Can we rely on Cryptocurrencies like Bitcoin?
- Thread starter Claudia Love
- Start date
Yes, let's rely on a crypto that can crush 10 transactions per second. That's going to come in handy at Christmas compared to Visa and their 1700 transactions per second.
Bitcoin is good in that it popularized crypto, but it's a dead end. If you're clinging to it, enjoy the race to the bottom when it gets replaced by something better (i.e. just about anything)
PaperClipto is new, best and biggest thing. Trade paper clips made from vaporized crypto coins.
It's gonna be big, big, big!
Elon Musk-oil salesman and Jeff Piss-os phallic symbol man are in. They love the smell of, flushed with pandemic and central bank free money, rubes with nary an atom of investment sense in the morning.
Buy, buy, buy ..... there is never a bad time to buy!
You must not be aware of layer 2 lightning network. That settled more transactions than visa. Its ok this is all a learning process for everyone. Come to el salvador and you can see for yourself how it works
Lighting network is technically a side chain. An agreeement made between 2 parties who enter into a multi sig agreement. Once the agreement is closed it will be verified by the bitcoin blockchain
Exactly. It's a side chain.
Bitcoin isn't going to be the chain that can settle retail payments in any real capacity other than a KFC in Brazil and a pizza store in NYC.
Bitcoin popularized the idea of crypto and it's been essential in that regard, but looking toward the future it's gonna be something different.
Lightning solves the scaling issue. I dont see the need for anything else.
We have smart contracts on lightning and now jack dorsey is building web 5.0 on lightning.
Citation needed.
That's a good idea.
But you should get out of "Bitcoin Beach", which is a controlled demo.
Go use Bitcoin out in the country, in a real world situation.
Citation needed.
So you want Bitcoin to fail?
Interesting.
"Web 5.0"?
I thought "web3" was still the buzzword to roll the marks.
What's "Web 5.0"?
Sounds exciting!
Will DM you the citation.
It is difficult to use out elsewhere in the country, ill give you that. When bitcoim first started there wasnt even a market for it. Now market makers arw publicaly traded haha. We are still so early. Im here trying tk make a difference in the country.
If anyone ever wants to come see it for themselves and experience bitcoin i highly recommend it.
I have no idea what the outlook for crypto is. But Bitcoin at its current depressed value is way higher than it was at a peak it had a few years back prior to another major correction.
Probably the same thing was said on forums after that sharp dropoff as is being said now.
Probably the same thing was said on forums after that sharp dropoff as is being said now.
Morgan Stanley Says Bitcoin Lightning Network Is Superior to Visa
US bank Morgan Stanley said in one of its published reports about Bitcoin and the lighting network, considering it to be superior to Visa.
watcher.guru
My apologies, not more than visa but just surpased MC. I confused the two CC companies
That first article is odd - it keeps saying "Morgan Stanley" said this but then sources it all to a report by Arcane - which doesn't appear to be linked to Morgan Stanley at all.
The twitter thread they link to Alex Gladstein
on Twitter: "1/ New @MorganStanley report released today focuses on the prospects of using the Lightning Network for retail purchases and on “the long-term transition towards payments and settlements using digital and cryptocurrencies instead of fiat currencies like the US dollar” " / Twitter also is full of people asking why there is no link to the actual report from Morgan Stanley.
Meanwhile, the Arcane report hypes up Lightning network, but eventually admits this:
In 2021, Visa handled more than $ 1 trillion in payment volume and close to 20 billion transactions per month. 10 In comparison, we estimate that the Lightning Network handled about $20 million in payment volume and slightly over 800,000 transactions in February 2022. But the prospect of increased Lightning Network adoption looks very promising.
So Lightning network handles 0.004% of what Visa does, according to this piece trying to hype how awesome Lightning Network is.
That's about 1 transaction every 3 seconds for Lightning network, so it is definitely faster than basic bitcoin.
And I don't know where you are getting "just surpassed MC" since neither article mentions it, nor does the report from Arcane.
The twitter thread they link to Alex Gladstein
on Twitter: "1/ New @MorganStanley report released today focuses on the prospects of using the Lightning Network for retail purchases and on “the long-term transition towards payments and settlements using digital and cryptocurrencies instead of fiat currencies like the US dollar” " / Twitter also is full of people asking why there is no link to the actual report from Morgan Stanley. Meanwhile, the Arcane report hypes up Lightning network, but eventually admits this:
In 2021, Visa handled more than $ 1 trillion in payment volume and close to 20 billion transactions per month. 10 In comparison, we estimate that the Lightning Network handled about $20 million in payment volume and slightly over 800,000 transactions in February 2022. But the prospect of increased Lightning Network adoption looks very promising.
So Lightning network handles 0.004% of what Visa does, according to this piece trying to hype how awesome Lightning Network is.
That's about 1 transaction every 3 seconds for Lightning network, so it is definitely faster than basic bitcoin.
And I don't know where you are getting "just surpassed MC" since neither article mentions it, nor does the report from Arcane.
Of course, the other problem with cryptocurrency is that your wallet can be hacked and once the "money" is gone, there is no recourse to get it back.
torontolife.com
The true story of the $46-million heist that shocked the crypto world
The FBI's main suspect? A reclusive Fortnite-playing hacker kid from the GTA
torontolife.com
El Salvador is the most violent country in the Americas, gutted by the USA and ruled by street gangs. When all around is bullshit, it's good to have a sensible voice.
Ponzi schemes are eternal.
Obviously, some of these Cryptocurrencies are real Ponzi schemes:
FBI offers $100,000 reward for help finding OneCoin ‘Cryptoqueen’
Bulgarian Ruja Ignatova allegedly defrauded investors out of $4bn with fake cryptocurrency scam
A woman known as the “Cryptoqueen” who is accused of defrauding investors out of $4bn (£3.3bn) by selling a fake cryptocurrency has been placed on the FBI’s list of its 10 most-wanted fugitives.
The story of Ruja Ignatova became came to prominence in 2019 via the BBC’s The Missing Cryptoqueen podcast, which detailed her alleged role in a crypto scam called OneCoin. The FBI is offering a reward of up to $100,000 for information leading to the arrest of Bulgarian-born Ignatova, who disappeared in 2017.
The FBI added that Ignatova, a German citizen, was believed to travel with armed guards and may have had cosmetic surgery to alter her appearance.
The 42-year-old was charged in 2019 with eight offences including wire fraud and securities fraud for running the Bulgaria-based OneCoin Ltd as a pyramid scheme. Prosecutors say the company offered commissions for members to entice others to buy a worthless cryptocurrency. Investor losses were more than $4bn.
Sign up to First Edition, our free daily newsletter – every weekday morning at 7am BST
“She timed her scheme perfectly, capitalising on the frenzied speculation of the early days of cryptocurrency,” said Damian Williams, the top federal prosecutor in Manhattan.
Williams described OneCoin as “one of the largest Ponzi schemes in history”.
Ignatova disappeared in late 2017 after bugging a flat belonging to her American boyfriend and learning he was cooperating with an FBI investigation into OneCoin, Williams said. She boarded a flight from Bulgaria to Greece and has not been seen since, he said.
Michael Driscoll, the FBI’s assistant director-in-charge in New York, declined to comment on any leads as to where Ignatova may be. The bureau adds fugitives to its most-wanted list when it believes the public may be able to assist with tracking them down.
“She left with a tremendous amount of cash,” Driscoll told reporters. “Money can buy a lot of friends, and I would imagine she’s taking advantage of that.”
Ignatova was charged alongside Mark Scott, a former corporate lawyer whom prosecutors said laundered about $400m for OneCoin. Scott was found guilty of conspiracy to commit money laundering and conspiracy to commit bank fraud after a three-week trial in Manhattan federal court.
www.theguardian.com
FBI offers $100,000 reward for help finding OneCoin ‘Cryptoqueen’
Bulgarian Ruja Ignatova allegedly defrauded investors out of $4bn with fake cryptocurrency scam
A woman known as the “Cryptoqueen” who is accused of defrauding investors out of $4bn (£3.3bn) by selling a fake cryptocurrency has been placed on the FBI’s list of its 10 most-wanted fugitives.
The story of Ruja Ignatova became came to prominence in 2019 via the BBC’s The Missing Cryptoqueen podcast, which detailed her alleged role in a crypto scam called OneCoin. The FBI is offering a reward of up to $100,000 for information leading to the arrest of Bulgarian-born Ignatova, who disappeared in 2017.
The FBI added that Ignatova, a German citizen, was believed to travel with armed guards and may have had cosmetic surgery to alter her appearance.
The 42-year-old was charged in 2019 with eight offences including wire fraud and securities fraud for running the Bulgaria-based OneCoin Ltd as a pyramid scheme. Prosecutors say the company offered commissions for members to entice others to buy a worthless cryptocurrency. Investor losses were more than $4bn.
Sign up to First Edition, our free daily newsletter – every weekday morning at 7am BST
“She timed her scheme perfectly, capitalising on the frenzied speculation of the early days of cryptocurrency,” said Damian Williams, the top federal prosecutor in Manhattan.
Williams described OneCoin as “one of the largest Ponzi schemes in history”.
Ignatova disappeared in late 2017 after bugging a flat belonging to her American boyfriend and learning he was cooperating with an FBI investigation into OneCoin, Williams said. She boarded a flight from Bulgaria to Greece and has not been seen since, he said.
Michael Driscoll, the FBI’s assistant director-in-charge in New York, declined to comment on any leads as to where Ignatova may be. The bureau adds fugitives to its most-wanted list when it believes the public may be able to assist with tracking them down.
“She left with a tremendous amount of cash,” Driscoll told reporters. “Money can buy a lot of friends, and I would imagine she’s taking advantage of that.”
Ignatova was charged alongside Mark Scott, a former corporate lawyer whom prosecutors said laundered about $400m for OneCoin. Scott was found guilty of conspiracy to commit money laundering and conspiracy to commit bank fraud after a three-week trial in Manhattan federal court.
FBI offers $100,000 reward for help finding OneCoin ‘Cryptoqueen’
Bulgarian Ruja Ignatova allegedly defrauded investors out of $4bn with fake cryptocurrency scam
www.theguardian.com
The "watcher.guru" website is just a bunch of coinhypers making up BS. Alex Gladstein is another coinhyper and made up the Morgan Stanley report. Pure BS.Morgan Stanley Says Bitcoin Lightning Network Is Superior to Visa
US bank Morgan Stanley said in one of its published reports about Bitcoin and the lighting network, considering it to be superior to Visa.
My apologies, not more than visa but just surpased MC. I confused the two CC companies
Neither of the articles you cite mention the word "Mastercard" at all.
Provide your actual sources please, or admit that you either fell for their BS or you're full of it yourself.
Edit to add: For what it's worth I 100% don't believe you "confused" VIsa with MC. You just moved your goalposts, and failed.
