Redpill me on the current crypto situation
Redpill me on the current crypto situation
Hunter Price
Other urls found in this thread:
news.ycombinator.com
youtube.com
medium.com
news.ycombinator.com
twitter.com
Elijah Morris
Blockchain is the world's worst database, created entirely to maintain the reputations of venture capital firms who injected hundreds of millions of dollars into a technology whose core defining insight was "You can improve on a Ponzi scam by making it self-organizing and distributed; that gets vastly more distribution, reduces the single point of failure, and makes it censorship-resistant."
That's more robust than I usually phrase things on Veeky Forums, but you did ask. In slightly more detail:
Databases are wonderful things. We have a number which are actually employed in production, at a variety of institutions. They run the world. Meaningful applications run on top of Postgres, MySQL, Oracle, etc etc.
No meaningful applications run on top of "blockchain", because it is a marketing term. You cannot install blockchain just like you cannot install database. (Database sounds much cooler without the definitive article, too.) If you pick a particular instantiation of a blockchain-style database, it is a horrible, horrible database.
Can I pick on Bitcoin? Let me pick on Bitcoin. Bitcoin is claimed to be a global financial network and ready for production right now. Bitcoin cannot sustain 5 transactions per second, worldwide.
You might be sensibly interested in Bitcoin governance if, for some reason, you wanted to use Bitcoin. Bitcoin is a software artifact; it matters to users who makes changes to it and by what process. (Bitcoin is a software artifact, not a protocol, even though the Bitcoin community will tell you differently. There is a single C++ codebase which matters. It is essentially impossible to interoperate with Bitcoin without bugs-and-all replicating that codebase.) Bitcoin governance is captured by approximately ~5 people. This is a robust claim and requires extraordinary evidence.
Chase Cook
ETH about to moon again.
Brody King
Ordinary evidence would be pointing you, in a handwavy fashion, about the depth of acrimony with regards to raising the block size, which would let Bitcoin scale to the commanding heights of 10 or, nay, 100 transactions per second worldwide.
Extraordinary evidence might be pointing you to the time where the entire Bitcoin network was de-facto shut down based on the consensus of N people in an IRC channel. c.f. news.ycombinator.com
But let's get back to discussing that sole technical artifact. Bitcoin has a higher cost-to-value ratio than almost any technology conceivable; the cost to date is the market capitalization of Bitcoin. Because Bitcoin enters through a seigniorage mechanism, every Bitcoin existing was minted as compensation for "security the integrity of the blockchain" (by doing computationally expensive makework).
This cost is high. Today, routine maintenance of the Bitcoin network will cost the network approximately $1.5 million. That's on the order of $3 per write on a maximum committed capacity basis. It will cost another $1.5 million tomorrow, exchange rate depending.
(Bitcoin has successfully shifted much of the cost of operating its database to speculators rather than people who actually use Bitcoin for transaction processing. That game of musical chairs has gone on for a while.)
Bitcoin has some properties which one does not associate with many databases. One is that write acknowledgments average 5 minutes. Another is that they can stop, non-deterministically, for more than an hour at a time, worldwide, for all users simultaneously. This behavior is by design.
Alexander Diaz
That has to be pasta.
Andrew Garcia
can someone redpill me on crypto in the start of 2018, forecasts etc
which meme coin shall i buy then will be my question in jan 2018
Benjamin Young
No, it isn't. Buy the rumor, sell the news, amateur. It will go down.
Zachary Baker
I know your mom loves going down but could you explain why ETH would go down?
Jaxon Hill
You're a moron. BUY THE RUMOR. SELL THE NEWS. you have zero idea what makes the prices move. It's not some fucking news you twat. It's herding you idiots into shit like that so we can time you perfectly. Fucking moron.
>I no ur mum luvs going down xdXD
I know you love giving me your money. Wise up and I won't get all of it as easily as I have been.
Henry Turner
Literally a bunch of japanese cryptonoobs flooding the market and buying the fuck out of XRP and NEM.
It explains why DASH is so huge too.
Joseph Smith
BTC is down today because some nigga stabbed another nigga for some bitcoin.
BUY THE DIP.
William Jenkins
Tfw just 1.66 eth coins :^)
Benjamin Jones
You are correct.
Ryder Lopez
>actually believing this meme
price only dips when the news is BAD. if the news is good the price will continue to increase, not moon per-se, but still increase
Hunter Ortiz
Litecoin will enter 35 again, Korean news in a few hours
Grayson Morales
I can tell that you have no idea what you're talking about but are shilling to people even less experienced than you.
Anthony Cooper
What makes you say this?
Jack Thomas
>t. increasingly nervous nocoiner
Justin Smith
its probably all smoke and mirrors. currently the exchanges hold the true key to the value of crypto, and that makes crypto vulnerable.
until the majority of trading volume happens on decentralized exchanges, crypto is fish in a barrel just waiting for a shotgun from governments.
Joshua Hernandez
you're probably one of the only people on Veeky Forums right now claiming ETH is set to go down rather than explode to Jupiter
I'd say YOU have no idea what you're talking about
Christopher James
And that's exactly what we want.
and you think the majority, especially Veeky Forums, is correct.
You have made my point.
Leo Jones
Not saying the opinions are invalid, but the author looks to be Patrick Collison of Stripe (a payments processing platform used by x% of web). That being said, Collison is one of the more brilliant people in SV.
Dylan Diaz
Do you even know what's happening in a week? Jeez. That's sad. Walking around and the scantest of a clue goes flying overhead. Or, maybe you're predicting a disastrous event or 7? Thanks for your money.
Carson Gray
>we
This guy thinks he's a rothschild or somethig
Anyway, buy rumor sell news is good for forex leveraging and stock. Not crypto, ponzis only go up until they go down.