You are viewing a single comment's thread from:
RE: Why Blockchain Is Not As Good As You Think!
This is definitely an interesting viewpoint.
I would make a few points in response, supporting the blockchain idea:
- While many of the coins are mined by a small number of individuals, the coins need to be disbursed to a wide range of individuals. Blockchain coins are only worth value if they become widely accepted by the distributed community. Otherwise, the coin remains worthless.
- Large Banks may be processing millions of transactions per day, but these transactions are not realized by the individuals passing them until several days later, unless you pay a high up-front fee for a wire transfer. Blockchain transactions may take a few hours (which is strictly dependent on which coin you're referring to), but once the transaction is processed, the recipient of the transfer is made whole and doesn't need to wait 2.5+ more days for the transaction to "clear".
- Transaction fees on the blockchain are dependent to the platform you're using. For example, There are no fees for Steem!
After drastic improvements in all Banks' abilities to adhere to "Know Your Customer" guidelines, I expect the majority of banking transactions to be performed on the Blockchain within the next 7 to 10 years.
I value points, both for and against block chain technology. I do not know enough to make my own informed opinion, aside from the insight shared here. I had no idea the incredible power consumption required until Read this. However, I would like to respond to something you mentioned:
The rich and powerful (including banks, hedge funds, and market makers) control the price of stocks and it is no different than Bitcoin. Deep pockets control price action, not the average person. The average pocket has little control over the price or value of the asset they hold.
If banks are buying/investing in Bitcoin - doesn't that allow them to essentially control the price? They have deeper pockets and can drive the price up or down, unlike the average joe who is just trying to beat the shitty interest rate his bank is offering for the savings account he has. If he buys Bitcoin (just as example) as more financial institutions begin trading it - he is at the mercy of the bank either way in some respect. If these assets become more expensive than what the average person can afford, what good does it do? Especially if the price is being manipulated and artificially inflated.. That just my 2¢ for whatever it's worth in the pot. 😎 What does that equate to in Bitcoin? .000007 btc
Yep, if you have a system, oligarchs will do what they do best. They will take control of it. Who thinks the banksters are going to go quietly into the night and give up their power? I don't think they will. They'd rather burn the house down than hand over the keys to a new owner.
Also, Bitcoin is not anonymous. People keep suggesting it is, but transactions can be traced. That was the point of ZenCash and some other alternatives. The goal was to make the entire system anonymous. It can be done, but I don't think BTC will do it. A small part of me still thinks this is all a setup too.
As long as cash is king in the modern world, pump and dump will continue to always be part of it. It's a known process that works and that's all that matters to people trying to improve their bottom line. This is why I don't agree with all of the people who want a BTC ETF.
That sounds like a terrible idea to me! More opportunity for major manipulation. At least right now it's limited to private investors.
I agree, greed is built into fiat - would it survive without it? Fiat currencies were once backed by tangible assets, but now are essentially backed by greed. An BTC ETF is a terrible idea - agree on that as well. I'd love to see less manipulation, but that'll never happen, so.. I think it would be nice to see more private investors become better educated on market manipulation. Lots of coin could be saved 💰