Doge In My Pockets says "The rising argument against cryptos goes something like "cryptocurrencies are worthless but the blockchain is good. How would you respond to this?"
My Response to "Bitcoin is Bad, Blockchain is Good"
7 years ago by louisthomas (75)
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haha, ya.. it's like "blockchain is good tho" is the politically correct thing people say. I'm pretty sure most people who say it don't actually even know what a blockchain is or why they think it's good. They just have heard other people say it and recognize that there's probably a real something going on here, and "cryptos bad // blockchain good tho" is like a safe way to cover all bases in their mind.
But of course it actually makes no sense to try to separate the two :)
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Sure you can have a blockchain without a concensus proof of work algorithm supported by a crypto currency, as Andreas Antonopoulos put it, that is called a database. The Bitcoin blockchain only obtains its value because of the tremendous amount of computing power that secures it, without this it is nothing special at all. And the reward for continuing to secure this network is Bitcoin the currency, which without it would give no incentive for miners to do their thing.
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There's the upper class that does no work and collects all the taxes.
There's the middle class that does all the work and pays all the taxes.
And there's the lower class, that's just there to scare the crap out of the middle class.
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Congratulations, your post received one of the top 10 most powerful upvotes in the last 12 hours. You received an upvote from @thejohalfiles valued at 133.08 SBD, based on the pending payout at the time the data was extracted.
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i hate when i hear that
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Bitshares decentralized exchange is the future!
https://bitshares.org/
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cryptocurrencies are worthless but the blockchain is good not bad coinbage
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Even a doggo knows Bcash is not as good as Monero :D
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yet I never heard of it, or saw it in top 10....
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Because it is still in the early phase of the coin distribution.
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Cool. Thats against my checklist :D
I only consider some new project to be suporior to an old one, once it get few years of unhacked, stable, buggless price increases.
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Mahatma Gandhi
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Yea. Hope it gets to the "fight" point.
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I believe so. I mean, they are doing something which no one else is doing in the crypto space--the creation and/or partnership of a physical fiat denominated bank.
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This "blockchain is good, bitcoin is bad" argument, is so pervassive. I see it daily on all my reviews of mainstream media says about crypto.
This suggestions is proliferated, as I see it, through the mainstream media by "expert" economists who value traditional economic systems and have a stake in seeing that those existing systems continue their dominance. It is easy to see how an experienced hedge fund manager who is making his clients 8% annually would feel defensive about Bitcoin's performance. Add to that the difficulty in comprehending a new technology, so I understand why some of these guys/girls just never try to understand Bitcoin or blockchain.
Instead they simply dismiss it, and allege Bitcoin is a bubble, it is a ponzi, it has no use or value. Without ever reviewing, using, or taking the time to understand how it works and what value and function it serves now, and how that might expand in the future.
In 2018 people are going to start getting it. It's not going to end right away, but in 2018 people's lives will start changing from the wide spread adoption of crypto, including Bitcoin, but certainly others.
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The problems starts when the fat lady sings. Then you'll want to watch she doesn't fall on you.
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Great explanation! Crypto AND blockchain are the future.
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What is a blockchain?
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People at my work never even heard of bitcoin. Crazy they don't know its going to take over the world with the rest of the cryptocurrency.
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Hey Thomas! As Andreas Antonopoulos said some years back, there was no way to invest in internet technology that was the revolution. The same way one cannot invest in blockchain without investing in cryptos. Cryptocurrencies are the blockchain, and bitcoins the king of cryptos with a dominance of 54.8%.
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@louisthomas, I've been wondering about this for a while. You're the first person to explain is so clearly!
"It's these cryptocurrencies (like Bitcoin) that actually make the blockchain secure. Because if you don't offer the people the chance to earn money or earn bitcoin for the effort they're putting into mining... then what incentive is there for people to keep the blockchain secure?"
I've been educated. Thank you!
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In my opinion, if something is fluctuating doesnt mean it is bad
https://steemit.com/bitcoin/@awesomerocksome/bitcoin-looks-lower-in-chase-for-small-cap-gains
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both have good and bad
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Congratulations @louisthomas, this post is the fifth most rewarded post (based on pending payouts) in the last 12 hours written by a Superuser account holder (accounts that hold between 1 and 10 Mega Vests). The total number of posts by Superuser account holders during this period was 1276 and the total pending payments to posts in this category was $7223.32. To see the full list of highest paid posts across all accounts categories, click here.
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I don't feel that it is good or bad really.. I think the issue arises when we place an attachment on a commodity. Crypto, the block chain.. etc.. just things that have a set value at a set time.. that can be traded for profit.. I'm not in love with any of them, I just stay abreast and trade them when the time is right..
DAILY DETAILED MARKET ANALYSIS, GIVE IT A READ, MAKE SOME MONEY OR SAVE SOME...
https://steemit.com/bitcoin/@pawsdog/12-12-2017-the-market-view-and-trading-outlook
https://steemit.com/bitcoin/@pawsdog/12-9-2017-the-market-view-and-trading-outlook
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So glad I'm gaining a better understanding of blockchain and cryptocurrencies!!
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But what about banks and govt regulating bitcoin?
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I think you pointed out one of the "bad" things about bitcoin. The amount of energy required to run the blockchain.
That is why Delegated Proof of Stake blockchains (in my opinion) may be a better choice (such as the steem blockchain)
Darryl (@dadview) resides in Canada. He is an active member of The Alliance and teamcanada
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I have made i medical blockchain solution. They won't allow me to use the Bitcoin blockchain because it isn't secure. Which is total bs. Agree with you. The bigger the better when it comes to security.
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Well, if I'm going to be honest, I personally think that all currencies are worthless, in theory. Symbolic, if you will. I see all the crypto currencies in a similar light that I see non-cryptos. Having a peer-to-peer system, however, gets us in the right direction (for a time). I think about how the world will be in years to come and I see myself trading places with the bankers and have no doubt that in a number of years, corruption will sink it's way in to the blockchain just as corruption finds it's way in elsewhere. Doubt anything is pure, I just make the best of a messed up system.
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Breaker breaker...testing out my new Strzok 1000 ham radio here...anybody got their ears on out there? Come on back ;-)
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i would say both are good , but block chain is better cause it has more use
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I still think bitcoin is the way forward, its changing the world... value might drop in months to come but it is here to stay
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I always enjoy your posts mate. You give a pretty sincere point of view on the world of crypto, market movements, and tech and it's always easy to understand and enjoyable to listen to. I'm certainly resteeming and upvoting this one. Keep up the great work.
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if bitcoin is gold, then blockchain is carbon.
if bitcoin is water then blockchain is hydrogen.
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