You tell me. You find it, I'll condemn it. But ultimately, greed is only a problem when people are taking bread out of other people's mouths, through exploitation, lies and downright fraud.
Bitcoin discussion and news
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It becomes harder but it doesn't stop fraud and while there are stats out there for complaints an detection, monitors in halls doesn't stop it, nor are they any good at stopping postal vote fraud.
Multiple insured people (or even DAOs) will trigger it with claims against smart contact "0xabc123" then automatically, a vote is initilaised in the insurance DAO and it's token holders (who act like underwriters) put it to a vote as to whether to pay out. I'm not sure of the exact rules as to what makes a quorum, but eventually there would be a legit vote to either pay out or not.
They would always pay out, though I guess they might not if the owners of the buggy smart contract decides to compensate all of their customers, whether they was insured or not.
The whole affair would be very, very public with a load of publicity. The insurance token holders would be taking a hit as their token will drop in value, however, if they don't pay out for a buggy smart contract that claimants were insured for, then it would be the end of their insurance business because people will stop using them for insurance.
They would always have enough money to pay out claimaints. I know, because in the early days, I couldn't get insurance - that must have been because there wasn't enough NXM tokens staked at the time.
That's some imagination you have. I am suggesting that if the kid were smart enough, their parent's wouldn't have to contribute anything to their uni fun, the kid is setup for life before finishing secondary school.
A good coder with a great imagination can sit down and create a financial product that attracts billions in liquidity ... and that's exactly what happened to one student.
Supine
Newt Member
Rubbish. You seem to worship the chain without understanding the basic mathematics of a pyramid scheme.
I’m guessing you missed the first Bitcoin wave.
The example I gave was trading in DeFi. Not really anything to do with Bitcoin.
But while we're on the subject, you either don't understand the charactaristics of a pyramid scheme, bitcoin or both.
There is no mechanism to pay early adopters. A pyramid scheme is when the money is passed up the pyramid. Clearly that's not happening with Bitcoin.
If I spend £50.00 on Bitcoin, there's no money going to anyone else but the person who sold me the £50.00 of Bitcoin.
Bitcoin holders simply hold bitcoin because they don't want to see their savings deliberatly debased. They are using it as a long term store of value, that they can easily sell if they so wish. Sure there's a load of people holding so they hope it goes up in value. So what?
There's plenty of people who collect things and want the value to go up.
Then there's the utility of bitcoin.
Imagine if Bitcoin were around when the Nazis started to persecute Jews and you're Jewish with a view of getting out of the country.
Some of the Bitcoin could have been used to buy gold and to pay the border guards to get out.
But in your head are 12 magic words to a sizeable chunk of your wealth that no-one knows about.
And you're over the border, into freedom and you can buy new things and even send some bitcoin back to help friends and relatives who haven't made it out yet.
Over the past 6 months, some Ukranian refugees had their wealth stored in bitcoin and didn't have to panic when the banks refused to exchange the local currency (hryvnia) to foreign currency to protect the price of the hryvnia.
If we turn to Venezuala or any other country where the local currency is dropping like a stone, it sure is handy to be able to store wealth in a portable, liquid way that can't be controlled by the government.
You may argue "So what!". We'll it's OK for us, in the relative safety of the UK, but we never know what's around the corner and this technology has unique and useful attributes that simply didn't exist before 2009.
No, not really. Learn to read properly.
mojo pixy
...שלא נמצא בשמאל
A conspiraloon friend of mine** collects silver and gold, anything made of. He's got quite a hoard tbh, it's fairly impressive. I'm pretty sure his hoard will outlast all zeroes and ones there ever were. It's also portable, in handfuls, grammes, ounces. Unlikely to become worthless or simply vanish one day.
Why is crypto better?
(** to be completely honest I haven't seen him in a while, probably because I called him a conspiraloon to his face
but I still consider him a friend, whatever)
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NoXion
Craicy the Squirrel
Crypto is better than gold because confidence tricksters can convince a person to hand over their wallet details and thus get all of their stashed wealth drained by someone on the other side of the planet. It's a great advancement if you're a scammer.
littlebabyjesus
one of Maxwell's demons
Bitcoin price day Russia invaded: £28k
Bitcoin price today: £18k
During the early days after the invasion, various groups made a big deal about sending bitcoin to Ukraine, about how this was the revolutionary new way to send money into war zones.
Yours is a variation on that - a revolutionary new way to take money out of war zones.
Both of these look rather less attractive when the value of the thing plummets. Bear in mind also that the value of the pound has fallen in this period - the fall in the actual buying power of bitcoin is a little greater than its fall relative to the pound.
And you appear to suffer from the same delusion as qwerty that in some way the work done to operate the mechanism for token mining transfers itself into the token as some form of stored energy. Like a battery. Except that the tokens aren't batteries. It's magical thinking and it's utter nonsense. The reality is of course the exact opposite - the energy wasted in the mining is an energy debt that each token carries with it when you carry out an audit of the real-world effect cryptocurrencies are having. They are destroying value by wasting energy. If it weren't for this aspect, I would be much less bothered by the various nonsense pyramid schemes, but this kind of wanton destruction affects all of us and it needs to stop.
magneze
🎧
It'll be interesting to see if this changes anything: Ethereum’s big proof-of-stake blockchain switch could happen on September 15th
Looks like it might actually happen.
Looks like it might actually happen.
Look at it this way: we’re keeping him contained here, wasting his time with us instead of evangelising to more gullible idiots.
Supine
Newt Member
He’ll probably store that comment on his personal interactions blockchain
SpineyNorman
Inappropriate content removed
We used to do the same thing with Tory canvassers when we lived in a swing seat. Used to be a kind of challenge to see how long you could keep them there whilst being consistently unpleasant to them and not offering a drink.
Exactly the same as this thread when I think about it.
You're bonkers if you don't understand that liquid assets would help a refugee get to safety.
LOL. I find it quite fun and satisfying to draw out people's authoritarian streak.
I don't need to evangilise crypto on the internet, it is the future.
If I was serious about changing people's minds, I wouldn't waste my time with people who are so obviously diamertrically opposed...better to move on. This is more about getting out of people their authoritarian streak and what lengths they would go to in order to impose their way of doing things on the rest of us.
In the world we live in today, it's not about left v right, in my opinion.
Don't need to.
The wayback machine is moving it's pages over to the IPFS which is a distributed file system.
I love the way that all works.
IPFS Powers the Distributed Web
If you setup an IPFS node, you can help archive Urban75.
A conspiraloon friend of mine** collects silver and gold, anything made of. He's got quite a hoard tbh, it's fairly impressive. I'm pretty sure his hoard will outlast all zeroes and ones there ever were. It's also portable, in handfuls, grammes, ounces. Unlikely to become worthless or simply vanish one day.
Why is crypto better?
(** to be completely honest I haven't seen him in a while, probably because I called him a conspiraloon to his face
Because crypto is way easier to move and way easier to hide from anyone who wants to confiscate it.
An unhinged government can nick all the gold and silver at gunpoint, but someone who has been smart with crypto, can give up some of it and hide the rest, you know a bit of plausable denial.
There's nothing wrong with having both, as both are useful in their own way.
Gold and silver will outlast civilisation, therefore is worth having on case the world goes totally "Mad Max".
However, blockchains will survive a long long long time, as long as there is human civilisation on this planet, or any planet for that matter.
SpineyNorman
Inappropriate content removed
Nobody dodgy has ever claimed to be beyond left and right before.
Who's claiming that they are beyond the left and right? Would love to research such people.
littlebabyjesus
one of Maxwell's demons
If the world goes 'Mad Max', how many loaves of bread do you reckon you'll be able to buy with one bitcoin?
Can you slow down, read and think through what I've said.
It's obvious what I was implying:
Post civilisation, bitcoin would buy you zero loaves of bread which is why it would be sensible to stash some gold and silver just on case. My view is to stash both precious metals and crypto. (This is not financial advice, etc etc etc).
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