81–90 of 115 posts
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> Short term profits might come (...) from bitcoin whales I don't understand. How are you supposed to make money from wealth hoarders? The trickle-down fairy?
If you convince them to move to the country / spend more time there, then they will spend more of their money in your economy.
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Victims of bank fraud mostly receive their money back by the bank. This one recent example of an crypto exchange that fled with the money, has defrauded more in value than the entire ACH payment system worth ~51T ( fraud = 0,0008 % = 0,08 basis points). https://www.engadget.com/africrypt-bitcoin-disappearance-174... https://silamoney.com/ach/understanding-the-basics-of-ach-fr...
That's not a hack that's a scam.
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That's not true. Blockchain tech is unrelated to bitcoins/crypto's. Just like Stackoverflow doesn't correlate with the value of the .Net framework or HN doesn't correlate with the value of the ARC programming language ( since it's build on that tech) It's an example of the tech, but the value of blockchain does not have a correlation with any of the 8000 implementations as crypto. Additionally, the implementation of…
> Blockchain tech is unrelated to bitcoins Yes and no. The latter is built from the former. But the former is ensured to build wasteful tech. I explain the difference between consensus and gossip in an article about decentralized forging, if you're interested: https://staticadventures.netlib.re/blog/decentralized-forge/
Eg. With the lightning network
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>capitalism and speculation ruin lives And yet here you are on hackernews, owned and run by ycombinator, an organisation that exists to capitalise on both of these things, with the aim of making a small group of investors and founders very very rich. https://www.ycombinator.com/topcompanies/ Are you aware of the cognitive dissonance in your position?
Are you literally trying to be this guy as some kind of parody? https://thenib.com/mister-gotcha/
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Are you in the US? If so do you have a 401k for retirement? That is capitalism and speculation and trading stocks. If you don't what is your retirement plan? I am not a huge fan of capitalism, but here I am living in a world where it exists and I have to survive in it, it's. It going to change before I retire so I need to invest in the stock market via a retirement/pension fund. Of course I could choose not to do tha…
> what is your retirement plan? I don't exactly have one, because i'm also from the global north (france). I'm betting that before i get to "retire" (i'm not a employee so there's not really a such thing for me) either climate change will collapse the capitalist economy (let's enjoy clear water before industry has used it all) or government will have turned fully fascist and put the rest of us (anarchists, muslims, h…
So sign me up for the revolution mailing list but let's get some content.
If you’re distributing $180m in Bitcoin to 6 million wallets, do you pay transaction fees (currently about $6) once, or 6 million times?
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I don't think blockchains are particularly well suited for solving El Salvador's actual problems, like gang violence. There's a not entirely implausible theory that says Bukele is going for Bitcoin specifically because El Salvador uses the US dollar and is thus prevented from taking the typical path of printing more its own currency to "solve" problems. With Tether and various dodgy custom apps in the mix, they can n…
Printing money in bitcoin requires some really weird stuff to happen. Essentially, either you need to scam others with Tether, or you need your apps to literally lie to their users. Bitcoin was made to be deflationary. That means it was made not to allow anyone to print money. It would have made more sense for them to pick ethereum if they wanted the ability to print money. Really, the only thing I can imagine is usi…
El Salvador isn't actually giving people Bitcoin. It's giving people records in an SQL database that supposedly correspond to Bitcoin in a government wallet.
The government can just edit that SQL database to print money.
If you’re distributing $180m in Bitcoin to 6 million wallets, do you pay transaction fees (currently about $6) once, or 6 million times?
if you send them all as a single transaction i.e one transaction with 6 million outputs, you would pay 1 transaction fee. However I dont think that is what is happening here. All the transactions are likely to made on the lightning network, which is a layer on top of bitcoin, designed to facilitate smaller transactions with lower fees.
How?
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As has been said before on almost every thread about this, lightning network alleviates the issue of high transaction costs for small transactions. https://www.coindesk.com/strike-launches-bitcoin-lightning-p...
Lightning network helps repeated small transactions between the same pair. However, the first transaction between a specific pair (channel opening) still needs to occur on-chain. That transaction still pays a full fee.