We All Need to Stop Only Seeing the Dark Side of Crypto

originally posted by: Alien Abduct
It would still need a faster transaction rate.

And 20022 compliance which it will never have. So, no, it isn't taking over.

a reply to: AugustusMasonicus

Ultimately, bitcoin is not competing with Visa for supremacy in global payments. Instead, bitcoin is competing with the dollar, euro, yen and gold as money, and any comparison to Visa, its transaction volume or transaction speed is fundamentally flawed. Bitcoin fulfills the role of currency issuer and final settlement. As a result, the proper comparison would be between bitcoin and the Fed as currency issuer and as a clearing mechanism. No one makes the mistake of confusing the functions of Visa for that of the New York Fed, but for some reason, the comparison is often made between Visa and bitcoin.
While it would require time and investment, Visa’s payment network could sit on top of the bitcoin network to fulfill payments much the same way it sits on top of the existing banking system. Rather than clearing the currency through a central bank, final settlement of transactions would clear through the bitcoin network. In the existing architecture, the payments layer (Visa) and the settlement layer (banking network/central banks) are separate and distinct. The principal problem bitcoin intends to solve has little to do with the former, but instead, with the mechanism by which currency is issued and cleared (think the Fed and QE). Visa helps move dollars but Visa is not the dollar. It is a technology company that provides a service; it has 17,000 employees. Bitcoin has none.

SOURCE

a reply to: Alien Abduct

It sure as hell isn't going to replace the Federal Reserve, it can't handle a fraction of the volume processed with interbank transfers.

originally posted by: AugustusMasonicus
a reply to: Alien Abduct

It sure as hell isn't going to replace the Federal Reserve, it can't handle a fraction of the volume processed with interbank transfers.

So, do you disagree that the protocol could be modified in order to improve Bitcoin's transaction rate?

a reply to: AugustusMasonicus

If you want to argue this point then perhaps you could reply to my comment stating that it would take over as world currency....in the other thread.

originally posted by: Alien Abduct
So, do you disagree that the protocol could be modified in order to improve Bitcoin's transaction rate?

Not in a manner that would enable it to handle the volume of transactions I'm discussing.

a reply to: AugustusMasonicus

What makes you think the lightning network wouldn't work?

originally posted by: Alien Abduct
What makes you think the lightning network wouldn't work?

Compliance. You will still need to have a separate conversion process prior to submitting your payment in dollars.

originally posted by: AugustusMasonicus

originally posted by: Alien Abduct
What makes you think the lightning network wouldn't work?

Compliance. You will still need to have a separate conversion process prior to submitting your payment in dollars.

Name one crypto that has ISO certification?

originally posted by: AugustusMasonicus

originally posted by: Alien Abduct
What makes you think the lightning network wouldn't work?

Compliance. You will still need to have a separate conversion process prior to submitting your payment in dollars.

This is with any currency also, such as the euro or any new currency correct?

originally posted by: network dude
a reply to: Alien Abduct

I think that the more people understand and learn what underlying factors drive a coin from a utilitarian aspect as opposed to a meme aspect, the more they will come to appreciate crypto for what it is. I am a wet behind the ears noob who may know a crumb where there is an entire meal to be had, but having knowledgeable people around to ask and learn from is invaluable.

Even knowing all that, I like safemoon.

My hesitation is how it all came about and the mystery surrounding its real creator. It has deepstate written all over it.

One of the issues with becoming a global one world gov't is currency and crypto can assist with that.

Remember People only see the current benefits in front of their faces and the globalist like to get you hooked with the goodness upfront until they use it against you.

Think more recently the internet and social media. It all started great and now its being used against the people . I don't see crypto being any different.

IMO I don't think crypto is the savior that people think it is and will likely be used against us down the road. If it was a real danger to the establishment it would have never materialized nor the fed and globalist corporations wouldn't be embracing it .

or it will be bastardized into a 2 tier system. One crypto or system for THEM and one for the peoons.

originally posted by: Alien Abduct
This is with any currency also, such as the euro or any new currency correct?

I'm not following what you're asking. Are you asking if you make a purchase overseas? It's still in dollars if you are from the United States, it converts automatically into your preferred currency. To be part of the EMV scheme you need to become compliant with their requirements which BTC can never achieve.

originally posted by: AugustusMasonicus

originally posted by: Alien Abduct
This is with any currency also, such as the euro or any new currency correct?

I'm not following what you're asking. Are you asking if you make a purchase overseas? It's still in dollars if you are from the United States, it converts automatically into your preferred currency. To be part of the EMV scheme you need to become compliant with their requirements which BTC can never achieve.

What makes you think BTC can never become compliant?

originally posted by: AugustusMasonicus

originally posted by: network dude
Will the fedcoin type currency operate on it's own blockchain system, or merge with existing technologies?

It will be based on an existing blockchain but obviously modified for the size and number of transactions it will be required to process.

If you want to give me a call and chat offline I can, I just can't post too much stuff on here at the moment. Ever since I moved into the new role last year I've gotten some really interesting peeks behind the curtain, it's wild.

What do you mean, new role?

Do you mean Writer?

Back then it didn't come with any perks...

originally posted by: Alien Abduct
What makes you think BTC can never become compliant?

It will never be able to meet the L2 kernel requirements.

a reply to: swanne

My job.

a reply to: AugustusMasonicus

Just like the current system was built, a new one can be made to accommodate crypto. Europe is doing a good job of adopting crypto into their society, Japan and Korea also. Crypto is inevitable, where there is a will there is a way. To hell with their regulatory system.

originally posted by: Alien Abduct
Just like the current system was built, a new one can be made to accommodate crypto. Europe is doing a good job of adopting crypto into their society, Japan and Korea also. Crypto is inevitable, where there is a will there is a way. To hell with their regulatory system.

Not with BTC, it does not mesh with EMVCo requirements. You keep bringing up 'crypto', I'm specifically referring to BTC. We are doing plenty of work with crypto and EMV.

a reply to: AugustusMasonicus

I've been doing a bit of reading during our conversation and I concede, you're probably right about BTC.