Society/Culture Bitcoin

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Power Raid said:
it kind of has with gold being a pseudo currency.

it will be interesting to see how economies go without the ability to control monetary policy. This was one of the big causes of the failure in the EU model but at least the EU has retained some flexibility having the levers of fiscal policy across the EU.

with crypto currency, governments have no real control of either. This is great news for the rich and the established but I can't see the ordinary bloke putting up with this unless governments reform to become brutal dictatorships to control the masses.
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There is no way governments can allow a currency that is not government backed. The government would cease to be a government. Either governments ban this stuff very soon or they start up their own cryptocurrency and ban all the others.
 

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Seeds said:
There is no way governments can allow a currency that is not government backed. The government would cease to be a government. Either governments ban this stuff very soon or they start up their own cryptocurrency and ban all the others.
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I’m pro individual and smaller governments but an unregulated crypto is way too far.

The reason I say that is the citizens will unite, rebel and result in a USSR or Pol Pot utopia.

No one in their right mind wants that.
 
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Seeds said:
There is no way governments can allow a currency that is not government backed. The government would cease to be a government. Either governments ban this stuff very soon or they start up their own cryptocurrency and ban all the others.
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South Korea may be about to ban concurrency. North Korean is buying into a bitcoin alternative.

And a bloke and his mates in Japan are exceedingly wealthy.
 
SO transaction fees are enormous, up to $50. A lot of the things that used to take Bitcoin as a means of payment are scrambling away from it because it is too prohibitive for transactions.

How does this take over the world, considering plenty of places still take cash / debit card only because of much smaller credit card fees?
 
King Brown said:
SO transaction fees are enormous, up to $50. A lot of the things that used to take Bitcoin as a means of payment are scrambling away from it because it is too prohibitive for transactions.

How does this take over the world, considering plenty of places still take cash / debit card only because of much smaller credit card fees?
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I'd love to see an answer to this and the question of time for verification of transactions. Is it due to the amount of effort it's taking to mine the last coins?
 
King Brown said:
SO transaction fees are enormous, up to $50. A lot of the things that used to take Bitcoin as a means of payment are scrambling away from it because it is too prohibitive for transactions.

How does this take over the world, considering plenty of places still take cash / debit card only because of much smaller credit card fees?
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Blockchain is actually a useless technology for finance. It's only purpose really is to obscure small transactions, and even then that is up for debate.

Modern banking, currency, stock and bond markets rely on both automation and speed of transaction. Blockchain dramatically slows down this process. Speed on the stockmarket, can literally mean gains or losses in the hundreds of millions for the big high frequency traders.

Likewise, blockchain technology is resource intensive. Thus would require massive capital investment to support, if it was utilised as a mainstream application and poses a significant increase in marginal costs for online banking services.

Finally, in the age of climate change, it is hard to make the argument that the globe needs to adopt a system that would explode the use of microprocessors and place huge demands on states and industry for additional power generation.
 

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Freo Big Fella said:
Watching some of the reaction to the coverage of the latest dip today; I'm amazed how sensitive crypto-bros are about their choice of investment.
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It's similar to the reaction your mate has when he backs the wrong dog in Race 5.
 
Live look into that guy who bought 15 million worth of BitCoin ATMs to put around Sydney.

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DivideandMultiply said:
Modern banking, currency, stock and bond markets rely on both automation and speed of transaction. Blockchain dramatically slows down this process. Speed on the stockmarket, can literally mean gains or losses in the hundreds of millions for the big high frequency traders.
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This is true - bots make up around 80% of US market transactions on the big exchanges by volume.
There is a good book that came out years ago describing how one of the first (and most successful) bots was designed - The Predictors.
It's actually a little scary how well some of these systems actually predict black swan events as well as normal trading patterns.
 
Upgrayedd said:
Wah My unregulated market is acting like an unregulated market
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This is the most bizarre thing for me. We have any number of regulated markets and still the banks and the big end of town engage in all manner of insider trading and market manipulation. We are about to hold a royal commission to sweep the stink away from the big 4 banks.

What the **** do mums and dads think is going to happen when there is a completely unregulated market in town.

People are not very bright :huh:
 
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