461–470 of 659 posts
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Someone's been reading their Georges Bataille... Edit for less smug more content: sacrifice is an interesting lens through which to look at bitcoin. You could argue that burning "excess" compute power is the real point, not the tokens.
It's not excess/surplus when computed on mining-specific ASICs.
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Of legacy electronics payment systems and their need to be mediator, Satoshi says this: > The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions If enabling small casual transactions was one of the goals, then they've failed terribly on that point.
BS. Bitcoin had small casual transactions up until recently. It was one of its main selling points. Again, people don't like Satoshi's endgame vision. This is working as designed. Bitcoin was designed to evolve into this. It was not intended to stay static; it's in the whitepaper. Break out of the groupthink. It's worth realizing when everyone around you is being irrational.
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Meanwhile, your payment card provider is probably doing that many transactions per second just in the small city I live in.
[citation needed] A quick google says Visa peaks at 4k txs/sec
[1]: 65,000 Transaction messages per second
[0] https://usa.visa.com/run-your-business/small-business-tools/...
[1] https://usa.visa.com/dam/VCOM/global/about-visa/documents/vi...
Also, consider there are other networks like MasterCard:
[2]: MasterCard’s 2012 annual report asserts that its network can handle more than 160 million transactions per hour with an average network response time of 130 milliseconds. Operating 24 hours a day every day, MasterCard reports that its processing systems have consistently maintained availability 99.9 percent of the time.
[2] https://www.philadelphiafed.org/-/media/consumer-finance-ins...
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There's a few different ones that have made huge jumps forward; RaiBlocks can apparently do around 7,000tx/s.
Meanwhile, your payment card provider is probably doing that many transactions per second just in the small city I live in.
Bitcoin isn't like gold. You cannot launder money or evade tax using gold. No need for trust means no trust. We know what "gold standard" means. You can guess what "bitcoin standard" would mean. Those who think bitcoin is an asset storage are delusional.
What makes you think that?
Trade dirty money for bullion, then trade bullion for cash at a pawn shop - money laundered.
Buy gold, after it appreciates trade it for a good without reporting the capital gain - evaded taxes. Or simply accept physical gold in return for labor without reporting or paying taxes.
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I honestly don't know what use-case remains for Bitcoin. If you have large value transactions you'd probably choose something with privacy like Monero, and if you want something cheap and fast, maybe Bitcoin Cash. In both use-cases, you have a few competing alternatives. In no circumstance is Bitcoin preferable to one of the mature alternatives. ...and if no one is using it as a transaction medium, then acting as a s…
lighting network is pretty fast now. bitcoin cash will have the same problems like bitcoin once is growing in size. not a solution.
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What's the secondary use of all the shares of AMZN one might have in their eTrade account? That's also just data, right?
the value backing AMZN shares is the value of the utility that amazon, inc provides to society.
The difference between gold and cryptocurrencies is that gold is something that doesn't go away when you stop believing in it. Simulated gold is not actual gold, in other words. They are under current conventions interchangeable, but the context that allows that is contingent.
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FWIW that is the goal of the Lightning Network on Bitcoin: https://lightning.network/
I keep seeing this brought up over months and months, but how close are we even to using it? Is the technology a thing yet? Or is it all white papers.
I also demoed [1] purchasing swag from Blockstream's store [2] which is powered by their newly released Wordpress e-commerce plugin [3] that enables Lightning payments.
I did not screencapture the videos because Qubes dom0 does not come OOTB with screenrecording software, and I don't want to enable networking in dom0 to install software that does.
[0]https://twitter.com/notgrubles/status/955611467889422337
[1]https://twitter.com/notgrubles/status/954933507863863296
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[citation needed] A quick google says Visa peaks at 4k txs/sec
[0]: VisaNet handles an average of 150 million transactions every day and is capable of handling more than 24,000 transactions per second. [1]: 65,000 Transaction messages per second [0] https://usa.visa.com/run-your-business/small-business-tools/... [1] https://usa.visa.com/dam/VCOM/global/about-visa/documents/vi... Also, consider there are other networks like MasterCard: [2]: MasterCard’s 2012 annual report asserts…