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Traktion

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  1. Ok, so is this where the real negotiations start or is it still too early? 😀
  2. Traktion

    The Bubbly Bitcoin Thread -- Merged Threads

    There is only a problem when you have a single, mandated, money. If there were different types jostling for users, then the one which is most stable is likely to win out (as money). The situation we have now does not yet facilitate this, at least in a user friendly and popular way. However, I think this is ripe for change. The current dominant monetary system is not benefiting everyone and can be improved upon. FWIW, the deflationary aspect is why I am not a Bitcoin maximalist. I can only see a deflationary money working alongside other cryptocurrencies to provide sufficient overall liquidity. I have always supported Hayek's notion that a basket of denationalised currencies/commodities would create a rather good money, before we even consider the decentralised, anonymous, virtual nature of it. Considering data as a commodity/resource plays well into this too. I am aware that some think it is sufficient for Bitcoin to only be a store of value, but I find the argument less compelling than what crypto currencies and technologies can do for society. If the end goal of crypto only ended up being a single, digital, store of value, I would find that rather disappointing.
  3. Traktion

    The Bubbly Bitcoin Thread -- Merged Threads

    Do you think this changes the conclusion? The process of refining raw materials into something useful adds value. Data is the perfect bed fellow for cryptocurrency. Even the blockchain itself is a decentralised database. What are transactions if not data, describing the source, destination and payload? The limitation of the blockchain is the cost to store anything with more than small payloads and the write speed. This is because the data is duplicated many times over and is immutable - these are design choices for security and redundency, but it can be argued that having an over abundance of either is undesirable. If you can have a cryptocurrency (crypto-technology?) which has a fast, distributed, decentralised, database which can store data from the smallest to the largest, then things get more interesting. The payload becomes valuable in of itself rather than simply representing a token. It could still be just a token, but it isn't limited by this. For me, this is the next step and will require more than just a blockchain. It may integrate blockchains or take inspiration from them, but it will be a substantial step forward.
  4. Traktion

    Bitcoins Going To The Moon?

    If nothing else, this thread shows that we shouldn’t get too attached to the way things have always been. Time marches on and technology takes us with it. Since 2011 we have seen the smart phone become commonplace, digital wallets become normal, contactless become expected. Do we really think state currency will stand the test of time? Is the pound really that unique or interesting? When I think about what money was to my parents vs what it will be for my children, I see a gulf. Technology is revolutionising how we trade. Distributed technologies will continue to feed change and what my grandparents thought was normal will become antiquated.
  5. Traktion

    The Bubbly Bitcoin Thread -- Merged Threads

    It's a shame some of the other original threads didn't make the merge into this topic - HPC had a good number of them before this one. Take a look at the below for some laughs!
  6. Traktion

    The Bubbly Bitcoin Thread -- Merged Threads

    Who has the issues and why? Why should someone storing something for the future lead to such vitriol and disruption? If the political and monetary system is so fragile that it cannot accommodate people simply keeping their stuff to themselves, then I would argue that it isn't fit for purpose. Corralling savers into spending it to resolve the central design flaw does not seem ethical or sustainable to me. I hope that cryptocurrency continues to shine fresh light on alternatives. New decentralised, distributed, free market currencies could show the established options up to be a monolithic, centralised, legacy systems in the long run.
  7. Traktion

    The Bubbly Bitcoin Thread -- Merged Threads

    Thanks - I'm glad they were of interest! :)
  8. Traktion

    The Bubbly Bitcoin Thread -- Merged Threads

    Deposit protection is what blurs the line between the two. As the state provides the protection (implicitly, to a limitless amount, if bailouts are assumed), individuals believe 'savings' should provide a risk free return. Would a squirrel expect more nuts to appear where he stored his others? Of course not. He would be happy if the majority he stored were still there. The conflation of savings and investments in our monetary system distorts how risk vs returns are perceived. Moreover, monetary inflation drives cash into banks and the merry-go-round continues. There pervades a consensus that savings (in the literal sense) are bad and somehow deprive the economy. I would argue this is incorrect - it just means the wealth is stored away safely for future use, rather than being invested, at risk, today. How much should be allocated to each should be a distributed/individual decision, not one which is centrally/collectively decided. Of course, people can buy other stuff with money, but when your earnings and your bills are almost all in said money, it is far from the path of least resistance. Given the above, is it a surprise that our economies are prone to bubbles and are too brittle to withstand any substantial busts?
  9. Traktion

    The Bubbly Bitcoin Thread -- Merged Threads

    I'll just leave this here: https://www.economist.com/leaders/2017/05/06/the-worlds-most-valuable-resource-is-no-longer-oil-but-data If you can monetise a distributed, immutable data store, which is secure, potentially anonymous, fast and resiliant, you are on to a very interesting technology indeed.
  10. Traktion

    The Bubbly Bitcoin Thread -- Merged Threads

    Ha! Well, perhaps we are getting into semantics at that point? I think it is healthy to realise the difference in a literal way though, even if the monetary system clouds the picture somewhat. Fwiw, I don't mind whether people save or invest. I just resent people being bamboozled and corralled into investing in to what others think is appropriate. Distributed options options are a mechanism to opt out of that and I think it will be healthy for both the individual and the collective in the long run.
  11. Traktion

    The Bubbly Bitcoin Thread -- Merged Threads

    I would say that many of us originally saw Bitcoin as a protocol which could deliver as a money, both as a store of value and a currency. The fact the Bitcoin has struggled to be a good currency in times of high demand have tarnished this view, imo. As a store of value we can say it has been decent over a long period, but patchy over a short period (due to cycles). If Bitcoin can scale better to handle many more transactions/sec, it has a good chance of being a decent currency. Maybe lightning or something completely different will help to facilitate that. If swings in demand become less extreme, it may be a more consistent store of value too; it was always assumed this would be achieved as reach is extended. However, those who are not Bitcoin maximalists can see alternatives out there which may go to places Bitcoin cannot. As long as currencies are interchangeable, it shouldn't be a big deal, although tax events make it more problematic in many jurisdictions (anonimity may make a mockery of that though). Ultimately, we live in times when we can trade with anyone, instantly, anywhere in the world. We really shouldn't need centralised, walled garden (state) style currencies in the long term. Something which exists outside of any country, without dependencies on special groups and operates in a frictionless way (anonymous, instant, practically free, secure, etc) is surely the future. In an era where distributed technologies and protocols are becoming more pervasive, I wouldn't bet against cryptocurrency. However, I do not believe it has to be Bitcoin, but I don't need to be right or wrong - I would be happy either way.
  12. Traktion

    The Bubbly Bitcoin Thread -- Merged Threads

    Investment savings is an oxymoron. Savings are when you collect stuff and put it somewhere safe for the future (like a squirrel with nuts, etc). Investments are when you give stuff to someone else, in exchange for them giving your stuff back in the future, along with some extra stuff (car rental, shares, etc). The fact that people conflate the two is at the heart of the problem with out monetary system; people are told they have savings in the bank, when it is really an investment. Moreover, the supply is inflated, which means people must invest just to stand still. Economists may think that people should invest and grow the economy, all the way up until when the banks become so a reckless that they need bailouts to keep the game going. Did we forget what happened a decade ago already?
  13. Traktion

    The Bubbly Bitcoin Thread -- Merged Threads

    Well, I still have the house! I also still have some Bitcoin and a pile of Maidsafecoin. I have been a long term supporter of the SAFENetwork project and a general supporter of cryptocurrency. I am obviously down from the end of 2017, but I have up trying to time the markets years ago. I could have paid off the mortgage and had a chunk towards retirement back then, but tbh, it felt too early to sell maidsafecoin. Alpha 3 should be along in the next few months and the team and tech is impressive. I tend to be contrarian and we will see if my second major long bet works out. Bitcoin certainly did, but maidsafecoin was left well behind in the last boom, as other simpler technologies delivered something closer to production code. Slowly, slowly, catchy monkey though - it remains the only project to really excite me since Bitcoin burst onto the scene.
  14. Traktion

    The Bubbly Bitcoin Thread -- Merged Threads

    Well, I got a pile of XRP for free from posting on some give away threads of forums when it was first live. I sold them for £6k last year. The project never appealed to me, but there seems to be plenty who have faith in it for one reason or another. I'm just happy I made a few grand for about 5 mins of my time and nothing else - not a bad return!
  15. Traktion

    The Bubbly Bitcoin Thread -- Merged Threads

    They are trying to solve a very hard problem though, unlike many other projects in the space. They seem to have cracked the key problems now though and it is more about execution than R&D, after a long period of the reverse.
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