Cryptomiles
Mar 12, 2018 | 10:55 am
#31
A FlyerTalk Posting Legend
Join Date: Apr 2001
Location: PSM
Posts: 69,232
Dec 14, 2018 | 10:29 am
#32
Join Date: May 2003
Location: San Francisco, CA Frmr AA Plat AW Plat Frmr UA 1K Frmr HGP Plat now just UA 1MM/1P
Posts: 334
A couple notes:
1) A bank account breach for a personal/consumer account is protected - your actual out of pocket loss should have been zero/minimal. Protections for cryptocurrency = zero.
2) A bitcoin transaction actually costs more like $3000 - that's how much bitcoin is being "fiat created" to compensate the miners. The $20-$70 is closer to what the electricity cost per transaction is. Interestingly, the crypto supply has increased roughly 15% in the past year due to mining - which is a far greater increase, on an annualized basis, than almost any fiat currency.
1) A bank account breach for a personal/consumer account is protected - your actual out of pocket loss should have been zero/minimal. Protections for cryptocurrency = zero.
2) A bitcoin transaction actually costs more like $3000 - that's how much bitcoin is being "fiat created" to compensate the miners. The $20-$70 is closer to what the electricity cost per transaction is. Interestingly, the crypto supply has increased roughly 15% in the past year due to mining - which is a far greater increase, on an annualized basis, than almost any fiat currency.
Jan 5, 2019 | 7:14 pm
#33
Suspended
Join Date: Aug 2018
Posts: 590
A couple notes:
1) A bank account breach for a personal/consumer account is protected - your actual out of pocket loss should have been zero/minimal. Protections for cryptocurrency = zero.
2) A bitcoin transaction actually costs more like $3000 - that's how much bitcoin is being "fiat created" to compensate the miners. The $20-$70 is closer to what the electricity cost per transaction is. Interestingly, the crypto supply has increased roughly 15% in the past year due to mining - which is a far greater increase, on an annualized basis, than almost any fiat currency.
1) A bank account breach for a personal/consumer account is protected - your actual out of pocket loss should have been zero/minimal. Protections for cryptocurrency = zero.
2) A bitcoin transaction actually costs more like $3000 - that's how much bitcoin is being "fiat created" to compensate the miners. The $20-$70 is closer to what the electricity cost per transaction is. Interestingly, the crypto supply has increased roughly 15% in the past year due to mining - which is a far greater increase, on an annualized basis, than almost any fiat currency.
2) Most cryptos will be out of biz in the future. You're better off looking at the pioneers which will still be around in 5 years. How much did BTC's supply increase in 2018?
Jan 22, 2019 | 1:21 pm
#35
FlyerTalk Evangelist
Join Date: Jan 2005
Location: home = LAX
Posts: 26,111
Blockchain is only a technology. It is not related to currency except in certain specific implementations like its most famous implementation, Bitcoin. But in that case it's only the implementation of blockchain, not blockchain itself, which makes it be about coins. So ti would still be miles, not coins, if United Mileage Plus changed nothing other than the technology to blockchain.