SERVING THE QUANTITATIVE FINANCE COMMUNITY

 
User avatar
Traden4Alpha
Posts: 23951
Joined: September 20th, 2002, 8:30 pm

Re: End of bitcoin?

January 22nd, 2018, 9:28 pm

Cuchulainn wrote:
Taleb: Bitcoin Is "An Excellent Idea" And "Insurance Against An Orwellian Future"

Was Orwell so bad? At least you knew where you stood with him.

Orwell's dead so we see how well it worked out for him!

But, if anything, I'd say bitcoin is an Orwellian future given all the ways that the miners, wallets, exchanges, and bitcoin hodler's computers can be subverted and money irrevocably stolen. Bitcoin is abject insecurity wrapped in a cryptojargon doublespeak mantle of security.
 
User avatar
ISayMoo
Posts: 822
Joined: September 30th, 2015, 8:30 pm

Re: End of bitcoin?

January 23rd, 2018, 9:01 am

I think bitcoin was meant to be a joke, or a semi-interesting thought experiment. It became so popular because of its appeal to the libertarian crowd, and because the mainstream monetary system excludes so many people from the economy. Access to capital is restricted and controlled by rent-seeking corporations? Let's create our own capital? Too bad the "new capital" is controlled by rent-seeking miner mafiosi ;-)
 
User avatar
Traden4Alpha
Posts: 23951
Joined: September 20th, 2002, 8:30 pm

Re: End of bitcoin?

January 23rd, 2018, 2:05 pm

And yet Bitcoin provides zero "access to capital." It's no different from going to the local moneychanger and swapping the pounds/euros/dollars you already have for some other currency (which just happened to be in a hyperdeflationary bubble at the time).

If one wants access to capital, try Kickstarter.
 
User avatar
ISayMoo
Posts: 822
Joined: September 30th, 2015, 8:30 pm

Re: End of bitcoin?

January 23rd, 2018, 2:33 pm

That's also a scam.
 
User avatar
Traden4Alpha
Posts: 23951
Joined: September 20th, 2002, 8:30 pm

Re: End of bitcoin?

January 23rd, 2018, 3:57 pm

Bitcoin seems more like mass hysteria. It's a decentralized Ponzi scheme more so than the work of a mastermind criminal.

Anyone who owns Bitcoin and mentions it to anyone else is part of the conspiracy to defraud future Bitcoin buyers.
 
User avatar
Paul
Posts: 8452
Joined: July 20th, 2001, 3:28 pm

Re: End of bitcoin?

January 23rd, 2018, 4:17 pm

There’s a bitcoin and a titcoin. And there’s ripple, but is there a nipple?

outrun, can you make a tulipcoin?
 
User avatar
outrun
Posts: 4573
Joined: April 29th, 2016, 1:40 pm

Re: End of bitcoin?

January 23rd, 2018, 4:25 pm

The triple tulipcoin (TTC).

Once you buy it the number of coins in your wallet will triple every half year, just like splitting tulip bulbs.
 
User avatar
Traden4Alpha
Posts: 23951
Joined: September 20th, 2002, 8:30 pm

Re: End of bitcoin?

January 23rd, 2018, 4:26 pm

Paul wrote:
There’s a bitcoin and a titcoin. And there’s ripple, but is there a nipple?

outrun, can you make a tulipcoin?
And there's extra credit (and extra Euros) if you make it a crypto-genetics system whereby different tulipcoins have different values according to the beauty/rarity of their phenotypes.
 
User avatar
Cuchulainn
Posts: 56281
Joined: July 16th, 2004, 7:38 am
Location: Amsterdam
Contact:

Re: End of bitcoin?

January 23rd, 2018, 4:34 pm

Paul wrote:
There’s a bitcoin and a titcoin. And there’s ripple, but is there a nipple?

outrun, can you make a tulipcoin?

We've got a lot of tulips up here in West Friesland.
 
User avatar
tagoma
Posts: 18233
Joined: February 21st, 2010, 12:58 pm

Re: End of bitcoin?

January 25th, 2018, 5:38 pm

 
User avatar
Traden4Alpha
Posts: 23951
Joined: September 20th, 2002, 8:30 pm

Re: End of bitcoin?

January 25th, 2018, 6:25 pm

Alas, Taleb is wrong about one thing -- bitcoin does indeed have "government" on at least three levels:
1) the specific cryptocurrency algorithms (which define both the currency's monetary policy and the de facto laws of what you can and cannot do with your bitcoins);
2) the algorithm development process (which define how new system laws are created);
3) the APIs and TOS of various exchange/wallet services (which are analogous to local governments that vie for citizens).

Bitcoin's government may not be geographic but it clearly contains mechanisms by which one set of people assert control over others.
 
User avatar
tagoma
Posts: 18233
Joined: February 21st, 2010, 12:58 pm

Re: End of bitcoin?

January 26th, 2018, 4:01 pm

 
User avatar
Collector
Posts: 3743
Joined: August 21st, 2001, 12:37 pm

Re: End of bitcoin?

January 27th, 2018, 12:19 am

I know very little about this topic, but here are my 50 cents 
 
User avatar
tagoma
Posts: 18233
Joined: February 21st, 2010, 12:58 pm

Re: End of bitcoin?

January 29th, 2018, 2:32 pm

 
User avatar
Paul
Posts: 8452
Joined: July 20th, 2001, 3:28 pm

Re: End of bitcoin?

January 29th, 2018, 2:46 pm

Every time I read the Guardian's "If everyone who reads our reporting, who likes it, helps fund it, our future would be much more secure. For as little as £1, you can support the Guardian – and it only takes a minute. Thank you" I go out and buy the Daily Mail.

"...we want to keep our journalism as open as we can. So you can see why we need to ask for your help. The Guardian’s independent, investigative journalism takes a lot of time, money and hard work to produce. [Translation: Removing all the pro Brexit, pro Trump, pro capitalism good news takes time. Especially finding stories about Corbyn that don't involve the IRA, Hamas, stealing people's property,...is not trivial.] But we do it because we believe our perspective matters – because it might well be your perspective, too. [Welcome to the Echo Chamber!]"
ABOUT WILMOTT

PW by JB

Wilmott.com has been "Serving the Quantitative Finance Community" since 2001. Continued...


JOBS BOARD

JOBS BOARD

Looking for a quant job, risk, algo trading,...? Browse jobs here...