Topic: ‘I Don’t Think Bitcoin Will Last Forever’: NSA Whistleblower Edward Snowden (Read 134 times)
March 27, 2018, 03:45:52 PM
Well, you wouldn't know it from the way the bitcoin miners blocked segwit2x, but "bitcoin" doesn't have to stay exactly the same. It can fork (soft fork even!) and the community can add code and features that will make it last forever. It *can* continue to be the one world currency. However, at the moment miners like that they can get insane fees sometimes. Basically taxing and rent-seeking while using up energy and destroying the environment. It is fun times we live in.
March 27, 2018, 03:37:30 PM
What are we surprised he said this? Anybody who uses their noodle even a little bit could decipher that nothing last forever. Everything evolves and grows over time and adapts to the current environment. Now if he is suggesting Bitcoin will get usurp in terms of the #1 currency that is a whole other story.
First of all to "scale" means you will always be looking for more capacity, in that regard no cryptocurrency will ever be to "scale". Andreas will explain better than me: https://www.youtube.com/watch?v=pT9kJq_Ogrk
Secondly, to discuss privacy as the downfall is also ridiculous because that is a technical upgrade. Bitcoin can make a technical upgrade 100%. Sure it may be slower than the other coins, but by no means is Bitcoin not going to be private later on. I believe they are working on this technology now, and I also believe it will be rolled out shortly thereafter LN or simultaneously.
First of all to "scale" means you will always be looking for more capacity, in that regard no cryptocurrency will ever be to "scale". Andreas will explain better than me: https://www.youtube.com/watch?v=pT9kJq_Ogrk
Secondly, to discuss privacy as the downfall is also ridiculous because that is a technical upgrade. Bitcoin can make a technical upgrade 100%. Sure it may be slower than the other coins, but by no means is Bitcoin not going to be private later on. I believe they are working on this technology now, and I also believe it will be rolled out shortly thereafter LN or simultaneously.
March 27, 2018, 03:07:10 PM
Also Edward Snowden:
Quote
Noted whistleblower Edward Snowden has come out in support of the privacy-oriented cryptocurrency zcash, calling it the "most interesting alternative" to bitcoin.
Just something to keep in mind.
If you pick apart what he's saying, he's just attacking the very idea of a public ledger. The point of Bitcoin was not privacy -- although that can be improved, anyway. He's just dismissing its utility based on the base protocol, as is. I guess he's dismissive of Layer 2, TumbleBit, etc.
March 27, 2018, 02:37:15 PM
In this open world, we will see difference in opinions. JPM chief and Mr. Warren Buffett has expressed the same concern as well. On the other hand we have twitter CEO, Amazon boss Mr. Jeff Bezos and Tesla chief Mr. Elon Musk expressed their interest in the blockchain technology and bitcoin. So everyone is free to think and express their voice on anything. That doesn't particularly mean That they are right. It is always better to wait and see what happens instead of engulfing our thoughts with negativity.
March 27, 2018, 02:17:54 PM
Meanwhile, Twitter Ceo said Bitcoin will be internet only currency so every one will have their own opinions we should move on
Sure, but what adds more value to society (or if you want from a business perspective) ? Google stock, Tesla, Space X, Paypal, Intel, Samsung, nVidia, AMD ... because they are way below the cost of a single Bitcoin and do not have 1500% spikes within a month.
March 27, 2018, 02:14:00 PM
Meanwhile, Twitter Ceo said Bitcoin will be internet only currency so every one will have their own opinions we should move on
March 27, 2018, 02:05:13 PM
I think his concerns are very valid. Everyone is moving towards bitcoin because of the enhanced privacy, but having a public ledger acts as a deal breaker for some of those people. So those people might look forward to an alternate cryptocurrency or a technology which would be completely classified.
With that being said, a major percentage of people use it as an asset and are here to get good returns. So, I still feel that his words are little harsh and Bitcoin ending in the near future doesn't feel like a valid scenario. Blockchain technology is here to stay and eventually we will find its acceptance across the world.
With that being said, a major percentage of people use it as an asset and are here to get good returns. So, I still feel that his words are little harsh and Bitcoin ending in the near future doesn't feel like a valid scenario. Blockchain technology is here to stay and eventually we will find its acceptance across the world.
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