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On 11/6/2017 at 11:19 AM, NashvilleNinja said:

Someone in here list the pros and cons of bitcoin. Why is bitcoin better than physical money? Why is it worse?

Pros:

 

People say Bitcoin has no intrinsic value, this is true (but what intrinsic value does gold have?), but that doesn't mean it can just be created from thin air. It takes a massive amount of computing power to "mine" a coin.

 

Fixed inflation rate, as incentive for people to use their computing power to process the networks transactions they are rewarded with "mined" bitcoin. The "mining" reward is cut in half at set intervals. At 21 million coins (16 million currently) this reward will end, "miners" will only be rewarded with network transaction fees. Unlike paper money, no one can ever decide to create more. 

 

Bitcoin is actually very slow in terms of cryptos but compared to normal remittance methods the 30 minutes to an hour it takes to transfer is lightning quick. It's an excellent way to exchange value across borders.

 

You do not need to rely on a 3rd party to send money. All transactions are on an immutable, virtually unhackable ledger.  Blockchain is going to enable the next step forward in accounting. https://www.quora.com/What-is-Triple-Ledger-Accounting

 

Cons:

 

Expensive transactions costs, it costs around 5$ currently to send BTC from one wallet to another.

 

Not widely accepted as payment.

 

Conversion to USD can be a hassle.

 

Volatility 

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Oh, another important pro is censorship resistance. Anyone can access their Bitcoin so long as they have their passcode and an internet connection and because of the decentralized nature of blockchain it would be impossible to shut down the Bitcoin network.

 

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1 hour ago, Titans_Win_Again said:

Oh, another important pro is censorship resistance. Anyone can access their Bitcoin so long as they have their passcode and an internet connection and because of the decentralized nature of blockchain it would be impossible to shut down the Bitcoin network.

 

Needing an internet connection would be a major con for a lot of people. In fact it is probably a nail in the coffin for a lot of people.

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On 11/6/2017 at 9:48 PM, Number9 said:

It's going to CRASH.  That's the only way out.  When the largest, most trusted exchange goes rouge it will be hard to salvage.  Coinbase is holding a ton of btc.  Coin is not backed by anything, just it's rate of exchange.  If I had kept mine, I would have 10K cyber money.  It's like money in these games people play.  You can only spend it in the game.  You can use it online, but I imagine alibaba isn't going to take it.  idk.  Amazon was doing something with it, but I don't think purchases.  They can't send out 1b in mdse and three days later the exchange rate is 80% of their coin.  A 20% fall is nothing.  If btc fell to 4800, it's still up 300% on the year.

alibaba wont accept it. china wont let them. huge hurdle. if china allows it then holy fuck... a single coin could hit 100k in a few years. 

 

this whole surge occurred because japan started accepting it. the most current surge because its going to be a rated currency... every country that releases news about accepting it will make it surge. 

 

every african country with shit currency should hop on it now. 

 

but it really comes down to the USA and China. The USA has a ton of big names invested.... we protect our rich people here. So as long as we can tax purchases i think we'll accept it but not endorse it.

 

China likely wont. They play with their currency too much as is. Letting it fall out of their locus of control would never happen. 

 

 

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5 hours ago, NashvilleNinja said:

Needing an internet connection would be a major con for a lot of people. In fact it is probably a nail in the coffin for a lot of people.

they will die. old people die. this isnt the exchange of today.. its the exchange of the future. 

 

there are spear hunting tribes in southamerica and africa with internet access. 

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coinbase is fucking terrible. i'm pretty sure they are manipulating the market. every large dip and their website crashes. no way to take advantage of large fluctuations. 

 

 

 

 

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Number9   
On 11/5/2017 at 5:33 PM, Number9 said:

I think I put something  about this in the poker thread.  Bitcoin is the main currency exchange for online poker.  I don't invest in it, I sell it as soon as I get it.  I got about 20K during the WSOP.  I sold most all of it individuals, but deposited $3800. into my checking account.  It was the day before the fork, BTC 2750?.  It's $7300 now.  Short story.

 

I never got my $3800.  Coinbase who I used had no phone number and still has no email address.  Weeks and weeks of trying to contact them on FB and Twitter support sites, nothing.  They finally released a phone number.  Call.  Wait 30 mins on hold, then "we're sorry, but we can't get to your call in a timely manner.  Please call back later."  This happen several times, until finally I got an agent.  "Oh!  We'll put you on our priority list."  I was told that about four times.  Then they finally said they sent it to my bank.  I had my broker write a letter saying Chase has no record of a deposit.  Not good enough.  I had my broker call them twice, always some kind of run around.  

 

I asked them to produce a tracking number.  "no can do.  you have to have a letter from Chase."  I finally turned it over to the https://www.consumerfinance.gov a protection bureau set up for citizens.  Yes, they've heard of Coinbase.  Others have too.

 

https://www.coindesk.com/report-customer-complaints-coinbase-rise/

 

https://99bitcoins.com/coinbase-review-6-controversial-issues/

 

I could fill the page.  Buying btc, no problem.  Using btc to make purchases, no problem.  CONVERTING btc into CASH.  BIG PROBLEM

 

They just owe me $3800.  The coin I sold is no worth over 10K.  

I got my money.  They deposited it to my account number I gave them.  It got kicked back to them because that account number is used for direct deposit.  So, it had just been sitting at their place.  I got it.  I'm happy.

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OzTitan   

There's a good chance you're mining some sort of crypto currency and probably don't know it:

 

https://motherboard.vice.com/en_us/article/gyd5xq/starbucks-wi-fi-hijacked-peoples-laptops-to-mine-cryptocurrency-coinhive

 

Lots of sites cropping up with the coinhive malware in their code, probably mostly as a result of being hacked but also cases of deliberately getting website visitors to do it, and also probably cases of rogue employees adding it to their employer's sites.

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Uh oh...

 

https://www.wired.com/story/bitcoin-global-warming/

 

Quote

In a report last week, the cryptocurrency website Digiconomics said that worldwide bitcoin mining was using more electricity than Serbia. The country. Writing for Grist, Eric Holthaus calculated that by July 2019, the Bitcoin peer-to-peer network—remember BitTorrent? Like that—would require more electricity than all of the United States. And by November of 2020, it’d use more electricity than the entire world does today.

 

That’s bad. It means Bitcoin emits the equivalent of 17.7 million tons of carbon dioxide every year, a big middle finger to Earth’s climate and anyone who enjoys things like coastlines, forests, and not dying of mosquito-borne diseases. Refracted through a different metaphor, the Bitcoin P2P network is essentially a distributed superintelligence utterly dedicated to generating bitcoins, so of course it wants to convert all the energy (and therefore matter) in the universe into bitcoin. That is literally its job. And if it has to recruit greedy nerds by paying them phantom value, well, OK. Unleash the hypnocurrency!

 

Edited by NashvilleNinja

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