Let's talk about Cryptocurrencies

[PsYcNeT]

Originally Posted by indes

EDIT : Just wanted to add that aside from being the first coin, Bitcoin is completely useless and is a net negative for society.
ETH is right there with it, with its lagging transaction times and high gas fees. Hopefully speculation wanes out and the industry can be driven by utility and innovation.

Agreed with the first part (BTC is a useless gold hedge), but disagree with the second.

ETH's biggest failure so far is not pushing PoS harder and meeting the expected Oct 2021 launch set in 2016.

Ethereum itself is however a massive runaway success. 200,000 token projects, dozens of sidechains/L2s, the backbone of the entire NFT (lol) ecosystem and acceptance on the same level as BTC.

ETH has incredible and at this point, near irreplaceable utility. It's just that most of the token movements have moved to L2s where you can migrate tokens cheaply. Using mainnet to transact is...unadvisable right now.

[indes]

Originally Posted by PsYcNeT

Agreed with the first part (BTC is a useless gold hedge), but disagree with the second.

ETH's biggest failure so far is not pushing PoS harder and meeting the expected Oct 2021 launch set in 2016.

Ethereum itself is however a massive runaway success. 200,000 token projects, dozens of sidechains/L2s, the backbone of the entire NFT (lol) ecosystem and acceptance on the same level as BTC.

ETH has incredible and at this point, near irreplaceable utility. It's just that most of the token movements have moved to L2s where you can migrate tokens cheaply. Using mainnet to transact is...unadvisable right now.

Fair enough on ETH! It has really created and fostered a great ecosystem so you're correct it's not useless.

IMO there is no ETH 2.0 coming. Hopefully for me anyways as an investor in Casper haha.

[Azure]

You're not wrong though that the gas fees on ETH do create an issue, but the overall usability and future potential is pretty amazing.

Even for payment transactions, they all blow Visa, Mastercard, Amex out of the water in ability.

[Fuzz]

Originally Posted by Azure

You're not wrong though that the gas fees on ETH do create an issue, but the overall usability and future potential is pretty amazing.

Even for payment transactions, they all blow Visa, Mastercard, Amex out of the water in ability.

In what way?

[afc wimbledon]

Originally Posted by indes

I agree entirely! That's why CBDCs will be so big. It's also why I bring up XRP (ripple) as they have the framework in place to allow countries and businesses to seamlessly exchange money.

No more pre funding foreign accounts or waiting 3-5 business days to get money. No more 20$ wire transfers, or 3000$ e-transfer limit. Crypto and blockchain technology will be integrated into everything eventually. It's literally the next internet.

I can see the fee's reducing but work still has to be paid for. I can't see wait times reducing unless 'we' are prepared to live with a shed load of fraud ditto the 3000 limit, I think we lose track of the fact these annoyances exist for a reason, a bank outside Canada has no recourse at all if I rip them off, if I write them a bad cheque there is nothing they can do legally to get the money back, that is why they are so 'slow' to hand out money to foreigners, they have to 'see' the money first

[indes]

Originally Posted by afc wimbledon

I can see the fee's reducing but work still has to be paid for. I can't see wait times reducing unless 'we' are prepared to live with a shed load of fraud ditto the 3000 limit, I think we lose track of the fact these annoyances exist for a reason, a bank outside Canada has no recourse at all if I rip them off, if I write them a bad cheque there is nothing they can do legally to get the money back, that is why they are so 'slow' to hand out money to foreigners, they have to 'see' the money first

That's the thing, through the speed of blockchain there is instant settlement, you won't "write a cheque" that will bounce because the money will be sent instantly. Right now the financial system uses swift as a messaging service and then the banks settle, hence 3-5 business days.

Transactions through the XRP ledger for example are settled within 5 seconds. You can't defraud me with a fake cheque or e-transfer because no one is taking a message or an IOU, just actual payment.

Security is one of the bigger benefits of blockchain.

[Tiger]

Does anybody know anything about DENT coin. I find it interesting as the only telecom based one, but I cannot find too much information on it.

[Azure]

Originally Posted by Fuzz

In what way?

Eth 2.0 can handle 100,000 transaction per second.

Visa, Mastercard, Amex are all quite less, though probably capable of more.

The problem is Eth 2.0 seems like a pipedream at this point. Adoption is way to slow, and other networks are capable of that and more.

[Azure]

Originally Posted by indes

That's the thing, through the speed of blockchain there is instant settlement, you won't "write a cheque" that will bounce because the money will be sent instantly. Right now the financial system uses swift as a messaging service and then the banks settle, hence 3-5 business days.

Transactions through the XRP ledger for example are settled within 5 seconds. You can't defraud me with a fake cheque or e-transfer because no one is taking a message or an IOU, just actual payment.

Security is one of the bigger benefits of blockchain.

Payment transactions, speed, and reduced fees are one of the bigger benefits that everyday businesses should see with the adoption of blockchain technology.

[afc wimbledon]

Originally Posted by Azure

Payment transactions, speed, and reduced fees are one of the bigger benefits that everyday businesses should see with the adoption of blockchain technology.

wouldn't it be possible to do all of this without needing 60 million PC's chugging away at vast expense and enviromental damage?

[PsYcNeT]

Originally Posted by Azure

Eth 2.0 can handle 100,000 transaction per second.

Visa, Mastercard, Amex are all quite less, though probably capable of more.

The problem is Eth 2.0 seems like a pipedream at this point. Adoption is way to slow, and other networks are capable of that and more.

2.0 is more or less on schedule; validator cap is nearly hit (85%), validator pools like Rocketpool, and Ethpool.org are spinning up, and the code is supposedly done in Feb (likely at least a month after for launch however).

It's going to cause a huge ####storm in the PoW community but it'll be good overall for the platform.

[topfiverecords]

Originally Posted by Azure

Payment transactions, speed, and reduced fees are one of the bigger benefits that everyday businesses should see with the adoption of blockchain technology.

I can see the desire from the business end to reduce the transaction fee cut, and perhaps expedite the timeframe of receiving all funds.

It still has an uphill battle against society’s addiction to credit. Even for those that clear the full balance at every statement, Visa/MC still paid for my coffee today not me.

For it to overtake outside of the regulated financial world it would require people to get paid earnings in a crypto, and have the price be relatively stable so it’s not 12.5291 XLM for my coffee one morning and 16.3291 the next. Asking people to convert their regular stream of “cash” into crypto to make a transaction doesn’t easily turn into adoption. Paying people in crypto won’t take hold for regular employment because the government won’t allow under the table pay and no employer is going to convert CAD to a crypto. They would need to be receiving the majority of their income in crypto to begin with. Chicken & Egg circle of low traction.

Merchants will never drop their current payment methods. They’ll just add additional options to send crypto to them for payment but will it ever reach high spread adoption if everyone worldwide will have a few out of thousands of different types of crypto. However, the banks will slide in there too with a similar option where you can hold crypto alongside your chequing/savings. The wallet will sit inside the banking app and you can pay with your crypto by tap or barcode directly from the app instead of debiting your chequing.

Apparently Wealthsimple has added the ability to buy Shiba. The only reason to buy Shiba is because you believe someone will want to buy it from you for more $ later. Yet, the only reason they’ll buy it from you later is because they believe someone will buy it from them for more $ later. … repeat. It’s fine to exist, put your money where you want, but if that’s where all of the world’s financial minds focus their attention, tracking #### coins, real investments are screwed.

[topfiverecords]

Originally Posted by afc wimbledon

wouldn't it be possible to do all of this without needing 60 million PC's chugging away at vast expense and enviromental damage?

I used to give them a piece of special paper and they opened a drawer and gave me some special coins as change. No computer required.

[dino7c]

Originally Posted by topfiverecords

I used to give them a piece of special paper and they opened a drawer and gave me some special coins as change. No computer required.

Problem is the piece of paper isn't so special anymore because they are printing trillions of them a year

[topfiverecords]

Originally Posted by dino7c

Problem is the piece of paper isn't so special anymore because they are printing trillions of them a year

It’s still accepted everywhere in the country. If I need any I can get some from a special machine all over the country. My clients still send me the equivalent electronically to my bank account.

That argument is stale and is only driving very very narrow niche crypto adoption. The majority won’t ever even be aware of fiat issues let alone understand the issues.

[dino7c]

Originally Posted by topfiverecords

It’s still accepted everywhere in the country. If I need any I can get some from a special machine all over the country. My clients still send me the equivalent electronically to my bank account.

That argument is stale and is only driving very very narrow niche crypto adoption. The majority won’t ever even be aware of fiat issues let alone understand the issues.

and less valuable every single day

the writing is on the wall...adapt or die

[afc wimbledon]

Originally Posted by dino7c

Problem is the piece of paper isn't so special anymore because they are printing trillions of them a year

you realise of course that's its strength

[topfiverecords]

Originally Posted by dino7c

and less valuable every single day

the writing is on the wall...adapt or die

Adapt or die? Dramatic much? The mainstream use of federally regulated currencies in first world countries won’t change in your lifetime.

[Azure]

I certainly don't think fiat is going away, but I do think that crypto & blockchain technologies will make a major difference in how fiat is handled, and will almost certainly improve many aspects of the financial system while perhaps completely replacing other parts.

Being able to send millions of CAD on the ETH blockchain (or any other blockchain) with zero fees would be a massive win for consumers considering the ridiculous fees that Visa, Mastercard & Amex charge here in North America.

[dino7c]

Paper money is not accepted everywhere

Besides my comment wasn't that it's going away it's just losing value at an alarming rate.

You want as little cash as possible IMO... Crypto or not acquire assets not cash

Or "die"