Bitcoin has no long-term future and has at most one 10x bubble ahead of it. Only non-PoW coins have true moon potential

>tech in 2018 is linear

rip

Yeah, maybe, just posted the first thing that came to mind. Point still stands tho.

>it's different this time because it's current year!

Your point doesn't still stand though. TCP/IP is still used today because it was good enough. Dialup modems not so much.

So what makes you think PoW is more like dial up modems and not like TCP/IP? More importantly, how else could a cryptocurrency be imbued by value? You do know that by definition a cryptocurrency has to be mined (produced in a manner using cryptography) to even be considered a cryptocurrenct, right?

>So what makes you think PoW is more like dial up modems and not like TCP/IP?
The fact that it's slow, expensive, complicated, and unusable for normies.

>More importantly, how else could a cryptocurrency be imbued by value?
Demand created by usage plus limited supply like any other commodity, incentives to hold it (i.e. NEO dividends) and allocation of real world resources (e.g. EOS network bandwidth)

>You do know that by definition a cryptocurrency has to be mined (produced in a manner using cryptography) to even be considered a cryptocurrenct, right?
This is the most reddit thing I've read all day.

>More importantly, how else could a cryptocurrency be imbued by value?
Mining is a cost, not something that gives value. Price comes from buyers.
>You do know that by definition a cryptocurrency has to be mined (produced in a manner using cryptography) to even be considered a cryptocurrenct
mining has nothing to do with that

>The fact that it's slow, expensive, complicated, and unusable for normies.
What does the backend issue of how the currency is created matter for normies who just buy it off of cuckbase?

>Demand created by usage plus limited supply like any other commodity, incentives to hold it (i.e. NEO dividends) and allocation of real world resources (e.g. EOS network bandwidth)
And how is that limited supply originally distributed? One guy gives it all to himself and then we just have to trust that he didn't keep 50% when distributing it? Yeah, nah, you can just stick to fiat with that mindset.

>This is the most reddit thing I've read all day.
Definition of a cryptocurrency from Wikipedia
>A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.
>uses strong cryptography to /.../ control the creation of additional units

Just had pic related captcha
>there's a place in France called Le Thot
kek

Attached: kapshka.png (397x621, 348K)

OP this should comfort you nicely

"Mining result in a lot of wasted computational power as well as electricity, both of which can be repurposed to help solve real world problems. Matrix attempts to address this problem by ensuring that their mining mechanism can be used to solve compute-intense problems that are applicable within the physical world."

"Matrix adopts a Hybrid PoS + PoW consensus mechanism, instead of the traditional Hash computations, the mechanism makes use of value adding computation through the use of the Markov Chain Monte Carlo(MCMC) computations. This computation is to be used as the Proof-of-Work protocol. This allows the mining process to not only generate MAN tokens but to also be used to power real-world applications."

matrix ai network, solving many problems including OP's.

Applications of Markov Chain Monte Carlo and Artificial Intelligence in Medicine
There are various applications of MCMC within the field of medicine, predictive modelling can be used to determine an illness or disease based on the symptoms and physical conditions of a patient. Doctors can also model the future course of an illness or the risk of developing an illness helping guide screening and or treatment decisions. For example, predictive models have been developed in gastroenterology to predict the risk of disease flares for inflammatory bowel disease and risk of hepatocellular carcinoma among patients with cirrhosis. A recent study also found that Bayesian MCMC showed considerable promise as an alternative in the analysis and modelling of in-ICU mortality outcomes.

The whole point of PoW is to waste resources. Making computations valuable in some other way is equivalent to increasing the block reward and thus, energy expenditure.

>Mining is a cost, not something that gives value. Price comes from buyers.
Price comes from the equilibrium of supply and demand. Mining heavily limits the supply, so people are simply forced to cough up more money if they want to buy. If producing new units would cost $10, then the price would also be a lot closer to $10 since sellers would undercut each other.

>mining has nothing to do with that
How else would you produce a currency using cryptography?

>Mining heavily limits the supply
distribution method is a separate thing from the consensus method, even if they can combined in proof of work.
>How else would you produce a currency using cryptography?
ICO

>distribution method is a separate thing from the consensus method, even if they can combined in proof of work.
That's true, and there are actually cryptos that use separate methods for distribution and consensus, but they mostly come in the same package.

>ICO
Do you know how ICO's actually work? By the very nature of frequenting this place I assume you have an IQ of at least somewhat above average. That means that even if you have no prior knowledge of Ethereum whatsoever, you can just go read an article to learn about the subject and then create your very own ERC20 token all within the span of an hour. You will be given all of the tokens upon the creation of the contract and then you can do whatever you want with them. You can do an ICO, you can have an airdrop, whatever. Almost all ERC20 tokens have been created like this, simply with the click of a button. Does that seem like it involves cryptography?

If you're actually interested in creating your own token, then just read this
medium.com/bitfwd/how-to-issue-your-own-token-on-ethereum-in-less-than-20-minutes-ac1f8f022793

>Does that seem like it involves cryptography?
um... how do you think ethereum works?
To send a transaction you have to sign it with your private key. The address is generated from a hash of the public key.

nice typical late adopter perspective op. bitcoin doesn't scale with the number of miners or electricity used.

>non-pow coins have moon potential
ethereum sure, but none of the late adopter shitcoins you're holding.

So you're okay with all of your tokens starting out in the hands of one guy? Because you trust this one guy, right? Sure is nice trusting people in this whole cryptobusiness.

vitalik.ca/general/2018/08/26/layer_1.html
this is the autism you support
he's literally advocating for bitcoin layered solution because he knows his chain is a fuckin mess

Tesla's free energy tech.
People keep larping about this shit on Jow Forums.
If it's true, then POW using up energy doesn't matter.

Plus POW is secure because of how much energy it takes to run.
Things that require less energy are less secure because they are less costly to 51% attack.

>bitcoin doesn't scale with the number of miners or electricity used.
Read my first post again, because I wrote nothing like that
even if mining is a better distribution method, it means that the coin isn't able to go too high before it ends.
it's not a bitcoin argument because bitcoin is too primitive. He explicitly wrote that:
>Hence, the other extreme position, that blockchain base layers can be truly absolutely minimal, and not bother with either a quasi-Turing-complete execution engine or scalability to beyond the size of a single node, is also clearly false
what he's actually saying is that the space of possible solutions is too large to support them all at the base layer, but that the base layer should be scalable and complex enough to support as many layer-2 solutions as possible. Especially because layer-2 systems are permissionless, while innovating on the base layer is a political process.

>even if mining is a better distribution method, it means that the coin isn't able to go too high before it ends.
What do you mean by "isn't able to go too high before it ends"?

the value of PoW reward rises with the price. So if the issuance (inflation) in 2018 is 10% and the market cap is $100B, that means miners are going to spend close to $10B on mining (competition means low profit margins -> almost everything is spent). This makes a 10x higher price a near impossibility, as that would require ~$100B actually spent for energy and mining equipment.
However when mining ends the limit no longer exist. If most people hold the market cap can theoretically even go to $100T.

Yes, that is indeed the issue with currencies that use PoW for consensus as well as distribution - the mining can't reallt ever "end", because otherwise the crypto would be instantly useless and worth nothing. That's why I'm invested in an asset that only uses PoW for distribution, but lives rent-free on a PoS blockchain.
>different ID cuz phonefagging