? like how far off do experts think that is?

same question but gold

yeahhhhhh but gold makes fancy jewelry at least?

My explanation could be wrong, but I’m confident you’re missing part of the story.

Most cryptocurrency is generated and used to perform transactions on block chains. So like if a recording artist wanted to license a song by NFT or create a smart contract on the Ethereum network, they would need to pay in ETH to do it. It has inherent value for that reason.

Why would someone want to license a song by NFT?

[catastrophe]

My understanding is super rudimentary, but i believe NFTs make it easier to track ownership than pretty much any other method. It is like having a completely electronic chain of title.

So artist says, whoever holds this token has the right to use my work. Only one person can ever hold that token and it’s easy to see how the person got the token.