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Coinbase from YC to DPO

blog.ycombinator.com

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Re: Coinbase from YC to DPO

#191

Post by rauljordan2020 »

randomguy5421 wrote: post #143
Tenoke wrote: post #45

Earlier quoted context omitted.

>I'm horrendously worried about crypto gaining more marketshare as long as proof of work crypto remains mainstream. It's not really remaining mainstream. Bitcoin is soon going to be the only big project (in terms of electricity used) with it. The industry as a whole is moving away from it quite fast at this rate, with ETH (second biggest) moving to PoS within a year, and almost every new project being a or on a non-P…

Eth is always moving to POS ---> THIS YEAR.\ Believe it when I see it.

It is already live since December 1st, 2020 https://beaconcha.in. The next step is to perform the actual "merge" from PoW to PoS which will happen this year

Re: Coinbase from YC to DPO

#192

Post by RhodoGSA »

jude- wrote: post #166
jtsiskin wrote: post #159

Earlier quoted context omitted.

For the uninformed, what mathematical guarantees does POW have that POS doesn’t?

PoW is open-membership, because the means of coin production are not tied to owning coins already. All you need to contribute is computing power, and you can start earning coins at a profit. PoS is closed-membership with a veneer of open-membership, because the means of coin production are tied to owning a coin already. What this means in practice is that no rational coin-owner is going to sell you coins at a fast en…

Thanks for this little tangent, it was pretty informative. what's your opinions on nominated proof of stake?

Re: Coinbase from YC to DPO

#193

Post by adventured »

Nursie wrote: post #162
fumblebee wrote: post #93

Earlier quoted context omitted.

Couldn't agree more. I struggle to comprehend how an energy obliterating and (relatively speaking) primitive technology like Bitcoin is the top dog in this space. Sure, first mover advantage counts for something, but come on - how has superior tech not yet left it in the rearview. In a space that moves at such rapid pace with heavy investment and buckets of innovation, at some point the crowd surely will migrate en m…

> Sure, first mover advantage counts for something, but come on - how has superior tech not yet left it in the rearview. To me it demonstrates perfectly that this market is largely speculation based on brand recognition and number-go-up-tech rather than any use of the currency. If it was based on use and capabilities then yes, we would expect BTC to be superseded by its more capable cousins. But it's not.

I largely agree. It's specifically because Bitcoin is perceived to be a place to hide capital from inflation - and the world is comically flooded with capital right now, chasing anything and everything - while all the central banks are busy vaporizing their garbage fiat. Bitcoin is not a currency. It's bizarre that people keep calling it that, years after it became obvious that it's not. If it were a currency, Bitcoin would collapse rapidly toward zero, because it's wildly impractical as a currency.

The Forbes list of world billionaires features 2755 names. They gained $5 trillion in wealth over the past year. Bitcoin is a trivial toy next to the wealth in the world today. A fun little token play thing, a place to hedge a couple of bucks, it goes in the basket.

Re: Coinbase from YC to DPO

#195

Post by bhupy »

skeeter2020 wrote: post #115
rawtxapp wrote: post #102

Earlier quoted context omitted.

Just put a carbon tax on everything that has environmental externalities, it's as simple as that, it doesn't make sense to target a specific industry, especially one that uses stranded/renewable energy.

broad-based consumption taxes are the best theoretical response, but politically no one is going to impose them at the levels needed to discourage consumption, and they almost always get perverted in their application with carve-outs and exemptions. Plus where does that money go? At best it's an inefficient recycling paradigm when what we really need is an at-source reduction in consumption in the first place.

I think the idea is that it discourages certain kinds of consumption, and that's carbon-based consumption. Once upon a time, that could have been construed as a broad-based consumption tax simply because there were no non-carbon alternatives. Today, in 2021, that's not the case. Solar is already the cheapest source of electricity, and the relatively higher price of CO2 emitting energy is already a market-based "consumption tax". A carbon-tax just exacerbates and speeds up what's already happening. That's probably acceptable because time is of the essence as far as the climate goes.

Re: Coinbase from YC to DPO

#196

Post by RazTeve »

throwastrike wrote: post #173
Fede_V wrote: post #35

I'm horrendously worried about crypto gaining more marketshare as long as proof of work crypto remains mainstream. It has significantly worse externalities than just about any company I can think of (including defense contractors/vaping companies), and, if it grows larger before we have clean energy, then we virtually guarantee we won't be able to tackle global warming. We are going to bestow a world that will be sig…

A green crypto will not work unless it’s tied to BTC. BTC is basically a ponzi scheme built on top of ponzi schemes on top of ponzi schemes. I too was optimistic about cryptocurrencies back in 2013-14. I thought we’d eventually have a global currency that’s beneficial for all parties involved. But no. There’s simply no interest in doing that. Everyone is just in it for the money.

Money has always been a tool for trading time

Re: Coinbase from YC to DPO

#197

Post by CFA178B »

Fede_V wrote: post #35

I'm horrendously worried about crypto gaining more marketshare as long as proof of work crypto remains mainstream. It has significantly worse externalities than just about any company I can think of (including defense contractors/vaping companies), and, if it grows larger before we have clean energy, then we virtually guarantee we won't be able to tackle global warming. We are going to bestow a world that will be sig…

I feel the similar. There are innovations out there and things that change the world and improve the way we think and, work and develop together, and there is this world of essentially greed, where we all just want to get out of where we are - because, why? We have to sell someone else the ticket out, to get richer ourselves.

Thankfully, this is a bonafied bubble and in a few months, it'll all tank again.

Re: Coinbase from YC to DPO

#198

Post by paulpauper »

kolinko wrote: post #52
Fede_V wrote: post #35

I'm horrendously worried about crypto gaining more marketshare as long as proof of work crypto remains mainstream. It has significantly worse externalities than just about any company I can think of (including defense contractors/vaping companies), and, if it grows larger before we have clean energy, then we virtually guarantee we won't be able to tackle global warming. We are going to bestow a world that will be sig…

PoW is on it’s way out - Ethereum is moving away from it and there is no reason for other cryptos to not follow. The major player in PoW will remain Bitcoin, which won’t change. But as soon as solar/wind become cheaper than coal, it will switch to green without a blink of an eye. A random thought - I’m genuinely surprised Bitcoin folks didn’t yet crowdfund building a nuclear reactor for mining purposes ;) They crowdf…

it has been 5 years an ethereum is still a long way form any sort of POS adoption

Re: Coinbase from YC to DPO

#199

Post by toolz »

New_California wrote: post #132
toolz wrote: post #121

Earlier quoted context omitted.

cardano is completely distributed PoS 46 billion market cap (5th largest crypto) - I'm not sure what you mean by "yet to be proven" it also theoretically supports 1MM tx/second - to put that into perspective VISA does somewhere in the ballpark of 2k tx/second (but theoretically can do much more than that I'm sure)

No, Cardano is still centrally coordinated, with an intention to go actual PoS some day.

no it's not, where would you even come up with the idea that it was?
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