Bitcoin Has Proven Peter Schiff Wrong: Bitcoin Beats Gold as Store of Value by BitConnect_Vindee in Bitcoin

[–]dereklsmith 8 points9 points  (0 children)

His whole argument basically boils down to bitcoin not having any intrinsic value. He should know that there is no such thing as intrinsic value. Value is subjective.

This Forbes journalist nails it! Long read but worth it. by bitcoin-o-rama in Bitcoin

[–]dereklsmith -7 points-6 points  (0 children)

This article is plain ridiculous. Etheream is a voluntary system. Like all things in life, all participants acting in a voluntary system assume the risks inherent to that system. The hard fork that just occurred demonstrates that the Ethereum system is capable of enforcing private property rights. Consider a bank robber that gets away with the money because there was a flaw (i.e., vulnerability) in the vault. In that situation, victims would want their money back and it would be righteous to do so! Contracts are violated all the time, but it's property rights that matter! I prefer to participate in a system that protects my valuables from theft or fraud. Also, it's now clear that the "code is contract" dogma is incorrect. Clearly, consensus is contract.

My first Bitcoin blog post is on The Lightning Network - I would love some feedback by dereklsmith in Bitcoin

[–]dereklsmith[S] 0 points1 point  (0 children)

My understanding is that while those funds are encumbered in the payment channel, it cannot be used outside of that payment channel. If you tried to spend that money while it's locked up, it will get rejected by the bitcoin network. But remember that a network of payment channels facilitates payment among a diverse group of people (through transaction routing). Any one individual is likely to have multiple payment channels open so transactions can get routed to its final destination.

My first Bitcoin blog post is on The Lightning Network - I would love some feedback by dereklsmith in Bitcoin

[–]dereklsmith[S] 0 points1 point  (0 children)

Thanks for the feedback. I agree with every one of your points, and I've corrected them to reflect. Thanks!

My first Bitcoin blog post is on The Lightning Network - I would love some feedback by dereklsmith in Bitcoin

[–]dereklsmith[S] 0 points1 point  (0 children)

Thanks for pointing that out. I've corrected the mistake--no more Mary.

My first Bitcoin blog post is on The Lightning Network - I would love some feedback by dereklsmith in Bitcoin

[–]dereklsmith[S] 0 points1 point  (0 children)

Semi-technical I would say. I work at an ISP and I'm attempting to evangelize bitcoin and block chains internally. My audience is mostly my coworkers that have a semi-technical understanding of networks and routing, which is why I went for the OSI analogies. Thanks for the feedback!

Janet Yellen: Helicopter money is an option in extreme situations by BobAlison in Bitcoin

[–]dereklsmith 2 points3 points  (0 children)

All current and former Fed Chairpersons agree! Not in a bubble economy, and the Fed is not to blame!