Bitcoin Bubble


#1607

byteball, raiblocks and some other DAG coins. there are also proof-of-stake coins that still require some sort of mining, but it doesn’t calcualte arbitrary hashes to prove the work.


#1608

Umm, who doesn’t have direct deposit now? That’s automated. You can automate all of your bill payments. Block chain isn’t enabling anything new there.

Block chain isn’t going to grow food or run a farm.

You’re grossly misrepresenting what block chain is.


#1609

Blockchain can automate a lot of administrative and management jobs. It can make Wall Street bankers jobless. But it can’t do physical work. But robotic technology can handle that.


#1610

Exactly how will it automate? What tasks will it eliminate?


#1611

Social security offices can be reduced. Paperwork can be reduced. Cash can be eliminated.

I need to learn blockchain before I can give better answers. Need to decide whether it’s worth the time to learn :joy:


#1612

How do you reduce the social security office? The payments are already automated. Employers already electronically send W-2 info to the government. That’s how they automatically know if you report your W-2 earnings correctly. Brokerages already electronically send their data to the government. That’s how they’ll know if you don’t report profits of a stock sale.


#1613

Social security operates at about .04% for old age benefits and over 2% for disability insurance.

Disability insurance costs a lot more because there is a lot more because there is much more verification to do. The overall costs are about .07%.

https://www.ssa.gov/oact/STATS/admin.html


#1614

Blockchain can help healthcare to reduce costs in certain ways


#1615

You’re seriously just throwing stuff at the wall and hoping something sticks. You don’t have any examples of any of it.


#1616

I’m going to learn some blockchain to see if it’s very valuable. It’s just one piece of the tech puzzle. But it could have some surprising impact I can’t even think of now


#1617

Senate and House will be happy to write off all social security and wind up the office once for all :stuck_out_tongue_winking_eye::laughing:


#1618

eveything that’s done on blockchain can be done more “efficiently” through decentralized means.

The difference is bitcoin and others are trustless, so you have more freedom.


#1619

Fast can mean lack of controls and hence can’t be trusted.
Some off the cuffs questions:

Are there audit trails?
Check and balance?
Can coins be recovered from thieves? from forgotten passcodes/ keys?


#1620

Not true. The reality is you can either have something fast, and irreversible, or go with the more trusted but slow approach: Escrows. There are ways to lock a transaction (wallet if you will) with M of the N keys approach. meaning you need only M keys out of N keys to unlock the transaction. You can use similar mechanism to implement nuclear codes (as an analogy), where you need 3 different people to approve launch, out of 5 possible people (two of which might have died).

For public blockchain ones, yes. All of the transactions are visible.
For things like monero, it’s on demand. You can ask me (for example subpoena or for IRS tax forms) my view key to view where the money is coming from and how much. You can, however, decide to hide everything.

Not sure what you mean.

If you can find them. For public blockchain, there’s a possibility as they will need to cashout and exchanges are government regulated (to an extend), but still possible.

For lost keys scenario 2 out of 3 key system would probably work.

For things like monero, no.Once it’s in the system, you cannot do anything. Which is also the good part. Government probably shouldn’t be able to seize your money if you obtained it with legal means (selling good), but the buyer used stolen/fraud money, for example.


#1621

Bitcoin market cap is 248B and Bitcoin Cash only 48B. Is it feasible for them to have the same market cap? I bought BCH since BTC is stagnating now.

Is BCH competitive against Ether and Ripple? Ether has a 50% cap as BTC, feels that Ether is overvalued or BTC undervalued now.


#1622

The value is a relative term, right? All of them are overvalued for sure.

BCH solves a problem BTC sucks - low fees, and transaction speed.
BTC still goes with fundamentals, and presumably takes slow but long-term-better approach.

Ether has actually more potential, due to a strong leader, and a strong community. Ethereum is a platform for many other things with smart contracts.

Ripple is BS, one that is really expensive.


#1623

My friend claims he’s making $700/day lending currency on the Davor platform. You have to agree to almost a year holding period. It’ll be interesting when the holding period ends. Then we’ll see how much Davor is worth, and what he really made. It works as long as the Davor coin keeps increasing in price. If it crashes, then he’ll collect a bunch of worthless coins as interest and his principal will be worth a lot less.


#1624

What’s the point to borrow or lend cryptos? Do people borrow Dovor to buy stuff? What happens if the borrower can’t pay?

1 year holding could be a blessing as a forced hold if his currency appreciates 10 fold.


#1625

Kodak is using Ether for its KodakCoin. Not sure if that news has pushed Ether up yesterday.


#1626

i was going to short kodak hmm let’s see if it’s stable tomorrow :slight_smile: