True, Bitcoin in it's current form is not sustainable.For anyone of an ecological bent (which hopefully most are nowadays) , Bitcoin uses more energy per annum than the whole of Argentina.
I call BS on fees.. I see 8-12% in a quick search... That will vary...The transaction fees are about $23 per transaction ATM (so send to 1$, you actually pay 24$).
Then there is the 'confirmation time' which is close to an hour now.
The network speed is limited to 7 transactions per second (worldwide).
Also, the energy consumption is massive; one transaction uses 740kWh. Enough to ride 2500miles in your Tesla.
Interesting technology for sure, but I'm betting on another coin ;-)
I've looked into "make believe money" a little bit. From what I can gather, it was invented by people who used to play dungeons and dragons. You would probably be ok putting your "real" money into it to make a quick "virtual" money purchase, but you must ask yourself, "why is this guitar not for sale with real money?"Anyone here ever buy guitars or music gear with cryptocurrency like Bitcoin, Dodgecoin, Ethereum, etc? I'm curious to hear about your experiences.
If you happen to know of guitar shops online that accept crypto, please post here so I can make a list.
By the way, you can use cryptocurrency and buy 1950's to early 1960's Gibson parts, amps and pedals here: https://www.mylespaul.com/threads/1950s-to-early-1960s-gibson-parts-from-my-own-personal-stash.451415/
I think there should be a level of understanding of basic functionality for anything to be accepted... Not nuts and bolts, but some level...Interesting post. I have been working in a blockchain company for 3 years now. The space is exploding because of the applications, crypto prices make the headlines but like many headlines there is no detail as to what is going on to actually cause it.
These applications are global in solutions and improvement in existing methods in many spaces.
People don't really need to understand it to use it, like electricity, the average joe on the street can't tell you in detail how the lights come on in a house or how a microwave works but it does and they all pay the bills monthly to use it.
The new era debit/credit cards are on the way, pay with any currency you want, as a seller, get whatever currency you want as paid. There is a reason many banks are getting into crypto.
Its a topic that requires research to understand at present. Most people just read headlines and form an opinion without detailed research. It's a new class of asset and has revolutionary/evolutionary applications.
Still in infancy stage, it will become more accepted as time goes on. I know many people who refuse to use or own a computer, cell phone. I still am friends with these people but not taking advice from them on financial matters or much else. My mind is open and I research everything, including guitars Everyone has an opinion good luck out there YMMV
No more make believe than many countries' money. We are not on a gold standard, haven't been for a looooong time. Simply a promise... Just like many other countries. Nothing tangible backing it. What is a Diet Coke in Venezuela now, one or two wheel barrows of money?I've looked into "make believe money" a little bit. From what I can gather, it was invented by people who used to play dungeons and dragons. You would probably be ok putting your "real" money into it to make a quick "virtual" money purchase, but you must ask yourself, "why is this guitar not for sale with real money?"
If I'm not mistaken, the feds sold off his all of his Bitcoins, worth about $600 million dollars at the time, for around $48 million dollars, or something like that. Now there's a Bitcoin investment for you!.... if you don't believe it, just ask Ross Ulbricth, the guy who started and sold drugs on Silk Road- you can find his current address in the Frederal Prisoner Registry- no rush, he's not going anywhere anytime soon. He's serving five sentences concurrently, including 2 life sentences without the possibility of parole. The Feds also seized over $1 billion in Bitcoin from Ulbricth.
There are other crypto currencies out there that are trying to resolve some of Bitcoin's shortcomings.
I think you overlooked the most important part of this issue, being that Bitcoin is attractive to people engaged in criminal activity because it's far more difficult to trace and requires far more resources to track and prosecute, and law enforcement resources limit them to be used for the most egregious offenses. It would be rare to show up to buy an expensive painting with a couple of suitcase of cash, it raises the eyebrows of legitimate dealers and leaves a trail that's easily traces with warrants at it's source and destination, leading to further investigation, which might be for money laundering, tax evasion, or other criminal activity. Paying with Bitcoin circumvents these up to the point when it rises to the level where federal resources can be justified, because state and local governments generally just don't have the budget for such things.Bitcoin is the verification of blockchain, any item of value can be used for illegal activities/money laundering...fine art sales is a method to move illegal sums, buy drugs from your local pusher - they take U.S. dollars not BTC nothing provides for more criminal activity than hard U.S. Currency
With regard to the transfer of US dollars to Iran, and governments being Ponzi schemes... can we please agree not to bring politics into this discussion?- remember the IRAN billion dollar payments, was not in bitcoin, they didn't use that money to help their people. Any asset of value is a currency and can be used for illicit activity.
Governments by definition are Ponzi schemes....the ability that blockchain provides in multiple recorded ledger entries and the ability to send an original data file rather than a copy is the catalyst that started the crypto era.
Unfortunate? Not in my book, it's an opportunity! ...to learn about something new!Again unfortunate that it is a whole new world to understand, just like computers and cell phones, many people just don't understand and don't have the time, many just read headlines , form an opinion and move on, when asked about it they don't research it, they just ask others to explain it, so that they can reaffirm their original opinion.
I had one of those lunchbox-sized ones from Mototola with a telephone handset and a 2 foot whip antenna.... wish I still had it- I'd rip the guts out and interface an iPhone inside the empty shell! An iPhone would run for 6 months on the huge battery that came with that Motorola.Back when I had a cell phone in the 80's I was confronted with the same kind of ridicule and now many understand the benefits of cell phones, my guess is that these people did not reap the investment returns that were available in that new space at the time. Such as this new tech.
The info is out there if you have the time to research it, if you really want to understand what is going on.
Others just want to play guitar and I'm good with that too! YMMV.
I applaud these people! It's because of people who are willing to stand in long lines for a cashier that there are paying jobs available as a cashier.Case in point: Some folks with one item in their hand will stay in line for thirty minutes at Wally World for a cashier, just to keep from going near a self-checkout....afraid of it. If the Do-Nuttins would explain basically how it works as they show folks how to scan, bag, and pay, over time less and less folks would need any help and more and more would use it. Move folks in/out faster.
The issue is, in order for it to be "stablized", it will have to be heavily regulated - bad news for those who believe that crypto is a good way to circumvent the gov/feds.I applaud these people! It's because of people who are willing to stand in long lines for a cashier that there are paying jobs available as a cashier.
In reality, technology takes away jobs, and it makes people lazy, not using their brains as much as people use to. Think about it? Today, people use technology to create things for whatever reason, and to do it faster with less effort. People of the ancient world, while they did not have technology or modern tools we have today, built pyramids and coliseums. They were forced to use their brains and figure out things on their own without the help of a computer.
You may say, "Wait a minute! We have people today building skyscrapers and stadiums!" I would say, "Your right, but let's see if they are still standing in 2000 to 4000 years..."
These people were far smarter because of it, and far smarter than what a lot of people today believe they were. After all, it is from the ancient word thinkers that gave modern technology it's birth.
While I love technology, I will always do math in my head to keep my brain sharp. I will also wait in a long lines to pay as long as it supports a job for another person. Especially if there is a nice hottie waiting at the end to give me a smile and take my money
As far as cryptocurrency is concerned, I'm sure one day it will be a 'thing' and will rule the day with internet purchases. Now might even be a great time for investing in it? But I think I'll wait for it to stabilize more before I think too much about it. Even then, if there is nothing of intangible value that it is based on, how could you ever really trust it, or know who is in control of it? So until then, I'll just listen to William Devane and buy gold!
Kind of envious to be honest. I find this new industry exciting in the sense of possibilities. As everything internet was, the potential is even greater for block chain in general.Last comment here for me as I'm working, it's good to see the crypto debate in a forum like this. I work in the space and hoped my comments could be helpful but as with most comments there items taken not as intended and folks are just looking to justify their own opinions, minds are closed and mine is too to some degree, I really only like Gibson Les Paul guitars and why I am here on the forum.
Have fun everyone and do what you like and like what you do! Live and let live. YMMV
On the large-scale (business-business), I agree. But, on the consumer level - too much involved.Kind of envious to be honest. I find this new industry exciting in the sense of possibilities. As everything internet was, the potential is even greater for block chain in general.
Not exactly true but it is a common talking point for anti-crypto folks these days.For anyone of an ecological bent (which hopefully most are nowadays) , Bitcoin uses more energy per annum than the whole of Argentina.