779 karma · joined March 19, 2014
[0] https://en.bitcoin.it/wiki/Economic_majority
[1] https://bitcoin.stackexchange.com/questions/3945/how-could-t...
So something analogous to owning a part of the network, would it be correct to say that, for instance, governments own and auction telecom spectrums to businesses. They do make money out of that ownership through the initial auction price and then potentially tax you later. So a cryptocurrency could be looked at in a similar way in the future. When you later sell the currency you have owned for a while (given that it takes off well over the couple of years), you are basically transferring that "spectrum" ownership to another party.
Talking about value, isn't blockchain / crypto analogous to a medium that enables moving money quickly? If yes, internet would be similar in some sense (we have instant local money transfers these days) but we don't have anything that tracks internet as an investment.
Coming back to it, I can rationalize myself investing in a money transfer business that is build on blockchain (think Transferwise that uses a mix of technology and banking agreements) and generates some revenue for me. But if that middleman can be removed, I cannot suddenly start considering that piece of technology, an investment.
How is any cryptocurrency even considered an investment vehicle? I would classify myself as Boglehead and I believe in the fundamentals of investing in stocks because in all it's technicality (and given the buy-and-hold strategy), you are investing in a business by owning a part of it which naturally means that you will and do get the returns on it, both in terms of profits (dividends) and and value growth (appreciation of the stock value). And conventional wisdom of lending also applies to bonds.
That being said, again, why would cryptocurrency ever be considered as a good investment vehicle? Isn't it analogous to me investing my money in buying USD or the British Pound (or a well diversified currency ETF), something I don't see a lot of value in as well.
This is a nice video explaining all this: https://youtu.be/TxKhi6Qsrog?t=67
Some clarity by example: In financial systems, it’s extremely important to keep track of all the transactions between your microservices (if your architecture is based on that). You could potentially lose a message delivered to you via a broker if your service fails to write it to a persistent storage. If the producer of that message never stored that message or it was produced on wire and transmitted, there is no way to recover it anymore. A system designed around a Message Store can mitigate such problems. You can build that similar architecture with brokers as well but for each of your application, you will have to implement something analogous to a Message Store to handle idempotency and things like that.
I have recorded a demo video that seems to be validating my point.
The video is recored on a fresh install of Youtube on iOS 13.2.3. That means I uninstalled and installed the Youtube app. The demo that you would see is on the very first launch of the app.
Here is the timeline, also posted on the video description.
0:04 I am logged into my personal account. You can see Formula 1 video suggestions because I tend to follow Formula 1 quite a bit
0:10 I switch to incognito mode in Youtube. The popup says that once incognito is turned off, my activity from this session will be cleared. At this point, suggestions in incognito seem random to me
1:00 I search for Formula 1 while in incognito mode
1:26 Quit incognito mode. At this point, I believe that my session is cleared
1:35 I switch to incognito mode again. My video feed seems to be heavily skewed towards Formula 1 video suggestions. This holds for subsequent incognito mode activation as well