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french lies posted:Yes this is why we have massively vertically integrated companies that do absolutely everything themselves and why consultancies are permanently out of business. and bitcoin helps that how?
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Jan 13, 2018 03:14
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Novo posted:for institutions there is no advantage to decentralization. why the gently caress would a bank need to use a bunch of computer dork equipment on lovely internet connections or even a bunch of colocated boxes paid for by richer dorks? they have the resources to build or buy purpose built systems that will be cheaper, faster, and easier to maintain. If you don’t want your banking done on a virus-ridden 486 over a modem line to Uzbekistan, I just don’t know what to tell you.
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Jan 13, 2018 03:14
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Novo posted:for institutions there is no advantage to decentralization. why the gently caress would a bank need to use a bunch of computer dork equipment on lovely internet connections or even a bunch of colocated boxes paid for by richer dorks? they have the resources to build or buy purpose built systems that will be cheaper, faster, and easier to maintain.
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Jan 13, 2018 03:15
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french lies posted:That might be the case and might not be the case. It might be that the service is too niche for them to pay for their own system to solve this specific problem. As long as it makes economic sense to use the decentralized service it will be adopted.
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Jan 13, 2018 03:17
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french lies posted:That might be the case and might not be the case. It might be that the service is too niche for them to pay for their own system to solve this specific problem. As long as it makes economic sense to use the decentralized service it will be adopted. It cost $60 to pay for a bitcoin purchase
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Jan 13, 2018 03:17
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Mumpy Puffinz posted:and bitcoin helps that how?
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Jan 13, 2018 03:18
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french lies posted:You can use blockchain and related technology to provide services through a decentralized network. If these turn out to be better and cheaper than the alternatives it will make economic sense for a big company to adopt them. How? Blockchain is just a database. Pretty much every company has that
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Jan 13, 2018 03:20
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french lies posted:That might be the case and might not be the case. It might be that the service is too niche for them to pay for their own system to solve this specific problem. As long as it makes economic sense to use the decentralized service it will be adopted. sorry but you are either clueless or having a laugh because there is clearly literally no barrier to entry. they could pay a junior developer to fork the repo and install it on a few $5/month VMs and it would actually be better than buying tokens with cash to use the existing networks because the price and performance would be stable.
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Jan 13, 2018 03:25
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klafbang posted:Anything using mining will fail once they gain traction. Anything using a replicated instead of distributed ledger will fail once they gain traction (the Bitcoin ledger is replicated, the iota ledger is distributed but is secured by incorrect statistics and super-prone to double spending).
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Jan 13, 2018 03:26
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Novo posted:sorry but you are either clueless or having a laugh because there is clearly literally no barrier to entry. they could pay a junior developer to fork the repo and install it on a few $5/month VMs and it would actually be better than buying tokens with cash to use the existing networks because the price and performance would be stable.
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Jan 13, 2018 03:29
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french lies posted:Possibly in some cases, but if you take something like authenticity checking (like Walton provides) there might be strong resistance from customers if the store tries using an off-brand chain. This is a big deal for the Chinese market and why a lot of these solutions are coming out of China.
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Jan 13, 2018 03:33
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Nessus posted:None of these things allegedly making hundreds of billions are even able to do any of this poo poo, anyway. The entire use case for Bitcoin seems to be "ah but MAYBE something in the FUTURE will do it," and also, crime/ruin (bitlocker and so on)
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Jan 13, 2018 03:34
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Nessus posted:What does a blockchain actually provide here, and is it actually some kind of crypto coin business instead of a glorified git repository
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Jan 13, 2018 03:36
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french lies posted:Trustless verification like we discussed with the smart contracts. lol
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Jan 13, 2018 03:37
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What data feeds the verification?
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Jan 13, 2018 03:38
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french lies posted:If smart contracts manage to reduce costs for financial institutions as I mentioned before then that is solving a problem for managers who want to maximize shareholder returns. Pretending otherwise is ludicrous. Do you have any examples in history of a public company's shareholders revolting because they failed to adopt an emerging technology?
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Jan 13, 2018 03:39
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necrotic posted:What data feeds the verification? I thinik bitcoin is stupid.
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Jan 13, 2018 03:39
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i agree with you that there will probably be a few coins that last a long time because they serve various needs and as speculative vehicles. the decentralized public networks fulfil the primary goal of being "digital gold" so long as people use them that way but the value proposition ends there if i trust a website or an app to tell me something (because everyone else does like finance.google.com or my boss told me to because its the corporate intranet, or its my bank site and the security icon is green) it doesn't matter if the backend uses blockchain or mysql. even to the developer, if the use case doesn't rely on volunteer nodes to prevent legal takedowns (which presumably are the legitimate applications you're forecasting), it won't matter and most developers who aren't drunk on kool aid will reach for an established paradigm
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Jan 13, 2018 03:42
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Andy Dufresne posted:Do you have any examples in history of a public company's shareholders revolting because they failed to adopt an emerging technology?
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Jan 13, 2018 03:47
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Mumpy Puffinz posted:I thinik bitcoin is stupid.
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Jan 13, 2018 03:47
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french lies posted:If a manager can use my butt to save on cost he/she will be increasing the net income of the company and thereby the amount of money that can be paid out to shareholders in the form of dividends or buybacks. Most managers are incentivized through their compensation plan to maximize shareholder value, and therefore reducing costs is a problem to them which my butt can plausibly help solve.
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Jan 13, 2018 03:49
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You’ll have to forgive me but I need to get out of this discussion or I literally will not get any sleep tonight. I’ll try to return to this thread by the end of the year and we can check out how things panned out, both in terms of the returns I made (or how much money I lost), and what the technology is doing in terms of adoption, if anything.
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Jan 13, 2018 03:50
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french lies posted:You’ll have to forgive me but I need to get out of this discussion or I literally will not get any sleep tonight. I’ll try to return to this thread by the end of the year and we can check out how things panned out, both in terms of the returns I made (or how much money I lost), and what the technology is doing in terms of adoption, if anything. Kodak just launched your smart contracts thing man. Guess loving what, it's KodakCoin. They aren't using Ethereum. Every single company in the real world will do this when adopting crypto technology if that ever comes to pass. It's cool to get your perspective but it's obviously clear that nothing you can buy on any of the crypto exchanges have any future use whatsoever. The underlying concepts? Sure. But you can't invest in those, nobody has them copyrighted. Rad Russian fucked around with this message at 04:13 on Jan 13, 2018 |
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Jan 13, 2018 04:06
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I’m a really stupid piece of poo poo so I have have some dumbass questions why I buy a buttcoin when I could make gooncoins and give them away to anyone who hates Franco after I give myself lots of gooncoins and also say Franco is gay, and dumb also I asked a question pages and pages ago which is why all assholes say this poo poo is currency but measure they own net worth in dollars I’m a goddamn idiot yeah, but someone plz explain these things to me
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Jan 13, 2018 05:29
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and also plz use lots of amazing investing terms to tell me about gooncoins
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Jan 13, 2018 05:31
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Mumpy Puffinz posted:I thinik bitcoin is stupid. yah but maybe someone can convince me if they answer the questions
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Jan 13, 2018 05:33
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let it mellow posted:and also plz use lots of amazing investing terms to tell me about gooncoins 
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Jan 13, 2018 05:49
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That bingo card is just plain cheating
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Jan 13, 2018 05:54
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Edit: whew, vodka ramblings
Slightly Absurd fucked around with this message at 13:09 on Jan 13, 2018 |
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Jan 13, 2018 06:15
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So the finite supply thing - only 21 million bitcoins! Though exchanges support spending up to .00000001 of a coin. So in reality the supply is fixed at what, 21 quadrillion if nothing were to change? May as well be as fixed as Fiat in that case
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Jan 13, 2018 06:18
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Goodpancakes posted:So the finite supply thing - only 21 million bitcoins! Though exchanges support spending up to .00000001 of a coin. So in reality the supply is fixed at what, 21 quadrillion if nothing were to change? May as well be as fixed as Fiat in that case
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Jan 13, 2018 06:22
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Goodpancakes posted:So the finite supply thing - only 21 million bitcoins! Though exchanges support spending up to .00000001 of a coin. So in reality the supply is fixed at what, 21 quadrillion if nothing were to change? May as well be as fixed as Fiat in that case I always thought this was ridiculous as well. So... what if some guy with a lot of money bought most of the bitcoins? How does that help the person in Africa facing absurd transaction fees [*cough* when they are now facing absurd mining fees]?
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Jan 13, 2018 06:22
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Nessus posted:You also seem to remove the possibility of being made whole if there are legitimate errors. I once had a cashier fat-finger something so that my lunch cost $775 instead of $7.75; it was reversed within two days. It would have been better if it could have been undone within two hours. Under most blockchain systems I believe it could not be undone at all, because there is nobody to whom I could appeal. I once fat fingered an $800 dollar tip on a top of a $400 meal. And it happily went through the machine without the waitress or myself noticed. I was on my way out the door when she came running to catch me. They refunded me then and there. Good system. Obviously it would have been improved if we'd both had to pay an unrefundable $60 each just to get the transaction through and then had to sit in the restaurant after they were closing and cleaning up waiting for it to clear.
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Jan 13, 2018 06:43
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DIGITAL GOLD lmao
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Jan 13, 2018 07:00
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Illuminti posted:I once fat fingered an $800 dollar tip on a top of a $400 meal. And it happily went through the machine without the waitress or myself noticed. I was on my way out the door when she came running to catch me. They refunded me then and there. Good system. Obviously it would have been improved if we'd both had to pay an unrefundable $60 each just to get the transaction through and then had to sit in the restaurant after they were closing and cleaning up waiting for it to clear. Yes but AMEX made 50 cents on that transaction you did (paid by the restaurant and not you) and you don't want filthy finance companies to make money right? It's totally worth spending 4 hours waiting to make sure that dirty corp doesn't get their 50 cent cut. You also did not take advantage of the no charge-backs feature of the blockchain and reversed the transaction which is BAD! Instead, your generous $60 tip could have went to a mining operation in China and paid for cheap coal provided electricity that further polluted the local environment and progressed global warming. Great job. Rad Russian fucked around with this message at 07:06 on Jan 13, 2018 |
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Jan 13, 2018 07:03
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DIGITAL GOLD
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Jan 13, 2018 07:05
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lazorexplosion posted:DIGITAL GOLD Imaging living your life where a single small mistake (in opening wrong email, going to wrong site, downloading infected software, not running latest firewall, not running latest A/V, accidentally connecting to exposed public WiFi, etc.) can wipe out all your life savings in a second with no way to recover them. Exactly like investing into gold.
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Jan 13, 2018 07:13
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Rad Russian posted:Imaging living your life where a single small mistake (in opening wrong email, going to wrong site, downloading infected software, not running latest firewall, not running latest A/V, accidentally connecting to exposed public WiFi, etc.) can wipe out all your life savings in a second with no way to recover them. Exactly like investing into gold. Life savings... 1.7 bitcoin... poor?
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Jan 13, 2018 07:18
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lazorexplosion posted:DIGITAL GOLD Oh no my life is going to be very difficult now that the money I had tied up in a volatile non-usable “currency” is now gone. How am I doing to eat / pay rent / etc???
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Jan 13, 2018 07:20
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Aliens are watching us waste resources in order to make digital numbers go up because most of the planet is lovely for most people except for a very very very very select few who live more opulently than anyone else in human history ever has ever and they are lolling.
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Jan 13, 2018 07:21
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