Factbox: Things you might not know about ballistic bitcoin

[FordGT90Concept]

https://www.reuters.com/article/us-...ow-about-ballistic-bitcoin-idUSKBN1E12RE?il=0

A lot of interesting information in here. Examples:
-Every transaction done in Bitcoin costs approximately 215 kwh to process and earlier this year.
-Every transaction costs approximately $7.30 now.
-Chinese exchanged accounted for 90% of the global trading volume until the Chinese government imposed transaction fees dropping it to 20%.

 

[R-T-B]

Transactions cost more than that with the recent price hikes, pretty sure.

Otherwise, none of this is really news to me.

I've said it before and I'll say it again. Bitcoin is a beached whale at this point, with way more value than utility. It is just asking for another coin to topple it.

 

[the54thvoid]

Transactions cost more than that with the recent price hikes, pretty sure.

Otherwise, none of this is really news to me.

I've said it before and I'll say it again. Bitcoin is a beached whale at this point, with way more value than utility. It is just asking for another coin to topple it.

Let me know what that coin is when you find out!

 

[R-T-B]

Let me know what that coin is when you find out!

You'll know for certain about the same time I do, but if I was a betting man: Litecoin

 

[Space Lynx]

You'll know for certain about the same time I do, but if I was a betting man: Litecoin

I'm leaning towards Monero coin, its rising fast lately. and ANON is the future, ANON is the only future. there is no doubt about it.

 

[R-T-B]

I'm leaning towards Monero coin, its rising fast lately. and ANON is the future, ANON is the only future. there is no doubt about it.

I think anon coins bring more trouble than most major investors will ever accept, that and they tend to be computationally expensive like bitcoin (same problems) but it is indeed anyones guess.

 

[Ebo]

Well in my country, we dont really care about crypto courrency.

1. The price for power is too high to run a farm

2. The 5 biggest banks here has refused to deal with any crypto crap at all. That leaves those who has been farming here with a fart in a wind, their digital value is zero worth in real money which I support 110%.
Those who have crypto money cant use them here at all which I personally think is a really good thing.

3. Crypto money will only create another bobble and it will burst in the end and make another wallstreet crack when people try to cash in before it goes boom, but thats only my personal opinion.

 

[R-T-B]

The 5 biggest banks here has refused to deal with any crypto crap at all. That leaves those who has been farming here with a fart in a wind, their digital value is zero worth in real money which I support 110%.

They don't support standard wire transfers? Because that's what a cashout is.

Hell, if thats true it's still not a "fart in the wind." Heck, I'll pay these guys 90% of market value all day long.

 

[TheoneandonlyMrK]

They don't support standard wire transfers? Because that's what a cashout is.

Hell, if thats true it's still not a "fart in the wind." Heck, I'll pay these guys 90% of market value all day long.

I concur , person to person is where it started anyway.

Much talk of the power use of bitcoin but it's nothing literally nothing compared to the total infrastructure and economic cost of fiat currency, forget the easy to call transaction fees what's running bitcoin uses a small percentage of other currency systems ALL in, ie systems , buildings transport and manufacturing and the cost of all those tellers ,clerks and managers driving to their work each day.

Wake up , the environment would win big if fiat died.

 

[R0H1T]

I concur , person to person is where it started anyway.

Much talk of the power use of bitcoin but it's nothing literally nothing compared to the total infrastructure and economic cost of fiat currency, forget the easy to call transaction fees what's running bitcoin uses a small percentage of other currency systems ALL in, ie systems , buildings transport and manufacturing and the cost of all those tellers ,clerks and managers driving to their work each day.

Wake up , the environment would win big if fiat died.

Right, so where do you relocate the hundreds of millions already employed in the financial sector & all associated services?

The financial services are important, with a human touch, because we don't want everything fully automated & totally anonymous. Why would anyone want your next door sweet old lady to lose her savings in a BTC flash crash or a hack, that cannot be reversed or traced?

How many (corrupt) people do you think have parked their money in BTC or other alt coins? That's a rhetorical question btw because we don't know & we certainly don't want the greedy f**** to take more advantage of lack of regulations concerning BTC et al.

The point is banking sector, excluding hedge fund managers & speculators, is really low on the list of things we can definitely live without, top of the list is undoubtedly politicians & bureaucrats!

As for the last bit you're probably right, can't say for sure without the numbers, but it's impossible to fire hundreds of millions of people just like that.

 

[R-T-B]

Right, so where do you relocate the hundreds of millions already employed in the financial sector & all associated services?

The financial services are important, with a human touch, because we don't want everything fully automated & totally anonymous. Why would anyone want your next door sweet old lady to lose her savings in a BTC flash crash or a hack, that cannot be reversed or traced?

How many (corrupt) people do you think have parked their money in BTC or other alt coins? That's a rhetorical question btw because we don't know & we certainly don't want the greedy f**** to take more advantage of lack of regulations concerning BTC et al.

The point is banking sector, excluding hedge fund managers & speculators, is really low on the list of things we can definitely live without, top of the list is undoubtedly politicians & bureaucrats!

As for the last bit you're probably right, can't say for sure without the numbers, but it's impossible to fire hundreds of millions of people just like that.

His point was theoretical dude.

 

[TheoneandonlyMrK]

Right, so where do you relocate the hundreds of millions already employed in the financial sector & all associated services?

The financial services are important, with a human touch, because we don't want everything fully automated & totally anonymous. Why would anyone want your next door sweet old lady to lose her savings in a BTC flash crash or a hack, that cannot be reversed or traced?

How many (corrupt) people do you think have parked their money in BTC or other alt coins? That's a rhetorical question btw because we don't know & we certainly don't want the greedy f**** to take more advantage of lack of regulations concerning BTC et al.

The point is banking sector, excluding hedge fund managers & speculators, is really low on the list of things we can definitely live without, top of the list is undoubtedly politicians & bureaucrats!

As for the last bit you're probably right, can't say for sure without the numbers, but it's impossible to fire hundreds of millions of people just like that.

Your starting argument is what would we do with banker's???,. Madness im sure they'll fanangle an angle bro they ARE working on their own cryptos.

So all in go ask the CEOs ,what Are they going to do when Their cryptos are out and in use, making all our local banks close up on mass and losing jobs.

Im of a mind to save this post as it's irony could be funny in twenty years.

Oh and I have to say im not against fiat currency or for crypto im evolving with my environment is all.

 

[FordGT90Concept]

Much talk of the power use of bitcoin but it's nothing literally nothing compared to the total infrastructure and economic cost of fiat currency, forget the easy to call transaction fees what's running bitcoin uses a small percentage of other currency systems ALL in, ie systems , buildings transport and manufacturing and the cost of all those tellers ,clerks and managers driving to their work each day.

But when you consider a $100 bill costs less than $1 to manufacturer, there's still profit for the Federal Reserve in legal tender, even when you consider all the transportation costs.

Really, crypto currency needs to be compared to the likes of Visa, MasterCard, American Express, Discover, etc. They have transaction fees too.

In all honesty, the path forward is modernizing the ACH system. Cryptocurrency has too much baggage.

 

[TheoneandonlyMrK]

But when you consider a $100 bill costs less than $1 to manufacturer, there's still profit for the Federal Reserve in legal tender, even when you consider all the transportation costs.

Really, crypto currency needs to be compared to the likes of Visa, MasterCard, American Express, Discover, etc. They have transaction fees too.

In all honesty, the path forward is modernizing the ACH system. Cryptocurrency has too much baggage.

That's the fault with fiat ,toooo easy to print , and transaction cost means naught ,see my point says the TOTAL cost of fiat not your blinkered ,just like visa argument.

Bitcoin is f#@k all like visa , and truly it's comments like that comparison that renders your opinion moot to me.

I expect that's offensive , it is not meant as such to you ,as all in i do respect you per say , but there's little similarity between the two and those who think they're is need to read a few crypto books, Really.

It required a swear word to truly emphasize the point or i wouldn't have used it.

 

[FordGT90Concept]

Fiat is not easy to print. There's dozens of anti-counterfeiting measures built into them. The only part of fiat that costs money right now is metal coinage but that cost is easily outweighed by the cloth legal tender. As I said, the system is self funding by the central bank. The central bank also strictly controls inflation/deflation which stabilizes the economies attached to it.

Ignoring all the implementation differences, the only difference between cryptocurrency and credit card issuers is that the former is a security while the latter is not. Issuers work within the confines of the existing commodities (legal tender) that they trade in. Cryptocurrency, being a security, is why it is extremely volatile. It is incapable of responding to demand and surplus while also not being tied to a commodity; therefore, it inflates and deflates on a whim. Cryptocurrency's nature (instability and inflexibility) is an antithesis to what economies need.

 

[TheoneandonlyMrK]

Fiat is not easy to print. There's dozens of anti-counterfeiting measures built into them. The only part of fiat that costs money right now is metal coinage but that cost is easily outweighed by the cloth legal tender. As I said, the system is self funding by the central bank. The central bank also strictly controls inflation/deflation which stabilizes the economies attached to it.

Ignoring all the implementation differences, the only difference between cryptocurrency and credit card issuers is that the former is a security while the latter is not. Issuers work within the confines of the existing commodities (legal tender) that they trade in. Cryptocurrency, being a security, is why it is extremely volatile. It is incapable of responding to demand and surplus while also not being tied to a commodity; therefore, it inflates and deflates on a whim. Cryptocurrency's nature (instability and inflexibility) is an antithesis to what economies need.

One's been shaped by decades one by seven years , your point is sound but crypto could gain stability , fiat is just the big guys carrot , and with the runaway debt and inflation it seams to cause it's probably not all that.

Oh and I appreciate your understanding on the rant and the sound reasonable reply

 

[Space Lynx]

One's been shaped by decades one by seven years , your point is sound but crypto could gain stability , fiat is just the big guys carrot , and with the runaway debt and inflation it seams to cause it's probably not all that.

Oh and I appreciate your understanding on the rant and the sound reasonable reply

This is only the beginning. https://www.reddit.com/r/Bitcoin/comments/7iey6q/us_senate_bill_s1241_to_criminalize_concealed/

Next up, shutting down the exchanges 2-3 years from now. Governments will never let themselves be undermined. Have fun cashing out your Bitcoin when that day comes.

My guess is they will try to tax it first, when they realize that is to hard to keep track of because of Monero, etc... they will look at the axing of exchanges.

 

[R-T-B]

In all honesty, the path forward is modernizing the ACH system. Cryptocurrency has too much baggage.

I actually feel ACH has far more baggage. The crypto ecosystem is diverse enough that I don't see practically any baggage, more a plethora of choices.

 

[cdawall]

There will never be one coin to rule them all. BTC is going to have it's day as will quite a few others. Just ride the waves when you can and profit.

 

[FordGT90Concept]

I actually feel ACH has far more baggage. The crypto ecosystem is diverse enough that I don't see practically any baggage, more a plethora of choices.

I was talking about transaction fees, privacy considerations, inability to recover lost funds, inability to respond to changes in demand, computational costs, load on internet infrastructure, electrical cost, and so on. "Crypto ecosystem" to me looks like the NYSE: pick a stock and gamble on whether it will rise or fall.

There will never be one coin to rule them all. BTC is going to have it's day as will quite a few others. Just ride the waves when you can and profit.

I seriously don't see a path forward for cryptocurrencies. Like I said, there's no assets, liabilities, nor debts to back its value. Its real value is next to nothing. Everything we see beyond that is a manifestation of speculation and greed. It smells of pyramid and multi-level marketing schemes. Bob buys cryptocurrency on hope that it will raise in value. Jim buys cryptocurrency on seeing the spike Bob caused hoping it will raise in value. John buys cryptocurrency because of the spikes Bob and Jim caused. Repeat until it crashes. The crash will likely start with a scare that causes a run on the exchanges which, in turn, collapse because they have to pay out more than it's actually worth. Because there's no insurance, it's going to look like Mt. Gox: the assets of the business (including cryptocoin) will get tied up in lawsuits so no one can touch it until after it is worthless. I don't know when it will happen but it will.​

 

[R-T-B]

Like I said, there's no assets, liabilities, nor debts to back its value.

The economy that accepts it is it's backing. Quite similar to cash really.

 

[Final_Fighter]

Let me know what that coin is when you find out!

IOTA

 

[FordGT90Concept]

The economy that accepts it is it's backing. Quite similar to cash really.

No economy accepts it (not legal tender), individuals (and a dwindling number of businesses) choose to trade for it. So no, no backing: self-perpetuating.

 

[cdawall]

No economy accepts it (not legal tender), individuals (and a dwindling number of businesses) choose to trade for it. So no, no backing: self-perpetuating.

Of course ignoring countries like Japan that's accept it as legal tender to pay all debts within the country foreign and domestic, but whatever I guess they don't count.

 

[R-T-B]

People are also an economy. And if people did not want it, it wouldn't be so valuable.