There goes my hero
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the absolute state of /biz this morning
why do I feel like BTC will pump again today?
I only watched about 10 minutes, but it seems like Valkenburgh did a good job explaining things.
When Roubini mentions that mining is concentrated, isn't it the case that the majority of the top block producers are pools and aren't singular entities? Meaning that saying it is centralized in disingenuous since any sort of abuse that could arise from concentration would require all the pool members to essentially be willing to commit network suicide for the potential of relatively small benefit? All such attacks are only valuable if you wish to destroy the network, which is completely counter to what miners would want, so why would miners be complicit in this instead of just jumping to another pool?
It was pretty disappointing to have someone of his standing present in such poor faith with so much misrepresentation. At least Van Valkenburgh corrected him a few times.
Keep feeling because thats all you’ll get
Yeah you are right kinda - but what he wants everyone acknowledges is that people shouldnt trust china as a whole where all this miners are located. Americans are always paranoid what china or russia is doing to harm them. I dont know maybe they fear that BTC goes up in value, gets mainstream adoption and all this guys milk westerners and then they collaps the whole network in a plot of all miners and destroy all crypto/bitcoin businesses and their jobs in the world
Thanks, OP, will give it a look. Valkeburgh is based.
So far Crapo sounds like a fucking dumbass.
kek, is that really Mr. Brown's real voice? He sounds almost as comedic as Pat Mahomes.
lmao roubini, is this guy serious?
Crapo can't even pronounce Valkenburgher right. This is a guy who has sway? Fuck.
He even made me type it incorrectly. Valkenburgh.
Valkenburgh has huge lapels.
True, crypto is funny in a way that unless you actually understand how it works the whole thing is going to seem stupid to you. This is why crypto at it's current form will never get any actual adoption. It takes way too much research for the average normie to understand how it works, no one will take the time to do that shit. It has to offer something else of value to these people. The price increase will obviously pull people in even if they don't understand the tech but the problem is the price always comes down again. It has to offer some other benefits, like it has to be easier to use than a bank for example. None of the bitcoin developers seem to understand this. I can promise you most people will hit a wall when they have to download a wallet. Guaranteed. Everything should just work from just your browser as this is the interface most people are already comfortable with. The autistic bitcoin (and almost every other coin too) developers just aren't smart enough to realize the importance of usability to pay enough attention to it. It's almost an ego stroking contest to make everything as hard to use as possible which is fucking retarded of course if you actually want some adoption. The only coin I've seen that is kind of normie friendly is Nimiq but even then it's kind of a pain to buy it in the first place from some weird exchange.
youtu.be
>blackch--- blockchain
>black--- bleckchain
she sure gets blacked regularly
Why are nocoiners so mad all the time
Thats not right, security is more important than useability, and hving it in the browser will fuck up security too bad. the only solution for genpop is to trust centralized providers to hold their crypto for them. There needs to be alot more work done before such a central provider can be decentralized. The age of the NEETs ican be seen on the horizon, but it is still far away.
>the only solution for genpop is to trust centralized providers to hold their crypto for them.
i'm actually trying to kickstart a bitcoin bank.
the basis would be that the user holds one private key the bank holds an other private key and there is a shared key that is encrypted strong enough that it takes serious doing to solve it but not impossible. this backup key goes on a paper wallet, and stored in a safe deposit box or a safe at the clients home whichever he chooses.
since the multisig wallets holding the funds would be 2 of 3 scheme the bank will sign transactions if the user requests it via either 2fa online or face to face in an office.
this way the bank can not spend the funds alone under any circumstances, the client is protected from hacks and break-ins and with the shared key there is a way for inheritors take control of the funds via legal procedure once the death of the client's demise is official. so it protects from a lot of things.
i don't see how decentralized service could improve on this one. you certainly can't request only in person face to face authorization that way.
Roubini's whole argument sounds like Bitfinex'ed. Bitfinex'ed is definitely on somebodies payroll to troll with this garbage
he makes valid points but remains willfully ignorant about the work done and potential for any improvement. it's like listening to a fucking parrot.
I ain't watching that shit nigga
No one likes being threatened by something they don't understand, especially when it threaten their livelihood
Did a bitcoin kill rubini's entire family? Why is he so butthurt over this? He says over and over again that bitcoin has insurmountable problems and will never work. If thats the case, why worry? It will collapse on its own according to him. Why write a 4 page document trying to kill bitcoin if bitcoin will kill itself?
I may be a brainlet but this sounds smart
indeed. it seems like he is insulted to the bone by the notion that crypto could improve on financial services or the monetary system.
>people want to walk into a bank and meet face to face to send money
or maybe just get a hardware wallet
yeah it's easy enough to implement, it's provably fair and secure (assuming the infosec of said bank is strong enough and security protocols are religiously followed) it, but the legality is a serious problem. in my country if you want to create a financial service that "takes money from the public for custody" which this arguably may or may not does, you need a fuckton of capital and tons of audits and regulations and other legal shit.
which means i can't start small and local. even tho this is a service that will be in demand a few years in the future and it's technically not even a decent challenge.
up to the client, there are benefits to both i think hardware wallets being more exposed and not solving legal inheritance, but if you choose 2fa then online banking provides the same experience people are accustomed to.
thats basically coinbase. You just described coinbase.
and of course the bank would be your ln node and or online wallet provider if you wish also. buying and selling crypto is a possibility too. you get all your crypto needs taken care of by a single provider locally available, yeah i think some people would like that very much. don't have to be all.
yeah and no there would be similarities but coinbase is more like paypal compared to your comfy local bank branch.
this makes sense from a consumer standpoint but not a bank. The whole business of being a bank is you get to loan out money you dont have without any consequences (unless the economy crashes and everyone tries to withdraw at once)
This. He has followed bitcoin for years and probably didn't buy any so now his only option is to FUD it as much as possible. Why else would he HATE on it so much? His worst nightmare is $1 mil bitcoin.
At least the senators themselves seemed pretty neutral/unbiased.
What would happen if Bitmain facilities were bombed?
probably decentralized expert systems instantiated with multiple redundant biometrics operating on behalf of the user. Lots of people rotting away on this board who would otherwise participate in running the infrastructure for such a system. A big part of the benefit of decentralization is more efficient distribution of labor.