Other Coins - Price & Trading topic

I hold both and I really hope Safe will win and take it all in the end.

2 Likes

Hey friend, I also like Bitcoin!

Every crypto is working even shitcoins like ripple and I’m sure Bitcoin will continue to work… Rich people will not disappear and will continue to use Bitcoin. But I also wish we had a network in which the whole world is involved.

1 Like

I just hope that the economics of madisafe will work the same way as its superb technology. You may have a winning technology but if the economics of it doesn’t make sense or is flawed then it won’t succeed

3 Likes

I personally think the economics of Bitcoin are flawed. This is essentially true of most blockchain based endeavors. It is like a technological Ponzi scheme. In the case of BTC ever increasing resources must be spent to validate transactions that only have value because of the effort required to validate the transactions. That can’t end well. In the short-term it works; it just doesn’t seem sustainable, especially when something better comes along.

2 Likes

The 1st has passed and the only Wright in the news was Peter ´Snakebite´, the new World champion Darts ($630,000 richer).

5 Likes

Only a few ever expected him to get the keys back. I’m sure Craig will keep people hooked with another BS story about this or that. All the while he has his super computer (in top 20) trying to crack the keys. Been doing it for a few years now

3 Likes

How is what you describe different from gold?

It’s somewhat similar to gold, but I think there are a couple important differences…

Gold is one of only a few elements that are ideally suitable as a store of value. Silver, platinum and palladium also serve this function to a degree. It is durable and does not rely on any infrastructure to exist. Transferring it, storing it, etc. is relatively cheap and easy. In large quantities these costs can become significant, but still generally small relative to the value of the gold itself. BTC on the other hand requires significant infrastructure and resources to exist. While all things in the world only have whatever value we place on them, BTC and its like are perhaps unique in that they have no intrinsic value at all. They do provide currency utility provided you don’t mind the fact that there is a public ledger of all transactions, and that this ledger will be ever-growing over time taking up space.

But the big shortcoming in blockchain to me is the fact that there is infinite potential competition. At this point gold has no competition from other elements or materials. Bitcoin is really just an idea. And competing ideas with less internal friction and loss, and more value and utility will likely unseat it. Being first is only worth so much. I look at all the alt-coins and have to laugh. Everyone wants to be like a central bank and get in on the early un-inflated value of their pet currency. Who would have thought doge coin would be a success? At least ETH adds some smart contract capability.

But the killer will be when a new technology, like Safe, comes along. Gone will be the technological arms race to do meaningless calculations to provide a 10-minute delay. The network itself, as well as the data on it, the security and privacy, and all the many things that can be done with it become the “backing” of SAFE. To me this seems like a blockchain killer.

8 Likes

Let’s state this clearly here with a timestamp.

Craig Wright did not invent the SAFENetwork or SAFECoin.

12 Likes
3 Likes

Its the end of Monday of the first full week of the new year and has anyone heard of Craig getting his keys.

If not then I’d say that it is a 100% proof of a scam by Craig. Bet he is laying china eggs while waiting for his super duper computer to spit out the brute force hack of the btc keys so he can start laying golden eggs before the halving.

3 Likes

are there even computers that can realistically crack a bitcoin address in a reasonable amount of time?

1 Like

NASDAQ had a great 2019 though - 40%+ gains. The last 6 months or so, it massively outperformed crypto.

4 Likes

Nope, not even quantum computers provided that no transactions have been made from the address.

https://www.reddit.com/r/Bitcoin/comments/d96249/why_quantum_computers_do_not_pose_a_risk_to/?utm_medium=android_app&utm_source=share

2 Likes

Except that early blocks all used pay to public key (p2pk) which are vulnerable to quantum computing, and this includes Satoshi’s public keys.

7 Likes

Publishing (SAFEcoin) has more value than gold imho… :sweat_smile:

More so because you don’t need third parties (to verify if it’s gold, to act retarded and ban your gold) DGX is fun, but still…

If there is no economic incentive by the node operators to cheat the network even if they are not getting supplemented with rewards then it should be fine.
Coin holders by default have economic incentive to secure the network and so a voting weight by token holders that delegates reps to secure the network I believe is a fine solution. Check out ORV consensus model.

1 Like

Any link where I can read about it?

1 Like

The danger in this type of system comes from the concept of ‘coin holders’ which doesn’t distinguish between owning a coin and controlling a coin, so funds, exchanges, institutions, etc, borrow other peoples coins then cast the votes on behalf of those coins for some form of theft, maybe non competitive fees, maybe inflation, or whatever else, and have the proceeds paid to the current holders (themselves) rather than the coins true owners, when this is possible the ‘coin holders’ model of incentives is broken.

3 Likes

artworks-000539258607-ryaqts-t500x500

2 Likes