NOTHING IS ABOVE BITCOIN - page 4. | Bitcointalksearch.org

amishmanish

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Quote from: mk4 on November 26, 2019, 01:00:24 PM

Quote from: ChrisPop on November 26, 2019, 05:45:46 AM

This is exactly why stablecoins like USDT, TUSD, DAI, Libra, etc. won't gain much popularity. Cryptocurrencies and the blockchain technology were created with a scope - that we get rid of all the centralization and excessive control of authorities over the world. Corruption is at all time high level and transparency is nowhere near where we would like it to be. By adopting Bitcoin and blockchain & adiacent tech like smart contracts I'm sure we will make a much efficient & fair world.

Stablecoins actually gained popularity. Why? Simply because having stablecoins eliminates the risks of volatility through assets like bitcoin. Along with that, not everyone(or probably even majority) don't even care about decentralization and security in the first place! This is the exact reason why for some reason people still "invest" in other cryptocurrencies like XRP, and other worse shitcoins.

I am not sure if Tether and TUSD with their unsubstantiated claims of "fiat backing" can be considered stablecoin. Though something like MAKR DAI does seem like a stablecoin because of the locked cryptocurrency that backs them.

Also, the popularity of these seems more likely a result of low bank interest rates as well as the negative interest rates that the banks have enforced in developed countries. Anybody would be better off earning interest from staked collateral as an alternative investment. This is not so applicable to the retail investors in developing countries because the interest rates at similar instruments hasn't reached similar abysmal levels yet.

bounceback

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Quote from: HammadAli on November 26, 2019, 02:38:53 AM

Adam Back, CEO of Blockstream and HashCash, has said: "Nothing is above Bitcoin, no Central Bank Digital Currency, no stable coins."

He continued that: "I think that blockchains are more about permissionless, uncensorable usage and free market money. I think while it is possible and useful for some use cases, like crypto trading, to have stable coins, they inherently fall short of Bitcoin as they have custody risk, and if there is a central bank underwriting also traditional establishment interests reflected in the operation which may look unattractive to users."

Source: https://cointelegraph.com/news/exclusive-nothing-is-above-bitcoin-no-cbdc-no-stablecoins-says-blockstream-ceo-adam-back

yes that's true, especially if we see now that bitcoin has become a trend for people to adopt and bitcoin investment is now increasing which is likely because investors are now very interested in bitcoin to be used as protection for their assets because some of them are very confident that bitcoin will give them more profit compared to fiat currency, and now fiat currency investment has faded slowly because they are bored with governments that always collect taxes when they get a little money from investing in fiat money.

btc78

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Quote from: HammadAli on November 26, 2019, 02:38:53 AM

Adam Back, CEO of Blockstream and HashCash, has said: "Nothing is above Bitcoin, no Central Bank Digital Currency, no stable coins."

He continued that: "I think that blockchains are more about permissionless, uncensorable usage and free market money. I think while it is possible and useful for some use cases, like crypto trading, to have stable coins, they inherently fall short of Bitcoin as they have custody risk, and if there is a central bank underwriting also traditional establishment interests reflected in the operation which may look unattractive to users."

Source: https://cointelegraph.com/news/exclusive-nothing-is-above-bitcoin-no-cbdc-no-stablecoins-says-blockstream-ceo-adam-back

and this is all we need to see and learn,news like this helps the moral boosting for all the affected investors of Fuds here in forum.

sometimes we almost deny to read thread because of those Fudders so having thread like this is really uplifting and giving us more confidence for future.

i totally agreed on what he says.

Kakmakr

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Stable coins were developed to give traditional traders a familiar and safe trading tool, not for people who wants to risk, doing something out of the ordinary. They also developed Stable coins to please the regulators to see if they could get this into the hands of the institutional investors with the big pockets. Tongue

Bitcoin was developed by Satoshi Nakamoto to disrupt the traditional currencies and commodities in the market and to replace them. In the end it boils down to trust and you have to decide if you want to trust centralized coins like Stable coins. Roll Eyes

pooya87

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Quote from: goodblockchain on November 26, 2019, 01:47:09 PM

Quantum computers are.
'Quantum computers will surprise the Bitcoin community.'

true, but only half of the bitcoin community. the half that thinks quantum computers mean the end of bitcoin. they will be surprised to see that first we are very far away from it being any danger and then when it became one many years from now they will be surprised as bitcoin will have had upgraded to resistant algorithms!
unfortunately at this point there is a lot of misinformation about quantum computers around that has made a lot of people think they are magical computers that can break anything you want with a press of a button!

Darooghe

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Bitcoin is a decentralized, deflationary, censorship resistant and alternative to fiat controlled by governments. why would you want a centrally controlled crypto that's pegged to the very thing that bitcoin is trying to disrupt? Stablecoins are an antithesis to most of what crypto stands for. they exist today simply because the cryptocurrency market is young and volatile and many crypto exchanges don't want to deal with the hassle of supporting the regulatory requirements around supporting fiat currencies. over time as the liquidity grows the volatility will die down. thereby the more time passes, the less we need stablecoins.

BitcoinsGreat

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Quote from: avikz on November 27, 2019, 12:21:35 AM

Quote from: HammadAli on November 26, 2019, 02:38:53 AM

Adam Back, CEO of Blockstream and HashCash, has said: "Nothing is above Bitcoin, no Central Bank Digital Currency, no stable coins."

He continued that: "I think that blockchains are more about permissionless, uncensorable usage and free market money. I think while it is possible and useful for some use cases, like crypto trading, to have stable coins, they inherently fall short of Bitcoin as they have custody risk, and if there is a central bank underwriting also traditional establishment interests reflected in the operation which may look unattractive to users."

Source: https://cointelegraph.com/news/exclusive-nothing-is-above-bitcoin-no-cbdc-no-stablecoins-says-blockstream-ceo-adam-back

What Adam is saying is technically correct! However, we need to look at the reality! The benefit of bitcoin is actually its biggest enemy to gain adoption. If bitcoin were not pseudo anonymous and easily trackable, governments around the world would have adopted it into the mainstream economy! Governments are protesting the inclusion only because they know that, its beyond their reach to control bitcoin!

So Adam is right technically, but the reality is somewhat different!

This reality which you are taking about will change one day. No one wants governments to take control of the financial system and no one want to pay heavy taxes. Governments cannot forever control this system and if people decide to use bitcoins and keep their saving in bitcoins (and not in banks), the banking sector will fail. Its just a matter of time when people will know the benefits of bitcoin and will use it in their day to day transactions.

wildan88

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Quote from: liuqi on November 26, 2019, 02:40:28 PM

That is 100% truth and there is no single cryptocurrency over the Bitcoin in all the aspects because many people giving attention to Bitcoin only more than any cryptocurrencies so as a service person for investor everyone will love to to invest on Bitcoin and utilise Bitcoin more than anyone.

of course bitcoin number 1, the others are only an alternative to fix or substitute if there is at least a lack of components owned by bitcoin.

goaldigger

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Quote from: HammadAli on November 26, 2019, 02:38:53 AM

Adam Back, CEO of Blockstream and HashCash, has said: "Nothing is above Bitcoin, no Central Bank Digital Currency, no stable coins."

He continued that: "I think that blockchains are more about permissionless, uncensorable usage and free market money. I think while it is possible and useful for some use cases, like crypto trading, to have stable coins, they inherently fall short of Bitcoin as they have custody risk, and if there is a central bank underwriting also traditional establishment interests reflected in the operation which may look unattractive to users."

Source: https://cointelegraph.com/news/exclusive-nothing-is-above-bitcoin-no-cbdc-no-stablecoins-says-blockstream-ceo-adam-back

This is why banks are threatened and most of them are doing their best to prevent Bitcoin from hitting the main market while some other banks are open about the adoption. Bitcoin is the king not because of its value alone but also because of its technology. We may down right now, but the future is still bright and good for bitcoin we will see the mass adoption very soon and at the right time for us.

blckhawk

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He said nothing is above Bitcoin in the context that (1) nothing governs Bitcoin, (2) other altcoins that is decentralized is still no match to what Bitcoin already achieved, (3) it could also be considered above stablecoins since such coins are manipulated/controlled, and (4) all those blockchain-powered applications are non-sense if they aren't going to be transparent. Transparency brings the power back to the people, wherein secrecy is difficult to achieve and therefore, corrupt practices are lessen and easily traced in whatever application it is applied to.

CryptoBry

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Quote from: youdacapt on November 26, 2019, 10:43:36 AM

Quote from: ChrisPop on November 26, 2019, 05:45:46 AM

This is exactly why stablecoins like USDT, TUSD, DAI, Libra, etc. won't gain much popularity. Cryptocurrencies and the blockchain technology were created with a scope - that we get rid of all the centralization and excessive control of authorities over the world. Corruption is at all time high level and transparency is nowhere near where we would like it to be. By adopting Bitcoin and blockchain & adiacent tech like smart contracts I'm sure we will make a much efficient & fair world.

Many sweet sentences circulate about the potential of BTC, but I want to know how the world adopts them simultaneously. The bitcoin-blockchain solution for verbal justice looks real, but bureaucracy is very complex. If bitcoin is used in political power, prices can be manipulated worse than before. this would be an economic apocalypse worse than fiat.

Unfortunately, we need more that sweet words for people to really adopt Bitcoin. After more than 10 years of existence, we are still wondering where is that massive adoption of Bitcoin can be coming from. Lately, the news coming from China caused some sparks all over the cryptocurrency market though it was just another Made-in-China falsehood as we now realized. Maybe we are looking at the possibility that if the government of China will approve of Bitcoin then there will be a massive adoption of cryptocurrency in that hugely populated country. But why look at China, in the first place? Is it not because in other countries we are beginning to see dull moments with Bitcoin? I am a strong supporter of Bitcoin, but we have to face the facts and realities so that we can be able to rectify and do something about these potential game-changing situations. Sweet words will never lead Bitcoin to where it should be and can in effect even be masking the real problems.

avikz

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Quote from: HammadAli on November 26, 2019, 02:38:53 AM

Adam Back, CEO of Blockstream and HashCash, has said: "Nothing is above Bitcoin, no Central Bank Digital Currency, no stable coins."

He continued that: "I think that blockchains are more about permissionless, uncensorable usage and free market money. I think while it is possible and useful for some use cases, like crypto trading, to have stable coins, they inherently fall short of Bitcoin as they have custody risk, and if there is a central bank underwriting also traditional establishment interests reflected in the operation which may look unattractive to users."

Source: https://cointelegraph.com/news/exclusive-nothing-is-above-bitcoin-no-cbdc-no-stablecoins-says-blockstream-ceo-adam-back

What Adam is saying is technically correct! However, we need to look at the reality! The benefit of bitcoin is actually its biggest enemy to gain adoption. If bitcoin were not pseudo anonymous and easily trackable, governments around the world would have adopted it into the mainstream economy! Governments are protesting the inclusion only because they know that, its beyond their reach to control bitcoin!

So Adam is right technically, but the reality is somewhat different!

elisabetheva

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Quote from: Youghoor on November 26, 2019, 11:04:31 PM

Quote from: HammadAli on November 26, 2019, 02:38:53 AM

Adam Back, CEO of Blockstream and HashCash, has said: "Nothing is above Bitcoin, no Central Bank Digital Currency, no stable coins."

He continued that: "I think that blockchains are more about permissionless, uncensorable usage and free market money. I think while it is possible and useful for some use cases, like crypto trading, to have stable coins, they inherently fall short of Bitcoin as they have custody risk, and if there is a central bank underwriting also traditional establishment interests reflected in the operation which may look unattractive to users."

Source: https://cointelegraph.com/news/exclusive-nothing-is-above-bitcoin-no-cbdc-no-stablecoins-says-blockstream-ceo-adam-back

I don't think i will agree with him on what he is saying. As it stands now, Bitcoin is actually struggling to gain mass adoptation in the mainstream financial transactions. In as much that Bitcoin makes it possible for everybody to gain financial freedom and also provide decentralization, you can not just conclude that nothing is above Bitcoin. Bitcoin has a long way to go before we can finally say and classify bitcoin as something that do not have anything above it. His reasons are not enough to conclude that nothing is above Bitcoin.

Many conclusions occur with how bitcoin, obviously maybe some say true that nothing is above bitcoin at this time, but you also have different perceptions as you say. but we know that the blockchain is very reliable in all transactions and is headed in a more modern direction than returning to traditional transactions. this is the advantage of crypto that all have different interpretations.

Youghoor

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Quote from: HammadAli on November 26, 2019, 02:38:53 AM

Adam Back, CEO of Blockstream and HashCash, has said: "Nothing is above Bitcoin, no Central Bank Digital Currency, no stable coins."

He continued that: "I think that blockchains are more about permissionless, uncensorable usage and free market money. I think while it is possible and useful for some use cases, like crypto trading, to have stable coins, they inherently fall short of Bitcoin as they have custody risk, and if there is a central bank underwriting also traditional establishment interests reflected in the operation which may look unattractive to users."

Source: https://cointelegraph.com/news/exclusive-nothing-is-above-bitcoin-no-cbdc-no-stablecoins-says-blockstream-ceo-adam-back

I don't think i will agree with him on what he is saying. As it stands now, Bitcoin is actually struggling to gain mass adoptation in the mainstream financial transactions. In as much that Bitcoin makes it possible for everybody to gain financial freedom and also provide decentralization, you can not just conclude that nothing is above Bitcoin. Bitcoin has a long way to go before we can finally say and classify bitcoin as something that do not have anything above it. His reasons are not enough to conclude that nothing is above Bitcoin.

franky1

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Quote from: goodblockchain on November 26, 2019, 01:47:09 PM

Quantum computers are.

Blockchain latest news: a state-owned quantum computer could break blockchains in as little as three years
'Quantum computers will surprise the Bitcoin community.'

quantum computing is just as . to dumb it down. bios/firmware level programming. much like asics.
it will take time to scale up to be more generalised to be like a DOS platform and time again to scale up to be a colourful multitask windows platform

what people dont realise is these tests that quantum computers are doing is tasks designed for qubits to solve fast.. and then obviously because binary is not qubit would take binary longer

however just because a qubit problem can be done in 3 minutes but may take a binary computer 10,000 years
does not mean a 10,000 year binary problem will be solved in just 3 minutes on a qubit system
so relax a little

southafricadude

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He is correct. Only bitcoin combines permissionless, censorship resistant, decentralized, borderless, immutable and unconfiscatable into one neat package that is pretty easy to use.

The Sceptical Chymist

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Quote from: ChrisPop on November 26, 2019, 05:45:46 AM

This is exactly why stablecoins like USDT, TUSD, DAI, Libra, etc. won't gain much popularity.

I totally agree, and I'm not even sure why anyone would want to own any of those outright--I can see the need for them on exchanges, where you'd want to have a cash equivalent (maybe) in order to make more trades or something like that, but why bother holding a stablecoin instead of cash?

Quote from: chaoscoinz on November 26, 2019, 11:02:01 AM

I really don't think there is anything above Bitcoin at the moment, but as of now, we are on the verge of there being a 4th generation of Blockchain technology.

That may well be true, but bitcoin is still rocking the house as far as cryptocurrencies go, except for its price lately. But every other crypto, including ETH, has also gotten hammered by the market. It doesn't matter if bitcoin doesn't achieve mass adoption as a form of money. It will still remain a good investment tool. It's got the strongest community by far, lots of miners, lots of support. All of that can't easily be taken away from bitcoin, believe me.

liuqi

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That is 100% truth and there is no single cryptocurrency over the Bitcoin in all the aspects because many people giving attention to Bitcoin only more than any cryptocurrencies so as a service person for investor everyone will love to to invest on Bitcoin and utilise Bitcoin more than anyone.

xiboothrezi

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Choosing a stable coin is not an indicator that a person cannot utilize the functionality of cryptocurrency, everyone has their own tendencies, right? there are those who like risk, there are those who prefer the safe way so that occasionally apply a trading or investment strategy using stable coins if something happens that is unexpected.

Quote from: stompix on November 26, 2019, 01:35:23 PM

~~

Unfortunately, the masses are all about $ and instinctively when they don't have a clue what will happen next they tend to switch their stash to something that would not lose value against the $ no matter how bad the news hitting the crypto world is. Quite interesting, a lot of people also predict the fall of the usd and euro but that isn't making them switching all the savings into crypto either, no matter how scared of a fall they are they still keep their funds in fiat. Because of convenience, because of...who knows.

In short, it's a bit too late for those coins to NOT gain popularity or even more popularity.

Yes, so as long as we can still use cryptocurrency safely, it doesn't matter if you don't follow the initial essence, and there are no rules you have to hold volatile coins or tokens if the situation is chaotic and difficult to predict.

goodblockchain

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NOTHING IS ABOVE BITCOIN

Quote from: HammadAli on November 26, 2019, 02:38:53 AM

Adam Back, CEO of Blockstream and HashCash, has said: "Nothing is above Bitcoin, no Central Bank Digital Currency, no stable coins."

He continued that: "I think that blockchains are more about permissionless, uncensorable usage and free market money. I think while it is possible and useful for some use cases, like crypto trading, to have stable coins, they inherently fall short of Bitcoin as they have custody risk, and if there is a central bank underwriting also traditional establishment interests reflected in the operation which may look unattractive to users."

Source: https://cointelegraph.com/news/exclusive-nothing-is-above-bitcoin-no-cbdc-no-stablecoins-says-blockstream-ceo-adam-back

Quantum computers are.

Blockchain latest news: a state-owned quantum computer could break blockchains in as little as three years https://www.computing.co.uk/ctg/news/3033006/state-owned-quantum-computer-break-blockchains-three-years 'A commercially viable quantum computer is still probably a decade away but the first rudimentary, state-owned device capable of breaking common one-way encryption algorithms like AES and elliptic curve cryptography could be with us much sooner.'
'Whoever achieves it first - and it could be within as little as three years according to Cheng - don't expect to learn about it in the news.'

Quote from: goodblockchain on November 26, 2019, 11:55:53 AM

Quote from: goodblockchain on November 26, 2019, 11:38:22 AM

Blockchain latest news: a state-owned quantum computer could break blockchains in as little as three years https://www.computing.co.uk/ctg/news/3033006/state-owned-quantum-computer-break-blockchains-three-years 'A commercially viable quantum computer is still probably a decade away but the first rudimentary, state-owned device capable of breaking common one-way encryption algorithms like AES and elliptic curve cryptography could be with us much sooner.'
'Whoever achieves it first - and it could be within as little as three years according to Cheng - don't expect to learn about it in the news.'

Quote from: target on August 07, 2019, 11:57:24 AM

Quote from: qubitasic on August 07, 2019, 10:49:49 AM

Post quantum we will have lots of forks. But the quantum upgraded original chain with all the mined coins will be the strongest. Anyone who has the privatekey of an old address can now move their coins and they will be quantum secure. Otherwise they are 'shalecoins' and have no owner and will be 'fracked'. These coins are the reward of their 'frackers'. If some think that the 'shalecoins' should be locked/destroyed, they can use the fork with excluded 'shalecoins'. They are already discussing such things: Fork and Destroy Satoshi's 1 million Bitcoin? https://bitcointalksearch.org/topic/fork-and-destroy-satoshis-1-million-bitcoin-5131393

Quote from: squatter on August 06, 2019, 02:16:08 PM

No matter what, a decade is not such a long time. We should be discussing this stuff today.

Yes, squatter.
Quantum computers will surprise the Bitcoin community. The 'shalecoins' will be moved and will become active. Thereafter BTC owners will decide, which fork they want to use.

I have no idea and I just learned it from this thread. Those coins in Satoshi's wallet will then be activated which sooner there might not have forgotten coins after all. I guess we can all say Bitcoin will live on to be 21M in total. Nothings wasted and SAtoshi has really thought all of these will happen one day.

'Quantum computers will surprise the Bitcoin community.'

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