Mystique
Limp Gawd
- Joined
- Mar 28, 2009
- Messages
- 366
Wasn't aware of the changes in ETH 2.0, was a good read. I don't quite agree that sunken hardware costs constitutes value, mostly because of things like XRP, which are not worth zero (like this article claims they should be.)
I agree with the author about the bitcoin halving schedule; it will scare off miners eventually, then nobody will process your transactions for you. Halving inflates until it posses a logistical problem with the structure of how the ledgers work. As miners drop off, bitcoin could also theoretically be subject to a 51% attack, which is one of the most substantial reasons why financial institutions haven't implemented the blockchain yet.
From the article:
Sounds like ETH 2.0 it going the way of ripple, in a way, but in another sense; if you side by side ripple and bitcoin, they both work as payment methods, which is the whole point, isnt it? And it sidesteps the issue of trashing earth, while you're at it. So in my eyes, it doesnt need to be worth 100k to accomplish the whole goal; which is to be a payment method.
I agree with the author about the bitcoin halving schedule; it will scare off miners eventually, then nobody will process your transactions for you. Halving inflates until it posses a logistical problem with the structure of how the ledgers work. As miners drop off, bitcoin could also theoretically be subject to a 51% attack, which is one of the most substantial reasons why financial institutions haven't implemented the blockchain yet.
From the article:
See, this is where I am not sure I agree, because inherent cost (to mine) != value, with speculative assets, it just may fuel the speculation multiplier, which in my opinion is not the same as its 'value'; just its current speculative price. If it costs a ton of money to mine something, and you can hold on to what you mine as absolute value, I absolutely agree with that argument. But a copper vein gives you copper, which is used in thousands of vital applications. Bitcoin is just a meme that people do instead of Folding@HOME now.Furthermore, even if Proof of Stake worked, such a coin would have no anchor in terms of real-world value. It would have zero cost and zero value.
Sounds like ETH 2.0 it going the way of ripple, in a way, but in another sense; if you side by side ripple and bitcoin, they both work as payment methods, which is the whole point, isnt it? And it sidesteps the issue of trashing earth, while you're at it. So in my eyes, it doesnt need to be worth 100k to accomplish the whole goal; which is to be a payment method.
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