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posted by
janrinok
on Wednesday June 27 2018, @12:22AM
from the my-bubble-is-bigger-than-yours dept.
from the my-bubble-is-bigger-than-yours dept.
As reported in the Evening Standard, the Bank of International Settlements published an annual report with four criteria to continue economic growth. However, it was rather overshadowed by a statement in the appendix (reported here, here, here, here, here and elsewhere) where cryptographic currency was described as a "combination of a bubble, a Ponzi scheme and an environmental disaster".
I agree and so does a Canadian electricity company.
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Bank of International Settlements: Bitcoin is a Bubble, a Ponzi Scheme and an Environmental Disaster
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Two is not equal to three, even for large values of two.
(Score: 3, Interesting) by ElizabethGreene on Wednesday June 27 2018, @03:06PM (3 children)
I would love to have an alternative to Bitcoin, but none of the alternatives I've seen solve the reverse charge problem for me as a seller.
Here's the rub. As a seller I get a message from Paypal or my merchant account that a buyer has paid. I pay to ship goods that I paid to buy. Two weeks later the charge is reversed, claiming fraud, and the money disappears. I'm out the cost of my goods, shipping, and a punitive fee in my merchant account.
I have zero recourse when this happens. It's "Thank you sir. Please sir may I have another?" [youtube.com]
I could open a criminal case. The odds of that being solved approach zero and there is no restitution.
I could sue the supposed buyer, but they only have to say they didn't make the purchase.
I could sue PayPal, but they have binding arbitration and a TOC that says "tough shit."
Solve this problem better than Bitcoin and I'll seriously consider switching. As it stands today, it is my protection as a seller.
Antoine Martin, a SVP with the Federal Reserve Bank of New York, wrote this. source [fortune.com]
I beg to differ. You have the luxury of an army of lawyers, the clout of a large bank, and an insurance policy to cover fraud losses. You can trust your institutions. As a tiny seller I have none of those. I do live in a dystopian world where a corporation can swipe money out of my pocket.
How dare you lecture me when you have done fuck-all to prevent this abuse?!
(Score: 3, Interesting) by Snow on Wednesday June 27 2018, @03:13PM (2 children)
Bitcoin Cash.
Zero conf (as Satoshi intended) makes transactions faster (for smaller amounts). Bigger blocksize = smaller fees and guaranteed confirmation in next block.
Bitcoin is stagnant while Bitcoin Cash is growing at an amazing pace.
Bitcoin Cash is the original Bitcoin vision. I strongly feel that it's a matter of time before it accumulates more PoW and becomes Bitcoin proper.
(Score: 2) by ElizabethGreene on Wednesday June 27 2018, @03:39PM (1 child)
I see the appeal of Bitcoin cash, but candidly I wish it hadn't been necessary. The BitCoin team missed a huge opportunity back in 2012. If they had performed an anal-cranio-ectomy* and solved the right-then problem of "the block generation rate is too slow" instead of the 2020 problem of "we need to scale to meet visa transaction levels" then Bitcoin cash and Litecoin would never have been necessary.
* - This is known colloquially as removing ones head from their ass.
(Score: 2) by Snow on Wednesday June 27 2018, @03:44PM
I agree. I really wish it didn't have to come to forking off bitcoin cash. It was a long road though, and it was a last resort.
I strongly believe that the Bitcoin Core team has been compromised.