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short it then
Who would pay my profits if it all blows up?
"downtime" is kind of a weird way to call it. Its not down in the same way we think of AWS being down. I guess the right way to say it is 'time when the current longest chain was not an active chain', but that doesn't exactly roll of the tongue I guess.
What does 'active' mean in this context?
During those downtimes the current active chain that is run today was not one of the active chains in consideration for consensus. This is why the fixes was to go back and do a softfork from an earlier state.
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There is a meaningful service cost, it's just paid for by mining. Environmentally there's also a massive cost, one that is not offset by the benefits bitcoin brings - which is primarily financial speculation and scams. Cryptocurrency is probably one of the worst inventions in recent memory.
>Cryptocurrency is probably one of the worst inventions in recent memory. Do you have a source for this fact? It might survive the 50 year old fiat dollar experiment. Until 50 years ago, there has not been a currency that wasn't backed up by something that was beyond the government
What happened to Lightning? Did it solve Bitcoin's problems yet?
For all the hate Bitcoin gets because it’s obviously in a bubble market, can we at least agree that it is an astounding engineering achievement that an anonymous individual and a small group of researchers were able to build a network capable of transacting billions of dollars of value with only 2 service incidents in 14 years? All without any meaningful service costs and no hacking of the network, despite huge incen…
As the first cryptocurrency, it's certainly an incredible innovation and idea. However, it's already outdated technology.
Bitcoin failed to become everything it was idealized to be. It's not anonymous. It's not private. It's not fungible. It's not decentralized. It's not unregulated. It's not even a currency since transactions are not cheap and fast which makes them unusable.
The best thing this coin can do for the wider cryptocurrency space is disappear and let better projects take the lead. Yet it's the most popular coin and the only one the average person knows about. This is sad and to me it's proof of the complete irrationality of this market.
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Adjusting for inflation that is actually a loss year to date. S&P 500 was up 26 percent last year.
You can't take one snapshot in time and compare it when the two assets exhibit wildly different volatility characteristics. You are capturing Bitcoin's price when it is down. If we were to do the same thing at the end of the year last year we could say it went up 70% in 2021 (and that was after a big drop from it's ATH) whereas the S&P only went up 26%. See how that isn't the whole story?
For all the hate Bitcoin gets because it’s obviously in a bubble market, can we at least agree that it is an astounding engineering achievement that an anonymous individual and a small group of researchers were able to build a network capable of transacting billions of dollars of value with only 2 service incidents in 14 years? All without any meaningful service costs and no hacking of the network, despite huge incen…
What happened to Lightning? Did it solve Bitcoin's problems yet?
There are a number of improvements in the pipeline. Taproot just got enabled. It seems we need something like SIGHASH_ANYPREVOUT (BIP-118) in order to implement eltoo. eltoo would be like the next generation of Lightning, making it easier for users.
For all the hate Bitcoin gets because it’s obviously in a bubble market, can we at least agree that it is an astounding engineering achievement that an anonymous individual and a small group of researchers were able to build a network capable of transacting billions of dollars of value with only 2 service incidents in 14 years? All without any meaningful service costs and no hacking of the network, despite huge incen…
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I don’t understand what you’re trying to say. That is, why do market caps matter here?
I don't necessarily agree with it, but market cap is essentially the standard metric for how we measure value in our economy. If Apple goes down 10% people care because they're worth trillions and lots of people lose money. If a mid-size company goes down 10% a lot fewer people care.