231–240 of 321 posts
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“Proof of Humanity, a system combining webs of trust, with reverse Turing tests, and dispute resolution to create a sybil-proof list of humans.” This is their mission, and the rest of the website focuses on ID and such services. Not one mention of poverty alleviation.
The connection here is that sybil-proofing is a (the?) major bottleneck to cryptoeconomic UBI schemes.
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Miners are not doing any useful work is incorrect, they are securing the system.
The system does not need to be secured in a way that burns the energy of Argentina. There are networks running right now that use the energy of a windmill to provide secure transactions, and more of them, processed in under a second, with no fee at all. That's not vaporware; that's current reality. All Bitcoin miners are doing is perpetuating a system that has been very groundbreaking but is now obsolete in every way…
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>_Objectively_ better alternatives to Bitcoin are around for at least the last five years. If you truly think this way, you're deluding yourself & this is where I stop reading. Everything has tradeoffs. There's no 'objective' better.
> Everything has tradeoffs. There's no 'objective' better. Yes there is. Every chess move has advantages and disadvantages, yes. But some are objectively better . Every algorithm has advantages and disadvantages. But some are objectively better . Believing that nothing can be objectively better than Bitcoin, and calling people who disagree delusional, is less than useful.
You might benefit--expand your mind--by reading some classical economists' thoughts on such things.
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Uhmm.. what product market fit? And why is proof of steak good?
$100B+ invested across hundreds of decentralized apps, with exponential user growth, is absolutely product market fit - https://defillama.com/chains
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Bitcoin has chosen consistency with its original principles over "innovation." A good choice, in my book. What we should think of as constituting sound money has not changed since 2008. That is what bitcoin is supposed to be - sound money. Ethereum is supposed to be something else - and it makes sense for Ethereum to "innovate" much more than bitcoin does.
> That is what bitcoin is supposed to be - sound money. Bitcoin can't be used as money in most cases as transactions are too expensive and slow. It has failed its primary function. Instead of doing something about it, the notion of using bitcoin like money has been abandonded and it's merely a " store of value ". That's until people stop valuing it.
Money and payment settlement systems are not the same thing, although you could be forgiven for believing that. I use a credit card for 99% of my transaction volume, and credit cards are not money. The fact that the notional value of the transaction is denominated in dollars doesn't mean I am actually using dollars as the medium of exchange--the exchange is facilitated by a clearinghouse and my individual transaction may not even result in a transfer of money (actual dollars) between parties, if there is an offsetting transaction (or chain of transactions) within the same settlement period.
I think if anything the crypto-experiment has revealed is that an uncaring, cold machine doesn't meet the needs of the human condition. A person fat-fingers his life savings to null, a thief socially engineers someone's money, a bug causes assets to be trapped, etc. It's clear we need a better system that can service our imperfections.
That's a recipe for a high priest class.
Still, the hoards eat it up. It's a testament to the power of complex, flawed ideas, marketed to the hilt, and the promise of riches if you stick with the leadership.
It's really a recipe for a technology religion.
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I agree. Bitcoin is a better store of value, Ethereum is a better tech stack for innovation. They serve different purposes and so should have different development schedules and risk aversion.
At its core, a store of value is just something that other people will desire as much now as they do at some later point in time. In that sense, Bitcoin runs the risk of being left behind if PoW at 7tx/sec becomes seen as the dial-up modem of crypto.
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Yeah, Ethereum's development isn't a simple project that can be rushed, it's massively complicated. This road map comes to mind: https://twitter.com/VitalikButerin/status/133392262085774540... It's very outdated now, that's not the point. The point is that every circle on the road map is a very complicated project in and of itself that needs tons of research, development and testing to be implemented properly. Just t…
Absolutely, not to mention Eth just rolled out a major update last week. This rambling, bizarre article boils down to a few very basic, extremely played out arguments. Argument 1: Proof of stake concentrates wealth more than proof of work. You can make that argument, but POS advocates have for a long time argued that proof of work mining has more economies of scale than proof of stake and therefore the opposite is ac…
I am very optimistic about Ethereum. It is not perfect but it is massively and consistently improving. The past few years, all crypto innovation was incubated within the Ethereum community.
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> use savings to become a asshole landlord Being an asshole is not a requirement for landlords, nor is it exclusive to them. Oppressed workers can be assholes too!
An oppressed class has every right to be a asshole.