News for hackers. Stuff that matters.

A comment on Bitcoin surpasses $50K as major companies jump into crypto. Parent comment

Re:Bitcoin surpasses $50K as major companies jump into crypto by dragontamer on Tuesday February 16, 2021 @11:02PM (#26162520)
But if it's off chain, why use Bitcoin at all?

If you never actually use the blockchain, then you don't really know if those BTC you 'bought' even exist.

[ Parent | on HN ]
Re:Bitcoin surpasses $50K as major companies jump into crypto by efwfwef on Tuesday February 16, 2021 @11:58PM (#26162882)
The same reason why when you use Venmo you don't think "wait, why use USD at all if it's all a database?"

The truth is, the current financial system is just a large number of databases trying to sync with one another, and one of cryptocurrencies' goal is to decrease this amount of databases.

[ Parent | on HN ]
Re:Bitcoin surpasses $50K as major companies jump into crypto by dragontamer on Wednesday February 17, 2021 @02:11AM (#26163596)
> and one of cryptocurrencies' goal is to decrease this amount of databases.

And replace them with one of the biggest wastes of electricity?

What's the point of "getting rid of databases", when you end up needing them for something as fundamental as an BTC/USD exchange anyway?

[ Parent | on HN ]
Re:Bitcoin surpasses $50K as major companies jump into crypto by efwfwef on Friday February 19, 2021 @01:08AM (#26190261)
> biggest wastes of electricity

you're aware that you're talking about legacy cryptocurrencies?

[ Parent | on HN ]
Re:Bitcoin surpasses $50K as major companies jump into crypto by bitexploder on Tuesday February 16, 2021 @11:19PM (#26162645)
It’s still backed by the currency. Kind of like how when you make a stock trade the actual trade isn’t cleared for some time. In this way the blockchain of Bitcoin is simply transparent and easy to follow, if slow and expensive.
[ Parent | on HN ]
Re:Bitcoin surpasses $50K as major companies jump into crypto by dragontamer on Tuesday February 16, 2021 @11:57PM (#26162878)
A big criticism of the current market is that Tethers aren't backed by anything. Nonetheless, there's a huge BTC and USDT and USD trade going on.
[ Parent | on HN ]