break it down for me.
The basics of it are simple though.someone tried to do a 10 minute intro of blockchain in the office... it is more complex than can be explained in that amount of time.
so now we keep hearing about all these other applications for blockchain other than bitcoin.
are any of these legit? or are these just silicon valley dreamshots?
Okay, full disclosure. I run a rig mining ether but I don't fully understand the additional complexities of ether's usage of the blockchain and bitcoins (which is just a big, beautiful, unhackable ledger).I still don’t fully understand what the hell bitcoin is, and ether seems to be beyond my comprehension.
ok that was what my impression was. trying to be cautious though..Incredibly legit.
Blockchain is a superior method for managing contracts (especially financial contracts) than existing methods. Think about a smart contract using the technology I described above that automatically manages simple functions (pay outs, etc) without human intervention.
You can use blockchain to help manage elections, supply chains, etc. Tons of very real applications.
I don't have the patience to look into a "mining rig". Would rather just buy some sort of "blockchain etf" or if I had a better notion of which will emerge on top, to just flat out buy them on a market.Then mine. I have zero dollars invested in crypto, but I do have a ~2000 dollar crypto rig running 24 hrs a day mining ether. I mine about 1 ether a month, so at today's prices I've paid off the rig in a couple of months.
As for bitcoin having no uses, I disagree. It's a fantastic platform for exchanging value. Basically a frictionless payment system. It could very easily be a competitor to V & MU as a payment service.
As for current price being sustainable. I don't know and I don't think anyone really "knows". The one thing that holds me back from agreeing with people expecting a crash (by which I assume is meant to say that the bubble pops and it goes back into the triple digits in value) is that gold...that pretty, absolutely useless metal has a market cap of 7.8 Trillion dollars. It's main utilities are that you can make jewelry out of it, and that you can own it as a (poor) hedge against dollar instability and inflation. Bitcoin has a market cap of about 200 billion. So if we can believe in the value of a borderline useless metal, I don't see why we can't believe in the value of a electronic currency with a robust technological backbone.
Yeah, the main limitation from my understanding is that size of the chain. As your blockchain adds transactions it grows in size, which is awesome from an auditing standpoint, but demands more memory from machines writing to it over time.ok that was what my impression was. trying to be cautious though..
but to be clear - are you suggesting that much (most?) of the work governments and banks do can be run by (all of us on) blockchain?
It depends...If a business is acting as an intermediary for financial exchange (western union as the simplest example) between parties, then absolutely. But that's more that entity competing with a specific usage of blockchain technology (in this case, bitcoin). I don't see why blockchain use would endanger a ride sharing service like Uber though.and does this jeopardize all the niche apps/businesses built on facilitating industry-specific payments/purchases (like uber, etc)?
Blockchain:what are the downsides here?
The only way to do that right now is to invest in Nvidia or a semiconductor ETF. I think I read something the other day about the Nasdaq setting up bitcoin futures trading next year.I don't have the patience to look into a "mining rig". Would rather just buy some sort of "blockchain etf" or if I had a better notion of which will emerge on top, to just flat out buy them on a market.
It will be whoever figures out scaling. The develops of all of these networks are killing themselves to try to figure out how to scale up to handle the amount of transactions necessary, while still maintaining the security of an immutable blockchain.And don't get my pessimism about bitcoin to be about blockchain. I do think at some point the world will "turn over" to some sort of digital currency as essentially our modern day equivalent to the gold standard. I just don't know if that's bitcoin, ether, dogecoin, or something else.
Cool, I'll do my best to answer. My disclaimer though is to not take my word as the gospel, I'm very much a neophyte myself. I learned about as much as I had to for me to get into building and running a mining rig. There are good reddit communities that would obviously be a much, much better source of knowledge than I am.good stuff, ME.
I will likely be back with more questions at some point.