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  #71  
Old 02-14-2017, 04:44 PM
jas66Kent jas66Kent is offline
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Bitcoin has always been a scam primarily because it takes significant resources to actually produce bitcoin (energy costs, time costs etc..) which most people conveniently ignore.
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  #72  
Old 02-14-2017, 05:02 PM
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Bitcoin has always been a scam primarily because it takes significant resources to actually produce bitcoin (energy costs, time costs etc..) which most people conveniently ignore.
lol, so anything that costs significant resources to produce is now a scam?
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  #73  
Old 02-14-2017, 05:03 PM
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Bitcoin has always been a scam primarily because it takes significant resources to actually produce bitcoin (energy costs, time costs etc..) which most people conveniently ignore.
Yes, there have been scams regarding bitcoin, but the blockchain technology behind it is solid. As evidenced by the ATM article I referenced above, there are plenty of legitimate uses in the real world. People just have to get over their fear of change.
Here's an article from last year about dealing with fraud: http://www.forbes.com/sites/jonathan.../#5152b44d1b40
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  #74  
Old 02-14-2017, 05:09 PM
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George Frankly George Frankly is offline
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Originally Posted by jas66Kent View Post
Bitcoin has always been a scam primarily because it takes significant resources to actually produce bitcoin (energy costs, time costs etc..) which most people conveniently ignore.
And fiat currency is a scam because you can create as much money as you like, from thin air, with zero effort.
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  #75  
Old 02-14-2017, 05:19 PM
CuriousGeorge CuriousGeorge is offline
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Blockchain and bitcoin are two somewhat separate issues, though.

From what I understand, there have been a few changes in the last couple years that make bitcoin impractical as a currency, IMO.
1. They changed it so people can pull back payments, so even if you get bitcoins paid to your wallet, there's no guarantee that the payment will stick.
2. Blockchain's integrity depends on the calculations being spread across a large number of parties. However, now bitcoin transactions are dominated by a couple giant consortiums of computers, so they can in theory manipulate the data and prevent it from being caught out.
3. There was some problem with the size of blockchains that the owners aren't willing to deal with, so the speed is slowing down (fuzzy on specifics here).
4. The software is maintained by basically one company, with one individual calling the shots.
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  #76  
Old 03-07-2017, 07:40 AM
Bill Rudolph Bill Rudolph is offline
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Here is a link to a recent HBR article on blockchains: https://hbr.org/2017/01/the-truth-about-blockchain

Similarly, here is a NYT article on the use of blockchains by Maersk: https://www.nytimes.com/2017/03/04/b...m-bitcoin.html
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  #77  
Old 03-07-2017, 09:47 AM
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Good article on why the SEC shouldn't approve the Winklevoss ETF (right now) https://vinnylingham.com/preventing-...c7c#.slertxheh
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  #78  
Old 03-10-2017, 07:56 AM
Bill Rudolph Bill Rudolph is offline
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Here are a couple of articles on bitcoin and blockchains:

--a primer for lawyers:

http://www.law.com/sites/almstaff/20...r-for-lawyers/

--bitcoin energy consumption:

https://motherboard.vice.com/en_us/a...-unsustainable
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  #79  
Old 03-15-2017, 03:58 PM
DiscreteAndDiscreet DiscreteAndDiscreet is offline
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Cryptographic trust models have useful applications, but Bitcoin fails to establish that it serves a use. Bitcoin can be used to crowdsource payment processing but there is no reason to trust that maintaining a Bitcoin balance before or after making or receiving a payment is a better idea than keeping that balance in any other blockchain currency. At the moment, there are fewer social guarantees surrounding Bitcoin and other community managed blockchain currencies compared to traditional currencies and that seems to be unlikely to changed.

The current valuation is also going to continue to be volatile due to possibilities of large speculative inflows and outflows and aspects of mining technology and strategy.
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  #80  
Old 03-15-2017, 04:50 PM
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At the moment, there are fewer social guarantees surrounding Bitcoin and other community managed blockchain currencies compared to traditional currencies and that seems to be unlikely to changed.
I am curious as to what your source of information is that leads to your conclusion that the fewer social guarantees surrounding bitcoin seems unlikely to change. In other words, your conclusion seems to be that traditional currencies, which have been around since the dawn of man, will never go away because they have social guarantees and bitcoins do not.

Here's some history of another technology that changed the world, yet took a long time to develop: TCP/IP. It was invented in the 70's and led to the internet. Now we have IOT, and the possibilities for internet connectivity are endless.

Blockchain was invented less than 10 years ago, in 2008, so we are only beginning to explore its possibilities. Give people some time to get knowledgeable about it.

Here's an article about how blockchain will change the world: http://fortune.com/2016/05/08/why-bl...nge-the-world/
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