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11-09-2018, 13:32   #46
listermint
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One thing about Crypto ,everyones an expert.

And those that are holding are even more expert than the experts.



There is no such thing as pyramid schemes.


You 'norms' just dont understand it .










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11-09-2018, 13:40   #47
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Originally Posted by RIGOLO View Post
big time, from a technological standpoint crypto currencies in their current 'blockchain' format are doomed.
This is an excellent article from Nobel prize winning economist, Paul Krugman, about why he is so deeply sceptical about crypto currency.

https://www.nytimes.com/2018/07/31/o...o-skeptic.html

That’s from an economists point of view. The technical reasons why blockchain has almost no valid usecases has been covered by many eminent computer science and mathematics researchers. It’s a grotesquely inefficient and expensive technology that fails at almost everything its advocates proclaim it can do: decentralised, secure, scalable.

Here’s Vincent Cerf’s summary:

https://twitter.com/vgcerf/status/10...301081089?s=21
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11-09-2018, 13:44   #48
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How are they doomed, I'm interested to know how your writing off the whole blockchain model.
Im not writing off blockchain per se, Im just saying as a mechanism for currency its doomed to failure on many many levels. Just take one aspect of it, go deep and theres inherent issues and fundamental flaws.
Some other uses for blockchain are out there, some may work but not to the degree people think.
Just cos you can do something, doesnt mean it makes sense at the end of the day .


please noooo .. a Paul Krugman article .. now I know bitcoin is done, once that cretin gets involved in the discussion you know the horse has left the stable and is in the next county
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11-09-2018, 13:54   #49
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This is an excellent article from Nobel prize winning economist, Paul Krugman, about why he is so deeply sceptical about crypto currency.

https://www.nytimes.com/2018/07/31/o...o-skeptic.html

That’s from an economists point of view. The technical reasons why blockchain has almost no valid usecases has been covered by many eminent computer science and mathematics researchers. It’s a grotesquely inefficient and expensive technology that fails at almost everything its advocates proclaim it can do: decentralised, secure, scalable.

Here’s Vincent Cerf’s summary:

https://twitter.com/vgcerf/status/10...301081089?s=21
So pointy pointy click clicky. Nothing here to see as far as I'm concerned that economist got it wrong on trump and he will get it wrong on blockchain. It's an evolving technology and some of the coins e.g. siacoin are fully decentralised and secure.
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11-09-2018, 13:57   #50
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I don't agree that blockchain has no valid use cases. It's just become a running joke now in software circles that somehow the business-types heard about blockchain and ask their developers how this, "ground breaking new concept that changes everything" can be incorporated into their software and make billions. Without actually understanding what it is and how it works.

Software engineers being naturally inquisitive and experimental types will try and shoehorn it into things to see what will happen, but being experimental and proof-of-concept they only barely work.

The Vinton Cerf photo always makes me laugh though, because it sums it up nicely. If you don't know what blockchain is or what it does, you don't need it.
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11-09-2018, 14:33   #51
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What uses does blockchain have then apart from scamming rubes?
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11-09-2018, 14:36   #52
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What uses does blockchain have then apart from scamming rubes?
Data you want to be immutable. Financial records etc.
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11-09-2018, 14:37   #53
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Pyramid scheme from the get go. Zero sympathy for those suckers.
I am not specifically having a go at you here poster - but I do hate 'zero sympathy' posts on Boards.

Every thread where someone has made a mistake, got into trouble, lost their money or their job, there is always a couple of posters who immediately lash in with the 'zero sympathy for the fool' posts.

I don't know what the aim of these posts is but they always make me feel a bit unsettled.

Who can tell for sure that they themselves might not be the 'sucker' on one of these threads some time in the future.

Just a thought.
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11-09-2018, 14:40   #54
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I am not specifically having a go at you here poster - but I do hate 'zero sympathy' posts on Boards.

Every thread where someone has made a mistake, got into trouble, lost their money or their job, there is always a couple of posters who immediately lash in with the 'zero sympathy for the fool' posts.

I don't know what the aim of these posts is but they always make me feel a bit unsettled.

Who can tell for sure that they themselves might not be the 'sucker' on one of these threads some time in the future.

Just a thought.
I make zero apologies for holding no sympathy towards exploitative "victims" of get rich quick schemes.
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11-09-2018, 14:44   #55
Deusexmachina
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I make zero apologies for holding no sympathy towards exploitative "victims" of get rich quick schemes.
I have no sympathy for the instigators of such schemes, the people behind them. But I do feel sorry for some of the people who lost a lot of their savings in them.

There was a well respected local business woman in our community who was peddling 'Dascoin' to all her contacts in the community. Sold a lot of that stuff.

Anyway, I am sure some quite vulnerable people got screwed out of their savings.

I don't think there is anything to be gained by sneering at the victims.
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11-09-2018, 14:45   #56
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What uses does blockchain have then apart from scamming rubes?
There are several decent concepts being worked on, none of them ground breaking, but useful nonetheless.

The problem is assuming that they'll be huge. For example, if you have a closed system when you want to track changes through that system, and have an audit of those changes which cannot be faked or injected. Such as internal financial systems.

One of the most high-profile applications being mooted, and not in a pie-in-the-sky way, is for electronic voting. Blockchain may solve the e-voting problem whereby it's thus far never been possible to have an anonymous and auditable (and therefore secure) e-voting system.
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11-09-2018, 14:45   #57
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If you want to invest in these cryptocurrencies, you need to be prepared to lose everything. Ofc you might make a lot of money fast. I just think it is more likely that you lose it.
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11-09-2018, 14:49   #58
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I have no sympathy for the instigators of such schemes, the people behind them. But I do feel sorry for some of the people who lost a lot of their savings in them.

There was a well respected local business woman in our community who was peddling 'Dascoin' to all her contacts in the community. Sold a lot of that stuff.

Anyway, I am sure some quite vulnerable people got screwed out of their savings.

I don't think there is anything to be gained by sneering at the victims.
They're not the victims, the victims are the rest of us: citizens of the dying planet where a small minority of magic bean pickers use enough energy in a year to fuel one million transatlantic flights, thinking they're playing Gordon Gekko.
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11-09-2018, 14:52   #59
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If you want to invest in these cryptocurrencies, you need to be prepared to lose everything. Ofc you might make a lot of money fast. I just think it is more likely that you lose it.
I understand Lisa. It's just like gambling. The only problem is that often families suffer.
The 'zero sympathy' line is a bit simplistic.
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11-09-2018, 15:19   #60
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I don't look at it as gambling more crowd funding, or small scale VC (really small).
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