rawtxapp

19 ms·

151.
by rawtxapp 5y ago
Whatever equipment you buy will lose it's value quickly, in 5+ years, it's probably worthless. And that's ignoring all the money you have to spend on electricity, non-stop and increasingly. In PoW, if miners slow down, they&#
152.
by rawtxapp 5y ago
If we are going to cherry pick timelines, might as well compare the price right before money printers went crazy vs now.
153.
by rawtxapp 5y ago
Paypal piggybacking on eBay for growth comes to mind though I'm not sure if it falls in that category.
154.
by rawtxapp 5y ago
Fiat currencies fluctuate too, even a big pair like USD/EUR has a high of ~0.9 and low of ~0.8 this year and if we are talking about smaller currencies like say the Turkish Lira, you're looking at much larger changes. Gold isn&#x2
155.
by rawtxapp 5y ago
You know what happens then? House prices will fall because they won't have access to cheap money, so they'll end up being priced at their true value. Housing would stop being an investment, instead it would serve it's true pu
156.
by rawtxapp 5y ago
I mean even gold (which is a centuries old asset) is pretty volatile on a yearly basis (high of ~2100$, low of ~1650$ this year). I think when Bitcoin approaches Gold's price, you can expect similar volatility because by then large ins
157.
by rawtxapp 5y ago
Channel factories will open/close many channels at once, so you'll only pay a fraction of the blockchain transaction cost. It has the advantages of Bitcoin's security and p2p network speed. Security and trust are a lot more i
158.
by rawtxapp 5y ago
MtGox really hammered home the "not your keys, not your coins". China bans and unbans it every other week, people learn to ignore it. It's difficult to know what would have happened in a counterfactual world, but most bad new
159.
by rawtxapp 5y ago
It does work, they have been using it in El Zonte town for quite some time now [1]. The volatility will come down as the market caps get larger, but it'll never go away (I mean even fiat currencies and gold's price fluctuate on
160.
by rawtxapp 5y ago
I mean, of course hodl, but not at the cost of dying of starvation or missing out on having your dream home, etc. Bitcoin subreddit is full of stories of people buying their first homes or cars, I've seen many people start their small
161.
by rawtxapp 5y ago
The thing is, let's say you spend 100M$ on mining equipment today, that equipment is worth a lot less in a year from now and is worth practically nothing in 5+ years, so you can't just sit on it, you have to keep spending. Likewis
162.
by rawtxapp 5y ago
Once again, El Salvador is using lightning network which enable almost instant and practically free Bitcoin payments. PoS isn't perfect either and has it's own sets of problems.
163.
by rawtxapp 5y ago
For sure, but then you have to understand and research what you're investing in. We also end up with sky high (in my opinion unjustified) P/E ratios just because money doesn't have elsewhere to go and it creates all kinds of
164.
by rawtxapp 5y ago
> You are 100% incorrect. Bitcoin is wildly deflationary. Therefore it does not encourage an economy to function, it encourages people to hold onto it with white knuckles. It's not oil for the economy, it's sand. In my opinion,
165.
by rawtxapp 5y ago
PoW keeps things fair, you have to spend money on hardware and energy or become irrelevant. In other consensus systems like PoS, whoever has the most capital controls pretty much everything and has 0 incentive to sell what they get since th
166.
by rawtxapp 5y ago
Are you referring to the fact that their currency is USD which they don't control therefore can be pushed around by the USG?
167.
by rawtxapp 5y ago
> Growth of crypto-assets threatens financial stability and could increase risks faced by banks, they warn > Crypto-assets have given rise to a range of concerns including consumer protection, money laundering and terrorist financing,
168.
by rawtxapp 5y ago
Which is why I say the toughest battles are ahead. Once US decides to use every tool in the toolbox to undermine Bitcoin, Elon's tweets are going to look like a joke. They can ban on/off-ramps, they can crater it's value by m
169.
by rawtxapp 5y ago
Which is why I'm personally anti-PoS, I think it's a fundamentally broken system which codefies "rich gets richer" down to the protocol and brings us to the old world where those with capital control everything. PoW requ
170.
by rawtxapp 5y ago
Lightning network enables almost instant and practically free Bitcoin payments, that's what they are using in El Salvador. Current financial system is pretty broken in my opinion, for example, I'm trying to transfer money into a b
171.
by rawtxapp 5y ago
We are at the "then they fight you" stage. The banks have every incentive to kill crypto because if it's successful, they are going to become irrelevant similar to newspapers that lost majority of their market shares to tech
172.
by rawtxapp 5y ago
You can argue that so far they have been right, in that no bad news has really "killed" Bitcoin and there have been lots of "Bitcoin is Dead" predictions[1]. 1: https://www.bitcoinisdead.org/
173.
by rawtxapp 5y ago
Why? Are you saying that countries should start adopting a crypto with a market cap of barely 1B$, that's been around for a less amount of time, that's significantly less battle tested and that never recovered to it's all tim
174.
by rawtxapp 5y ago
Not only I have used it many times, I've even built a lightning network wallet (link in my profile). You just have to look around and you'll see that millions of people are using it on a regular basis. Pure speculation can'
175.
by rawtxapp 5y ago
I think we misunderstand each other, I'm talking about batching channel open/closes, I'm not talking about with whom you open channels.
176.
by rawtxapp 5y ago
USD doesn't fall by 50% in one month, but some smaller currencies do. Instead USD drops by ~95% over a 100 year period[1]. 1: https://www.statista.com/statistics/1032048/value-us-dollar-...
177.
by rawtxapp 5y ago
That doesn't make any sense, the channels are p2p, you can open and close channels with whoever you wish and your channel counterparties don't actually hold your funds, you hold them.
178.
by rawtxapp 5y ago
I'm referring to block rewards, the miners will get block rewards until 2140, price of Bitcoin doesn't matter.
179.
by rawtxapp 5y ago
And that crypto would be?
180.
by rawtxapp 5y ago
How so?

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