81–90 of 287 posts
As for why the Bitcoin Core developers were so quick to do this, the whitepaper has been a thorn in their side for years as it runs counter to the argument of Bitcoin being "digital gold" and should just be a settlement layer. So they saw this as an excuse to remove it.
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A nice collection of articles regarding bitcoin’s energy usage. Spoiler: it’s quite different than the narrative that’s out there: https://bitcoinmagazine.com/tags/energy-consumption
The only spoiler is that a pro Bitcoin source is going to extreme levels of mental gymnastics to justify the unjustifiable use of an entire countries worth to electricity to write 7 entries per second into the worlds slowest and least efficient database.
And make sure to compare how much energy (including the entire military, police forces, FBI, etc.) is used to secure US dollars.
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You think a guy smart enough to give birth to Bitcoin, and maintain complete anonymity while doing so and while communicating in public forums etc, would forget his private key? You just need to remember one seed and suddenly you have billions of dollars of value stored in your brain. I don't think that's a realistic possibility.
> You think a guy smart enough to give birth to Bitcoin, and maintain complete anonymity while doing so and while communicating in public forums etc, would forget his private key? > You just need to remember one seed and suddenly you have billions of dollars of value stored in your brain. I don't think that's a realistic possibility. BIP39 mnemonics ("seeds") were not around in the early days. Bitcoin core software g…
EDIT: downvoted for asking a question
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A buttcoiner always sees another buttcoiner. edit: wow, didn't know so many people were against r/buttcoin its sad to see HN descend into this sort of madness.
Even if I'm generally pro-crypto and against HN negative stance on crypto, I upvoted you (and will vouch for your comments if needed) because buttcoin is an interesting community: they are educated on crypto, and their negative arguments are more than simple rebuttals. I spend some serious time there - it's a great source of news, a bit like HN Now to the moon with lambos! /s
It seems there are quite a bit of mEth heads here as well.
/u/jstolfi has many disciples
This is so bizarre. For those that aren't aware, Craig Steven Wright has publicly claimed to be Satoshi but failed to provide cryptographic proof as such, and uses his supposed identity as Satoshi to justify having a bunch of sketchily-acquired Bitcoin (I forget the full details here, it's been years). Even someone without much prior knowledge should be able to trivially deduce that this guy is a fraud: - The real Sa…
BCH eventually got forked into Craig Wright's and Calvin Ayre's "Bitcoin Satoshi's Vision (BSV)", which has a block size in the gigabytes, and which according to them carries the torch for Satoshi's original vision for Bitcoin. Craig Wright is the chief scientist for BSV. I personally think there's sufficient evidence to conclude Craig Wright isn't competent enough to have created BTC: https://craigwright.online/
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The only spoiler is that a pro Bitcoin source is going to extreme levels of mental gymnastics to justify the unjustifiable use of an entire countries worth to electricity to write 7 entries per second into the worlds slowest and least efficient database.
Bitcoin would be an utter failure if it sacrificed security in order to gain speed and efficiency. And make sure to compare how much energy (including the entire military, police forces, FBI, etc.) is used to secure US dollars.
Those aren't to secure the US dollar, those are to secure the US. Switching to Bitcoin would not change the expenditure in those areas one iota. Not. One. Iota.
If anything the US dollar is freeloading on the expenditure there.
However, setting that aside, it's pretty trivial to disprove your argument. If you linearly scaled the energy usage of Bitcoin to the number of transactions per second currently handled by just Visa alone, Bitcoin would require more energy than the entire world generates a few times over, and generate more e-waste than the entire world generates today. 7 transactions per second is enough for a decently flea market or a Costco, not a global economy.
> Bitcoin would be an utter failure if it sacrificed security in order to gain speed and efficiency.
Which is why it shouldn't exist. We can do better. We are doing better already.
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Unless satoshi lost his keys lol like virtually everyone else of that cohort.
You think a guy smart enough to give birth to Bitcoin, and maintain complete anonymity while doing so and while communicating in public forums etc, would forget his private key? You just need to remember one seed and suddenly you have billions of dollars of value stored in your brain. I don't think that's a realistic possibility.
As for why the Bitcoin Core developers were so quick to do this, the whitepaper has been a thorn in their side for years as it runs counter to the argument of Bitcoin being "digital gold" and should just be a settlement layer. So they saw this as an excuse to remove it.
They removed the whitepaper about as fast as they removed Gavin Andresen's commit access once they found justification. There are a lot of bad things you can call the BTC core devs but they sure as hell seize every opportunity to grab power.
If anyone knows of good books or podcasts about the history of BitCoin and the various characters/motivations involved I would be most interested in recommendations. Especially from the governance or legal perspective.
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They removed the whitepaper about as fast as they removed Gavin Andresen's commit access once they found justification. There are a lot of bad things you can call the BTC core devs but they sure as hell seize every opportunity to grab power.
From my experience in the community years ago, Bitcoin Core was a very insidious group of people that seized control of Bitcoin from within, obtained control of the Bitcoin subreddit and started banning anyone with even the most reasonable objections. They started promulgating this absurd notion that Bitcoin was a "store of value" exclusively: that is to say, was not intended to be "peer to peer electronic cash" (as…
Bitcoin's "fiat" value is pretty much a speculative/opinionated/consensus of belief thing, by nature. This is really no different than the fed saying these 100,000 things are worth this much in dollars. It's an opinion based in observation, but still an opinion, albeit a collective one.
The value of the Bitcoin network itself to provide a wide range of authentication and payment integrations is quite high and a technology potential for changing markets. That is only valuable if it is found long term to be a secure store of integer values.