RE: Largest transfer of wealth...Beware...maybe.

[sosky]

Wow, I am so glad I can actually have a debate with someone on this subject. I am glad I met you. Now: the fiasco continues LOL (but I'll try to keep it short as this conversation would be SO MUCH BETTER in real life):

1 - Nothing to say about.
2 - That is why I emphasized the word "work". Because they don't accept it as a currency (as I read about it, it's because of the definition of currency)
3 - (I can't keep this one short) You don't convince me you are right just by giving me an article written by our beloved Vitalik. Sadly, I had to study cuantum mechanics in college in my 1st or 2nd year if I am not mistaken. The teachers didn't gave it too much importance, but I found it so interesting that I started to make some research on my own. At the end of the semester, after the exams, I talked a about this subject with my physics teacher. Because we both got the free time, we extended the chat to almost 2 hours (again, if I remember correctly...it was a long interesting one tho). So, I will sum up the things I GOT from my teacher. He basically said that quantum mechanics is based on probabilities, and anything built on top of that can't have a certain result because of "Quantum superposition theory"; we don't get values, we get percentages. So and example would be: If a quantum computer is fully controlling a ship full of goods which have to arrive at the destination in a certain amount of time (if not, let's say they expire), and in front we have a storm, the quantum computer calculates the best move to do in this situation based on all the variables it gets (wind, weight, how big the storm is, etc). It doesn't get a 0 or a 1, it gets, let's say 65% chance of getting fucked by the storm, 48% chance the goods will expire if it stays, and all of this percentages, etc; This is translated to a normal computer which recalculates the odds and chooses the end result of 0 or 1. So the best thing a quantum computer could do to a wallet secret key is to guess it.

4 - You are talking about value there, I am talking about the limited number of coins. In fiat world, if there is no money, we print more and we get more debt to whoever controls this shit. In concurrency you can't ask more than it is. Let's say there are $10 in the whole world. If you get a loan from the bank for $10, the bank wants back $11 which is not possible in cryptos, what you have it's what you get.

5 - I was referring to people who just invest to get the profit and run. If I commit to a coin, I don't insta-sell everything just because it's 10 x initial value. I keep some because I want to support the project. You can't call someone a speculator just because he bought a car 50 years ago, and now it's a classic and it sells for 10 x initial amount.

This is fun. HIT ME!

Comments

[procyon21]

Glad you took this the right way.

1. Done
2. I'd still argue. Eg. Russian Central Bank is studying the feasibility of their own cryptocurrency; not a blockchain tool to work with current FIAT. I don't believe they are developing a currency to never work with it.
3. How about this interview talking about Quantum computers breaking blockchain? You will see he isn't saying it can't be done, just that game theory means it probably won't happen. "When asked if there was a possibility of the NSA hacking blockchain, bitcoin expert Andreas Antonopoulos said that he believes that that could never happen.
   The first reason has nothing to do with the power of quantum computing itself, and more to do with game theory.
   The NSA, he argues, would never hack into bitcoin because by doing so they would then have to reveal how they broke the encryption. Hacking bitcoin would be unsafe on a national security level, and so for now bitcoin remains safe from any governmental interference."
   There is also a group that already believe that BTC blockchain should be now upgraded to a higher level of RSA to protect from the capabilities of quantum computers....our own advocates are worried.
   Not sure how you can think can never happen.
4. I get what you are trying to say but I think that you are mistaken. There are 2 ways to do exactly what I said that you probably have already participated in. If you didn't, millions have. (a)You can always create more value with crypto by dividing it. If there is only $10 in the whole world but the bank demands $11, make a BTC worth a bit more. Divide it up. You lose the spending power of BTC while the banks receive more buying power. In Fiat they don't need to divide as they just print but dividing will achieve a similar effect. BTC changes value every day. At one point 10,000 BTC bought 2 pizzas. That means that if all 21 million BTC would have been available we could have collectively bought 4200 pizzas, that would be the currency limit. What is that? Market cap of $45,000? Useless. Now that it is worth more there is more spending power. Spend it on pizzas or interest, it is still spending. Divide as necessary so people lending get more spending power and same as printing more.
   (b) what do you think spurred all the altcoins, ethereum platform, etc. The desire to instantly create more cryptocurrency. Pay your interest to the bank in ETH...or wait for InterestCoin (INT) to come out. A new coin designed for the little guys to pay the interest on their BTC loans. Holy cow...can I patent that idea?
5. I guess my view of speculation differs from yours. I have invested in Sia (Siacoin) because I believe that a decentralized storage of files will kick the crap out of Dropbox...and I will make some money. Might take years but I am still speculating. I consider it investing...all investing is speculation. The amount of time you leave your money in an investment shouldn't be grounds to look down on someone in my view. It's their choice. Without people investing/speculating that BTC will make them money how do you build them up? This one boils down to a difference of opinions on investing.
   I don't like pumping and dumping if that is what you are referring to...I think that is hurting the movement more than helping but I've dumped when I realized someone was doing it with a coin I had. Guess I'm part of that problem too.
   Your turn.

[sosky]

such a bad time to be drunk... shit... I will read this again tomorrow when I will be sober. I really fucking enjoy this! I tried to read everything but I can focus...fucking alcohol...

But from what I can say, you have some really good points there and I might need some time to process them deeply and answer. If I forget, I loose, but oh boy... I can't wait to disagree with you in the future.

THANK YOU!