Crypto 360°

Wednesday, 17 June 2020

ReadCash drifting away from free market economy...

ReadCash moved from a free market strategy to a socialist approach to increase the overall happiness using a fund. The result was that talented writers left the platform and inexperienced content creators took their place. There are lots of valuable insights to learn from this approach.First is that if you introduce a system of incentives, you should think deeply about the concept of "work" for that incentives as well. Your work should naturally cost less than the incentive, but if it cost way less you are encouraging unnatural activity from bad actors. Also you should make sure no one can fake the work. That's what makes Proof Of Work in Bitcoin special and making something similar to that is not easy.

Second is that, if you intervene with the free market, you get into a constant battle of balancing things that were balanced naturally. Think about all the time they spent on removing the spammers, banning those who game the incentives and recently stopping upvote groups.They could have spent all that time on building features and amazing user experiences. A centralized effort to balance the distribution of value is never ending. Simply because there is no grounds on what's valuable to the collective of users. There could be only assumptions.

I don't mean to show any negativity towards the team working hard behind this amazing website. I really appreciate their work. It was just an interesting "personal" insight for me about what's happening there and I hope they find the right solution before it's too late.

submitted by /u/p0ok3r
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source https://www.reddit.com/r/btc/comments/hamqw0/readcash_drifting_away_from_free_market_economy/

Seeing what is happening with BTC, it's obvious what's going to happen in the future of crypto (MMW)

From the shift in narrative of what Bitcoin really was intended to be, to intentionally keeping the blockchain expensive to suit this narrative, it has made me come up with a few "predictions" about what is going to happen in the future of Bitcoin and Bitcoin Core. Seeing as this narrative needs to be maintained, here's what I personally think will happen in the near future of BTC:

The fees will start to get expensive, as expected (this is a given if a bull-run happens, or naturally as more users join the network). As a response to this, not only will r/Bitcoin promote the Lightning Network, Cashapp (owned by Jack Dorsey) will completely cover transfer fees at a loss, so that this looks like a non-issue from the outside.
After the Lightning Network gets promoted, there will be a significant number of routing issues as a larger user base tries to use it. All discussion about the high on-chain fees and routing issues will be completely censored from r/Bitcoin so that the public opinion on Bitcoin can be manipulated and maintained.
Eventually people will accept the shortcomings of the Lightning Network as a "small price to pay" for the most secure currency, and this narrative will be maintained on r/Bitcoin, with the premise that "having a few routing issues with transactions is a small price to pay for the most secure network, and the future of money".
As a workaround for these routing issues, eventually Lightning Hubs will form. Cashapp, LNBig.com (which is also already centralizing the network), Blockstream, and Lightning Labs will be the main nodes to go to for liquidity. Obviously, nobody is going to provide great liquidity for free, so this will lead to higher fees because it is a great way to profit. This business model will lead to fees based on percentage (instead of being flat), as the argument behind it will be the greater the funds, the greater the risk.
Effectively because of this, Bitcoin will just become PayPal 2.0. It will still be on CNBC, and the price will be high, but that's all people are going to focus on, price. The market will continue to stagnate sideways continuously, and CNBC will treat it like a stock. People can use Bitcoin, but it will require KYC, and instead of being cheap, it will be the new bank where instead of paying bank maintenance fees, people will pay channel maintenance fees for using Lightning Hubs.

After all this, I also expect that Bitcoin will be accepted as a payment option just like Visa and Mastercard because KYC is still required so the government, and regulators won't be afraid of it. It will have fees just like any other payment processor, but the demand for it on deep web markets will diminish for obvious reasons. Monero will be in demand for those purposes, and for obvious reasons. I suspect that the price will perpetually (and intentionally) be kept sideways.

submitted by /u/1MightBeAPenguin
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source https://www.reddit.com/r/btc/comments/hamdmk/seeing_what_is_happening_with_btc_its_obvious/

Please somebody help... I've a about given up.

Back on april 2nd I was sending some btc to a friend of mine.. I decided to send the crypto through coinmixer..

This is where my ordeal bagan.. right away I make a mistake I sent .019 to coin mixer but the participation required me to send .019345 in order to cover the fee.. I then send the remaining money hoping it will release or send it back.. nothing, .019 is now frozen..

I get to work on trying to contact coinmixer support..I've send more emails and other avenues of communication and to this day months later I have yet to receive even a bullshit where looking into it response... please someone this is not a small amount to me.. please

submitted by /u/wwpurdy
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source https://www.reddit.com/r/btc/comments/hamc2q/please_somebody_help_ive_a_about_given_up/

Wasabi Research Club #19 - CoinSwap

submitted by /u/nopara73
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