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I predict that there will be a bigger and bigger wave of bad press about proof of work. I also predict that cryptocurrencies as a whole will suffer from that d

by baby 5y ago

I predict that there will be a bigger and bigger wave of bad press about proof of work. I also predict that cryptocurrencies as a whole will suffer from that due to the inability of the medias to understand that Bitcoin is not representative of all blockchain technologies. It’s a shame because today most modern cryptocurrencies are not based on proof of work.

pkz 5y ago
This is an important fact. A lot of people think crypto currency==bitcoin. It would be a lot easier to have meaningful discussions on the impact on society if more effort was spent on helping people understand the different types. Maybe Bitcoin will fade away eventually and some other type of currency will be the monetary lingua franca?
- wruza 5y ago
  A lot of people think crypto currency==bitcoin Because economically that’s true. There is no crypto (even ETH) which could stay at its price when BTC goes up and down by a magnitude. Of course they are correlated, like INTC may correlate with APPL when markets go crazy, but this link is too rigid for all crypto under bitcoin even when it’s relatively quiet. I don’t understand an exact reason behind this, but I believe it’s related to how crypto exchanges work internally.
  - baby 5y ago
    Have you heard of stablecoins?
    - wruza 5y ago
      Yes, but I don’t trust these contracts in a long term. I’d say neither should you, but that is a personal choice. The biggest (afaik) of these ETH contract-based coins, USDT, is owned by a single company, which is partially backing it by their BTC and it maintains a list of blocked tokens, which is by design. Of course small money is relatively safe, but for large capitals it’s just a joke. Any smart contract with a centralized oracle entity has all of the downsides of centralized money. These are much more convenient as a medium to crypto, but that’s it.
      - baby 5y ago
        You’re talking to the wrong person as I used to work on a stablecoin :P I think if anything the technology brings transparency and security

by baby 5y ago

pkz 5y ago

This is an important fact. A lot of people think crypto currency==bitcoin. It would be a lot easier to have meaningful discussions on the impact on society if more effort was spent on helping people understand the different types. Maybe Bitcoin will fade away eventually and some other type of currency will be the monetary lingua franca?

wruza 5y ago
A lot of people think crypto currency==bitcoin Because economically that’s true. There is no crypto (even ETH) which could stay at its price when BTC goes up and down by a magnitude. Of course they are correlated, like INTC may correlate with APPL when markets go crazy, but this link is too rigid for all crypto under bitcoin even when it’s relatively quiet. I don’t understand an exact reason behind this, but I believe it’s related to how crypto exchanges work internally.
- baby 5y ago
  Have you heard of stablecoins?
  - wruza 5y ago
    Yes, but I don’t trust these contracts in a long term. I’d say neither should you, but that is a personal choice. The biggest (afaik) of these ETH contract-based coins, USDT, is owned by a single company, which is partially backing it by their BTC and it maintains a list of blocked tokens, which is by design. Of course small money is relatively safe, but for large capitals it’s just a joke. Any smart contract with a centralized oracle entity has all of the downsides of centralized money. These are much more convenient as a medium to crypto, but that’s it.
    - baby 5y ago
      You’re talking to the wrong person as I used to work on a stablecoin :P I think if anything the technology brings transparency and security