Do you think the world will adopt a currency that depends on Chinese mining farms? Bitcoin and blockchain are important tech developments, but bitcoin is nowhere near ready to be the worlds reserve currency. It has tons of issues to overcome before that's even a thought.
Bitcoin can't be the reserve currency
Kevin Richardson
Jonathan Johnson
People like you who parrot the same arguments over and over are really silly.
Bitcoin is valuable because nobody owns it and it has an incredibly track record of being secure.
>b-b-but bitmain
Yeah, you're right. Bitcoin is the most centralized right now than it has ever been. Currently.
As time goes on competitors enter the market and hardware gets better across the board. We're also reaching the point of diminishing returns on hardware for mining Bitcoin with the current algorithm.
If you think 2-5 years is a long time to wait for balance you probably shouldn't be in Bitcoin anyways.
Nathaniel Baker
"World reserve currency" would put bitcoin over $10m+. Even if bitcoin reaches just 1% of the current equity market that would be a 100x from here.
Mason King
A group of devs control the source code for bitcoin. Everything about it is centralized. Thanks for admitting we are years away from any type of solutions for just a fraction of these problems.
Alexander Rodriguez
China can't be the world's largest manufacturer
Do you think the world will adopt products that depend on Chinese factories? Railways and ports are important infrastructure developments, but the country is nowhere near ready to be the world's manufacturer. It has tons of issues to overcome before that's even a thought.
Asher Sullivan
no argument there. nobody who's serious about crypto wants bitcoin to remain. it's just salty 2017 bagholders and worthless early adopters who know they got lucky and don't have the ability to generate wealth themselves if bitcoin fails
Jayden Murphy
>depends on Chinese mining farms
Because no other countries on earth can possibly mine if China decides to stop (somehow).
Logan Scott
>Do you think the world will adopt a currency that depends on Chinese mining farms?
of course not, but central banks may make a new crypto as the new reserve currency. i have thought about this a lot and it makes sense. it will be a closed ecosystem between central banks and banks you can't directly transact in it because wallets would be signed by the central banks.
best thing about it is it doesn't need proof of work as safety measure consensus for the next block can be reached by simple voting between central banks.
if all central banks get equal vote or they weigh them with some economic measure kinda like a pos algo is the only real question.
Oliver Hernandez
that's not true. if you take china off the internet btc would still go on the difficulty would adjust but in the meantime the largest pool out of china would make a killing.
Levi Garcia
namely slush
Eli Hughes
>A group of devs control the source code for bitcoin. Everything about it is centralized.
You can use any other client compatible with the network, retard.
Daniel Hill
apples and oranges.
the fact is it's completely controlled by chinese miners and we've seen time and time again the shit they pull
Eli Gutierrez
What does the front-end have to do with anything? Who controls the github and ultimately what code gets pushed?
fuking retard
Sebastian Bell
this! you vote with which client you use. especially when it comes to a hard fork. it's almost like you can freely decide which reality you want to participate in. it doesn't get any more democratic than that.
except most people tend to get all anxious about what miners will do because there is a lot of fear the network would collapse if they choose the other branch. this of course means people assume most users go with most miners and then it becomes a self fulfilling prophecy. if btc difficulty adjusts could somehow handle hard splits the miners would have a hell of a lot less sway. for example if the difficulty sharply drops after 10 minutes is passed without finding a new block. in a few hours btc would normalize with a slight glitch. however this mechanism would open up a new line of attack obviously.
John Johnson
Pushed where?
It's not going anywhere, there's nothing else beyond github and a client binary.
Every miner has to consciously use that client and every network user has to consciously use the client. Devs have 0 influence on that.
Parker Edwards
> KILL HIM
Luke Brooks
> Devs have 0 influence
> Have to choose a client made by devs
Owen Brown
I dont disagree that it would make a shitty reserve currency at present time, but if the powers that be wanted it to become a reserve currency, shaking out weak hands, manipulating the market, and accumulating is what is already happening.
Jonathan Rivera
William Jenkins
No one is forcing you or anyone else to use Core software. You can use many of the full node client alternatives to Core, or you can start your own, but if you are a brainlet you don't have a right to complain about it to begin with.
Bitcoin was created by the elites to be world reserve currency in order to have a schelling point against all nation state's clusterfucks. The USD will crash and China is not developed enough to be world reserve currency, Bitcoin will take the lead for reasons that should be obvious to anyone that understands Nash's Ideal Money (not any of the brainlets that posts here).
The fact that chinks have big hashrate is absolutely irrelevant. They can't attempt anything stupid since their life would be ended quickly. Their schelling point from a miner pov is to cooperate and be as competitive as possible in the field.
You CAN'T stop any of this. The only thing you can do is position yourself in a good standing by owning at least 1 BTC. You are too dumb to understand the game theory at play here, just be glad you even know Bitcoin exists.
Jaxson Harris
>Bitcoin was created by the elites to be world reserve currency
sorry that is the most retarded thing i read this year. and that's big coming from someone that visits this board.
Camden Morales
The problem is the masses won't be using nodes and will use whatever the exchanges are using. Which is controlled and centralized by a few devs. Why do I have to spell everything out for you?
Wyatt Harris
Yeah but if it was true, the elites would make their plan appear to be retarded as to not tip off the average to moderately intelligent people wgo browse the Business and Finance board on Jow Forums.
Think about it.
Henry Turner
>the elites would make their plan appear to be retarded
nah if they were behind a new crypto reserve currency they would make absolutely sure you can't put your hands on any. that is the one thing i'm absolutely certain of.
Brayden Gutierrez
>paranoid schizophrenia
Think about it.
Colton Wright
it's a cryptocurrency, and more and more people are joining the net everyday.
Samuel Reyes
owning some bitcoin is fine, it doesnt have to be a whole one, if you own any bitcoin it's just fine, the system will adjust again when capitalism kicks in.
Also BHC, ETH and Litecoin are possible of making a flippening, but atm BTC remains king. Capitalism against working. BTC having that number one spot.
Juan Rodriguez
It already is the world currency.
Easton Russell
The UASF was not supported by the core client but adopted anyways. This showed that the devs are not in control. Later, the fail of Segwit2x showed that the miners are not in control. So, basically you are a complete moron for claiming centralization. :-)
John Reed
Special drawing rights
Dylan Robinson
>the masses matter
How new are you?
Nolan Thomas
The banks won't allow BTC to become the reserve currency. They'll find another up and coming crypto to push to the forefront some number of years from now
Kayden Watson
No, you are fucking clueless. There's no point in explaining facts to altcucks and why they can never win. You'll need an entire new iteration to beat Bitcoin at the technological level, fundamentally, you need to solve the byzantine generals problem in a completely new way, which is not going to happen in 100+ years.
That's what Bitcoin is, exactly. Since when are you putting your hands anywhere? you dumb fucks are going to continue selling in exchange of USD whenever you reach whatever "moon goals" you have, while the elite continues stacking Bitcoin, becoming the biggest players and ensuring any attempts at forking it doesn't happen. Again, you don't understand that the elite wants a neutral asset (like gold) not some currency of whatever nation. Bitcoin is the ultimate form of money as envisioned by John Nash. Go study.
Jacob Hill
You are too low IQ to understand the fine game theory at play.
Jaxson Martinez
No one with money will use a currency that is fully traceable. Bitcoin will never be suitable for use as money.
Jaxon Adams
XRP
Aaron Ramirez
>No one with money will use a currency that is fully traceable.
And do you have some actual logical reasoning to back that statement up?
Brandon Rogers
>you need to solve the byzantine generals problem in a completely new way
the only thing that comes to mind is iotat desu. but that doesnt even work lol
Michael Ross
Exactly. All alts are broken promises (to steal BTC from noobs)
i meant to reply to:
Jaxon Reyes
Who cares? Hopefully we'll all make enough money then cash into into the good old USD US DOLLAR BABY MERICA FUCK YEAH
Bentley Edwards
Chinese miners aren't a single entity, and mining farms don't need to be located in China. Why is this so difficult for people to wrap their heads around?
Jason Foster
The same reason large transactions are often handled through shell corporations and escrows. The competitive advantages conferred by information asymmetry is a thing.
Carson Jones
Why do we need a new way to discover which nodes are corrupt? That's like saying new car manufacturers need to figure out the power steering problem. It's already been solved.
Evan Thompson
BORN IN THE U-S-A! BOOOOMERRR!!! OH YEAAAAAAA UOOOUUOOOOO!!!!
>gets lawnmower stuck on a rock
Gabriel Ortiz
>unironically thinks Core "controls Bitcoin's code".
Aiden Fisher
They want our tiny fingers on it for consensus value. Like a vote in a democratic country that is essentially useless but symbolically valuable.
Matthew Howard
People should use Nano instead.
Christopher Edwards
>That's what Bitcoin is, exactly.
nope
>They want our tiny fingers on it for consensus value.
not plausible. the people you talk about don't want your filthy pajeet consent. the only consensus they seek is their own. you are just some subhuman to them meaningless worthless inconsequential.
so no i'm not buying it that they had anything to do with btc. btc was the making of an anarchist. it's clear from the manifesto. it's also possible he didn't mind making a fortune with a premining scam but it took so long for btc to worth anything he actually lost the keys. or just waiting for it to hit $1mil who knows.
the one thing i'm sure of is btc was not made by someone that was anywhere near part of the elite.
Liam Watson
they won't find one they will make one that suits their needs. and the best thing about this is they don't need your consent. they don't need your approval. they don't need you to mine it and most definitely don't need you to hold it. you can hold it's derivatives on your sql bank account.
Angel Watson
right on op, Jihan has never sold one btc in his years of mining with the biggest farms in the world from the begining. Core cucks like to think otherwise
Zachary Russell
POW doesn't scale and the other systems are scams.
You and the rest of plebs will get kicked out due fees being too high.
Only $billionaires will be able to use BTC.
So hold a least one and you should be able to retire.
Justin Fisher
Bitcoin is the only one that suits their needs you dumb fuck. Bitcoin is the schelling point. The rest of coins aren't fit to host $billions worth of wealth.
Leo Martinez
there will never be a more fair way to make a world currency than what we have witnessed with bitcoin(bch). every country has and has had the same chance to get a share. every country has had the same shot to develop mining power.