Bitcoin Approaches Year Low as Japan Cracks Down on Venues

DeathFromBelow said:
Can we please stop pretending that 'the blockchain' is something magical? Blockchain technobabble is a big part of why so many people bought into this scam.

Turns out that public blockchains have pretty huge security, energy, and performance issues, and there seem to be few (any?) scenarios where a private blockchain actually makes more sense than a traditional database.
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I am unaware of a single advantage to a private blockchain. Except to it's creator(s).
 
DeathFromBelow said:
Can we please stop pretending that 'the blockchain' is something magical? Blockchain technobabble is a big part of why so many people bought into this scam.
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I'm certainly not pretending it's anything "Magical" I think the entire crypto currency fad is just that, but the underlying technology certainly has possibilities. it's no different than using PGP to secure communications.
 
Archaea said:
Big picture — fast forward a few years. Crypto eliminates counterfeit, bad checks, and unreasonable delays.

My renter sent me a bad check this month. Me unknowingly cashing it cost me $30 in a bad check fee and frustration. That wouldn’t happen with crypto, because you can’t sent what you don’t have and confirmations would have confirmed the transactions integrity in less than 10 minutes.

My friend today told me about a CC chargeback notification from an eBay sale where the buyer said (1.5 months later) he didn’t receive the video card. PayPal will sort it out, but has already frozen that amount of money in his account until they do. (That wouldn’t happen in crypto because there are no chargebacks)

BTC could replace the need to use traditional Banks, or simply become a widespread parallel option when the use case is appropriate.

It’s still a fledging tech with minimal early adoption at this time. So your rebuttal is true for now, but traditional infrastructure and Banking has had 100’s of year to figure this out. BTC is less than 10 and has resolved many concerns of traditional banking.

As I said above - it’s somewhat freeing to be your own Bank, but I’m not yet willing to be my own Bank in full —- just in small part.
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Some exchange folds/looses all their coins you are left with an empty wallet. Traditional bank folds most of your money is protected.


you send someone bitcoin for a product and you never get it... though shit. Pay with a credit card you get your money back.
 
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opfreak said:
Some exchange folds/looses all their coins you are left with an empty wallet. Traditional bank folds most of your money is protected.


you send someone bitcoin for a product and you never get it... though shit. Pay with a credit card you get your money back.
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I’m saying there are use cases for both.
 
motomonkey said:
I'm certainly not pretending it's anything "Magical" I think the entire crypto currency fad is just that, but the underlying technology certainly has possibilities. it's no different than using PGP to secure communications.
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This is precisely what I'm talking about. I'm not seeing these possibilities, I'm seeing a lot of technobabble PR.

Back during the mania phase we saw a few companies like Walmart talk about experimenting with using blockchains for cold chain food tracking or whatnot, but it seems like that was all PR. When nobody could actually figure out a way to make money things degenerated into obvious PR stunts. Remember the Long Blockchain Corp? Remember the tech press gushing about the first Blockchain election?

Archaea said:
Look up Kodak’s block chain implementation.
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An ICO for a repeatedly delayed altcoin product from a company that has fallen from grace? That sounds really promising.
 
Archaea said:
I sent $1050 bucks to someone last weeek through PayPal via friends and family (via money in my PayPal balance).
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Well, there's your problem; you used Paypal. There's new services that are far faster and cheaper, Zelle is one such service. Heck, even Google Wallet and Apple Pay are faster. I can send a person money from my iPhone and have it ready for a person to use on their own iPhone within a few seconds, they can then use the money on their "Apple Pay card" to pay for anything just like a pre-paid credit card.
 
DeathFromBelow said:
Turns out that public blockchains have pretty huge security, energy, and performance issues, and there seem to be few (any?) scenarios where a private blockchain actually makes more sense than a traditional database.
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Which traditional database is immutable and has the verifications of bitcoin.?
 
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