I know most of you are new. I'm coming to terms with the 'old Jow Forumsfags and Jow Forumsraelis' having already left the building.
This market will not always deliver when you want it to. It is a bubble right now.
You have lived through a substantial portion of it's runoff and deflation, even if (as I suspect) you bought around December and January. There are no other bubbles in history that can really come close to crypto because technology is different than other assets. The DotCom bubble is the only comparable bubble. I emplore you to take a look at it, and to take a look at it's first ATH, look at it's market cap at that point, and look at where it is today.
I want to appeal a little differently now. The DotCom bubble today has given us the ability to communicate with people around the world for free (something you ALL take for granted), instantly find verified and certified information at anytime, on anything, for free (It destroyed the Encyclopedia Britanica, a previously multi thousand dollar publication that had over 30 volumes). We can play video games against people halfway around the world for free, and create virtual workspaces and offices that exist solely on the internet for free.
The only thing we can't do for free is send money.
The point is to replace the banks, not have them develop blockchain. Good point, it's just a little off what we're talking about here.
Austin Smith
>The only thing we can't do for free is send money.
I can do it for free in Europe, it just takes 1-2 days. BTC can do it faster, but it is not free. Median transaction time equals about $0.50. Which makes it unusable for being a "Peer-to-Peer Electronic Cash System".
No we're just going to have crypto banks. There's nothing wrong with that either, banks exist because they provide a valuable service to society. Good luck making the money they do on something that is truly worthless.
Hudson Bell
Your whole dream burst at that point when in future banks and govs will create their own blockchains as they get the top engineers and professionals into their team, therefore it will kill all these fucking shit coins, literally everyone, expect BTC and XMR maybe.
Gavin Collins
>internal blockchains how about incentives for decentralization?
Chase Sanchez
>summarizes what first user responded: "The point is to replace the banks, not have them develop blockchain."
interesting, just not what THIS THREAD should be about.
Juan Lee
public blockchains are needed, otherwise trust issues are still a thing
This is the absolute state of Jow Forums literally kids are starting coins and the garbage cleaner has crypto.
The early adopters are the 2007 guys and 2018 are only the biggest bag holders in crypto history.
David Turner
Yes large companies and governments are always at the forefront of emerging tech. Innovators love working in hierarchies and attending 8 hour meetings where some middle manager struggles to understand basic concepts.
Must be nice to be this complacent.
Leo James
Blockchain can be used for way more than just a store of value. If you truly think government & banks implementing their own chains will kill 'all altcoins' you're technologically and economically illiterate.
>Blockchain can be used for way more than just a store of value
Blockchains cannot store value, just look at the volatility of the shitcoins on it, ffs. STOP TALKING AS IF YOU WOULD UNDERSTAND ECONOMICS OR FINANCE! REEEEEEEEEEEEEEE
I’ve posted this exact post like 5 times and got nothing but bm’ed. Kudos to you user
Adam Bailey
" " " "really makes me " " "really makes me " "really makes me "really makes me think " think " " think " " " think " " " "
Brandon Phillips
I used Tether to move 100Milly USD before.
Liam Price
Syscoin decentralized marketplace is also something unique made possible by blockchain. Fact is that privacy money is not necesarry at all, nobody needs that. Theres plenty of groundbreaking usecases for blockchain. Private money isnt one of them.
Landon Cooper
What you fail to understand, this is not the same anarchic environment that crypto is geared towards by its nature. When running a node in crypto, you have nothing to do with random drug dealers and pedophiles that might be using it, so you need a strong incentive. The system also needs extreme decentralization because every node is essentially anonymous and unknown. In an institutional setting, everyone knows who they interact with, everyone can see who is who, and the possibility of hijacking the whole network is simply unrealistic. As long as there is no centralized point of failure, interbank and cross-institution distributed ledgers are going to work just fine without the need for publicity.
Joseph Miller
I am familiar with the first documentary. There is an important point raised, which is that the speed of acceleration in the DotCom bubble, including the reason it was able to reach up to a 10 Trillion mcap, was due to the new technologies that allowed money to move faster and cheaper than before.
Liam Carter
Who did you transport money for?
Anthony Ortiz
Not if you live in uk, work in Eurostan, and get paid in euros. You have to accept (((their))) shitty exchange rate, and then pay a transaction fee. This is the exact reason why crypto will solve traditional financial problems.
user, i'm very glad that you called them 'problems', because very few people that I know call fees, wait times, and exchange rates "problems".
It would not be a mistake to bank on a future that did away with all that. Just don't count on Bay Street/Wall Street/The City's support.
Jaxson Cox
I just soiled myself lads oh man it smells real bad too
Henry King
That problem will be solved by interbank distributed ledgers in the upcoming years. So yeah, the underlying engine of crypto will solve these problems, but not crypto per se.
Parker Taylor
early adopters, in there before it was invented
Juan Martin
Honest question, what would be the point of an internal blockchain that can't already be done with existing technology?
Andrew Ortiz
>Honest question, what would be the point of an internal blockchain that can't already be done with existing technology?
Nothing. All of this was about monopoly money.
Elijah Lewis
by percentile, early adopter phase is over, although not until 2016/2017.
When the dust has settled on this, Bitcoin will still have been profitable, and that's all that's going to matter. Anyone who bought in prior to the floor of this (honestly very modest shedding) will have purchased at profit max of many early adopters. The cycle repeats gentlemen.
Jayden Diaz
What about a decentralized oracle?
Andrew Morris
Public blockchains are controlled by unknown entities from countries like China, you typically have to pay node operators for processing transactions and smart contracts, and public networks are almost certainly used by money launders (as well as the fact that any of the coins and utility tokens can be converted anonymously). In other words, an internal ledger suits their need more than enough.
Chase Edwards
The graph seems a bit off if you take inflation into account.
William Howard
Absolutely nothing. An "internal blockchain" is just called a ACID-compliant database, and we've had those for decades.
The whole point of a distributed blockchain is that people can essentially write to a global database in a way that doesn't require trust. If the system is internal to a company or agency, trust is implied.
Andrew Campbell
What kind of retarded image is that? >DotCom bubble popped at 10 trillion therefore Crypto is going to 10 trillion
Brody Howard
That was not the point at all. You are a moron.
Adam Howard
I didn't say "internal to a company". I said internal to an industry or a group of organizations. It makes sense simply because you won't have to pay to shady node operators from China (but not only because of that)
Landon Turner
thats hyperbole lol. are you really taking things that literally?
Ian Harris
There is an important point raised, which is that the speed of acceleration in the crypto bubble, including the reason it was able to reach up to a 20 Trillion mcap, was due to the REQ technologies that allowed money to move faster and cheaper than before.
REQ doesn't solve anything at all because it doesn't solve the money laundering problem. Any crypto token can be anonymously converted for laundered or drug money in both directions, this is not a rocket science. Go figure why all fiat exchanges are so fussy over KYC.
Hardware is inexpensive, not really an issue
Grayson Morales
An internal blockchain is a shared ledger that niggers like you don't have access to
John Fisher
So... a database? Nigger.
Christopher Rogers
Just because you don't have access to it, it can't be decentralized? And I already replied to you, dumb faggot
Xavier Campbell
right where I am today anonymous.
Ask me in 2020.
Eli Walker
>REQ doesn't solve anything at all no its just the next step into Triple-Entry Accounting, money conversion and paperless invoices/remote auditing.
also >literally killing paypal because 7% fee can't compete with 0.7% fee
You're talking about an emerging industry with limited liquidity dumbfuck. Of course it's gonna be volatile for now. You didn't see me taking some emerging economies' currencies as an example against all government backed currencies did you? You sounded like a college freshman. Gtfo with your half-ass understanding of blockchain & economics.
And don't breed.
Blake Ramirez
You see, REQ relies on its ERC20 token. Did you know that any token can be anonymously exchanged for, say, Monero, and vice versa?
Lincoln Jenkins
>Ask me in 2020. Sure, but your thread-pic says we are still mooning just because of the market cap
Nicholas Hernandez
> Bob in accounting has access to it > Stacey in sales also has access to it > Therefore, D E C E N T R A L I Z E D
you don't bring arguments besides full retard ones, now go be poor somewhere else.
Christian Gutierrez
>INTERBANK >CROSS-ORGANIZATIONAL >Understand what I mean?
Yeah I get it. I'm just being a dick.
That sounds pretty cool desu.
James Taylor
>The graph seems a bit off if you take inflation into account. nice observation
Cooper Long
that's two words you fucking retard, opinion dismissed.
Jace Anderson
Do you know why we didn't collapse on Monday?
You haven't lost faith yet user. Maybe you did not lose a house, or college tuition for your children. Maybe 2007 did not do to you what it did to many. If it is not ignorance, it's because you were too young, but please never forget why we have all this crypto stuff.
Isaiah Cook
Kek
Andrew Morgan
Then go and prove me wrong. Any utility token by default is part of the anonymous crypto ecosystem. It can be freely and anonymously exchanged for any other coin. Anti-money-laundering regulations are the reason why financial institutions don't integrate crypto and why in order to buy crypto for fiat, you're required to verify you identity. Whether your token is more convenient than the rest doesn't play a role.
Gabriel Foster
Then prove me wrong. Your co-brainlets ITT were unsuccessful by far.
Blake Baker
>It can be freely and anonymously exchanged for any other coin. so what?
Nolan Garcia
It means it's a potential avenue for money laundering. When a financial institution redeems a crypto token for fiat, the origin of the money cannot be traced, it can be some drug or stolen money. That's why they're very reluctant to deal with crypto. Anti-money-laundering regulations are extremely tough in the West.
Bentley Miller
>They cost money to maintain. It's cheaper to use general purpose blockchains, even for private companies
Not really. A centralised database cluster is a lot more maintainable and has lower storage and running costs and is faster. Aside from the fact that software that utilises SQL servers is widely available and so such software exists for blockchains. Just due to the number of write commits blockchains have to be slower. Sorry.I don't think you have every worked in enterprise IT where shit actually has to work and you are not pricking around. Internal blockchains add no value, are slower and more expensive to run than database clusters. They are literally useless. Public blockchain are not, smartcontracts are not but private blockchains are fucking garbage.
Jaxson Thomas
>why they're very reluctant to deal with crypto
They are reluctant to deal with crypto because it has too volatile an exchange rate.
Chase Lopez
there are parts of every program that won't scale by 'throwing more hardware' at it.
Jose Jenkins
so what? in the end the person has to show proof where he got the money. no proof from you = buttfucking by Feds incoming
>That's why they're very reluctant to deal with crypto. thats wrong, they are reluctant because its not yet clearly defined which crypto is a security and which one is a utility. however these are the questions getting solved soon enough as literally every country that matters is absolutely bullish on crypto as a whole.
The current state of the stock markets, bond markets and government debt does not make a case for crypto. They can be fucking garbage and in a bubble to you know. If the USD fluctuated as widely as BTC or ETH it would have limited use as a currency too. The fact that drug dealers use BTC and ransomware are forced to use it on the perception it is anonymous when it is not really just shows you how well regulated conventional payment systems are and that drug dealers are forced to use something else, not that BTC is in its own right superior, its not as anyone why went to launder their BTC into fiat or physical at the market peak discovered. BTC was inferior in transaction feels and it was so volatile that even buying a brick of gold involved constant communication with the seller..
Grayson Lopez
Your post completely misses the point. We're not talking about single-use blockchains, which are indeed pointless. Read . You're wrong.
That also holds true, but in a different perspective
Landon Jenkins
>Your post completely misses the point. We're not talking about single-use blockchains, which are indeed pointless. Read
Note I said clusters. Database clusters. If you have woked on such systems you will know at every level there is multiple redundancy. Further they facilitate disk reads an writes via fibre channel. Database and data are all about fast reads and writes. Your solution to create a private blockchain is not even in the races in performance and you cannot concentrate your best technology under it, as it is by nature distributed. Further network failures, cutting of branch offices or routing loops or whatever the fuck will still result in two subnets with wildly out of synch blockchains. Internal blockchains are a shit solution to a problem no one has.
Brody Flores
you know how everyone can tell that youre a newfag larping brainlet? youre too fucking lazy or stupid (or both) to even google when cryptocurrencies were invented. now fuck off, kid.
Julian Smith
>in the end the person has to show proof where he got the money. Easier said than done. The mere fact that it can happen is already a huge risk for fiat institutions. Money laundering is the biggest controversy around crypto, and there is no easy work-around.
>they are reluctant because its not yet clearly defined which crypto is a security and which one is a utility The point is, crypto as a security and crypto as a utility is nothing but legal yada-yada, because they're essentially the same. In the end it boils down to the lowest common denominator. Which means, if some crypto can be used for bad things, then every crypto can, because they're all part of the same ecosystem.
Isaiah Stewart
The distributed ledger provides objective benefits over database clusters, the very same benefits that we have in crypto. Except that you can limit your ledger to a limited number of known, verified participants.
>Further network failures, cutting of branch offices or routing loops or whatever the fuck will still result in two subnets with wildly out of synch blockchains. Not really. If a node is out of sync, it's out of sync and can't fork itself. There's always protection against such things like forking, I don't see it as too much of an issue.
>Internal blockchains are a shit solution to a problem no one has. Like interbank transfers?
The Dot Com Bubble was limited to the USA, not to the whole world like crypto, right?
Andrew Jackson
One more note on speed: notice that banks show an interest in fast DLT like Ripple, which means that the disk IO concerns obviously have a solution
Nathan Edwards
The internet isnt free, both in money and politically
Bentley Davis
sry op i really do think it is over. the speculation boom is done. the next boom will be the implementation of blockchain tech. it will be performance based. we almost hit 1 trillion which is a lot seeing the world economy is in the shithole, the us dollar is shaky, and foreign affairs are all time tension. it is over.
Ryder Peterson
>Easier said than done. oh Mr smart figured out a way to launder significant amounts of money through crypto. why don't you go ahead and do it then? oh right you know they will get you and throw you into some buttfuck supermax while locking your funds.
>The mere fact that it can happen is already a huge risk for fiat institutions. you don't even need crypto to launder illegal money you brainlet, its even better to do it without because crypto leaves too much of a trail.
>Money laundering is the biggest controversy around crypto for retarded brainlets maybe who missed the point. but yea really smart move to have all your illegal transactions on a public ledger.
>and there is no easy work-around crypto itself is the work around, in a pure crypto focused society it would be impossible to launder any kind of money without leaving evidence in some way, from then on its a matter of time until they have the puzzle together.
>is nothing but legal yada-yada no brainlet the legal framework is actually very very important otherwise the wallstreet money can't enter.
>because they're essentially the same. lol brainlet
>if something can be used for bad things, then everything can because this has stopped anything in history EVER
you're wrong because the internet is a more revolutionary technology than cryptocurrency. When companies realized the potential internet can have on business they were starting shit companies with a website and 3 employees and getting valued at tens of millions. This is because the internet does have an extreme impact on business the likes of which was never seen before, companies just jumped into it too early at the dot com bubble and failed to focus on building real businesses. Crypto is a smaller bubble in comparison because the technology is not as revolutionary.
Chase Thompson
also the internet didnt just allow us to communicate "for free", it completely changed how/why/when/ we can communicate and literally changed the lives of hundreds of millions of people. Comparing the internet to crypto is retarded. The internet is 100x the invention and still produced a bubble
>you don't even need crypto to launder illegal money you brainlet, its even better to do it without because crypto leaves too much of a trail. >for retarded brainlets maybe who missed the point. but yea really smart move to have all your illegal transactions on a public ledger. How long have you been in crypto? Since December? There's a shit ton of ways to anonymize your funds: bitcoin and ethereum mixers, Monero/Dash, using offshore exchanges etc. It's very easy.
>no brainlet the legal framework is actually very very important otherwise the wallstreet money can't enter. Can you disprove the fact that in practice no token is really different from bitcoin and monero because they can be converted one to another and passed through a bunch of mixers?
Jose Cox
I don't doubt it can go much higher, but comparing blockchains to the internet is ridiculous. The internet is far more significant than blockchains ever will be.
Ian Russell
Should we be able to send money for "free" I don't think the Internet of money should be completely feeless maybe instant but not feeless. Vitalik agrees as well from that YouTube video. It's just economics. Now this fee can be cheap like .5 REQ or something but still needs to be a fee.
>Because it's already been done without me? and you think there is no investigation running? you think interpol, feds etc. sit around and do nothing? lol okay, tell that to the silk road dude who gets fucked by niggers in his ass everyday.
>There's a shit ton of ways to anonymize your funds so what can you buy that does not raise questions by local authorities?
>How long have you been in crypto? since 2010
>Can you disprove the fact that in practice no token is really different from bitcoin and monero because they can be converted one to another and passed through a bunch of mixers? why is this a problem?
Ian Brown
You're a fucking brainlet. Look at those banks. >1000's of employees. >Huge buildings.
