What do you think about bitcoin?

[Girzo]

Yup, and in comparison to banks you also have to add the time wasted on educating people, online support on trading platforms, all the work of coders who work on the infrastructure, and resources spent on manufacturing mining devices and creating buildings to keep them in.

[outlandish]

5 minutes ago, Leo Gura said:

Why can't they make a BitCoin 2.0 that uses less energy?

They can, they are, and they already exist. There are many "bitcoin 2.0s" out right now that use less energy. People just don't hear about them as much because bitcoin gets so much hype. The hype started due to BTC being first to the game, and is amplified and extended due to willfull blindness on the part of people who have skin in the BTC game (miners, hodlers).. 

I'd love to shill my favourite projects on here, but crypto tribalism is just so ugly and annoying. I'll just bite my tongue and say there are multiple next generation crypto projects (2.0, 3.0..), so check it out.

[outlandish]

17 minutes ago, Girzo said:

Yup, and in comparison to banks you also have to add the time wasted on educating people, online support on trading platforms, all the work of coders who work on the infrastructure, and resources spent on manufacturing mining devices and creating buildings to keep them in.

Yeah we haven't even talked about all the electronic waste when these bitcoin miners have to upgrade their rigs to stay competitive.

[Leo Gura]

You could think of crypocurrency like the 1990's internet or pocket PDAs. It's still ugly and cludgy, but it's got a lot of potential if it's polished up and made presentable for average folk.

PDA >> iPhone

BitCoin >> ????

[integral]

@outlandish Bitcoin is a stored asset like gold, it doesnt need to do anything but look pretty and be accepted by the masses. 

Its gold 2.0. 

[integral]

@outlandish https://blog.coinbase.com/a-beginners-guide-to-decentralized-finance-defi-574c68ff43c4

What do you think of this use case? Might be of value?

[Tanz]

On 04/11/2020 at 10:35 PM, Average Investor said:

@Tanz It already can be instantly confirmed for small transactions faster than any visa. Each trans action has so many confirmations though. No one is going to not wait for a big transaction to be fully confirmed, but for a $6 cup of coffee no one is going to try to double spend. Look into second layer solutions. All the scaling stuff you mentioned has already been pretty much taken care of. It's only getting faster and cheaper as time goes on. 

I believe other cryptos have more potential and even after that someone will come up with better and better

 

[Average Investor]

@Tanz There already is ones that can do things better. Really depends how you define potential. It does it's current thing exceptionally well and secure. Crypto allows you to chose any network you want to be apart of. So it isn't like you need an ultimate winner to change how money works. 

[Deco Rim]

On 08.11.2020 at 1:31 PM, Tanz said:

I believe other cryptos have more potential and even after that someone will come up with better and better

 

It is not only about potential. A lot of Android phones were more functional than Iphone 5s but they were not sold like 5s at all and they were not discussed that much by mass media. BTC's power is in its community and also the fact that during its history (about 10 years) it has never been hacked despite the fact that the best hackers in the world are constantly trying to find some vulnerabilities in its technology, but to no avail.

I also think that despite the fact that it is a risky allocation it can theoretically bring the biggest profit. I guess it would be sensible to keep at least 5-10% of your portfolio in BTC. According to Elliott wave principle I am sure that BTC will renew its ATH soon. Now it has a strong correction thus it is high time to think about buying BTC, my opinion.