1 minute ago, mattmcginley7 said:

The video does. But if you don't watch it, it's your loss. I'd say this is something really worth getting correct information on

I'll watch it but I have 5 mins now and then have to leave.  It is 30 mins long.

There are lots of uses for blockchain and there are also lots of blockchain based cryptocurrencies.  What is it about Bitcoin that gives it an edge long term other than the head start it has in building an ecosystem and pile of bitcoin owners?

5 minutes ago, DrPhilly said:

I'll watch it but I have 5 mins now and then have to leave.  It is 30 mins long.

There are lots of uses for blockchain and there are also lots of blockchain based cryptocurrencies.  What is it about Bitcoin that gives it an edge long term other than the head start it has in building an ecosystem and pile of bitcoin owners?

Good on you for checking it out

I would really rather you listen to Andreas explain its value proposition than get my summarized take of his words. It won't do it justice

How's the gambling working out this week?

2 minutes ago, Toastrel said:

How's the gambling working out this week?

I think I'm up only about 900% since Covid was declared a pandemic two years ago? So really just awful. Should have stayed in cash and be down 30% or so

16 hours ago, mattmcginley7 said:

You need to watch this based on that response.

So I watched the vid and my statement holds 100%  The blockchain technology is the enabler.  It has to be built/used in a certain way to gain the values it enables (the openness and traceability, etc.) and the Bitcoin community has done that.  So can others.  Nothing wrong with Bitcoin but it doesn't hold a unique position beyond the fact that it is the current cryptocurrency du jour and it has a very good community level implementation of blockchain functions that enables all the key values necessary for a de-centralized security model.

I'll ask again, what makes Bitcoin special and what barriers are in place to prevent others from taking aim at the Bitcoin brand/community with other crypto currencies (that is of course already happening)?

"Currency is the email of blockchain." - Yep, and he is right that payments (simple ubiquitous payment facility) is going to be the key to scaling use.  So, will Bitcoin be the MySpace of blockchain or will it be the Facebook/Apple?

 

btw - I thought you were Andreas

5 hours ago, DrPhilly said:

So I watched the vid and my statement holds 100%  The blockchain technology is the enabler.  It has to be built/used in a certain way to gain the values it enables (the openness and traceability, etc.) and the Bitcoin community has done that.  So can others.  Nothing wrong with Bitcoin but it doesn't hold a unique position beyond the fact that it is the current cryptocurrency du jour and it has a very good community level implementation of blockchain functions that enables all the key values necessary for a de-centralized security model.

I'll ask again, what makes Bitcoin special and what barriers are in place to prevent others from taking aim at the Bitcoin brand/community with other crypto currencies (that is of course already happening)?

"Currency is the email of blockchain." - Yep, and he is right that payments (simple ubiquitous payment facility) is going to be the key to scaling use.  So, will Bitcoin be the MySpace of blockchain or will it be the Facebook/Apple?

 

btw - I thought you were Andreas

The point of Andreas' talk is that blockchains are useless without all the other attributes (open, borderless, censorship-resistant, neutral, programmable, etc.). Almost all the other cryptos that currently exist don't fulfill all these necessary blockchain attributes 

This chart is a good comparison of the monetary attributes of each. When I think of another possible iteration of a crypto designed to be money that can improve upon Bitcoin, there really only are a couple things that could possibly exist that would result in improvement. In areas such as fungibility and privacy, Bitcoin isn't perfect. But in terms of decentralization, scarcity, portibility.. It's already maxed out. Nothing can be made that is going to improve upon these attributes 

That doesn't even take into account that Bitcoin is software and constantly being improved upon. There are Bitcoin Improvement Protocols that have slowly introduced faster and cheaper transactions, added more fungibility and privacy, and will very likely continue to do so

And anyone is capable of building layer 2 applications that already allow for instant and free payments. It will likely max out every single valuable digital monetary attribute 

The chance that any other crypto can come along and replace it as the dominant money and store of value is basically dead. It's market cap was already over 1 trillion and the network effects are way too large to overcome

39 minutes ago, mattmcginley7 said:

The point of Andreas' talk is that blockchains are useless without all the other attributes (open, borderless, censorship-resistant, neutral, programmable, etc.). Almost all the other cryptos that currently exist don't fulfill all these necessary blockchain attributes.

Yeah, which is exactly what I said.  I'm asking you what barriers there are to others being built that have all those necessary attributes.  There isn't anything preventing other solutions (i.e. other cryptos with a well functioning community) from being built properly.  Bitcoin being the best one right now only gives it a head start.  There can be another Bitcoin at any point that is more appealing to consumers for whatever reason.

Here is what I posted above.

Quote

So I watched the vid and my statement holds 100%  The blockchain technology is the enabler.  It has to be built/used in a certain way to gain the values it enables (the openness and traceability, etc.) and the Bitcoin community has done that.  So can others.  Nothing wrong with Bitcoin but it doesn't hold a unique position beyond the fact that it is the current cryptocurrency du jour and it has a very good community level implementation of blockchain functions that enables all the key values necessary for a de-centralized security model.

 

1 minute ago, DrPhilly said:

Yeah, which is exactly what I said.  I'm asking you what barriers there are to others being built that have all those necessary attributes.  There isn't anything preventing other solutions (i.e. other cryptos with a well functioning community) from being built properly.  Bitcoin being the best one right now only gives it a head start.  There can be another Bitcoin at any point that is more appealing to consumers for whatever reason.

No, you also asked about patents, which hilariously misses the point entirely.

8 minutes ago, DrPhilly said:

Yeah, which is exactly what I said.  I'm asking you what barriers there are to others being built that have all those necessary attributes.  There isn't anything preventing other solutions (i.e. other cryptos with a well functioning community) from being built properly.  Bitcoin being the best one right now only gives it a head start.  There can be another Bitcoin at any point that is more appealing to consumers for whatever reason.

Here is what I posted above.

 

That's just not happening. And thinking Bitcoin can have patents, or would ever choose to if they could which is very obviously impossible, misses the entire point of crypto 

5 minutes ago, mattmcginley7 said:

That's just not happening. And thinking Bitcoin can have patents, or would ever choose to if they could which is very obviously impossible, misses the entire point of crypto 

The patents wouldn't be on the blockchain part.  The patents would be in the surrounding solutions and glue that make the community work.  Took me about 5 seconds to see that there are a ton of pending patents that people are trying to create around the edges.  They don't mess with the central cores but rather serve to prevent other types of similar solutions. 

Plus a patent is just one type of barrier.  There are others.  Bitcoin has one already which is their incumbent position.

 

Quote

What is the progress on their key attempts at creating barriers, e.g. patents, etc?

Here is what I said in the beginning.  Notice the "e.g.", as in an example.

I think we'd all agree that anyone who's asking why Bitcoin doesn't have patents should absolutely not buy Bitcoin.

There is no goal to create a barrier. It's open and voluntary. Creating barriers is the most opposite ethos of Bitcoin.

11 minutes ago, mattmcginley7 said:

There is no goal to create a barrier. It's open and voluntary. Creating barriers is the most opposite ethos of Bitcoin.

Right, leaving it entirely wide open for competition from other future cryptos.  Which circles back to why I suggested it was very risky to put all your eggs into a single crypto named Bitcoin.  My point entirely.

13 hours ago, DrPhilly said:

Right, leaving it entirely wide open for competition from other future cryptos.  Which circles back to why I suggested it was very risky to put all your eggs into a single crypto named Bitcoin.  My point entirely.

There is no competition. Bitcoin basically has everything you could want besides optimal privacy, and even then it'll likely have that. 

There are privacy coins and they haven't caught on anywhere near the level Bitcoin has

And even if something new were to come along, that could only be slightly better there, it would have to completely displace all of the network effects Bitcoin has already established. I don't see how that even has the slightest chance of happening

Maybe Ethereum has some competition, but to me they're all extremely poor too. But Bitcoin is entirely in a class of its own, and betting on another crypto overtaking it as money is like trying to hit the powerball.

51 minutes ago, mattmcginley7 said:

There is no competition. Bitcoin basically has everything you could want besides optimal privacy, and even then it'll likely have that. 

There are privacy coins and they haven't caught on anywhere near the level Bitcoin has

And even if something new were to come along, that could only be slightly better there, it would have to completely displace all of the network effects Bitcoin has already established. I don't see how that even has the slightest chance of happening

Maybe Ethereum has some competition, but to me they're all extremely poor too. But Bitcoin is entirely in a class of its own, and betting on another crypto overtaking it as money is like trying to hit the powerball.

Ok

There is an article in the link. Very well worth reading 

Crypto in full capitulation mode right now. Should get a dead cat bounce at some point but I think it goes a lot lower before all is said and done.

1 hour ago, TEW said:

Crypto in full capitulation mode right now. Should get a dead cat bounce at some point but I think it goes a lot lower before all is said and done.

One thing bitcoin has never done (if I’ve understood correctly) is drop below its former floor price. This is the time. 

44 minutes ago, DrPhilly said:

One thing bitcoin has never done (if I’ve understood correctly) is drop below its former floor price. This is the time. 

That’s my feeling as well, but we’ll see. It’s going to be interesting to see how it works in a stagflation type of environment.

So far it’s acted as a hyper risk on asset. It’s becoming more strongly correlated to growth/tech. If it’s what its proponents claim it is, essentially safe hard money, it should do well with a highly inflationary environment.

Weird. All this time we were told it was correlated to tulips, baseball cards, and beanie babies.

Sheet getting crushed again today

 

 

 

I'll say I have changed my mind about the possibility of Bitcoin losing its previous cycle's all time high. It really shouldn't, but the amount of absolutely disgusting irresponsibility when it comes to funds and exchanges allowing themselves to get liquidated and holding people's crypto hostage is just unbelievable. They're idiots, and they'll be forced to sell

When is the bottom?