guessing you haven't used them ...they are significantly faster..I think the confusion is you believe everything is a fork of Bitcoin and you're looking at the lightning network as an example as the workaround but introduced counterpart risk
Crypto Crash
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If you and the other party have a lightning channel set up between the two of you. There is no need for a third party. Thats what multisig is for
Guys.
By definition a consensus database is slower than a non-consensus one.
That Bitcoin is exceptionally clogged is just a specific case.
Lightning Network doesn't scale and cannot - by definition - scale.
Yes, if you go to that specific coffee shop/breakfast place all the time, you can set up a pre-funded channel with them and it will probably work fine.
By definition a consensus database is slower than a non-consensus one.
That Bitcoin is exceptionally clogged is just a specific case.
Lightning Network doesn't scale and cannot - by definition - scale.
Yes, if you go to that specific coffee shop/breakfast place all the time, you can set up a pre-funded channel with them and it will probably work fine.
These arguments made on behalf of crypto kind of remind me that famous sister/daughter scene in Chinatown between Jack Nicholson and Faye Dunaway.
"What is it? And don't give me that crap about it being an investment. You and no one has a true investment."
"I'll tell you the truth."
"Now that's good. What is it?"
"Crypto."
"Crypto? Crypto what?"
"It's my currency."
"I said the truth!"
"It's my investment..........It's my currency. My investment.
My currency, my investment."
"I said I want the truth."
"It's my investment and my currency!"
The problem with crypto supporters is that when you poke holes in their investment thesis, they default back to crypto's transactional utility. If it's real value and utility is as a currency then that doesn't justify these wild speculative surges upward between 2020-2021 or at anytime for that matter. Frankly, the dollar is a currency, but I wouldn't say it was an investment. It can be a good short-term parking place to store value. I would personally get my cash into stocks, bonds or income producing property at some point. Obviously with some thought and analysis.
"What is it? And don't give me that crap about it being an investment. You and no one has a true investment."
"I'll tell you the truth."
"Now that's good. What is it?"
"Crypto."
"Crypto? Crypto what?"
"It's my currency."
"I said the truth!"
"It's my investment..........It's my currency. My investment.
My currency, my investment."
"I said I want the truth."
"It's my investment and my currency!"
The problem with crypto supporters is that when you poke holes in their investment thesis, they default back to crypto's transactional utility. If it's real value and utility is as a currency then that doesn't justify these wild speculative surges upward between 2020-2021 or at anytime for that matter. Frankly, the dollar is a currency, but I wouldn't say it was an investment. It can be a good short-term parking place to store value. I would personally get my cash into stocks, bonds or income producing property at some point. Obviously with some thought and analysis.
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except there's a difference between blockchain and a database. blockchains have evolved to become faster.
we can discuss the theory and yadda yadda yadda all night ...like I said, if you can find me a service that allows me to send money practically instantly across the globe with little fees (and cheaper than PayPal), I'm all ears ...I'm open minded and then I'll just stfu
ye with the exception of Stablecoins backed by assets, they're not currencies...they're traded like commodities just like that back to the future VHS that sold for 75k lmao
I'm not really here to defend it wholeheartedly...it is mainly speculation, but to me, at the end of the day, it's about price performance ...if you don't get too greedy , you can easily make massive gains with crypto, but yes, it can go the other way...high risk high reward
trading in general is about knowing when to pull out, and, you know, lots of guys have a tough time doing that lol ...
you could also achieve the same with stocks , but it's a bit more difficult...with cryptocurrencies it's easier since they move together because they're bonded by the liquidity of their trading pairs (that's why BTC leads the market and you see other coins go up in multiples because they have less liquidity and act as a leverage positions
, although some of that automatic movement does have to do with bot trading )
but everyone has a different philosophy and risk tolerance ..on balance of probability, those who don't wanna touch crypto wont and if you try to convince someone who's in crypto to get out, they probably won't either
to each his or her own
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Here is the problem with your argument. Consider all people who bough or sold Bitcoin and will buy or sell it in the future. All of them together will have zero profit. Bitcoin is a zero-sum game because there is no business profit that generates dividends. So, if you win, someone have to lose. With stocks, the total profit is equal to the amount of dividends paid by the stock, so, it is not a zero-sum game. Noone knows the fundamental stock value, because it depends of future dividends, risk, and interest rates. So, noone can say for sure if a stock is overvalued (a "bubble") or undervalued. There is no such uncertainty with Bitcoin: everyone knows that it has and will have no dividends, so, fundamental value is zero and any price above zero is a bubble.
Have you used Krakens lightning wallet? I had someone from canasa send me a few k in seconds to el salvador
Yes, fundamental value of cash is zero and noone hold cash to in hope it will increase in value. An alternative currency may exist (like bitcoin) but for it to be a currency, its real value should not be volatile relative to the basket of goods. People should hold bitcoin only for transaction purposes, not stash them somewhere in hope their real value will increase. Instead, to generate real return, they would but stocks or bonds. Any regular person having $20K+ in their checking account without expecting to use them to buy something is an idiot.
ya that's what I'm saying, if you think it's gonna go to zero then, yeah, don't buy it.
like I said, I care less about the theory and more about price performance.
there is a higher probability Bitcoin will go to 100k or more than go to zero in the short term (2-3 yrs), but again, if you don't think so, then don't buy it, lol . this is esp true if a spot ETF gets approved in the US and there's some regulation around it that'll allow actual big institutional money to buy it (ie sovereign and pension funds ), which , according to Kevin olearly , they would allocate 1 to 2 percent of their multi billionaire / trillon dollar portfolios once their compliance departments allow them .
futures and options trading are zero-sum games , but I'd argue crypto is actually safer for the average joe .
Faster than they were or faster than databases?
It's an append-only ledger.
But it barely does that and if that's the only use case for it, who cares?
It's a minor edge case and it involves having to use something other than money to do it and then change it back.
That's kind of useful a bit, but not particularly.
for those who send money overseas , we care, and dont like high fees and want the speed (isn't that why people love interact e-transfer ? but even that can be slow and isn't cheaper than some blockchains). Kevin olearly gives a good example as well...suggest you watch the video .
regardless, I'm into crypto more about price performance, and like I said in my other post, everyone has a different philosophy and risk tolerance.
don't like it? don't wanna buy it ? then don't
The people who are buying crypto purely because they think they can time it to make money are fine.
They know it is a speculative asset with very little practical use and they just want to cash in on the ride.
It's the people pretending crypto is something that is isn't (along with all the web3 nonsense) that annoy me.
