Viewing profile — mondoveneziano

I was explaining in layman's terms.

> required to use powerful and energy-hungry GPUs to solve a complex mathematical problem. No mathematical problem is getting "solved". It is much more akin to playing the lottery:…

The statement you quoted is true, regardless of your assertion. As for addressing your assertion by itself: Energy storage and distribution networks constantly strive to minimize u…

All energy and computing resources used on mining Bitcoin are spent and cannot be used for anything else. The concept of "backing" means that resources are available, and the entit…

LUNA is trading at below $0.00001, that is below 1/1000th of a cent right now. For many, getting rid of it may be much harder than just ignoring it. A few weeks ago the price peopl…

Understanding cryptography and smart contracts, what if the increasingly complicated smart contracts you describe have bugs? > For example you could make a master key that override…

git does not have a distributed consensus algorithm, however, and does not rely on proof-of-work/space/stake. Whether a rewrite of history is accepted is up to every consumer of an…

These are all plausible arguments for associating real estate ownership with a database. What are the arguments for this database being maintained by a blockchain? If you do not tr…

If the company in your example can be contacted to overturn ownership, essentially degenerating the immutability and irreversibility of the ledger to levels comparable of existing …

Let's ignore space, where currently the highly elevated risk is well known to the few participants. If we could undo car and plane crashes, we would do it. We cannot, and my questi…

> The actual last thing in the world home users want is an authentication system where credential loss is literally irrevocable. This is generally a concern I have about blockchain…

I have looked into proof-of-work in meticulous detail, I have not looked into proof-of-stake. If proof-of-stake exists and eschews the problems I have stated, then what I said here…

The Internet provided solutions to technical problems, regardless of any societal/political considerations. They may have resulted, but as a secondary effect. When theorizing about…

In the case of the Internet, people were doing either new things, or existing things more efficiently (e.g. sending emails vs. postal mail and fax, or transferring files vs. swappi…

Understanding proof-of-work down to the very details, I can make some evaluations based on simple technical properties. For example, Bitcoin can never become "more efficient": If e…

I am essentially pasting an old comment of mine: The Internet was always something where demand--and desired applications--were vastly over capacity and capability. From the moment…

I am simply explaining how proof-of-work works. It is correct that the difficulty is adjusted based on the hash rate. If mining power was halved, it would become twice as easy to h…

> The stake/spacetime/electricity isn't wasted; it is used to establish global consensus. I still would like everyone to understand how proof-of-work really works, I don't think ma…

It can spike up when new miners join the game, possibly in remote locations of the world with defunct governments that decide that mining Bitcoin for a select few is a more "import…

How can efficiency increase in a way that decreases energy use? Let's say a new ASIC comes out that mines twice as efficiently, i.e. 2x less energy per calculation. Because miners …

That's perfectly understandable, I think relatively few people looked at proof-of-work in detail. I can give you a quick overview of how proof-of-work works (I understand it well e…