Bitcoin - a decentralised digital currency

2,195 posts in this topic

18 hours ago, MikeMelga said:

He told me there is no blockchain size scalability.

Of course you won't agree with him because you don't see Bitcoin scaling up. But you provided me with the information to discredit his information that there is no blockchain size scalability problem.

 

The problem is you can't even grasp the basic lingo, so your questions look extremely dumb and it is difficult to guess what you mean.   There is no one Blockchain, every crypto brings its own implementation, yes, you are somehow "correct", BTC couldn't scale to take every transaction in the world.  But that's not BTC's purpose.   It is like saying "The Tesla Roadster wouldn't be the car for everyone" duh, of course no, it was not meant to be that.

 

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If one of the parties is a company, YES!

For private individuals, in some situations yes, but usually not up to 10 years.

 

This is painful, you do not even understand what a crypto currency is.  So bad is your ignorance in this subject.

 

I will try again, but I know I am wasting my time.   You keep thinking a crypto currency is a bank and the crypto's Blockchain is the electronic implementation of a bank ledger..  I can see why you might think that, actually something like that could be implemented in a Blockchain.  But a crypto currency is not that.   Cryptos are the electronic representation of money and the the crypto's Blockchain implement the money changing hands, it has nothing to do with the commercial or legal transaction that might be involved in that crypto exchange.    For example you tell me "Dear Krieg, how much do I have to pay you for taking me out of my ignorance?"    and I tell you "Dear Mike, you owe me 100 EUR".   Then you take a 100 EUR note from your wallet and give it to me, I receive the money and put it in my wallet.   The Blockchain is the implementation of that exchange, from your wallet to my wallet.  It does not matter what that money was for.   If I was required to give you a receipt then I can write you a receipt and give it to you, nothing to do with the crypto exchange.   I might even implement an electronic ledger for those receipts.

 

The Blockchain is not a bank, stop thinking it is.

 

Your attitude here is difficult to understand, specially as an engineer, and it is really painful to see it.  Imagine the Tesla Roadster was the only car Tesla made, and the market had all the other EVs, but for whatever reason the Tesla Roadster is the most successful EV.   And then comes one guy and has this conversation with you:

 

- EVs suck.  They are only for two people.

- Just buy any other non- Tesla Roadster car

- You do not get it.  They are only for two people.  And EVs range is 100 km,

- Just buy any non-Tesla car.  They are some EVs with up to 500 km range

- EVs suck. Their batteries are crap and they get broken after three years

- Tesla battery tech is old, just buy any other non Tesla car.

- Teslas are a status symbol, it is the only EV you should buy but you shouldn't because it is crap

- Well, that's your opinion

- Nobody is using EVs

- What?  They are pretty popular.

- If you wanted to replace all ICE right now you can't, because you can't make enough EVs

- Nobody wants to replace all ICE car in one day.  That's not the plan

- ICEs take me to the same places EVs take me.  I can't find a reason to change.

- True.  But that's not the point.

- They suck, they only have two seats.

- FFS

 

 

Well, "that guy" is you here.  And that's not even an exaggeration, that's your level of ignorance. 

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1 minute ago, Krieg said:

The Blockchain is the implementation of that exchange, from your wallet to my wallet.  It does not matter what that money was for.   If I was required to give you a receipt then I can write you a receipt and give it to you, nothing to do with the crypto exchange.   I might even implement an electronic ledger for those receipts.

Who keeps the transaction details? If the blockchain is the implementation of the exchange, then it needs to keep all details of the exchange for years to come. You NEED to keep the transaction records, not only the invoice and receipt.

 

1 minute ago, Krieg said:

The Blockchain is not a bank, stop thinking it is.

VISA is not a bank but needs to keep transactiond details.

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1 minute ago, MikeMelga said:

Who keeps the transaction details? If the blockchain is the implementation of the exchange, then it needs to keep all details of the exchange for years to come. You NEED to keep the transaction records, not only the invoice and receipt.

 

There is no single Blockchain, but I assume you are talking about the BTC Blockchain, so, there are NO transaction records in the way you think.  That's the whole purpose of the thing.  In the BTC Blockchain only the wallet addresses, date, amount and fees are saved, IIRC.   You can't do much with that data because wallet addresses are practically anonymous and you can create new ones, imagine they are like an email address.

 

1 minute ago, MikeMelga said:

 

VISA is not a bank but needs to keep transactiond details.

 

VISA is doing legal payments so they have to follow local regulations.

 

If someone offers a BTC credit card then they will be required to keep transaction details in the same way.

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Dogecoin now has $50 billion market cap.  Nothing strange here.. everything normal!

 

Dogecoin| 'Buy dogecoin and achieve financial independence': 'Meme'  cryptocurrency floods social media with jokes | Trending & Viral News

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Hey, wasn't this supposed to be safe?

https://www.dw.com/en/turkish-cryptocurrency-platform-founder-vanishes-fraud-suspected/a-57302955

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Prosecutors in Istanbul on Thursday launched a probe into Turkish cryptocurrency exchange  platform Thodex after its founder shut down its site and reportedly fled the country with as much as $2 billion (€1.7 billion) in investors' assets.

 

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No, exchanges are not safe.

Not your keys: not your coins.

 

Please at least try to learn the very basics before attacking Bitcoin.

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1 hour ago, MikeMelga said:

The very basics is that it offers nothing, but takes it all. At least tulips were nice to look at.

 

Mike, seriously, it is very painful to see what you are doing.  Not only you display full ignorance, but you are being childish.   People take their time to educate you and your response is more ignorant comments.   Come on, you should have some pride, learn the basics.  And please do not take this as always, saying that I am your arch-enemy because I am not.

 

A exchange is not safe.   The exchange is the place where you change your Fiat into crypto or the other way around, or some crypto for another crypto.  But once you did your transaction you are supposed to take your crypto somewhere else (i.e. a wallet).   That's the explanation of the very popular saying:  Not your keys, not your coins.

 

Plenty of people (like you) do not understand this does not work like a bank, you are responsable for your keys, that's the whole point.  So because of this they go to an exchange,, buy some crypto and leave it there.  If the exchange goes tits up, or it's hacked, or simply the owner disappears with your coins, it is your own fault.  You were not supposed to leave it there.   You do not go to Kaufland and buy something and leave there and come some days later and complain that supermarkets are not safe when you can't find your goods.

 

 

 

 

 

 

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I was watching a show on climate change yesterday and it seems that the world is slowly getting on the right track. They also said that Bitcoin uses all of energy of a year's worth of new solar panel development across the whole world. 

 

That shit needs to stop.

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@fraufruit That is misinformation. The Bitcoin network uses a tiny fraction of what the banking system uses, which it is capable of replacing. Bitcoin is a much "greener" solution than anything else out there.

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30 minutes ago, fraufruit said:

I was watching a show on climate change yesterday and it seems that the world is slowly getting on the right track. They also said that Bitcoin uses all of energy of a year's worth of new solar panel development across the whole world. 

 

That shit needs to stop.

 

I am no fan of bitcoin, but the situation is more complicated than that.

 

Take this article with a pinch of salt,

 

Which consumes more power: Banks or Bitcoins?

 

but it highlights the complication.

 

If something has a large carbon footprint, it's not necessarily all bad. It depends what that something is intending to replace (if anything). EV's are a good example.

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Just now, theGman said:

 

I am no fan of bitcoin, but the situation is more complicated than that.

 

Take this article with a pinch of salt,

 

Which consumes more power: Banks or Bitcoins?

 

but it highlights the complication.

 

If something has a large carbon footprint, it's not necessarily all bad. It depends what that something is intending to replace (if anything). EV's are a good example.

 

On top of that the solution is already been implemented.   New coins do not use mining anymore, instead of Proof of Work they use Proof of Stake to generate new blocks.   Obviously it will take time to take over the whole crypto-world and on top of that BTC developers are very unfriendly to changes and BTC is the biggest player.  But sooner or later something should happen.

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4 hours ago, MadManEarle said:

@fraufruit That is misinformation. The Bitcoin network uses a tiny fraction of what the banking system uses, which it is capable of replacing. Bitcoin is a much "greener" solution than anything else out there.

No, you are the one misinformed.

  1. Bitcoin does nothing compared with what the banking industry does. Can you enter a Bitcoin store and ask for a loan? How many millions of of bitcoin operations do you do per minute?
  2. Hey, wasn't Krieg saying Bitcoin is not a bank?
  3. If you don't use that energy for bitcoin, you will could use it for something else (useful), so even if it comes from 100% renewable energy, it's still polluting for nothing
  4. Those calculations never include computer parts, which account for a significant impact on the environment
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3 hours ago, Krieg said:

 

On top of that the solution is already been implemented.   New coins do not use mining anymore, instead of Proof of Work they use Proof of Stake to generate new blocks.   Obviously it will take time to take over the whole crypto-world and on top of that BTC developers are very unfriendly to changes and BTC is the biggest player.  But sooner or later something should happen.

Agree! Now let's ban Bitcoin, as you yourself say it's not the future and it's a waste of resources!

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1 minute ago, MikeMelga said:

Agree! Now let's ban Bitcoin, as you yourself say it's not the future and it's a waste of resources!

 

Never said that.  Anyway, you are a lost case.   

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10 minutes ago, MikeMelga said:

Can you enter a Bitcoin store and ask for a loan?

 

Of course. 

 

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How many millions of of bitcoin operations do you do per minute?

 

Even after telling you multiple times, stop thinking the crypto world is just BTC.

 

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  1. Hey, wasn't Krieg saying Bitcoin is not a bank?

 

But nothing stops you from opening a "bank" based on BTC or any crypto.

 

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  1. If you don't use that energy for bitcoin, you will could use it for something else (useful), so even if it comes from 100% renewable energy, it's still polluting for nothing

 

Maybe yes, maybe no.    How could you already say it is a waste if the experiment just started?

 

 

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28 minutes ago, Krieg said:

Maybe yes, maybe no.    How could you already say it is a waste if the experiment just started?

That's some fucking expensive experiment! Both money wise, chip shortage and climate wise.

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26 minutes ago, MikeMelga said:

That's some fucking expensive experiment! Both money wise, chip shortage and climate wise.

But digging gold, silver and diamonds out of the ground are all a good cause?  Let's not mention Lithium lakes.
Pulling bits out of each reply out of context doesn't make you right but desparate.

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