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Bitcoin Is Time

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Re: Bitcoin Is Time

#101

Post by phyro »

hanniabu wrote: post #82
tromp wrote: post #22

Earlier quoted context omitted.

It's inverse exponentially approaching the 21 million limit, which it can never reach [1]. [1] https://medium.com/amberdata/why-the-bitcoin-supply-will-nev...

It's a stepped linear emission that mimics an inverse exponential emission. You can even see it in that chart if you expand it. Between the halving periods the emission is constant.

If you zoom in enough, you won't see these exponential steps. If you were able to zoom out completely, you'd see _only_ the exponential function. Bitcoin's emission is an exponential function (dropping exponentially), the fact that there is some time period between these exponential steps does not make it non-exponential. This would have been obvious if the halvings were every 30 minutes, but it's much less obvious when the "in-between step interval" is 4 years.

Re: Bitcoin Is Time

#102

Post by dandanua »

Bitcoin network is constantly readjusting mining complexity, so that every new block will be mined in approximately 10 minutes. Then, they substitute the notion of time with the sequence of Bitcoin blocks. Yeah, well done!

Bitcoin proponents are becoming more and more insane.

Re: Bitcoin Is Time

#103

Post by chmod600 »

user-the-name wrote: post #79
chmod600 wrote: post #58

Earlier quoted context omitted.

The theory is that it provides demand for green energy, which will drive investment, technology, and expertise that can be used everywhere.

Are you really going to claim that there isn't a demand for green energy already?

No, I didn't make any claim really.

I was going to add a disclaimer to my post along the lines of "not saying I believe or disbelieve this theory", but I was tired of adding disclaimers to all my posts.

Re: Bitcoin Is Time

#104

Post by olah_1 »

user-the-name wrote: post #86
olah_1 wrote: post #69

This is the article that made things finally click with me. Thinking about the pre-WWI gold standard and the issues that existed there and the improvements that Bitcoin brings around time, consensus, etc. The baseless negative comments with no interaction with the article content confirms for me that Bitcoin is on to something. Sour grapes syndrome is a result of pride, I think.

There is nothing baseless in saying that using 0.1% of the entire world's energy in order to do 3 transactions per second is beyond ludicrous, and an environmental disaster of massive proportions.

> using 0.1% of the entire world's energy in order to do 3 transactions per second is beyond ludicrous

In comparison to what?

What do we get in return? Many consider the benefits to be worth it.

Re: Bitcoin Is Time

#105

Post by option_greek »

HN comments on articles like this remind me of a fun t-shirt quote:

There are 10 kinds of people in the world. The ones who understand binary and the ones that do not.

You can obviously replace binary with bitcoin :). The ones who do not get bitcoin, will continue to not get bitcoin.

Re: Bitcoin Is Time

#106

Post by arbawk »

user-the-name wrote: post #86
olah_1 wrote: post #69

This is the article that made things finally click with me. Thinking about the pre-WWI gold standard and the issues that existed there and the improvements that Bitcoin brings around time, consensus, etc. The baseless negative comments with no interaction with the article content confirms for me that Bitcoin is on to something. Sour grapes syndrome is a result of pride, I think.

There is nothing baseless in saying that using 0.1% of the entire world's energy in order to do 3 transactions per second is beyond ludicrous, and an environmental disaster of massive proportions.

Now do the gold mining industry, and then how USD is backed by armies. And then you can research Lightning Network on top of Bitcoin and how it can process an unlimited number of transactions.

Re: Bitcoin Is Time

#107

Post by olah_1 »

phyro wrote: post #9

Thank you for sharing this! I wrote a much shorter article on why I believe Grin is the closest to "time is money" here https://phyro.github.io/what-is-grin/grin_emission.html Bitcoin can be thought of as a clock, but the unit that is being transfered can't be thought as time because for it to be mappable to time, you need a linear function and Bitcoin's emission is exponential because of the halvings.

Thanks for linking the Grin article! Now you've sent me on a rabbit hole reading about different emission strategies and ideas. (I follow Beam development, so I love to read about both projects).

Doesn't the consistent emission of Grin depend upon the number of users and transactions also rising at the same consistent rate? Can we really count on that like we can count on the ticking of time?

Re: Bitcoin Is Time

#108

Post by doomroot »

user-the-name wrote: post #86
olah_1 wrote: post #69

This is the article that made things finally click with me. Thinking about the pre-WWI gold standard and the issues that existed there and the improvements that Bitcoin brings around time, consensus, etc. The baseless negative comments with no interaction with the article content confirms for me that Bitcoin is on to something. Sour grapes syndrome is a result of pride, I think.

There is nothing baseless in saying that using 0.1% of the entire world's energy in order to do 3 transactions per second is beyond ludicrous, and an environmental disaster of massive proportions.

Here me out. What if it was the only way to defund the US military? Would you be interested then? Why do we waste so much energy building killing machines? Why is there not a daily hackernews thread complaining about the energy consumption of the US military?

Because it’s a necessary to ensure you can buy and sell things when you want to.

Re: Bitcoin Is Time

#110

Post by chmod600 »

ARandumGuy wrote: post #43
arbawk wrote: post #34

Earlier quoted context omitted.

Bitcoin is the most durable money we've had, it can never be disposed of. Lost, perhaps. Energy consumption != energy production. Bitcoin is incentivizing reusable energy and moving energy to cheaper locations, further from cities. I suggest you look into how it's actually quite positive for the Earth.

You know we have a limited amount of green energy production right now, right? It's not exactly green if your bitcoin mining is using wind energy, while a bunch of other stuff is stuck with coal.

"You know we have a limited amount of green energy production right now, right?"

It makes no sense to talk about something being limited "right now". Limits are about the future.

Can you please rephrase and clarify?

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