More recently Vitalik has said Ethereum PoS is at least a couple of years away, likely due to new attack vectors that require further research https://arxiv.org/abs/2110.10086, one of which enables an attack with only 0.09% of the total staked. It would have been foolish to fork knowing attacks like these are still being discovered.
"with more than 99.6% probability, an adversary with 0.09% of total stake is in
a position to execute a 1-reorg for any given day."
Another which could prevent the chain moving forwards indefinitely.
"an adversary controlling 15% of stake can stall PoS Ethereum"
Property prices aren't so crazy - a friend of mine pays €400 a month in a nice part of Costa da Caparica for a 2 bed, another bought a great place for under €200k in Cacilhas.
For under €500k you can get something like this https://www.idealista.pt/imovel/31578168/ more than decent in such a desirable location in the centre of the capital..
The minimum wage is so low because more than 50% of the workforce didn't finish school https://www.theportugalnews.com/news/50-of-portuguese-betwee...
There are plenty of Portuguese people smarter than I commanding nice salaries, yes not as high as elsewhere in Europe but the quality of life and cost of living I believe make up for it.
You're quite right, there are risks with everything in life. I believe a hardware wallet to be far more secure than online banking. I think you'll find this interesting: https://trezor.io/shamir/
Bitcoin is imaginary in the same way an email is an imaginary letter, or this is an imaginary conversation (we are not talking face to face, people of last century would struggle to understand that I am indeed talking with another person, somewhere in the world, even though I have never seen you, I understand you do exist as a thinking feeling person. Hope you're having a good day :) ).
Thought you might find this insightful. I agree with you on, not your keys not your crypto - this ETF is not the best option for many people, but for some it is perhaps their only and therefore best option: https://www.reddit.com/r/Bitcoin/comments/q6pwtp/michael_say...
I don't assume intent but this comment is disinformation - stable coins are some of the riskiest major assets in the space, since their backing is questionable at best[1], and even those that are "backed" are inescapably custodial with all that entails (lack of censorship resistance being one unavoidable property so long as coins retain any sign of fungibility). I hope they "concentrate on" Bitcoin - which under close examination seems the first time hard money has ever been created.
Yes, DOGE can be borrowed and then sold, to be repurchased later (at a possibly lower price); short positions can be opened. Plenty of DOGE is available for shorting. GPUs currently mining Ethereum can be used instead in a 51% attack against DOGE. No such pile of resources exists that can be redirected to attack Ethereum or Bitcoin.
For me, knowing that a contract will be followed regardless of the wishes of any party involved is very valuable. Knowing that an asset will remain scarce, its issuance predictable, and that I can store it securely at extremely low cost, is very valuable.
As per terms of settlement with NYAG, Tether will be disclosing details of their reserves on a regular basis from now on to NYAG, let's see how fake USDT is - NYAG seem satisfied for now that it is backed by full reserves.
Just so you know, Dogecoin's blockchain is trivial to attack; its ledger can be altered at such low cost it is unlikely several such attacks aren't already underway. Upon publushing of new "longest chains" it will no longer be possible to determine which doge chain is valid, putting all balances in danger until the Proof of Work mechanism is replaced - which will only work briefly before the same problem recurs, due to the nature of how blockchains are secured.
This will demonstrate why Bitcoin and Ethereum are valuable.
More info: https://www.intuitecon.com/post/why-dogecoin-is-going-to-zer...
Tether, the 6th largest cryptocurrency has a market cap of ~$160B, seems pretty "popular" to me.
USDC TUSD and BUSD are further popular examples.
Cryptocurrencies are not MLMs, you would do yourself a huge favour by learning what they are.
In brief, Bitcoin is a scarce asset, and Ethereum is the credit required to run trustless logical conditions relating to a transaction, and also securing assets involved in those conditions.
USDT, USDC and DAI each have their own set of counterparty risks.
USDT is regulated somewhere sunny, USDC somewhere that could be hostile if given enough power, and DAI is backed by digital assets such as custodied Ethereum.
The sooner there are more solid options in more jurisdictions, and more certainty around USD stablecoin regulation, the better.
I will be very glad to see Tethers go away.
Incidentally, it is my hope that once laws change the collateral can be any type of asset, not only digital assets. The collateral could also be some sort of tokenized reputation issued by a collective, whom have decided you are worthy of credit. Perhaps they are affiliated with your employer or have enough knowledge to assess the stability of your income due to their knowledge of your skillset. The lenders would then be paid by them, by proxy - allowing those capable of assessing risk, and those with sufficient funds to lend, to be distinct.
Incidentally, this is all bleeding edge, let's see what is actually built and what works with all this new possibility.
I think you're conflating two things. Collectively owned, as in how large companies are owned by their shareholders. Decentralized, as in instead of a company, its a piece of software, that we are collectively funding the development of and profiting from. As more business can be done with software, with less people, I see this as a way for us to own that software, and contribute to it. If some group of owners charge too much, it can be forked, similar to how a business can be undercut by a competitor if they charge too much.
Regarding the auto financing. Traditional lenders will typically have no ability to repossess secured assets themselves, they will send out a colourful letter and if that doesn't work, sell the debt to a collection agent.
DeFi in the form currently available doesn't need a credit score as it is secured against collateral, but a credit score would likely be needed in this case.
New cars sold in the EU are likely trivial to repossess; I believe they have built in location trackers.
All actors having better access to these tools and others, more open markets. Someone with knowledge of new tools can build services aimed at various market participants, without needing much capital etc.
Goods were sold before the Internet, too.
If loan repayment is not made, or the collateral falls in value sufficiently that the loan becomes undercollateralized, the collateral will be sold to cover the outstanding debt. The outstanding debt can be invested on a new business, stocks or gold - its not restricted to buying digital assets.
DAI is mostly minted from ETH, at a rate of $150 collateral to $100 DAI. https://daistats.com/#/. The $200m DAI minted from WBTC represents 0.02% of Bitcoin's market cap.
"with more than 99.6% probability, an adversary with 0.09% of total stake is in a position to execute a 1-reorg for any given day."
Another which could prevent the chain moving forwards indefinitely.
"an adversary controlling 15% of stake can stall PoS Ethereum"