Bitcoin - Part 2

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Crypto "More Centralized Than North Korea"

Crypto Is More Centralized Than North Korea, Says ‘Dr. Doom’ Economist Roubini
"Decentralization in crypto is a myth. It is a system more centralized than North Korea: miners are centralized, exchanges are centralized, developers are centralized dictators (Buterin is "dictator for life" ) & the Gini inequality coefficient of bitcoin is worse than North Korea."

"Crypto beats Kim Jong-un in regards to centralization and inequality."

In May of this year, Roubini called BTC a "gigantic speculative bubble" that "feeds on itself,"... Back in November 2017, he predicted that Bitcoin would "find its end" as more countries establish stricter regulation
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Just because he 'allegedly' predicted the 2008 Financial crisis doesn't mean squat. We all know it was just a lucky guess.

But the centralization issue is troubling. Venezuela has just developed its own cryptocurrency, the Petro. Which centralized dictatorship will be next - Turkey? Iran? North Korea? This isn't what crypto was meant to be!
 
In August, speaking as a panelist at BlockShow Americas, Roubini attacked blockchain technology, saying that fintech had "zero" to do with blockchain or crypto, arguing that people were doing just fine with traditional, fiat digital payment systems.
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Just another so called professional who feels threatened by this new fangled technology.
 
How to Profit from Cryptos

North Korean Hacking Group Lazerus Stole $571 Million in Cryptos:
North Korea's infamous hacking group, dubbed Lazarus, has managed to steal over half a billion dollars in cryptocurrencies, a report indicates...

More generally, Group-IB also indicates that $882 million in cryptocurrency was stolen from exchanges in total from 2017 to 2018, according to a summary of the report obtained by the tech news source.

The security provider said the number of attacks targeting crypto exchanges is likely to rise further, with hackers of more traditional financial institutions such as banks being drawn to the space seeking big gains.
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So much for 'blockchain ensures security by being decentralized'!
 
Roger Ramjets said:
North Korean Hacking Group Lazerus Stole $571 Million in Cryptos:So much for 'blockchain ensures security by being decentralized'!
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See, that's why you listen to computer experts, not BTC advocates.

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Gentlemen:

Bitcoin is hacking a track through the jungle.

To zero, I love it, everything I did in life was somehow not relying on a ponzi scheme like bitcoin.
 
Wish I got into bitcoins before the price soarded.
Then again, maybe they are too unstable as a serious currency.
 
Samson said:
Gentlemen:

Bitcoin is hacking a track through the jungle.

To zero, I love it, everything I did in life was somehow not relying on a ponzi scheme like bitcoin.
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Actually the price has been relatively steady for the last 6 weeks or so.

When is it scheduled to reach "penny dreadful" status this time?
 
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Belz... said:
Oh, blockchain and BTC are unrelated, are they?
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No, BTC and what you posted about (electronic voting) are different topics. So now you are just creating a strawman.

FYI the theme of the electronic voting thread was that blockchain doesn't overcome the security concerns of electronic voting - or blockchain is evil - or something.
 
psionl0 said:
I bow to your superior imagination.
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Ok, I see this is going to require small words. Try to bear with me:

Bitcoin uses blockchain.

The XKCD cartoon talks about blockchain in electronic voting as being a terrible idea because it's a terrible idea to begin with.

Ergo (oh, maybe that's too big a word)... therefore, it's pretty terrible an idea for Bitcoin, too.


Was that easier?
 
Belz... said:
The XKCD cartoon talks about blockchain in electronic voting as being a terrible idea because it's a terrible idea to begin with.
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The last panel says "Whatever they sold you" (blockchain or anything else electronic) "bury it" (electronic voting). That is why the cartoon belongs in the electronic voting thread.

Belz... said:
... therefore, it's pretty terrible an idea for Bitcoin, too.
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That's where your imagination comes in. Bitcoin and electronic voting are two completely different (potential) applications of blockchain technology. The success in one application has nothing to do with the success in the other.
 
psionl0 said:
The last panel says "Whatever they sold you" (blockchain or anything else electronic) "bury it" (electronic voting). That is why the cartoon belongs in the electronic voting thread.


That's where your imagination comes in. Bitcoin and electronic voting are two completely different (potential) applications of blockchain technology. The success in one application has nothing to do with the success in the other.
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Blockchain requires logarithmic expansion of storage.
Is this sensible?
Maybe, all books ever written can be coded on a square cm of copper sheet. (check)
 
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