[arcticbull]

...a list of new business models zero of which have shown an iota (pardon the pun) of traction in a decade. I feel the list of crazy startup ideas circulating on r/wallstreetbets is as valuable.

The technical and scaling problems are all self imposed due to leveraging a woefully inadequate storage mechanism. It’s basically coal-powered banking.

[lacker]

...a list of new business models zero of which have shown an iota (pardon the pun) of traction in a decade.

Bitcoin is worth $140 billion. What are you waiting for, before you believe it has traction?

[vertoc]

I'm on neither side of this debate, but citing how much Bitcoin is worth seems like a really weak argument in favor of traction.

I think a more convincing argument would be citing # of transactions or use cases (store of value, cheaper way of sending large amount of money or money internationally, etc.)

[blhack]

There were 320k transactions in the last 24 hours on mainnet alone (for bitcoin).

[arcticbull]

How many of them were fake? 95%. [1] While I understand that applies to exchanges and not mainnet, the reality is that each mainet transaction is impacted because it's the 95% of fake volume that sets the price and therefore the terms of exchange for the "real" transactions.

[1] https://www.forbes.com/sites/cbovaird/2019/03/22/95-of-repor...

[darawk]

None of them. There is no such thing as a 'fake' bitcoin transaction. What you are thinking of is fake trading volume on exchanges. Those are very different things.

[blhack]

It's baffling to me seeing the progression of anti-blockchain people. They keep insisting that it's all a joke, and yet every single day the level of adoption keeps on increasing.

I feel like I'm watching the internet be born again.

[arcticbull]

No, I’m saying that the fake trading volume sets the price which then determines the number of bitcoin sent in the real transactions. Since nothing is priced in BTC the exchange rate defines the quantities transacted.

[tuesdayrain]

I'm constsntly amused by the lack of technical understanding on HN when it comes to cryptocurrencies. That article says 95% of trading volume is fake. This is absolutely different from on chain transactions, 100% of which are real.

[arcticbull]

No I get it but the sum total of transactions, real and fake determine the exchange rate between real money and crypto. If the fake volume had no impact at all, why on earth do you think they’re doing it? For their health? Fun? Cmon now.

[arcticbull]

Market cap is not worth for a currency. There’s incredibly limited liquidity in the market relative to the market cap, and even the ETF trying to list recently showed 95% of all volume in the crypto space was fake.

Try and pull a few million dollars worth out and watch what happens. It did just plunge 33% on some small withdrawals, what exactly are you waiting for?

[tofurocks]

Selling a few million dollars worth of bitcoin would only slip the market a couple of dollars if at all. Go look at bitmex or bitfinex's order books - they have plenty of liquidity.

[arcticbull]

95% of that volume is fake [1] especially on bitfinex haha, they’re the scammiest. When they launched they were just importing order books from other exchanges to make it look like they had volume, and they launched Tether when they lost banking which also lost banking and had hundreds of millions seized for money laundering. Bitfinex is the biggest scam in the space and that’s saying a lot.

[1] https://www.forbes.com/sites/cbovaird/2019/03/22/95-of-repor...