Then they will ask why nobody wants to use their payment cards
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You've done it! You've fully killed Bitcoin! Now it will certainly become irrelevant! In 5 years, the top answer for "what would you do if you had a time machine and went back 5 years?" definitely won't still be "Buy more Bitcoin."
Have you heard of the lottery?
Whole-ass time travel to "buy more bitcoin", what a clown.
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The main reason I don't care for bitcoin is I have to count a bunch zeros after the decimal point, before reaching a useful number.
$1 = 0.000006128921 btc? Really? Screw those zeroes. Bitcoin is inefficient in so many ways.If that's the biggest complaint you have about it, it's probably not that bad.
I don't mind Bitcoin itself, but I do hate the ads and NFTs and pump and dump scams, obviously
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Technically true, but chains nowadays aren't really vulnerable to that same kind of attack just due to their sheer scale and diversification of controlling stakes compared to what they used to be, so I wouldn't consider it a particularly relevant issue today.
The relevant part isn’t which mistake happened, but that the fact that no mistake can be reversed.
Fixing one mistake is great and all, but it’s still a method of accounting whose ledger — by design — cannot be revised.
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They should bring in subunits like an MMO. 1 bitcoin (118905USD) = 100 bitsilver
1 bitsilver (1189.05USD) = 100 bitcopper
1 bitcopper = 11.89USDIt doesn't even make any different to the number of bitcoin used, its just a more user friendly way of displaying it for small purchases.
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Crypto remains a pyramid scheme masquerading as a resistance against tyranny
Ironically you know what ACTUALLY protects from powergrabs by payment processors? A fully centralised, government backed form of digital cash that is fully equivalent to paper money.
Ask a Brazilian about pix. Super low fees (often feeling non existant). And transactions can't be invalidated on the whims of a corporate board. For something to not be buyable by pix it has to be illegal, thus having to go through every layer of checks and balances a democracy has.
The problem with visa and their ilk is that finance has been privatised. Too much power in the hands of corporations that have deftly dodged regulation that would keep them neutral and honest. Thinking privatising things further and turning everyone into a fully unregulated petty digital landlord is gonna solve anything rather than make it worse is foolhardy.
When I heard elon is the primary holder of bit, I knew it was to be trusted. He's a liar and insecure. Plus his penis looks like a sick dogs vomit.
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If that's the biggest complaint you have about it, it's probably not that bad.
I don't mind Bitcoin itself, but I do hate the ads and NFTs and pump and dump scams, obviously
Bitcoin is its own worst enemy. It's deflationary, speculative, and largely interacted with by centralized entities. Those things means its unlikely to be successful as an actual currency; even one it hopes to be.
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Just wait until somebody proposes an AI powered blockchain…
Stop giving them ideas
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It’s not quite the same as a traditional cryptocurrency but I look forward to seeing the results of the EU trial
yeah its more like "Open source visa/mastercard"
Mostly yeah, but AFAIK it did have additional privacy advantages
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I honestly never understood how Lemmy, a privacy and decentralisation focused community, is so vehemently anti-crypto. It's worse than genAI. Every time it is mentioned, everyone goes "crypto is a scam". I don't think I've ever seen any good faith discussion around it, just "scam", "pyramid scheme", and "only criminals use it".
Let's get something out of the way immediately: shitcoins are a literal pyramid scheme and a scam. Anyone can make their own cryptocurrency in an evening, and anyone who throws money at them is either a fool or a gambler.
But I really don't understand what people mean when they say Bitcoin, or Ethereum, or Monero are a scam. Sure they can be used to scam you, just like Amazon gift cards can. Maybe it's about the price volatility, but the price of all 3 mentioned before is up on a day, week, month, 6 months, year, and 5 year scale. It's volatile, but is not a scam. If you bought and sold at two random points in time, it's more likely you made a profit than "got scammed".
You know what actually is a scam? Credit scores, overdraft fees, having to pay to check your balance, and so many other fucked up practices in the US banking system."Criminals use them" is just the worst fucking argument, especially in a space like this. Are PGP, VPNs and TOR for criminals too? Do you think getting rid of crypto would stop crime?
And yes, proof of work fucking sucks. The energy consumption of Bitcoin mining is a problem. I am not a cryptobro who spends all his time making trades and is here to tell you that crypto is the salvation. They are far from being "good" for everyday use. I just wanted to point out how it seems that critical thought gets shut down at the sight of those 6 letters, and I hope someone can explain to me what they find so terrible about crypto (aside from environmental concerns and shitcoins)
You forgot shoes! Criminals use shoes, too! So everyone wearing shoes must be a criminal. Either that, or they were scammed into wearing shoes.
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Crypto is to peacocking men what MLMs is to american housemoms.
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Crypto remains a pyramid scheme masquerading as a resistance against tyranny
Ironically you know what ACTUALLY protects from powergrabs by payment processors? A fully centralised, government backed form of digital cash that is fully equivalent to paper money.
Ask a Brazilian about pix. Super low fees (often feeling non existant). And transactions can't be invalidated on the whims of a corporate board. For something to not be buyable by pix it has to be illegal, thus having to go through every layer of checks and balances a democracy has.
The problem with visa and their ilk is that finance has been privatised. Too much power in the hands of corporations that have deftly dodged regulation that would keep them neutral and honest. Thinking privatising things further and turning everyone into a fully unregulated petty digital landlord is gonna solve anything rather than make it worse is foolhardy.
As far as I know monero didn't really have that issue, of being a pyarmid scheme, while also being privacy-respecting way more than Bitcoin.
Which is also why it's starting to get banned in Europe. As far as I know, most brokers don't even sell it.
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Have you noticed that people who work in tech tend to be less excited about cool new flashy tech developments than the average person?
It's similar to how people who have worked in fast food aren't quite as keen on eating out than the average person.
Same as watching your co-worker who hasn't washed his hands after his last shit collect the pieces of a burger that dropped on the dirty floor to sell them to a customer isn't exactly appetizing, knowing what goes on behind the scenes with tech developments doesn't really get you on board for that either.
I think it's because we get excited super early, and by the time it goes mainstream we're tired of seeing it shoved into every place it doesn't belong
And it's probably still not being used for what we looked forward to about it
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The latest that drives me mad is the 1.5 surcharge they're putting on pay wave transactions now.
They pushed it free convenient etc etc and now charge extra for it regardless of debit or credit card
whaaaat? where is doing this? i haven’t seen it, and would ABSOLUTELY boycott the shit out of it
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It was far less valuable when it first started becoming trendy. 1 BTC for a pizza, or whatever. Now it's turned into a hyperinflation wheelbarrow kind of situation.
1 BTC for a pizza, or whatever
10 000 BTC for 1 pizza...
hyperinflation
Deflation . This is literally what happens to any volute that cannot be printed indefinitely. The situation is complicated by the fact that many wallets are simply lost and bitcoins will never be recovered from them.
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Ideally, no one controls it. It's just exists as a medium for exchange.
There are both good and bad points to currency have value that can be adjusted by gov'ts; crypto currency solves one set of problems, but has it's own, inherent issues.
You're not really selling it for me, which I guess is the point aye?
What I imagine as ideal is an open-source and transparent bank and payment system that issues its own currency backed by ties to its investment portfolio that is properly regulated by its host country. i.e. you would use their currency to trade among others on the platform according to the percentage value of their portfolio that you own as measured by the currency to which you which to convert your holdings for a given purchase. You could select different tiers of risk if you'd like your "savings" to grow in value over time but experience potential dips or even loss of value if there is major market stability.
I am not an expert on such things, but this at least has real links to tangible asset worth, and isn't based on the artificial scarcity of an increasingly unsolvable math problem.
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i do think they hold some value for things like bank to bank, where each party is kiiiiind of untrusted and unrelated (not on a public chain - it’s just a private consensus between collaborating parties)
it also undeniably provides payment outside of standard card networks and the finance sector (people have been using crypto to buy drugs for decades now), so can be used to circumvent things like this mastercard/visa morality police garbage… i think in that, it’d be useful to have a strongish cryptocurrency somewhere at least to be able to provide uncensorable competition (the alternative to that being some global EU network that everyone accepted in the same manner)
but i think the value in blockchain in general is minimally about currency: that was just the first implementation… it’s a distributed, trustworthy log between untrusted individual entities. the benefits of that are honestly pretty niche, but i think it does solve some valuable problems… just most people should never even know that blockchain was involved
Fair points, cheers.
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I honestly never understood how Lemmy, a privacy and decentralisation focused community, is so vehemently anti-crypto. It's worse than genAI. Every time it is mentioned, everyone goes "crypto is a scam". I don't think I've ever seen any good faith discussion around it, just "scam", "pyramid scheme", and "only criminals use it".
Let's get something out of the way immediately: shitcoins are a literal pyramid scheme and a scam. Anyone can make their own cryptocurrency in an evening, and anyone who throws money at them is either a fool or a gambler.
But I really don't understand what people mean when they say Bitcoin, or Ethereum, or Monero are a scam. Sure they can be used to scam you, just like Amazon gift cards can. Maybe it's about the price volatility, but the price of all 3 mentioned before is up on a day, week, month, 6 months, year, and 5 year scale. It's volatile, but is not a scam. If you bought and sold at two random points in time, it's more likely you made a profit than "got scammed".
You know what actually is a scam? Credit scores, overdraft fees, having to pay to check your balance, and so many other fucked up practices in the US banking system."Criminals use them" is just the worst fucking argument, especially in a space like this. Are PGP, VPNs and TOR for criminals too? Do you think getting rid of crypto would stop crime?
And yes, proof of work fucking sucks. The energy consumption of Bitcoin mining is a problem. I am not a cryptobro who spends all his time making trades and is here to tell you that crypto is the salvation. They are far from being "good" for everyday use. I just wanted to point out how it seems that critical thought gets shut down at the sight of those 6 letters, and I hope someone can explain to me what they find so terrible about crypto (aside from environmental concerns and shitcoins)
Bitcoin is a pyramid scheme because it only keeps its value as long as people are constantly buying it. If no one wants to buy it, the value of any amount of bitcoin is zero. This is why people who have bitcoin are trying to convince anyone else to keep buying.
Your local government-backed currency does not have this problem, because you get paid with it, you pay taxes with it and vendors in your country have to accept it.
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Bitcoin is a pyramid scheme because it only keeps its value as long as people are constantly buying it. If no one wants to buy it, the value of any amount of bitcoin is zero. This is why people who have bitcoin are trying to convince anyone else to keep buying.
Your local government-backed currency does not have this problem, because you get paid with it, you pay taxes with it and vendors in your country have to accept it.
Bitcoin is a pyramid scheme because it only keeps its value as long as people are constantly buying it. If no one wants to buy it, the value of any amount of bitcoin is zero. This is why people who have bitcoin are trying to convince anyone else to keep buying.
any currency is initially a bank's promissory notes, and then a promise to exchange the paper for some kind of labor. As a person who has experienced at least one default in his life and whose entire toilet is covered with USSR money, I can say that in this regard, no currency is different from bitcoin.
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The main reason I don't care for bitcoin is I have to count a bunch zeros after the decimal point, before reaching a useful number.
$1 = 0.000006128921 btc? Really? Screw those zeroes. Bitcoin is inefficient in so many ways.wrote last edited by [email protected]Things are often measured in mBTC or µBTC for this exact reason.
Just as you don't measure the length of an ant in meters, you measure it in millimeters.
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Sorry my phrasing was bad and made it confusing. Let me explain it in detail.
They correctly choose a unsigned int for the time but they based it on Unix time, and Unix time is signed. So they choose a system that would require an conversion from Unix time to Bitcoin time (or the other way around) anyway. But you don't need to be able to have a timestamp for 1970, which their timestamp system supports, because instead of counting from 2008 (the invention of Bitcoin) they count from 1970. Wasting 38 years and as you know Unix time is hitting a limit in 2038, 68 years after its start, Bitcoin time is unsigned and so it gets to 2106. 2106-1970= 136 years. And they are wasting 38 years!!! Why? You need a conversion between both after 2038 anyway. And if they really care for cheap conversion, a signed 64bit value would be much better, because after 2038, that will probably be the standard. So they chose to waste 38 years for compatibility which will break after 2038, instead of choosing compatibility after 2038 for 292 billion years.
And if size was the reason and 64bit timestamps would have been too big, just start counting from 2008 (or better 2009 when the network started) and get all those juicy 136 years instead of 98 years.
It is stupid.
or they can simply inherit the UNIXTIME library, in which 0 has shifted from 1970 to 2038, and add one additional "time epoch" flag. Think about what's easier - create your own time library or inherit from unixtime?
