Posted on 05/24/2021 11:44:57 AM PDT by DUMBGRUNT
He’s right. I noted, “I’ve seen some are using blockchain for mortgages. I assume they or others will do titles too. So what is that end game?” “Smart contracts on blockchains, particularly Ethereum, is an enormous game changer that every company will use,” he replied.
I kept pushing: “I’ve seen complaints about the costs of transactions. Even with Ethereum. Isn’t it still too high, for textbooks certainly, but even for other higher valued items?” Mr. Cuban answered, “It is too expensive. But that’s specific to original Ethereum. There are changes coming with Ethereum 2.0 and immediate options with Layer 2 enhancements from a bunch of companies.”
I noted that Coinbase, now a public company, “is very profitable because their fees are so high but it’s speculators who pay. Won’t lower fees drive usage long term?” “Coinbase is the Netscape of now,” answered Mr. Cuban. “There will be cheaper options.”
I just had to ask. “Does it matter if Ethereum is $3,900 or $39,000 or $390 for that matter for the future you lay out to unfold? There seems a disconnect between how crypto is used for smart contracts and its value.” Mr. Cuban quickly responded, “Doesn’t matter at all.” And that is the bull case for blockchain. Crypto prices? Not so much.
(Excerpt) Read more at wsj.com ...
It’s the blockchain stupid!
They've already lost the race. Others already have fast networks and low prices. Algorand has already solved the trilema and has a ton of real use cases already. https://www.algorand.com/ecosystem/use-cases
An interesting comment from WSJ site.
Governments are trying to kill existing cryptos because they want to create their own.
China already announced it. So have other countries. Yellen and other one worlders want to replace the dollar with the global SDR.
The problem for governments is that they don’t have complete control of your financial life if you use existing cryptos (or even cash, for that matter). The major reason cryptos were invented was for civil liberties reasons. Governments hate it.
If the governments have their own crypto(s) and control them, bureaucrats can just hit a button and lock up your bank and investment accounts, deduct what they deem owed as taxes or penalties, or just take what they want as in eminent domain and civil asset forfeiture.
You will not own anything, really. You will just be borrowing money from the government while they allow you to do so. Inheritance disallowed? Your children get nothing.
The concept of government cryptos is truly chilling.
I agree. It becomes the “cachless society” that prophesy hounds have been talking about for decades.
And even if you deal with real money, there is always this:
https://reason.com/2021/05/10/the-fbi-seized-heirlooms-coins-and-cash-from-hundreds-of-safe-deposit-boxes-in-beverly-hills-despite-knowing-some-belonged-to-honest-citizens/
To quote a certain teenager, “HOW DARE YOU?!”
Indeed - the concept of a distributed ledger means that it becomes very difficult to mess with / game the system.
Possible that blockchain might one day thwart the democrats cheating machine.
There are huge differences between Etherium and Bitcoin.
The most notable is the method of “proof” and the supply inflation.
For example, Doge coin adds 14 million “coins” per day. Not exactly good for an investment. Bitcoin is limited at not more than 21 million.
Etherium and Cardano will be valuable for transactions and smart contracts.
There are as many coins now as there are ideas.
It is dangerous to pick winners this early in the process.
Not one “crypto” speculator/investor thinks that Central Bank digital fiat would be worth anything except as an on/off ramp.
The ability to expire, track, withdraw, or inflate CBDC is anathema to the objective of cryptos and the blockchain.
Cuban is self learning crypto backend coding. He loves the NFTs and can raise huge dollar amounts due to his popularity. I had hopes in the Cardano project because it was thoroughly defined and anticipated government intervention.
Ping!
“It is dangerous to pick winners this early in the process.”
You have to get lucky. You can make a small investment in a brand new coin and get out quick if/when it jumps. I’ve seen a few people make like 700 percent profit that way, but it also could go nowhere or down.
—”Indeed - the concept of a distributed ledger means that it becomes very difficult to mess with / game the system.”
I’m asking...
The resilience of distributed ledger/blockchain is derived from the number of nodes?
Why would a simple use have more than a few nodes?
Example: a drivers license.
DMV testing, DMV records and the user?
—”The ability to expire, track, withdraw, or inflate CBDC is anathema to the objective of cryptos and the blockchain.”
China Creates Its Own Digital Currency, a First for Major Economy
A cyber yuan stands to give Beijing power to track spending in real time, plus money that isn’t linked to the dollar-dominated global financial system
Yeah...and they can expire their DY. So, imagine getting paid Friday with the caveat that you MUST spend it within 60 days. No savings...
No one with any wealth in China wants to go to that.
—”You have to get lucky. You can make a small investment in a brand new coin and get out quick if/when it jumps. “
Back in the 1980s a pyramid game called AIRPLANE.
You purchase a seat at the back of the plane for $1,000.
As new passengers buy in, you move up, first class. co-pilot, pilot. The pilot then collects the cash from the new passengers... or something like that.
A guy shows up at his sister’s house with A SHOPPING BAG FULL OF CASH!!! USC!!! Over $100K he collected on this pyramid game. And tells then to secure the money, he wants to buy a new house. DO NOT GIVE IT BACK FOR THREE MONTHS.
I know the family.
About a month later he asks for the cash, they gave it to him.
He lost it all and much more.
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