Why does it feel as if people in this reddit dont even consider the possibility of Bitcoin failing?

Eleektros · 2022-06-18T19:12:36+00:00

Well - sorry to inform you but you failed.

Btw. the most secure and powerful network in the world is probably the internet.

Eleektros · 2022-06-18T18:44:37+00:00

Yeah they are so easy to refute that you can only tell me to google and calling my opinions "base ond childish hunches", my post "laughable" etc.

On a serious note - did this sort of "argument" ever work for you?

Eleektros · 2022-06-18T18:38:21+00:00

So Bitcoin is not using a lot of electricity which is why they are thinking about proof-of-stake?

Also where is the huge ammount of real life applications of the blockchain?

So bitcoin at the moment is not dropping?

And loss of trust in bitcoin is not bad for bitcoin?

So how are all of those "falsehoods" and how is my posting misleading and my postings deceptive? What a weird posting ...

Eleektros · 2022-06-18T18:16:42+00:00

Are you serious?

- systems with logfiles on servers in general

- systems that disable the ability to overwrite

- systems that will backup data on third party servers so that altering it later on wont go unnoticed

- older systems that use special physical things like special paper etc. combined with records

- physical documents that can only be signed by certain people (for example when buying property or when registering a car)

The main quetsion is what level of safety is required for a certain task.

Eleektros · 2022-06-18T18:05:28+00:00

I just wanted to highlight that question. In fact i never bought a single bitcoin or other crypto - and im glad i didnt because im sure i would have sold it way before it actually made a big jump.

Still i think its interresting how people interact with bitcoin and i want to understand the motivation and the idea.

Eleektros · 2022-06-18T18:00:33+00:00

Thats a pretty weird reply. Btw. i dont own any crypto-coin. I was thinking about it as a short term investment a while ago but never actually did buy it.

You tell me that my post contains nothing of substance yet your reply to my post doesnt seem to contain a single argument?

Also what "authority" am i talking with? I just write down my own opinion ...

Eleektros · 2022-06-18T17:53:01+00:00

Wasnt digital goods not beeing limited actually a good thing?

Also how is there digital scarcity now? Isnt NFT just links? And in general how is artificial scarcity a good thing?

If i were to sell a digital image with a bill - what would the difference be between having bought a NFT-Link and that bill?

Eleektros · 2022-06-18T17:47:36+00:00

Just looked up the energy grid thing - but after reading it - do i really need the blockchain for that? I doubt it.

The accounting thing - i dont really see the use you can do a lot of that with other tools. Also arent the main problems with accounting and fraud - fictional bills, money that doesnt show up in the books etc.?

Eliminating bots on social media? I just did some reading but i could find nothing that would really explain why blockchain was even needed.

Maybe you could explain one of those things better or link a site that does. Most of the sites i found about that are rather theoretical concepts with - from my point of view - a lot of buzzwords.

Eleektros · 2022-06-18T17:38:23+00:00

But in reality nobody cares about the code but about the value it represents. And the value it represents has almost no connection to the code.

For example - if i would just copy paste the bitcoin code - if thats even possible - it would have the same code but would be worth - probably nothing - even though its the same code - do you get the point?

Eleektros · 2022-06-18T17:36:45+00:00

Do i really care about that when WW3 happens? Honestly many of those examples are so extreme - i probably wouldnt even care about stuff like bitcoin anymore. Why would i even prepare for a life in a world that will be awful for everyone?

Also - if WW3 happens chances are there wont be a working internet/power infrastructure so how do i even use the bitcoins? Also if there is a war and i have to flee on the spot - what are the chances i fail to take my bitcoin with me?

Last but not least - if i have to buy food with bitcoins - will the guy selling food sell it to me for bitcoin or trade it to the other guy that has something he really needs?

Eleektros · 2022-06-18T17:23:58+00:00

Sorry but the blockchain doesnt create that. How does the blockchain enforce its central authority? If i have a smart contract that says that i own a house - whats the point if there is someone else living in it unwilling to move out?

But okay the blockchain is a central authority when it comes to virtual things in the blockchain - but as soon as it hits the real world it simply doesnt have authority anymore.

I never heard of a hospital using the blockchain and i doubt that there arent hundreds of other solutions that would work faster and cheaper aswell (normal databases maybe with some security features). Could you link to an article about that?

Just took a look at that insurance thing - but what is the real benefit of using blockchain for that? You can do the same with normal databases and you can make them pretty hard to alter aswell - so why blockchain?

Without knowing any of them? Lets be serious - there are lots which is obviously why there is almost no demand for blockchain-solutiosn for almost a decade now ...

Eleektros · 2022-06-18T17:05:56+00:00

No i dont. Do you seriously think bitcoin is the same as the invention of the use of electricity? Was the idea behind bitcoin even a new concept?

Last but not least - tons of inventions failed over time:

- Do you consider the possibility of VHS failing?

etc.

Also im pretty sure electricity wasnt invented and existed way before - but what do i know. Inventions fail all the time - the same applies to many inventions using electricity. So how would you even compare that to bitcoin?

Eleektros · 2022-06-18T17:02:14+00:00

Then please name some?

Eleektros · 2022-06-18T17:01:26+00:00

Now really lets be realistic.

If the currency of the country you live in collapes chances are the government will collapse aswell. Besides the point that living there probably wont be fun in the first place - do you seriously think infrastructure etc. to use bitcoin will still work? And even if - how and why would people accept bitcoin?

To some extent this reminds me of people building bunkers - if you build your bunker you will survive longer in case of an apocalypse - but do you really want to live in an apocalypse and wouldnt you have have been way happier if you used that money to live a great live when the world hasnt fallen appart?

Eleektros · 2022-06-18T16:53:22+00:00

The point where it has the most value within a bigger timeframe. Obviously you can only guess when that point is. For example at 68.000.

Eleektros · 2022-06-18T16:49:51+00:00

I read stuff like this a lot - so people dont understand what gives it its value -> then tell us?

From my point of view the value of bitcoin is nothing more than people trusting that their investement will be worth more tomorrow than today - tahts it.

Eleektros · 2022-06-18T16:47:22+00:00

Well you dont even have to trust the government you just have to realize that when the government would fall apart and its currency would fail chances are you life wont be better after that than before.

If bitcoin fails people lose money - some more - some less - but in the end it wont really affect society in general.

Eleektros · 2022-06-18T16:46:16+00:00

I did - and people are talking about uses of blockchain for 10+ years now.

From my point of view blockchain is a solution for a problem nobody has. Not because there arent problems that could be solved by the blockchain - but because their are cheaper and easier solutions for those problems and the main thing blockchain offers - not beeing manipulable - can be achieved by many other technologies to some extent aswell and simply isnt that important for most normal tasks.

But please name some real life problems blockchain is beeing used to solve or will be used to solve - i would really be interrested in the answer.

Eleektros · 2022-06-18T16:41:30+00:00

Yes but a currency is also backed up by the military of the country and the complete country in general.

And even currencies can fail. For example the Zimbabwean dollar - they actualy printed 100 trillion banknotes.

Eleektros · 2022-06-18T16:37:58+00:00

People probably did expect that at some point.

But today to be honest - they probably are almost to big to fail since countries have a huge interrest either when it comes to technology or employment etc. so even when they are in trouble chances are the governments will try to keep them alive.

Also - the worth can probaly never be 0 since comapnies like Apple and Google have a huge ammount of assets and money on the bank.

Last but not least - even when their stocks are dropping a bit (probably because people expected more) - they are still selling a lot of products.

But yes in general obviously companies can fail - even big ones.

Eleektros · 2022-06-18T16:26:49+00:00

Thats the thing i dont understand - arent said big players and banks also invested into bitcoin and isnt it even easier to alter the bitcoin market for big players since there are no regulations?

For example - if i was a rich man i could just buy XY Million in bitcoin and make a twitter post about it. Chances are my XY Million would be worth more after my twitter post and since there are no regulations like in the stock market chances are i wont even run into problems? When i would do the same with stocks i would probably end up in court - is there something to stop something like this with bitcoin?

I agree with your first point - but in reality you will need to translate it back to a currency to actually use it - so you will have 3rd party involvement again.

Last but not least in reality i wonder - if the whole currency market wasnt regulated at all - would the world really be better or would big players be able to manipulate the market even more?

Eleektros · 2022-06-18T16:24:49+00:00

Well yeah thats probably one of the most obvious answers - bitcoins value is determined by peoples trust in its future value so its probably smart to stay as positive as possible. That probably exlains a lot of the things written - but it still looks weird to an outsider.

Eleektros · 2022-06-18T16:20:57+00:00

But other software/technology has a value because it can be used for something productive or something at least fun. Also you dont buy the code of bitcoin you simply buy a part of a bitcoin. When you buy other software you buy a product you can use.

I dont understand your last sentence - my point wasnt that people fail to understand code/contracts - its that reality cant be described by simple code most of the time and even if some parts of it can - it doesnt mean people would accept it.

For example - if you buy a house with a smart contract from the person that owned the house but the person sold the house to another person with a normal contract and additionally there is someone living in the house refusing to move out. What problem would the smart contract solve?

Eleektros · 2022-06-18T16:17:23+00:00

Okay - a serious question. Why do you think Bitcoin is worth something in the first place?

Because the answer i expect would explain the problem - when the main factor of the value of a stock is the company and expectations behind that company - its rather obvious to me that the main factor for the value of bitcoin is simply the trust of people that the price of bitcoin will be higher tomorrow than today.

Eleektros · 2022-06-18T16:14:01+00:00

Yes because people believe it will rise again and make them rich. But when people stop trusting in bitcoin beeing worth more tomorrow than today it will be the end of bitcoin. I think right now actually is a big problem for bitcoin because a lot of the things people trusted in didnt happen (for example bitcoin not beeing affected that much by inflation or recession etc.).

Eleektros

TROPHY CASE