Cryptocurrency

[MickAK]

with a revolver in my back pocket.

Neat

[Borderland]

Neat

You don't own a carry ?

[MickAK]

What do you mean by this?

The infrastructure with which we verify and transfer value is inefficient and outdated. It's too big of an industry to remain inefficient.

It's going to change.

[GJM]

https://www.moneygeek.com/investing/...ncy-or-stocks/

Thanks for that. Looking at their return data, it goes thru 2021. My guess is if the numbers went through today, they would look a lot different!

[Borderland]

Thanks for that. Looking at their return data, it goes thru 2021. My guess is if the numbers went through today, they would look a lot different!

I think it's moderated some. People are moving away because of the volatility and loses.

[JCS]

That's probably a symptom of technical issues I don't fully understand re: block size and consensus, but yeah, transaction time in the hours is absolutely lethal when the price of bitcoin can change so much while the transaction is still floating (and might not actually be confirmed).

The other major issues are probably the volatility of gas (the crypto kind). The current $2.00 per transaction isn't killer but that's been 10x that before. If adoption was anywhere near the global banking system, that'd be back at 10x presumably. The power requirement argument is sort-of silly at the moment, but stop being silly if you imagine scaling up from a million enthusiasts to a global banking system. EDIT: Although, really, the current $2.00 is pretty terrible if you're buying something cheap like a box of ammo or a tank of gas.

I understand the hard limit of total bitcoin is an issue, too, but I'm not an economist so I could take or leave that argument.


None of this implies there's no point to crypto, but that book was all about that bitcoin was real money and I'm skeptical.

I think the transaction time is an issue. I also think the solution is tech on the 2nd layer of Bitcoin. There’s some pretty cool stuff people are coming up with. If Bitcoin is to be adopted globally it still has a ways to go because it’s not easy for people to understand or store right now. But it’s only been around 12 years.

[TheRoland]

The infrastructure with which we verify and transfer value is inefficient and outdated. It's too big of an industry to remain inefficient.

It's going to change.

I don't know enough about the banking system to evaluate this, but the idea that blockchain is an efficient technology is crazy. I do not know how wire transfers work on the backend, so you may be correct, but yikes. Doing a wire transfer or an ACH, as an end user, is a lot easier and usually cheaper than sending Bitcoin or Eth or whatever.

I think the transaction time is an issue. I also think the solution is tech on the 2nd layer of Bitcoin. There’s some pretty cool stuff people are coming up with. If Bitcoin is to be adopted globally it still has a ways to go because it’s not easy for people to understand or store right now. But it’s only been around 12 years.

I have to admit I do not know a lot about any of the tech built on top of bitcoin. I'm sure it's not unsolvable but my understanding is it's really hard to do vs. building on a more recent chain. Which is why all the good scams are on Eth these days.

[GJM]

https://www.wsj.com/articles/how-car...se-11668899604


https://www.wsj.com/articles/crypto-...rs-11668910608

[GJM]

https://www.politico.com/news/2022/1...o-ftx-00069329

[David S.]

Twitter: CBP officers discovered $33K in unreported currency possessed by an Egypt-bound traveler at Washington Dulles International Airport during a baggage examination on November 8. The traveler verbally reported that he had $20K.