111–120 of 237 posts
Does Taproot do anything to reduce the absurd power consumption? If not then it just feels as useful as rearranging deck chairs on the Titanic to me.
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There's game theory at play here that transcends the legal system. Yes, the US and the EU could deem these cryptocurrencies to be illegal. However, as we saw in China, all that accomplishes is squeezing it out of your borders, or squeezing it to the black market. Making it illegal would also be an insanely strong signal to the entire world that this thing actually is uncontrollable by our current governments, and tha…
Serious question: Can't a government block it at the ISP level? They could also make out of country VPN illegal. How would BTC work in practicality under those conditions?
Semi-serious jokes aside (the block stream satellite can receive blocks but not broadcast), the protocol can operate under Tor in which the bitcoin core daemon is very well integrated. If worst come to happen, sneaker net is somewhat popular (https://opendime.com) and people have transacted using radio waves as a proof of concept (https://satoshi.radio.br/wp/).
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"And all of the transaction were free", Wait? Since when are transactions free and instant? Is that part of this upgrade? The only costs are with the "bank transaction"?
Parent talks about the „Lightning Network“ — a Layer 2 scaling solution for Bitcoin. Beware: I am still a crypto noob but I am still going to try to explain how I understood the system so far. Edited: Minor terminology and typos. Roughly speaking the Lightning Network works similar to a „current account“ that businesses have between each other but does not require the actors to trust each other. The parties initiate…
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> Then it's going to be weaponized to launder money We should stick with USD. No one does anything illegal with USD
Yes, which is why all ransomwares ask money in USD, right?
Does Taproot do anything to reduce the absurd power consumption? If not then it just feels as useful as rearranging deck chairs on the Titanic to me.
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People had little problem with transportation when all they had was horses and sailboats. Just because you don't technically have a problem doing something now and no one is complaining, doesn't mean there's not a drastically more efficient way to do the thing, and those organizations that start doing the more efficient thing rapidly out compete and make irrelevant those who hold onto the legacy ways.
Bitcoin is the horse and buggy in this comparison - while attempting to naively remove control possibilities and making it "trustless" aka a free for all/wildwest where nations can't use financial levers to try to economically punish known bad actors, e.g. Magnitsky Act.
Perhaps the primary output of bitcoin will be that it lights a fire under the lazy ass of government to actually have a service mindset towards people, because they now have an alternative that they can use however they want.
We'll see.
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No, the transaction is fully signed and can be broadcast at any time by either party to settle. It doesn't have to be broadcasted and further transactions can be done on top and they just keep it private between themselves.
I'm missing how you can have a transaction that is not broadcasted but that prevents a double spend. Can't I give two different people signed transactions for the same bitcoins? How could the second recipient know I've already spent the balance on the first? Apologies for the no-doubt naive questions, it just sounds impossible.
Does Taproot do anything to reduce the absurd power consumption? If not then it just feels as useful as rearranging deck chairs on the Titanic to me.
One of the most interesting things in this experiment was the speedy trial imo. We now have an agreed way to change/improve consensus rules. It's very difficult to get a handful of people to agree on something, let alone all the different participants in this global/borderless system.