Official Bitcoin Thread

[ksteezy]

https://dailyhodl.com/2019/06/18/litecoin-launching-debit-card-to-spend-ltc-like-regular-cash/

 

[cs02132]

Deleted my coinbase app just so I could forget about it and not check all the time. I re downloaded it and now I can’t figure out how to login I just end up going in circles

 

[americangenius]

People just say anything in here. First off Hashgraph is not centralized and second off this FB coin just gave Leemon and those guys from HH even more grins on their faces. Other projects coming up as well but first lets look at this:

Regulatory Issues: Facebook is going to get some major blowback from the EU. Privacy, data, etc.
KYC and AML on everyone is a major problem for them. Libra is basically a 'banking" coin due to the regulations they will have imposed on them.

Performance: 1000 TPS (less than Visa who average 1.7K, but can tolerate over 50K TPS)

Scaling: Terrible with each additional node. And they expect 100 governors?! Trilemma issue is insoluble with ANY blockchain. It cannot do the impossible (ie Impossible Triangle-Performance, Scale, Decentralization-something has to give)

Decentralization: Not geographically diverse. Tech-heavy companies, not sectoral diverse, at least not yet.

Off-chain solutions make this terrible for real decentralization. Pegging requires rigorous transparency of held funds. And custodial risk. All centralizing forces.

Feeless: Will have to offset costs by hoarding the pegged currencies and invest the money, incurring risk, etc. 1-3% interest could offset fees, but ads based on the 'free' services will have to be vetted and proven to the EU and others that GDPR is not violated, etc.

Incentives: None for investors currently. Feeless money transfers for users will require rigorous record keeping, KYC, ID associated with Facebook accounts, Messenger. Not sure how excited people are going to be about signing up for a Facebook account and signing documents like they are applying for a bank loan.

This will cause plenty to question the motives of 'knowing' your customer with Facebook who is already swimming uphill to fight all the previous user privacy issues.

Blockchain is a losing solution for their purpose of the coin. They will certainly learn about HH in the coming months (or they already know because look at the copy cat governance to HH). It will be interesting to hear the conversations of why they didn't pick HH for their coin and Zuckerberg and the others mention HH.

Gotta stop FOMOing into and out projects and really look at the spaces whole landscape. FB coin is good for the whole total growth sphere of the space but its not coming in and destroying every and anyone and its a ton of projects coming other than HH that will be a force and get you gains and change your life.Stay the course. Relax...

I am very familiar with HH, and a few of their lead/early investors. Their governance model alone makes them centralized(for now until mass adoption?). It's actually more centralized, with 39 members vs 100 having essentially full control of the code and ledger. I can't see how they can gain adoption close to the size of the Libra partners. The consortium has enough resources to copy any consensus method anyone else comes up with, we've seen this story before. 2.8 billion people is no joke, I'm willing to bet everyone in here has used an FB product today.

True decentralization means very little to the masses, and regulation will affect any major crypto org that has reach. I recently spoke to Naval Ravikant, who's invested in quite a bit of these projects and is bullish on crypto/blockchain as a whole. He mentioned that it is only a matter of time before the hammer drops on these permissioned blockchains, starting with EOS. Any project that has a select group dictating the supply and method of exchange of an asset is at the mercy of the government.

Bitcoin and Ethereum are so far the closest thing we have to true censorship resistance. A few other chains (Monero and Zcash) will survive, but most of these current projects don't stand a chance if this takes off.

 

[americangenius]

This is incorrect information and its not centralized because it has council members. They have no control of the code or ledger. I suggest you do more research on them.

From their own site:
The most critical decisions for the Hedera platform and public network require unanimous council support. Decisions made by the council include, but are not limited to:

• Direction of platform and public network node codebase features and functions
• Treasury management to ensure overall network safety
• Controlled mutability to address legal and data compliance
• Legal network requirements to serve global markets

Controlled mutability means the ability to reverse or alter the ledger which include transactions. They will also set rules and fees and approve software updates. Sounds like control to me.
The code isn't even open sourced.

 

[Raji Lowenthal]

So FB isnt about to Winklevoss cryptocurrency? I dont have messenger because the terms of service are too broad imo. When I read the FB news I immediately thought awww zhit

 

[johnnyredstorm]

It’s going to become the new digital dollar. It’ll be the standard everything non-speculative is pegged to.

 

[tkthafm]

I don’t buy the hype, let’s see how it actually plays out in practice.

As was stated by someone else, the vast majority of people aren’t buying crypto to transact money, they are buying it to get rich, a stable coin defeats that purpose. Money transaction with low-zero fees is coming regardless.

 

[sharpshooter718]

It’s going to become the new digital dollar. It’ll be the standard everything non-speculative is pegged to.

It won't get that far... Fb has power but people underestimate the human aspect of wanting something entirely new.

I think most people will shun the fb coin... People won't want to send their dollars for Libras just so they can shop on eBay...

 

[johnnyredstorm]

Something new? Why do iPhones and Netflix still exist? Why did Microsoft dominate the computer market for 20 years? People care about brand power. Aside from Apple, google and amazon, no one has that grasp on people like Fb. This will be huge because of the entity behind it. Only people shunning it will be the hardcore crypto heads.

 

[tkthafm]

I think most people will shun the fb coin... People won't want to send their dollars for Libras just so they can shop on eBay...

The whole thing is almost a joke. The whole point of bitcoin was decentralization, true price discovery, anonymity etc. To even call libra coin a cryptocurrency is a stretch, it's more like a corporate controlled payment network with a bastardized version of a blockchain at its core. All it does is make the case for owning bitcoin even stronger.

 

[coolcool]

it's like e-coin in Mr. Robot

 

[johnnyredstorm]

It’s the future of currency. nWo.

 

[tkthafm]

 

[coolcool]

So iit looks like deposit to coinbase app is instant and u can buy coins right away, but if u want to transfer to pro u cant cause theres a hold.

 

[johnnyredstorm]

Closing the work around to paying fees. Makes sense.

 

[sharpshooter718]

Even the competitors aren’t shunning it. They are praising it and telling them to show them. This is a whole different tide changing and plenty friendly competition and even you or I don’t know what’s going to happen but there is money to be made.

I hope your not gonna be one of the naive ones missing out on major gains with that mindset just because its “FBCoin” and look over projects like Casper, Hashgraph, Algorand (which just did a 24x btw) etc. Open your mind.

They're are no major gains to be made from libra...it's a stablecoin with tracking mechanisms and smart contract capabilities. If you want to be apart of the system cool, but no one is getting rich off libra

 

[johnnyredstorm]

Then what’s the incentive for the 100 companies running nodes?

 

[tkthafm]

Libra's price is pegged to fiat currencies, it's useless as any type of hedge or store of value

 

[D Double]

Even the competitors aren’t shunning it. They are praising it and telling them to show them. This is a whole different tide changing and plenty friendly competition and even you or I don’t know what’s going to happen but there is money to be made.

I hope your not gonna be one of the naive ones missing out on major gains with that mindset just because its “FBCoin” and look over projects like Casper, Hashgraph, Algorand (which just did a 24x btw) etc. Open your mind.

Missed out on Algorand

 

[sharpshooter718]

Then what’s the incentive for the 100 companies running nodes?

Data is worth more than actual money these days....

 

[jjs]

Would the node runners get a chunk of the fees? Haven’t had time to really look into it but i think FB is making a major move especially for people in developing/emerging countries.

 

[fapmasterjr]

Dollar Cost Average Tool for Bitcoin:

https://dcabtc.com/?sd=2018-06-20&sda=1_year&f=monthly&d=1_year&ac=10000&c=false

Example: If you saved $100 a month and put that into crypto for the past year, you'd be up 58%+
That's $50 per paycheck for most. Wealthy people and/or Financial Advisor's say having 12%+ gains is considered GREAT for annual return.

₿

 

[tkthafm]

Inching towards 9500

 

[oidreez]

Were at $9500

 

[anderson]

dawg this btc/eth ratio is eating me alive.