Peter Todd Talking on podcast about Ethereum... bashes it a lot

https://soundcloud.com/bitcoinuncens...se-and-junseth

you could try Paxful. its a p2p marketplace where you can trade bitcoins for almost all options (cash in person, bank transfers, gift cards...). but i have no experience with it.

Apparently, Paxful is responsible for ~5% of BTC transactions. sounds high. it could be due to inefficient escrow services, such that each tx between two parties takes many more tx to move the funds around. but it sounds like another potentially good on/off ramp for people who prefer p2p.

Paxful and localbitcoins.com are basically the same thing. Same idea.

transaction fees or mining rewards do not necessarily protect the network. The network is protected by the large owners of the coins that have something to lose. You probably could pay $10,000 to anyone that keeps a active node 24x7x365. You can get it from transaction fees or printing of coin. But what is the real value of that protection. Is it worth 6 blocks per hour X $600 x 25 coins per block = $90000 a hour to protect the network. I would think there would be 1000s of volunteers who would be paid $3 a day to keep a node up. That is $1000 per year per node. Whatever the market wants.

Where can that money come without rewards or fees. It could come from the pre-sale and the large owners could pay in it to protect their investment. Even if it become centralized, there could always be a plan B for this a split planned if they decide to change the original terms of the coin.

Sometimes there are reasons for things beyond other people being stupid. I remember a time when you were laughing at bitcoin being priced at like $10, probably with the same courage about other people being stupid.

I'm not saying you'll be wrong about ETH price (I certainly would rather you're correct). But ETH can do things that bitcoin (currently) can't. So even if it's all ultimately displaced by bitcoin versions of the same stuff, it isn't "stupidity" that's causing people to be interested in decentralizing things. It's perfectly rational since right now it's the best way to build the things people want to build. (From an investment perspective it might be stupid. But from an investment perspective you're allowed to sell before 10 years is up.)

Plus like, there's nothing wrong with hedging. In general I think diversification is for people without conviction But within crypto I think the equation changes a bit, since the potential is so huge. Pound for pound it's worse to miss the boat on whatever wins out than it is to not quite get max value (because of the relative decline in value of money as you have more of it .. kind of like you'd take 55% to get $10 over guaranteed $5, but multiply by a billion and at some point you take the sure thing even though it's technically -EV).

Sure I don't know your specific objections with ETH and maybe there's good reason not to consider it a worthy competitor to bitcoin. But you people who have 100% bitcoin, daring imo lol. You'll probably be right, but I'd rather just be all-in in crypto with a little diversification to help sleep at night.

Seems like you're conflating two different things. Yellen (well, the FED) can do whatever they want. Centrally controlling something is different than having a bunch of influence over something that's decentralized.

Vitalik would quickly lose influence if he started saying things that are unreasonable. Yellen always matters as long as she's in office. Vitalik would have to be a GOAT manipulator to compete with that. Incredible that someone with the technical skills to write ethereum also happens to have such great cult leading abilities. Maybe people support him because they support the quality of his ideas?

Wow, Chinese Miners Revolt and Announce Terminator Plan to Hard Fork to 2M, Big **** to Core (cross-post)

https://www.reddit.com/r/btc/comment...ce_terminator/






lets go baby

Wow. If that's legit...there will be some pissed off Blockstreamers.

Fud

FUD that seems to have made the price increase

Whomever bitpay, vendors, gambling sites, and overstock decide to use is where the users go. Hopefully they will stick with 1 mb and end all mining rewards or better send a small mining fee to a group that maintains the code, protects and helps people that have been hurt by fraud, and promotes bitcoin. Maybe 0.1% sales tax a transaction. Since we might know who Satoshi is, at least the 2 together are almost 100%, they could also decide. Proof of Work is really just proof of money or asic development skill. It could be possible bitcoin splits geographically China and the West. That is what the real feud might be about.

what has me lol'ing most is the sheer number of individuals lol'ing at the concept of Bitcoin on the first page of this thread.. Then trading $.70/1BTC -- five years later $680.22/1BTC. ...lol

It still annoys me I either didn't see this thread or did and didn't pay attention to it back then. Bitcoin is 100% something I would've been into if I knew about it and took the time to learn what it was. Instead, was just oblivious and kind of missed the boat but I think it still has so much room to grow.

I'm in the same boat, I remember thinking bitcoin was just another PayPal the first time I heard about it.

So if I get my withdrawals in BTC, it would be smart to hold on to a part of it? (leave it in BTC)

If you believe that it's a good investment and are willing to take the risk, then yes.

Yep, I remember when it was about $1/btc but I thought it was another e-gold/flooz type thing and forgot about it.

I'm now putting all my poker winnings into btc and feel it will eventually overtake gold prices.

It did overtake gold previously:
http://pricedingold.com/charts/BTC-2010.pdf

what do you think the purpose of this transaction is?

https://tradeblock.com/bitcoin/tx/a8...b9ba17c785fae5

Likely a mining pool paying out, or ano exchange doing a withdraw batch

If you say so. If I wanted to send money to someone somewhere in the world, I'd have a hard time doing it for Bitcoin faster and cheaper unless I already have coins and they want coins.

Bank wire, western union, etc...

They are *also* paid highly by the Ethereum foundation. The get a salary AND huge equity. I think Vitalik makes 200k (not bad for a 19 year old).


Ride it to the ground.

Nice snip. I agree taxes must be paid in dollars (or although your government currency is). But you are free to barter in whatever you want, althugh there likely are some countries where this isn't try.

Pre-sale = scam
Pre-mine = scam
USD isn't premined. Just inflated heavily.
Stocks aren't a presale- you have equity in something that produces dividends.


I owned at that time. I did make a joke that it would suck for people buying them if it was worthless. But I bought shortly after (first coins purchased at $.70).

ETH is just a token. Ethereum is a network. ETH doesn't do anything you can't do with BTC (token). Both are money. Just because Ethereum can do more things than Bitcoin (like pay out $150M in smart countract bug bounties), doesn't mean the token is worth anything.

There's a huge amount of stupid in "Decentralize All the Things" right now. Decentralizing things makes sense sometimes and sometimes it doesn't. It typically is more expensive, but can give you some benefits where centralization can have risk.

Hedging makes sense if it's an actual hedge. Throwing a bunch of money on a roulette board isn't hedging, it's just gambling. Every dollar you through out for FOMO, you could have invested in a winner. Especially when there is 0 rational reason for Ethereum to ever have any value long term.

It's the antithesis to Bitcoin. I hedge by holding fiat, not a glorified ****coin that will hard fork to protect insiders bad investments. At least when they do that with fiat, there's elections.

It's not decentralized, though. It's a system that has someone with an iron fist that de facto *is* Yellen. Maybe I'm wrong and this hard fork won't happen, though.

And someone like Yellen can be tossed on their ass if she screws up too.

From what I have heard, Vitalik hasn't even done most of the leg work for writing Ethereum, it was Gavin Wood. Vitalik basically exists solely as a cult leader.

Tom exactly what the **** has bitcoin been doing to combat the fact that they cannot handle the transaction volume necessary to be a component of the global economy

Do you have any numbers to support your opinion?

For example here are some examples:





And these is assuming that no party has or wants Bitcoins. Which may or may not be true and may or may not change in the future.

As for Bankwire the speed clearly cannot compete, do you agree?



Yes they are, but only because their crowdsale was very successful and the currency has been increasing 5000% in a year. They also did a lot of work before the crowdsale.

200k seems like a bargain if you are looking for solidity developers.


I don't think you understand the concept of legal tender:
https://en.wikipedia.org/wiki/Legal_tender

So you mean that at one point there was 0 USD (of the current version) circulating and the next timestep there was a high inflation being circulated not to one identity but to many? Or how do you define premine?

It is still a presale even if it does or does not produce dividends.

Maybe it happens and you are still wrong. Or maybe it does happen or you are right. We will see.


Vitalik came up with the idea for Ethereum.

There is zero reason why

1) The Global Economy depends on Bitcoin

or

2) The transactions need to be settled on chain.

Thanks for finding these for me and proving my point.

I have never been talking about the future, and of course, things can change.

Not if I'm using my bank account to buy Bitcoin, which can take many days.

Which they paid themselves back.

Sounds like I'd rather hire a lawyer than a solidity developer for a contract, esp since there might be a bug and I might not have the connections to Vitalik to get it rolled back.

I'm not sure you get it. What prevents me from using a gold coin to buy something other than the person not wanting it?


If you want to call the gold standard a premine, sure. It's a useless compare though.

This is like saying selling my television is a premine. It makes no sense in that context.


Great, ideas mean jack **** without implementation.

Proving your point? Care to elaborate? The numbers seems to be a clear counter argument to your statement that WU is cheaper than Bitcoin.