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Post by Barbie Cessar on Jan 14, 2018 22:56:07 GMT
I found it challenging to wrap my head around a type of currency that is not tangible and had a hard time totally understanding the Bitcoin and Blockchain technology. The extra in class discussion really helped me understand the topic better!
@maya Your response shed some new light on Bitcoins and the Bitcoin technology that I didn't see before! I love the perspective you took on the topic and saying how lawyers, courts, banks and governments controlling our money is a "social norm".
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Post by Meghan Miller on Jan 14, 2018 23:53:46 GMT
ricky To answer your question, I do not believe that the transition to cryptocurrency will be very smooth. People are still holding onto pennies even though they cost double the face value to make. Many people will resist any change for as long as possible, so if there is a switch expect many delays, refusals to switch, and flaws in the situation.
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Post by Meghan Miller on Jan 15, 2018 0:01:24 GMT
@laura Do you think, in the future, they would slowly integrate online voting along with ballots? And if they do would you trust them enough to submit your vote that way?
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Post by Makayla Rieder on Jan 15, 2018 3:08:29 GMT
brooke I agree with you on the fact that bitcoin is too sketchy to actually take off, and there is a very low chance of it becoming any more trustworthy. Ya it would be good for everyone to be able to vote from their homes, but even if the government tries to assure them that Blockchain is safe, so many people will still be skeptical and it's not likely to work out.
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Post by Makayla Rieder on Jan 15, 2018 3:23:08 GMT
@barbie I agree with you that Bitcoin will not become a big thing in the future, it's just very confusing to a lot of people and they aren't going to get behind something that they don't understand whatsoever. I also agree with you that voting is too big to rely on just software to handle, and that it's too untrustworthy to use for something that important.
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Post by Ricky on Jan 15, 2018 12:52:15 GMT
@barbie, I wouldn't say that bitcoin and blockchain are useless. Blockchain has the potential to be very useful since it can pretty much eliminate the threat of hacking. I do agree however in not trusting the software because there is always the possibility of a bug or some other malfunction that could always happen.
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Post by Ricky on Jan 15, 2018 12:57:08 GMT
mayafrench, I cannot see bitcoin becoming the next type of modern type of currency. If the value of the US Dollar had risen 00% so fast, inflation would crush everyone!
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Post by Ricky on Jan 15, 2018 12:57:45 GMT
900%*
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Post by Chloe Fetter on Jan 15, 2018 13:12:40 GMT
In my opinion Bitcoin and the Blockchain technology are useless in the long run. It may be getting a lot of attention now with more than twelve million bitcoins in circulation but the total amount of bitcoins can only reach 21 million. This means the sale of Bitcoins over time will decrease as they get more rare with every purchase. Based on the wavering answers from experts I also believe that there is still so much to discover about Bitcoins and that we have a lot to learn about them before we use them as a future currency. Blockchain technology would not help the current voting system because it’s behavior relies on group of individuals with powerful computers, which will always be vulnerable to corruption. It is no smart to keep one government or company from having all the control but I believe putting total faith in a software to handle elections and currency is even worse. No I would not purchase Bitcoin or any other cryptocurrency because it is a risky investment. It is only worth what people are willing to pay for it and does not have a specific value. I truly agree that a mass of change would be extremely difficult in nature. Humans are apt to stay close to their roots and traditions. They may be weary of Bitcoin but who's to say that the traditional voting system isn't flawed in ways we haven't discovered. There's honestly no way we can put all of our faith into something that we can't monitor or observe for ourselves. Investing more time into technology, I foresee, would be a major downfall and lead to a lot of manipulation, and as you stated corruption. Technology as we know it today can have extremely devastating results or it could be a powerful tool but we never know someone's true motivation as we have been kind of referring back to in class. I agree this is pretty useless, lets just go back to trading goods like little village communities (: |
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Post by Chloe Fetter on Jan 15, 2018 13:22:38 GMT
I’ve been subconsciously aware of bitcoin for awhile, but never truly intrigued by what it was capable of in the past. What worries me about it is that it is so volatile and unreliable and truly leaves you unimpressed due to the ever growing amount of fees you have to pay for such small micro-transactions. As stated by The Atlantic, “If the predominant use case for any asset is to buy it, wait for it to appreciate, and then to exchange it for dollars, it is a terrible currency … It is a collectible.” Bitcoin has no place in any economy because of this. Yet, because of its value previously taking off, it sparked other cryptocurrencies to become more known in mainstream media (like Ethereum). Most of these share the same application of blockchain which shows true potential for the future on its own compared to Bitcoin. Cryptocurrencies will most likely continue to only be apart of the economy in small aspects like it originally was intended for due to the fact that once one “currency” runs its lifetime, another will have to take its place. Blockchain, on the other hand, doesn’t really have a replacement and seems to be a foolproof system since it “doesn’t run on just one computer” and “there can be a full copy of the database on every node” (The Conversation). It’s almost like a trustworthy version of the balance of power since no single carrier can corrupt the system on their own. I wouldn’t invest in Bitcoin, but I would consider a cryptocurrency that isn’t smothered with fees that go up like the PA turnpike does every year. In regards to voting, it seems to be plausible, but people are very attached to their traditional ballot stations and ripping that away from them seems harder than actually convincing them of the legitimacy of a blockchain system. A start could be to have the system in polling stations in crowded cities since online voting isn’t really a thing yet except with absentee ballots. I believe that technology makes way for a a lot of confusion among the common person who don't really dabble much in the hard wiring of computer systems besides Google Docs to type a paper and YouTube to listen to a song. Since we don't know much about how the technology really works, it will ultimately lead us to question it. We tend to destroy things that we don't understand naturally both in a literal and physically sense. I don't think the stress of change is worth the 'possible potential' od Bitcoin and the Blockchain systems. |
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