Given that you're a sporting gentleman, sure.
Unlike Belgium in the world cup, I'm not sure this one ends in Stella Artois, though.
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Unlike Belgium in the world cup, I'm not sure this one ends in Stella Artois, though.
OHSportsFan
Fan of Ohio Sports in Indy
fair.Helps that it’s become the easiest way to get paid out by...certain sites. Good timing to let a little sit.
Love the tech (blockchain) not all the way sold that currency is its best use but who knows.
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We've done quite a bit of exploration in this area and at this stage I'm pretty well convinced public ledgers (coins) are the only use case for blockchain. Transaction verification is too slow and scales too inefficiently for it to be viable in many private sector applications. There are better, faster pre-existing solutions.
The father of the Internet, Vinton Cerf, summed it up pretty well at a recent conference:
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Jagdaddy
Head Coach
Berkeley doing a bitcoin bond issuance: http://www.governing.com/topics/fin...l&utm_source=Act-On+Software&utm_medium=email
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As it’s been nearly a full year from this statement, I’m curious if your outlook has changed at all? I ask not in light of the recent increases in price or in light of it acting as an investment. But more in a functional application to business. Also, keep in mind that Bitcoin and it’s blockchain now has lightning network evolving rapidly but also that other blockchains now have completely unique solutions to scalability restrictions, transaction speed, etc... such as the tangle vs a true blockchain. Also, we hear of more and more massive companies, banks, medical applications, and others all developing uses or their own blockchains. Massive growth over the last year. Thoughts? Good and bad, just curious.
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As per Bitcoin, it is still too slow and too inefficient. At the current price of $10,080, the .0007 juice to inject a transaction that won't idle in the mempool for multiple days amounts to $7.10. Bank wire transfers and PayPal are both faster than that, and at that cost it's entirely ineffective for instant checkout applications.
It always breaks during a bull run when everyone wants to buy it. The hash difficulty vs. scale mechanism that ensures it grows linearly also prohibits it from being faster and more efficient, because the circuit-breakers that prevent hijacking the network with faster hardware also pull the emergency brake on it scaling.
It's a great proof-of-concept, but Bitcoin still cannot do what it has always promised to do.
The more it goes up, the more people want to trade it.
The more people trade it, the more the per-transaction handling fee increases, because there are more transactions in the pool.
The higher the per-transaction fees, the more miners will chase the fees for big transactions and ignore anything sent before the race condition began because there is virtually no reward for packing low value chunks into blocks.
Having multiple computers work on the same problem with diminishing returns and diminishing speed directly proportional to the more computers added, is not the underpinning of a very smart financial system.
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I totally agree about the bitcoin issues you pointed out. Basically in the crypto world it’s summed but as ‘scalability’ and it being able to do so while still being what’s its meant to be, decentralized, peer to peer, and safe, etc....
I still believe it’s awesome as a store of value, with gold being the oblivious correlation. Gold has value but we don’t pack it around or shave off pieces for good and services. The dollar isn’t even backed anymore by gold. But it’s great as a store of value and as a speculative investment. Gold sucked for a while but can become a great hedge when uncertainty come into play. As has been the case just recently.
Have you looked into other blockchain based cryptos? And I’m guessing , based on your response, that your opinion so far is rooted far more in fundamental use-case verses ideological aspirations?
I look at it all much like mid 90s internet. Functional but limited in our current applications and uses, and nearly all of what’s done Day-to-day now wasn’t even a concept at that time but it did serve as a starting point developmentally.
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Also, within the next 2-3 weeks the SEC is releasing new taxation guidelines for crypto’s. I’m looking forward to seeing how the governmental view of crypto is evolving. If nothing else their actions help show a growing validation of the concept of digital currencies, and blockchain technology.
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