(Topic ID: 200502)

Somebody explain Bitcoin to me

By Pinballlew

6 years ago


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  • Latest reply 2 years ago by toyotaboy
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    #790 6 years ago
    Quoted from Astropin:

    This is a risky game we are playing. Will it be the future of currency? I have no idea. I personally think some form of cryptocurrency will be the future of currency...but not necessarily any of the coins that exist today.

    That's pretty much why I'm staying out of it. Not that I doubt cryptocurrency, the concept is interesting. But I just feel that bitcoin's chances have been ruined by speculators. It's basically gambling at this point with everyone trying to get all their friends and family on board to keep the momentum going, and like most such things those left holding the bag will ultimately lose out. I don't doubt some will make money, it's just more risk than I'm willing to take. I figure the current coins will eventually implode, taking many people out in the process and possibly scare away future speculators. Then cryptocurrency can make another run at it but in a less manipulated fashion.

    1 week later
    #832 6 years ago
    Quoted from pezpunk:

    I’m not one to tell others what to do with their money and as I’ve said a dozen times on this thread I have no idea what the market will do, but personally I wouldn’t put $50k in this way at this point. Not that im some kind of expert.

    I was gonna suggest he take that $50k, use it as a down payment to buy a property and rent it out but then again I'm kinda boring like that.

    1 week later
    #1003 6 years ago
    Quoted from wcbrandes:

    pumpers gonna pump. A ton of new crypto currencies coming. Will be very interesting to see where all the dust settles lets hope no one here ends up in the dust pan....I know wishful thinking

    I think it'll be pretty simple. Once governments get interested in crypto currency they will make their own national versions, and all the remaining speculative ones will either be banned, not accepted, or find some other way to drop to 0$ in value as they become worthless. In the meantime though it's a zero sum game and people love to gamble, so there will be lots of new ones that will create a few winners and many losers.

    1 week later
    #1216 6 years ago
    Quoted from ExtremePinball:

    Kodak, a NYSE listed company, jumped in value over 400% in two days because Kodak is coming out with a coin of their own for photographers.

    Here's what I just can't wrap my head around, when people keep saying they expect bitcoin to actually survive. Given that anyone can make their own coin, why would the big boys like Google or Apple ever bother with others coins when they can just make your own? I mean Google and Apple almost have the same marketcap as some country gdp's, they can control and influence as they see fit. So why wouldn't they just say nope, no bitcoin here and instead you have to use Google/Apple coin?

    I guess I just don't understand why the big boys say like Amazon would not bother to take control and kill off the rest. Clearly all three of those companies want complete control of everything underr their umbrella, so why wouldn't one expect crypto currency to be the same?

    #1219 6 years ago
    Quoted from Astropin:

    This exact question has been answered several times in this thread. Has to do with DECENTRALIZATION.

    Yes but why would Google, Apple or Amazon care about that?

    Quoted from toyotaboy:

    there's something to be said about being first, and becoming the default format that everything else is based. Every exchange measures your cryptocurrency against bitcoin. For instance XRP Ripple is currently worth $2.03 each coin, or 0.00014683 BTC. It's sort of like how Beta tapes were a superior format, but VHS was first so it beat out Beta (or Sony blu-ray over microsoft's HD-DVD).

    Sure but Adlib was first, Atari was first, Netscape was first, IBM was first, etc, first doesn't guarantee anything. And you know if the above mentioned companies did their own coin, they would have millions flock to them overnight because of either blind support, convenience or they just trust them more.

    #1223 6 years ago
    Quoted from Astropin:

    Just because you are huge doesn't mean you can force your customers to do what you want then to do. Well you can but it will eventually lead to your downfall.

    But history shows that they have. Look at Apple, they more than the other companies are making sure they control their entire supply chain. They get mocked by many for it but it hasn't stopped them from literally killing off companies by cutting them off to use their own stuff, and/or missing stuff the competition has because they aren't interested if they aren't in full control. They have demonstrated time and time again that they are willing to be behind the competition if they aren't in charge, and their customers haven't cared at all.

    Quoted from toyotaboy:

    that's because those are companies that didn't evolve and made bad decisions. They are not standards (though firefox is mostly based off of netscape).

    Sure but the point is being first doesn't mean you remain first. I mean what do you think, if Google, Apple and Amazon came out with their own coin, or heck if they joined forces and came out with their own shared coin that works on all three services, do you guys honestly think that would have no effect on all other coins on the market? Tech industry people often come together to form a shared standard, so if a Google, Apple and Amazon backed TechCoin came out, what do you think would happen to other coin? Do you guys honestly think these scenarios are impossible?

    This scenario has played out countless times over the years. Often various new tech comes out first but its a mishmash of incompatible standards to start. Then a few big companies come together, form a new joint standard and kill off everything else overnight. Just google for lots of examples. I will argue that a TechCoin would do exactly the same thing.

    Quoted from Astropin:

    Is IBM dead? I must have missed the memo.

    No but they were pushed out of markets they used to own.

    #1232 6 years ago
    Quoted from ExtremePinball:

    Incorrect. They LOST the markets they used to own. If you're not always moving forward with a business, somebody is going to pass you by.
    They got passed.

    Well more specifically, something more enticing came along and people moved to that. Which was kinda my point If a bunch of tech companies want to make their own coin jointly, then I don't think people will be able to resist that and old existing coins will get IBM'd.

    1 month later
    #1492 6 years ago

    What do you guys think of this:

    https://www.cnet.com/news/youtube-star-phil-defranco-cryptocurrency-props-wants-a-payday-for-you/

    Seems like an interesting use of blockchain. I'm on Youtube and Twitch and I'm definitely frustrated with advertisers and their ancient methods basically handicapping Youtube because everything offends them and hence everything gets demonetized. This article seems to imply that they will start a new service with no middleman, almost like blockchain will replace advertisers. My only guess that that a portion of your cpu will get used for mining when you use their app or watch their videos, and with enough viewers you create a hive that can self sustain without advertisers. Seem doable? To me this seems like a great use of blockchain if they can pull it off, as it effectively will remove control from the few (in this case advertisers) and shift it all to the viewers, and in the end people can still get paid. Plus hopefully if it's confined to use of the app/service then there can't be any speculators that step in and ruin the whole mechanism, it can actually grow as intended.

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