Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

I was wrong, we need crypto

world.hey.com

Post reply on HN
Print view View original

331–336 of 336 posts

Re: I was wrong, we need crypto

#331

Post by jqpabc123 »

datadata wrote: post #327
jqpabc123 wrote: post #326

Earlier quoted context omitted.

You'd have to exert the same amount of energy to clone Bitcoin ... The cloner would have to exert the same energy to mining that Satoshi Nakamoto did/does --- zero. Others will do this for you. But thanks for pointing out the absurdity/weakness of Bitcoin and one of the reasons why it fails as a currency. You do know there are other options for cloning.

That would be true if you could time travel to 2008. In 2022 you have to compete with what already exists, not with how what already exists was created. There are no other options for cloning a PoW blockchain. You would not easily get "others to do this for you" to the same degree that bitcoin already has. I generally agree with you though that cloning a PoS blockchain is easy in this regard, those ones also are prot…

That would be true if you could time travel to 2008.

It's more true in 2022, no time travel required.

Unlike 2008, the awareness and the operations needed to mine a bitcoin clone are already in place, fully setup and operational, running 24/7. Just offer rewards like bitcoin did back in 2008 and the existing miners will be all over it like white on rice.

There is very little additional expense to mining a clone alongside bitcoin. The equipment will be running either way.

Re: I was wrong, we need crypto

#332

Post by jqpabc123 »

_9omd wrote: post #330
jqpabc123 wrote: post #324

Earlier quoted context omitted.

Just like cloning a crypo, it'd be trivial to make a new Twitter, but extremely difficult to gain the same level of network effect. If Elon Musk wanted to make "MuskCoin", he could and instantly have a huge number of people jump on board. He has already proven this just by meddling in the current crypto market for his own amusement. Lots of other companies/individuals with clout and name recognition could easily do t…

And likewise, if Elon Musk wanted to make a Twitter clone with better free speech he could get a lot of users. What's your point, that's literally the opposite of low barrier to entry. Being Elon Musk is NOT a low barrier to entry. Anything you say can be re-framed to the web, so if your point is valid then how can websites like Twitter be so valueable?

What's your point, that's literally the opposite of low barrier to entry.

It's just one example of how your "network effect" could be overcome very quickly.

Any individual or company with market presence and name recognition could do this if they were so inclined. You could easily have ChaseCoin, FordCoin, FidelityCoin, NFLCoin and 10,000 more if they thought it was practical and profitable and would be successful over the long term.

But allowing anyone to "mint" their own money is really an argument *against* the basic concept of a "currency". The world has already been there, seen that and done that. And most "smart people" (and companies) recognize that this is not in the best long term interests of themselves or the overall economy.

Re: I was wrong, we need crypto

#333

Post by datadata »

jqpabc123 wrote: post #331
datadata wrote: post #327

Earlier quoted context omitted.

That would be true if you could time travel to 2008. In 2022 you have to compete with what already exists, not with how what already exists was created. There are no other options for cloning a PoW blockchain. You would not easily get "others to do this for you" to the same degree that bitcoin already has. I generally agree with you though that cloning a PoS blockchain is easy in this regard, those ones also are prot…

That would be true if you could time travel to 2008. It's more true in 2022, no time travel required. Unlike 2008, the awareness and the operations needed to mine a bitcoin clone are already in place, fully setup and operational, running 24/7. Just offer rewards like bitcoin did back in 2008 and the existing miners will be all over it like white on rice. There is very little additional expense to mining a clone along…

To offer rewards you would need users and a vibrant market, otherwise the price would collapse and mining would not be profitable, or you are going to have to personally subsidize the rewards yourself, which would not qualify as cloning bitcoing for free. Bitcoin has these things which is why bitcoin mining is profitable, and why the majority of PoW mining is for bitcoin.

Re: I was wrong, we need crypto

#334

Post by 9935c101ab17a66 »

loudtieblahblah wrote: post #289
nathanielks wrote: post #288

Earlier quoted context omitted.

I think you missed the part where people were being sleep deprived . It's not just a bit of honk honk lulz.

You missed the part where businesses were burnt to the ground and in some cases people were burnt alive inside those business So spare me your pity on their sleeplessness. Its hardly comparable. And it's amazing what gets the sympathy based on nothing more than what political wing finds that pity advantageous as opposed to inconvenient

> Its hardly comparable.

And yet, you're the one making the comparison?

These protests can be incredibly intrusive and damaging to real people in real Canadian cities. That has nothing to do with the (largely) US BLM protests.

Re: I was wrong, we need crypto

#335

Post by pyuser583 »

lowkey wrote: post #170
pyuser583 wrote: post #98

Earlier quoted context omitted.

> Invoking the Emergencies Act after 3 weeks was warranted after the police failed doing it's job. This is what I don’t get. The Canadian police had the power to stop the protestors who crossed the line from protest to riot. But they didn’t. I don’t understand why. Why did they allow the ambassador bridge to be shut down so long? They had the power to stop it. They just chose not to.

I don't think anyone has claimed that the protest turned into a riot. Only that the protest turned into an occupation and/or a blockade that caused economic damage and negatively impacted the residents of Ottawa. These were remarkably peaceful protests, for the most part, by both the protesters and the police.

Sorry, riot isn’t the right word. Nobody was being hurt, and that’s very important.

However it’s not acceptable to shut down public roadways.

Post reply on HN