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RE: Largest transfer of wealth...Beware...maybe.
OK, so you didn't pick up that I thought that this was just a fun piece, actually inspired by a conversation with a friend over a few drinks, but hey, let's answer a few points you made.
- Yep...I quoted from a commercial. I could've used a movie..."Build it and they will come." but you're right, it was for the essence of this whimsical piece. Didn't want to quote some "all powerful" source on a post that was a fantasy piece.
- Never will hey?...http://www.coindesk.com/banks-offering-cryptocurrency-services-a-new-reality-is-arriving/
or how about: https://www.technologyreview.com/s/600980/a-bitcoin-style-currency-for-central-banks/
or:http://thedailycoin.org/2017/06/04/ru-coin-moscow-moves-regulate-crypto-transactions-russian-central-bank-plans-build-cryptocurrency/
or: a thousand other projects where financial institutions realize they have to participate to make money from crypto.
I get it, they are not accepting as a currency, never said they did. Said they were legitimizing. Crypto being legitimized as an asset. I believe direct acceptance is imminent as they want to benefit in a trending movement away from their services somehow. - Improved computer capabilities has a lot to do with breaking encryption which is one of the allures of digital currency. Have a peek. https://bitcoinmagazine.com/articles/bitcoin-is-not-quantum-safe-and-how-we-can-fix-1375242150/ or do some research on the subject at www.google.com.
- Not sure where you learned that that was the reason for the birth of cryptocurrency? I guess you are kind of right...According to Satoshi Nakamoto (BTC creator, may be an alias for a group of developers, jury is out on that one): "The idea focused on the production of a new kind of currency through an extremely complicated algebraic algorithm that was completely independent of any type of central authority." Never heard anyone but you say that it was created so traditional banks couldn't make money by lending it. They make money on lending against it now that it is a legitimized asset class. There is a proposed bill in the US where they want you to declare your crypto holdings at the border. I can make money lending BTC right now. Just check out "lending BTC" on any search engine. Won't limit you to Google.
Yes it is a limited supply but it is almost infinitely divisible. I believe it has to be in order to replace all current currency (pipe dream there). How else could everyone on the planet, and maybe Mars and the Moon in the future, participate? One day a coffee could cost 0.00000000000001 BTC. "To infinity...and beyond" :Buzz Lightyear - Sure...there are always speculators. You're not one? You have no crypto holdings that you are speculating will rise? You have Steem...are you speculating it will be worth more in the future? If you are just joining Steem because it is a great platform to voice opinions, create interesting content, and to meet like minded people WITHOUT the speculation that you can be rewarded with crypto whose value will rise then set all of your rewards to "decline payout". But you want the power so that your voice will be heard more? Ok I get that. How about never cash out your coins ever? Would you commit to that or is there a hesitation that you are speculating that one day this platform could deliver some real value based on the coin reward system and you want to be able to cash them out someday. Guess what...you are a speculator. I also know that to be a speculator there is a risk of loss. They invest on the speculation of a profit with a risk of loss. You are gong to say you didn't invest so you are not a speculator. Remember we are trying to change the world; trying to redefine a lot of things; your time is your investment. You could be defined as a speculator in this new age. On a small scale but he who lives in a glass house shouldn't throw stones.
At the end of this I will mention that your profile says you like to argue with everyone. So do I.
I found this fun and am glad you posted.
Hope you and others see this as fun as well.
#minnowsupport #whaleshare #friendtrain
Wow, I am so glad I can actually have a debate with someone on this subject. I am glad I met you. Now: the fiasco continues LOL (but I'll try to keep it short as this conversation would be SO MUCH BETTER in real life):
1 - Nothing to say about.
2 - That is why I emphasized the word "work". Because they don't accept it as a currency (as I read about it, it's because of the definition of currency)
3 - (I can't keep this one short) You don't convince me you are right just by giving me an article written by our beloved Vitalik. Sadly, I had to study cuantum mechanics in college in my 1st or 2nd year if I am not mistaken. The teachers didn't gave it too much importance, but I found it so interesting that I started to make some research on my own. At the end of the semester, after the exams, I talked a about this subject with my physics teacher. Because we both got the free time, we extended the chat to almost 2 hours (again, if I remember correctly...it was a long interesting one tho). So, I will sum up the things I GOT from my teacher. He basically said that quantum mechanics is based on probabilities, and anything built on top of that can't have a certain result because of "Quantum superposition theory"; we don't get values, we get percentages. So and example would be: If a quantum computer is fully controlling a ship full of goods which have to arrive at the destination in a certain amount of time (if not, let's say they expire), and in front we have a storm, the quantum computer calculates the best move to do in this situation based on all the variables it gets (wind, weight, how big the storm is, etc). It doesn't get a 0 or a 1, it gets, let's say 65% chance of getting fucked by the storm, 48% chance the goods will expire if it stays, and all of this percentages, etc; This is translated to a normal computer which recalculates the odds and chooses the end result of 0 or 1. So the best thing a quantum computer could do to a wallet secret key is to guess it.
4 - You are talking about value there, I am talking about the limited number of coins. In fiat world, if there is no money, we print more and we get more debt to whoever controls this shit. In concurrency you can't ask more than it is. Let's say there are $10 in the whole world. If you get a loan from the bank for $10, the bank wants back $11 which is not possible in cryptos, what you have it's what you get.
5 - I was referring to people who just invest to get the profit and run. If I commit to a coin, I don't insta-sell everything just because it's 10 x initial value. I keep some because I want to support the project. You can't call someone a speculator just because he bought a car 50 years ago, and now it's a classic and it sells for 10 x initial amount.
This is fun. HIT ME!
Glad you took this the right way.
The first reason has nothing to do with the power of quantum computing itself, and more to do with game theory.
The NSA, he argues, would never hack into bitcoin because by doing so they would then have to reveal how they broke the encryption. Hacking bitcoin would be unsafe on a national security level, and so for now bitcoin remains safe from any governmental interference."
There is also a group that already believe that BTC blockchain should be now upgraded to a higher level of RSA to protect from the capabilities of quantum computers....our own advocates are worried.
Not sure how you can think can never happen.
(b) what do you think spurred all the altcoins, ethereum platform, etc. The desire to instantly create more cryptocurrency. Pay your interest to the bank in ETH...or wait for InterestCoin (INT) to come out. A new coin designed for the little guys to pay the interest on their BTC loans. Holy cow...can I patent that idea?
I don't like pumping and dumping if that is what you are referring to...I think that is hurting the movement more than helping but I've dumped when I realized someone was doing it with a coin I had. Guess I'm part of that problem too.
Your turn.
such a bad time to be drunk... shit... I will read this again tomorrow when I will be sober. I really fucking enjoy this! I tried to read everything but I can focus...fucking alcohol...
But from what I can say, you have some really good points there and I might need some time to process them deeply and answer. If I forget, I loose, but oh boy... I can't wait to disagree with you in the future.
THANK YOU!