Do all the things like ++ or -- rants, post your own rants, comment on others' rants and build your customized dev avatarSign Up
Personally i feel that if you wanted to make money off of bitcoin you should have bought it years ago when they were $15 for a coin. they're not really an investment cause its like me getting a british pound cause it's worth more than a U.S dollar. if the value changes i can make or loose money but what's the point. If you use bitcoin buy it but it isn't good investment
spacem19673yI admit I am a software developer not an economist and I don't really follow finance or other "real world" events but I feel like one day the price will start to drop and since so many people bought to "invest" they will panic sell. Eventually many will see that a digital currency actually has no real value. That it is just a made up concept. Anyway good luck.
spacem19673yWell I don't invest in $50 bills either. My employer does pay me in $ though and buy my coffee with that currency too.
As a dev I get quite a few people ask me advise about bitcoin and I see a bunch of posts on here with people congratulating themselves on their. Investments but it is not really a software development thing right?
Bitcoin is great and all, and I agree that it has gained a lot of momentum, but imo it has two big, fundamental flaws:
- fungibility: not all coins are the same, a malicious user/entity can decide to refuse and blacklist individual coins based on their origin and past transaction history. This has already happened, and will happen even more in the future. This is a huge risk in the future;
- centralization: due to the highly specialized nature of its mining hardware, BTC is now mostly in the hands of a limited set of big players who own most of the hashrate. It's not in the hands of the people anymore;
- no tail emission: we can only speculate on what will happen once the 21M cap will be reached and block rewards will go to 0, leaving only mining fees as a mining incentive. Very high risk scenario, many will get a big spike up their ass.
This is why I support Monero, it is the only coin out there that is taking privacy and fungibility seriously, without shilling for hype
I am still happy that I got $5 worth of Bitcoin back when it was $800 (CAD)
@PerfectAsshole wow, you should've bought something when it was worth $15 that's now worth $10,000, thanks for the advice
@spacem when you can buy so much with it, it will be valued at something
- what? I've never heard of it being possible to reject a transaction
- that doesn't mean it's centralized, it just is where new money is created. I think that's ok, I can't see much of a downside
- not gonna happen till 2140, but I think it will start having effects in our lifetime, although as of now it's not a very viable argument
I will look into monero
@calmyourtities you cannot directly "reject" a transaction, but you can choose to refuse a tx and send it back if you don't like it. It has already happened, though it's not being mentioned much: people have been blacklisted/banned from sites or services due to the origin of their coins (eg: gambling sites).
Re: centralization. "It's just where new money is created". That's *exactly* the problem. A limited set of people controls pretty much all the emission of new coins in the market.
This means they can manipulate the market value at will by keeping coins to themselves, and/or selling them at will, effectively controlling the supply/demand, making BTC no different from a national bank.
This should not happen, everyone should be actively taking part in the mining process, thereby securing the network.
The strong hashrate centralization also means they have a strong political influence over BTC, as we've already seen with the past hardfork contentions and infighting
(I don't know much about economy, stocks, currencies, etc.)
I've read a few negative things:
1) Bitcoin is not really used as a currency, people just buy it for future growth.
2) The transaction fees are high.
3) High risk (bubble, no regulations, hard drive failure, hackers, etc.).
4) It's not very scalable.
5) It could crash when everyone wants to retrieve fiat money after Christmas.
It could really go either way, so you need to make sure you can afford to loose everything.
@endor same goes for almost every currency. its like how stackoverflow itself isnt horrible, but it's community does
1) ok? I mean… yeah…
2) that's important. no one wants to mine if they don't get their money back
3) it could very well be one of the most secure currencies in the world
4) yes it is, I think you're just referring to the blockchain being on everyone's wallet
5) I agree, that's when I'm planning on buying
@PerfectAsshole but you do for bitcoin!
@calmyourtities hence my mentioning of Monero: Monero's blockchain is 'opaque', meaning that you cannot see the transaction history of any wallet, or its balance, or anything at all.
This makes Monero truly fungible, since every unit is equal to all others, and cannot be tainted in any way.
Also, scalability is not just about everyone having to host the blockchain - you can use remote nodes if you don't want to.
A key factor of scalability is the amount of transactions that the network can progress in a specified unit of time.
In that regard, the original Bitcoin is heavily kneecapped compared to other coins, thanks to the sect of miners who pushed against the block max size increase (thus forcing users to keep the fees very high if they want their txes processed).
See why I say BTC is centralized?
@calmyourtities i'm just going to agree to disagree. When it first came out it was a high risk investment cause you didn't have alot of places to use it so the only choice you had was to buy or sell like if you bought stock in a company. Now just about everywhere lets you use it the same as a credit card which makes it like cash. If you want to invest they're better margins to be made in other areas. But i don't feel like writting 8 comments cause of the limit explaining the idea of investing and the difference between currency and investment portfolios.
@calmyourtities they still control which transactions go into the blocks. They're the reason why fees are so high. They're the reason why Bitcoin's development has slown down so much. They are just manipulating it in every way they can just to get the maximum profit, and they do have the power to do it