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Everything can be manipulated, but bitcoin compared to any other asset we know, is the only thing that cant be changed. You can create a new bitcoin but you can

Everything can be manipulated, but bitcoin compared to any other asset we know, is the only thing that cant be changed. You can create a new bitcoin but you cant create the same bitcoin and thats makes all the difference in the world.

grey-area 5y ago
1. The rules can (and have) been changed by whoever has commit permissions on the repo, they are not immutable. 2. The rules can also be changed with a simple fork if enough users are persuaded to move (Bitcoin Cash) - and somehow the price of both is preserved (how? why? who benefits?). 3. The price is provided by unaudited exchanges and can be manipulated by manipulating linked assets and collusion with exchanges, as Tether has shown. This is a house of cards waiting to collapse.
- ThomPete 5y ago
  1) The rules about the 21Million which is the only thing that matters here can't be changed. 2) Again there is a reason why Bitcoin Cash is a fraction of BTCs value it's not the same. 3) Everything can be manipulated. You go and see how Soros did that in the 90es. But again that's not the measurement here. It can't be changed. It's been a house waiting to collapse for 12 years now. Maybe you should ask yourself what it would take for you to admit to yourself that you were wrong. How long does this have to be a thing?
  - grey-area 5y ago
    The rules about the 21Million which is the only thing that matters here can't be changed. What would stop it being changed? It's been a house waiting to collapse for 12 years now. Tether has only been trading since 2015 and only prominent the last few years. Other cryptocurrencies have seen multiple bubbles and collapses. The thing that would convince me personally is that all the get-rich-quick marks and scammers leave the space and people start using it for actually useful things like payments. Unfortunately distributed consensus with a global public ledger is particularly badly suited to payments or a currency, though it seems well structured for a ponzi scheme.
    - ThomPete 5y ago
      Why don't you tell me first what would make it possible since you seem to be privy to information no one else is. How are you going to change that?
      - grey-area 5y ago
        It could be changed in bitcoin core, as previous changes to rules have been. It would require agreement from market participants.
        ThomPete 5y ago
        Changes to some rules, not the fundamentals like the 21M though which is what is important.
        grey-area 5y ago
        I'm not clear on why you think this is 'impossible'. It's clearly possible to change the rules of a system defined by software, it just requires a majority of those maintaining the chain to go along with it.
- narrator 5y ago
  The most bizarre economic occurrence of the last decade is Bitcoin forking and the copy and the original both maintaining value.
deleted 5y ago
[deleted]
gghhzzgghhzz 5y ago
The crypto exchanges can sell more bitcoin than they have. Nobody is auditing them, and unless they collapse then there is not going to be an audit of what they hold. And with bitcoin being so impractical, there are is always going to be vast amounts of centralisation.

grey-area 5y ago

1. The rules can (and have) been changed by whoever has commit permissions on the repo, they are not immutable. 2. The rules can also be changed with a simple fork if enough users are persuaded to move (Bitcoin Cash) - and somehow the price of both is preserved (how? why? who benefits?). 3. The price is provided by unaudited exchanges and can be manipulated by manipulating linked assets and collusion with exchanges, as Tether has shown. This is a house of cards waiting to collapse.

ThomPete 5y ago
1) The rules about the 21Million which is the only thing that matters here can't be changed. 2) Again there is a reason why Bitcoin Cash is a fraction of BTCs value it's not the same. 3) Everything can be manipulated. You go and see how Soros did that in the 90es. But again that's not the measurement here. It can't be changed. It's been a house waiting to collapse for 12 years now. Maybe you should ask yourself what it would take for you to admit to yourself that you were wrong. How long does this have to be a thing?
- grey-area 5y ago
  The rules about the 21Million which is the only thing that matters here can't be changed. What would stop it being changed? It's been a house waiting to collapse for 12 years now. Tether has only been trading since 2015 and only prominent the last few years. Other cryptocurrencies have seen multiple bubbles and collapses. The thing that would convince me personally is that all the get-rich-quick marks and scammers leave the space and people start using it for actually useful things like payments. Unfortunately distributed consensus with a global public ledger is particularly badly suited to payments or a currency, though it seems well structured for a ponzi scheme.
  - ThomPete 5y ago
    Why don't you tell me first what would make it possible since you seem to be privy to information no one else is. How are you going to change that?
    - grey-area 5y ago
      It could be changed in bitcoin core, as previous changes to rules have been. It would require agreement from market participants.
      - ThomPete 5y ago
        Changes to some rules, not the fundamentals like the 21M though which is what is important.
        grey-area 5y ago
        I'm not clear on why you think this is 'impossible'. It's clearly possible to change the rules of a system defined by software, it just requires a majority of those maintaining the chain to go along with it.
narrator 5y ago
The most bizarre economic occurrence of the last decade is Bitcoin forking and the copy and the original both maintaining value.

deleted 5y ago

[deleted]

gghhzzgghhzz 5y ago

The crypto exchanges can sell more bitcoin than they have. Nobody is auditing them, and unless they collapse then there is not going to be an audit of what they hold. And with bitcoin being so impractical, there are is always going to be vast amounts of centralisation.