oleganza

61 ms·

451.
by oleganza 13y ago
All these arguments apply equally to gold. Also, gold was becoming a money slower because millions of market participants were not one click away from each other to figure out why is this new metal is any good and whether they should make a
452.
by oleganza 13y ago
Top comment outlining typical HN behaviour - check ;-) PS. Bitcoin FTW.
453.
by oleganza 13y ago
My point is about current state of affairs. And it sucks the way it is today. I want a wallet app for my parents which will make sure it is backed up and the key is split via SSSS and sent out to 5 of their friends before they even see the
454.
by oleganza 13y ago
You can't. But you also can't make a cash transfer in 99.9% of global transactions (in volume) for many reasons. One of them is cash is physical . So cash does not really count.
455.
by oleganza 13y ago
"soften the stigma" is the problem here. It's false, dishonest advertisement which means to produce a psychological effect when the practical effect is different. That's why it is called fraud: you say one thing, but sel
456.
by oleganza 13y ago
Usually you send your password to a service, but in this case encrypted data is "leaked" to a person requesting it. 2-FA prevents from giving this data to strangers (and won't help if the service is hacked, yes)
457.
by oleganza 13y ago
In case of Blockchain.info, wallet decryption happens in browser. The server sends you an encrypted wallet if you know user ID and provide 2-FA code. Without the code, anyone who knows your user ID will get the encrypted wallet and brutefor
458.
by oleganza 13y ago
It's also riskier and a lot more expensive. Bitcoin holders are scattered across the globe. Finding a seller nearby is hard.
459.
by oleganza 13y ago
Its hard because it's easy to own and secure Bitcoins, but impossible to own money in USD, bank accounts or paypal. It's all a huge network of promises based on debt. When you transfer bitcoin, you really transfer ownership foreve
460.
by oleganza 13y ago
It is an outright fraud. 1. Premise: "Basic income of X units of money is sent to everyone in population". 2. Basic income comes from where? Either from taxes, or from printed money. Either way, purchasing power is being taken fro
461.
by oleganza 13y ago
You have to turn it on. If you create yet another wallet, it's easy to forget that.
462.
by oleganza 13y ago
They do not emphasize wallet security issues enough. Before buying any serious amount of BTC user must ensure: 1. Software that he uses actually encrypts wallets (BitcoinQT by default does not!). 2. His wallet is backed up in 3 places. 3. B
463.
by oleganza 13y ago
Because many people don't feel like it changes anything for themselves. People everyday vote with their money and their decisions in life and reap the results. They feel that what they do changes life around them. Voting had never affe
464.
by oleganza 13y ago
Mining is strictly planned, everyone knows how much and when will be produced. New bitcoins are already accounted for in the price.
465.
by oleganza 13y ago
See where the puck is going. Bitcoin goes to more and more hands. It can stabilize only when everyone who might want it, knows about it and has some of it. By that time BTC price will be 1000x higher than today, that's why many are rus
466.
by oleganza 13y ago
Today 90% of economy is worldwide, instant, over the internet. Internet did not exist 30 years ago. Gold can't fly through the wire. New digital economy needs reliable digital money. USD and EUR are highly unreliable digital money and
467.
by oleganza 13y ago
So Nintendo was losing money why exactly? Because Japan was not printing money as fast as US? Maybe the problem is in printing money at all? Do you see a symmetry of products vs. money? Both are assets that some people need and some other w
468.
by oleganza 13y ago
I bet gold at some point will go down massively too. Why hold gold somewhere in the vault of a bankrupt banker when you can hold bitcoins? I wouldn't bet on what happens to the gold. I only feel like it will go very low over the next 2
469.
by oleganza 13y ago
Gold is dropping probably for its own flaws. It's heavy and expensive to handle, and you have to trust same banks you trust your other money to. Bitcoin has almost all positive qualities of gold and none of the negative ones. Plus some
470.
by oleganza 13y ago
I'm from Russia. There's internet even where the toilets are from 15 century full of shit. Half of Africa pays with mobile phones and lives in dirt. It's logically easy to prove. Which money would you choose to store permanen
471.
by oleganza 13y ago
Most of modern economics are bullshit promoting government meddling with money supply. No wonder "economic analysis" says Bitcoin is ridiculous. When you dismiss Bitcoin by saying it's only there while "people are still
472.
by oleganza 13y ago
Books are not broken. They are just not suitable in some cases. Financial system is utterly broken and breaks more and more lives every day. 1. Some people can't do international business because they can't have bank account. 2. P
473.
by oleganza 13y ago
First, it's you, not me who is talking big. I suggested (to another guy) fixed amounts to bet while you bet your unborn children. Second, who said Bitcoin must get some official stamp of approval from any government? People will use Bi
474.
by oleganza 13y ago
You haven't read in detail how Bitcoin works and why no one has pulled this off when the hashrate was smaller, but amount of money still big. Malicious miner has little to gain, a lot to invest and it's easy for the rest of the ne
475.
by oleganza 13y ago
Academics hate Bitcoin for 51% attack and lack of formal proofs. Theoretically it's not cool invention. Practically, it can change the whole world and be viable economically for a very long time.
476.
by oleganza 13y ago
National currencies, gold, silver and other commodities used to hedge against USD, EUR, banks etc. Our whole global economy and lifestyle enjoyed by billions of people needs computers and electricity, otherwise we go back to middle ages. Pe
477.
by oleganza 13y ago
Money is valuable for "reservation demand". The more people want to hold it, the more useful it is to everyone. Only this way it can become a currency. You can't have currency without value and can't have value without h
478.
by oleganza 13y ago
Unless it becomes world money. USD is a promise paper like stocks. Bitcoin is like a gold coin. You can fully own the real thing without trusting someone to store it for you.
479.
by oleganza 13y ago
You may sell half. If it crashes you cashed out quite well. If it diesn't and reaches $10K you won't be sad.
480.
by oleganza 13y ago
So if in 5 years Bitcoin does not displace half of the sovereign currencies I pay you $10K. But if it does, you pay me 1 BTC. We need to formalise the measurement first, but what about the general outline?

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