Topic: Can Bitcoin Rebound? (Read 4330 times)

Sounds like Ripple scam.

Edit: In fact NLC is a brilliant critic and 'troll'. If he is not employed by Ripple Labs, maybe he should be

...
Transparency & openness are not features of proprietary, centralized ledgers.

Also, crypto has nothing good to offer in terms of security or "ease of maintenance" for a centralized network.  

It's like you're suggesting Paypal integrates cryptography, do you realize how stupid the idea is  

Transparency & openness are not features of proprietary, centralized ledgers.

Also, crypto has nothing good to offer in terms of security or "ease of maintenance" for a centralized network.  

It's like you're suggesting Paypal integrates cryptography, do you realize how stupid the idea is  

Transparency, improved security, ease of maintenance, ease of KYC/AML enforcement, etc., etc.  Governments can get behind it
Remember, open ledger!

Why bother with crypto in a centralized model? There's no risk of double spending or option for pseudonymous transactions with a central issuer.

Why?  Remember, it doesn't need to be a proof-of-work coin, so doesn't need to rely on burning tons of electricity on high-speed thumb twiddling.  No reason for V2.0 distributed ledger to be wasteful

...It would be considerably less efficient to use cryptography in a centralized model.

Currently, fiat money has the first-mover advantage & confidence behind it.  If Bitcoin is going to compete, it's going to be on the strength of the code.
You're also unjustly limiting cryptocurrency.  Cryptocurrency doesn't need to be just another reitteration of Bitcoin code, it doesn't need to be "trustless" or even decentralized.
If it is backed by a major firms like Google, people will trust it--TRUST ME

I see you didn't address the trust issue.

You know.. "that confidence thing" is much more important than the math or the code

If Bitcoin fails the whole ecosystem suffers enormously. The mainstream doesn't give a shit or make a difference between your shitcoin and Bitcoin. If Bitcoin fails then in the eyes of the public all cryptocurrency is a failure.

Sure the idea might survive in the long run it will take tremendous innovation and efforts to rebuild the public's confidence.

No, if Bitcoin fails then Bitcoin fails.
The math behind the code doesn't fail, and other crypto can be built on the ruins of Bitcoin.
Like a new plant taking nourishment from the rotting remnants of the ones that came before it.

Things will work out, brg444, the day's yet young

The confidence thing

Bitcoin is trust. The only relevant trust that exist in crypto atm is in Bitcoin. If Bitcoin fails than 95% of the trust in crypto fails.

When that happen good luck picking up the scraps and piece back together patchworks of trust.

No, it has become unprofitable for some.

Mining is a man's corporate game nowadays. What's happening is the hobbyist are being driven out because they can't compete in the big leagues.

..is it has become unprofitable for them. I get it

That... That's so inane it borders on brilliance.  What in the world made you say that?  

1. Bob made a coin that didn't work well.
2. ? ? ?
3. Therefore, all coins made consequently aren't going to work well either.

Bitcoiner logic.

He's right.

Here's the thing.  You, and everyone like you, need to stop looking at the market price of Bitcoin.  Do you realize that the whole "market" thing is just a bunch of speculators and hoarders playing a gambling / betting game?  It literally has NOTHING to do with what Bitcoin is.  Or does.  Bitcoin - the Protocol - the technology - the infrastructure - etc ... this is what Bitcoin is.  The market price is a bunch of enthusiasts playing and hoarding in hopes of future riches.  The bitcoin market is its own little world.  Off to the side.  "Over there" ----->  

<---- While bitcoin is over here, doing its thing.

That's why its both relevant and intelligent to point out that Bitcoin could go to $1.00 and still be 100% transformative in the world.  Because NOTHING changes "out there" if Bitcoin drops to $1.00.  Bitcoin still solves a problem, provides myriads of services, and remains unaffected.  Market price is irrelevant.  

$1.00 obviously wouldn't be the price if Bitcoin was starting to transform the world, but the point is simple: you shouldn't give a rats ass what the market price of Bitcoin is.  It has nothing to do with Bitcoin in the real world, until the real world starts using Bitcoin.  Then *organic* price will begin to rise.  Right now?  This $320 Bitcoin price is the Bitcoin community.  Hoarding and playing their arbitrage.  Whales playing their games.  etc.  Nobody else is using Bitcoin yet.  So for now, the market price is irrelevant. And everyone needs to stop talking about it.

-B-

Hard for me to say, stranger.
What you should know is that, for the first time in a coon's age, we had two consecutive difficulty drops.  Two.
The only way for difficulty to drop is for hashrate to drop.
The only reason for the hashrate to drop would be miners taking their gear offline.
The only reason for miners to take gear offline is ... ?

...What don't I know?

I think he means that "Bitcoin the blockchain technology" will be no less functional, which is partially true.  The part overlooked part is that miners will shut down, as they say around here, "en masse," since they are already on the verge of unprofitability.  This will cause a cascade of bad stuff to happen.  Imagine difficulty plummeting wile factory farms that drove the hashrate sit idle, waiting for the flick of a switch?  Yeah, 51% nothing, try 99% attack
And, of course, there's the confidence thing.

TL;DR: Survival of Bitcoin technology != survival of Bitcoin the coin, the implementation of the blockchain starting with satoshi's genesis block.

...If bitcoin fails then it shows that they all will fail...