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Bitcoin Core Lead Maintainer Steps Back, Encourages Decentralization

laanwj.github.io

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Re: Bitcoin Core Lead Maintainer Steps Back, Encourages Decentralization

#13

Post by nolim1t »

isoprophlex wrote: post #5

I wonder how these Bitcoin devs rationalize the environmental impact their ongoing work has. They've created something that started as a revolutionary innovation, but by now is an incredibly wasteful way of turning kWhs into money. Something that has outlived its fitness as a payment system, but still trundles on due to its own inertia. Like oil execs that refuse to acknowledge that the age of oil is coming to a clos…

Probably still less wasteful than the system it is replacing.

Tanks / Fighter jets / drones take more resources.

Re: Bitcoin Core Lead Maintainer Steps Back, Encourages Decentralization

#14

Post by headmelted »

tempsy wrote: post #2

bitcoin appears to have just become another asset that rich people on wall street are hoarding with no real attention or interest in the actual payment mechanism at all. it might as well just be some trading cards being shuffled around.

Which is a shame, as the technology always has been as impressive as claimed.

There was for a long while talk of whether or not the blockchain would ultimately be adopted for state currencies going forward but it's not clear that this is even an ideal use case.

As an example, I would personally view it as a good thing (and I know others have different views on this) that the government for tax and law enforcement purposes can view the global transaction log (it would certainly simplify taxes while increasing compliance), but is it a good thing that everyone else can view the transaction log too?

Ideally I would like the police and the tax man to know that people are not up to anything nefarious without everyone in the world knowing when you buy birth control or a pregnancy test.

The other issue is obviously money supply. Governments like to be able to manage the supply of currency, but deflationary issuances like Bitcoin are clearly incompatible with that goal.

Re: Bitcoin Core Lead Maintainer Steps Back, Encourages Decentralization

#15

Post by pawelmurias »

crumbshot wrote: post #9
isoprophlex wrote: post #5

I wonder how these Bitcoin devs rationalize the environmental impact their ongoing work has. They've created something that started as a revolutionary innovation, but by now is an incredibly wasteful way of turning kWhs into money. Something that has outlived its fitness as a payment system, but still trundles on due to its own inertia. Like oil execs that refuse to acknowledge that the age of oil is coming to a clos…

Probably the same way most people rationalize consuming the flesh of slaughtered animals, despite the massive negative environmental impact that has, and the better alternatives that are available.

Flesh of slaughtered animals is super tasty and nutritious.

Re: Bitcoin Core Lead Maintainer Steps Back, Encourages Decentralization

#16

Post by spacerocking »

isoprophlex wrote: post #5

I wonder how these Bitcoin devs rationalize the environmental impact their ongoing work has. They've created something that started as a revolutionary innovation, but by now is an incredibly wasteful way of turning kWhs into money. Something that has outlived its fitness as a payment system, but still trundles on due to its own inertia. Like oil execs that refuse to acknowledge that the age of oil is coming to a clos…

Wasteful compared to which other network that manages money and protects property rights? Most popular place to mine bitcoin is the north-west of China where there are unused hydroplants

Re: Bitcoin Core Lead Maintainer Steps Back, Encourages Decentralization

#17

Post by skohan »

tempsy wrote: post #2

bitcoin appears to have just become another asset that rich people on wall street are hoarding with no real attention or interest in the actual payment mechanism at all. it might as well just be some trading cards being shuffled around.

Even that is an extremely charitable interpretation. From what I can tell, Bitcoin seems largely to be an engine for fraud: fake value is injected into the system via dollar-pegged tokens like Tether, retail "investors" pile in to chase rising asset prices, and then the bottom drops out, amidst "liquidity issues" at major exchanges which prevent people from pulling out at the top. Or at least that is what happened in 2017.

I don't see any evidence that institutional wall street investors are adopting bitcoin in any real way.

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