Society/Culture Bitcoin

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nut said:
I wish I had some bitcoin.
People who think it's a bubble don't understand the ideology.

Right now the banks are shitting themselves.
Banks already reducing fees and making transactions faster... they are spooked.
Does the mainstream financial system ignore or join in?
The only way to stop Bitcoin is to turn the internet off.
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Bitcoin has built in failure partially due to the rise in energy costs globally. As soon as the last coin is mined the value collapses to 0 because you won't be able to transact it anymore. What bitcoin currently runs on is massively weighted to Chinese farms who, unless the Communist Party takes an interest, will change to another coin that is not mined out and therefore has a vastly higher return compared to the pittance for transaction processing in Bitcoin (compared to mining). When you can no longer transact the Chinese public stop speculating on it. When no one will buy a share anymore the price free falls until the regulator steps in and halts trading - Bitcoin has no regulator.

So the only thing that saves Bitcoin long term is the Chinese Govt. Opposite to what it was designed for but a possibility. less likely now that they are doing their own thing.

Also the Chinese govt can turn off their internet.
 
King Brown said:
Uber will collapse

https://www.nakedcapitalism.com/201...al-uber-losses-now-approaching-5-billion.html
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Great read.

My Naked Capitalism series is the only (to my knowledge) analysis of Uber that assembled a complete picture of Uber’s profitability over time from the various fragmentary press reports about financial results. It argued that all the available factual evidence about Uber’s actual financial performance and competitive economics indicated that Uber’s business model could never produce sustainable profits unless it was able to exploit significant anti-competitive market power.
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I have seen this said before but only in niche sources. Such an indictment on our current journalism that so few journalists have been willing to investigate the actual viability of some of this "disruption."\

Long term we'll end up destroying existing services and have less secure work, with worse wages and conditions, while the consumer pays the exact same as before because tech companies will exploit monopoly power after forcing existing operators out.
 

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nut said:
I wish I had some bitcoin.
People who think it's a bubble don't understand the ideology.

Right now the banks are shitting themselves.
Banks already reducing fees and making transactions faster... they are spooked.
Does the mainstream financial system ignore or join in?
The only way to stop Bitcoin is to turn the internet off.
Click to expand...
So you tell me, what's the ideology behind bitcoin?
 
Gigantic said:
So you tell me, what's the ideology behind bitcoin?
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it's a loose collection of ideas, normally anti-government but also anti big business too (banks, really).

back in the day when most of the (vocal) proponents were libertarian dickheads, it was all about challenging the government's regulation of the money supply via its never-ending "theft" of a currency's value due to inflation. they believe a currency with a defined level of scarcity is preferable, and btc acts similarly to a commodity standard. as you can see in this thread, they note the currently ridiculous prices and conflate that with it succeeding in becoming an actual currency (even though you still can't buy anything with it). interspersed in this would be the simpletons who claim all central banks are owned by the jews or whomever, but pointing those people out in this thread gets your post deleted ;)

eta- lol, i can see this explanation has already been provided by the type of ideologue to which i refer ;)
 
smokingjacket said:
Great read.


I have seen this said before but only in niche sources. Such an indictment on our current journalism that so few journalists have been willing to investigate the actual viability of some of this "disruption."\

Long term we'll end up destroying existing services and have less secure work, with worse wages and conditions, while the consumer pays the exact same as before because tech companies will exploit monopoly power after forcing existing operators out.
Click to expand...
The Dollop podcast did a very good episode on Uber. Well worth listening.
 
Uber will succeed if it adopts blockchain technology. If it doesn't, then a ride-sharing system that takes advantage of the blockchain will take its place.

In order for a ride-sharing system to be profitable and sustainable, it has to be decentralised. It has to absolve itself from government oversight, regulation and taxation. In other words, the success of a ride-sharing system is dependent on its utilisation of blockchain technology.

The entire digital landscape is being rebuilt on the blockhain as we speak. The ride-sharing industry has a choice to make: adopt blockchain technology, or flounder and eventually fade into oblivion.
 
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woota said:
Uber will succeed if it adopts blockchain technology. If it doesn't, then a ride-sharing system that takes advantage of the blockchain will take its place.

In order for a ride-sharing system to be profitable and sustainable, it has to be decentralised. It has to absolve itself from government oversight, regulation and taxation. In other words, the success of a ride-sharing system is dependent on its utilisation of blockchain technology.

The entire digital landscape is being rebuilt on the blockhain as we speak. The ride-sharing industry has a choice to make: adopt blockchain technology, or flounder and eventually fade into oblivion.
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so you're suggesting uber won't survive then? the government will not step aside and relinquish their power
 
woota said:
Uber will succeed if it adopts blockchain technology. If it doesn't, then a ride-sharing system that takes advantage of the blockchain will take its place.

In order for a ride-sharing system to be profitable and sustainable, it has to be decentralised. It has to absolve itself from government oversight, regulation and taxation. In other words, the success of a ride-sharing system is dependent on its utilisation of blockchain technology.

The entire digital landscape is being rebuilt on the blockhain as we speak. The ride-sharing industry has a choice to make: adopt blockchain technology, or flounder and eventually fade into oblivion.
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This is nonsense. Uber as a company only succeeds if it can create a heavily centralised monopoly.
 

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King Brown said:
This is nonsense. Uber as a company only succeeds if it can create a heavily centralised monopoly.
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It can't create a monopoly because other ride-sharing services have captured their own share of the market (here in oz for example, there's Shofer and Shebah. Overseas you have Lyft and Sidecar). Centralisation and government regulation is precisely what's killing Uber.
 
woota said:
Which is precisely why uber's success or failure depends upon blockchain adoption.
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the US has god almighty powers when it comes to there currency. So to does China.

they'll shut down bitcoin if it effects there empire.

all they have to do is lock a few people up, which they can and the concept will be destroyed overnight.
 
Power Raid said:
the US has god almighty powers when it comes to there currency. So to does China.

they'll shut down bitcoin if it effects there empire.

all they have to do is lock a few people up, which they can and the concept will be destroyed overnight.
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And THAT is why cryptocurrency must succeed, and will succeed. Crypto is the people's money.

A government crackdown like you describe would only strengthen the concept of cryptocurrency, not diminish it.

Bitcoin is not the panacea. It's just the beginning. What you fail to understand is that the entire digital landscape is being rebuilt on the blockchain as we speak. This will be self-evident in a few years when all centralised systems and entities are being replaced by decentralised ones, right before your eyes.

Look at social media platforms such as YouTube, and all the revenue issues they've caused for their content creators. YouNow's decentralised "Props" platform will solve these issues, giving power back to the people. This is but one example of thousands. Decentralisation and blockchain is the future.
 
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woota said:
It can't create a monopoly because other ride-sharing services have captured their own share of the market (here in oz for example, there's Shofer and Shebah. Overseas you have Lyft and Sidecar). Centralisation and government regulation is precisely what's killing Uber.
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No, it’s the fact the taxi business is a low margin operation, and the only way to be profitable is to monopolise it.

Uber wanted to replace local governments as the sole vendor of taxi licences. And this only works if they drive every competitor out of business.
 
So is it true that there is so much mining activity in the block chain that actual transactions are taking days to validate?
 
Power Raid said:
the US has god almighty powers when it comes to there currency. So to does China.

they'll shut down bitcoin if it effects there empire.

all they have to do is lock a few people up, which they can and the concept will be destroyed overnight.
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to be honest im a little surprised this hasnt happened already.
 
Seeds said:
to be honest im a little surprised this hasn't happened already.
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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.
 
woota said:
And THAT is why cryptocurrency must succeed, and will succeed. Crypto is the people's money.

A government crackdown like you describe would only strengthen the concept of cryptocurrency, not diminish it.

Bitcoin is not the panacea. It's just the beginning. What you fail to understand is that the entire digital landscape is being rebuilt on the blockchain as we speak. This will be self-evident in a few years when all centralised systems and entities are being replaced by decentralised ones, right before your eyes.

Look at social media platforms such as YouTube, and all the revenue issues they've caused for their content creators. YouNow's decentralised "Props" platform will solve these issues, giving power back to the people. This is but one example of thousands. Decentralisation and blockchain is the future.
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for people without wealth, one can afford to be rebellious. for those with wealth, will stay within limits as they have far too much to loose.

for those without wealth..........they can't afford for crypto to succeed. As there will be no taxes and no social benefits.
 
Power Raid said:
for people without wealth, one can afford to be rebellious. for those with wealth, will stay within limits as they have far too much to loose.

for those without wealth..........they can't afford for crypto to succeed. As there will be no taxes and no social benefits.
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Your thinking is too shortsighted and limited. If cryptocurrency succeeds in the way some people envision it, eventually there will be no need for taxes and social benefits. Everyone will prosper.
 
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