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Bitcoin Is Time

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Re: Bitcoin Is Time

#341

Post by aeternum »

raziel2701 wrote: post #320
anthropodie wrote: post #298

That was an excellent read! Every time I read about Bitcoin here, I see the "Energy" arguments. Bitcoin was designed to solve a specific problem and it solves that. Even Satoshi himself would not have foreseen the energy requirements for PoW. If we had argued about energy requirements in late 60s we would have never reached Moon or built the LHC. Technological advancements will always need energy. We should be discus…

What problem did bitcoin solve?

It allows one to store a relatively liquid form of wealth using only one's mind

Re: Bitcoin Is Time

#342

Post by the_local_host »

fwiwm2c wrote: post #313
gnrlst wrote: post #210

I'm ready to be downvoted to oblivion, especially by all the Bitcoin purists, but I hope my message sparks at least some curiosity. Bitcoin is getting "weaker" every year for several reasons: - emerging centralization due to economies of scale. If this trend continues the mining power will be so consolidated that a 51% attack will be likely. The Nakamoto coefficient is already at 4, and tending towards 3. - energy us…

Stop shilling. And to have the galls to say something like Nano has the ability to take on Bitcoin just indicates that you very new to this market - and thus want to make a quick buck by shilling your random shitcoin. The thing which Bitcoin has, and that few others can match, is acceptability from a large swatch of investors and predictable security/emission schedule. And, just fyi, Nano is not made of users. Go to…

What's wrong with shilling?

Re: Bitcoin Is Time

#343

Post by iameli »

fwiwm2c wrote: post #313
gnrlst wrote: post #210

I'm ready to be downvoted to oblivion, especially by all the Bitcoin purists, but I hope my message sparks at least some curiosity. Bitcoin is getting "weaker" every year for several reasons: - emerging centralization due to economies of scale. If this trend continues the mining power will be so consolidated that a 51% attack will be likely. The Nakamoto coefficient is already at 4, and tending towards 3. - energy us…

Stop shilling. And to have the galls to say something like Nano has the ability to take on Bitcoin just indicates that you very new to this market - and thus want to make a quick buck by shilling your random shitcoin. The thing which Bitcoin has, and that few others can match, is acceptability from a large swatch of investors and predictable security/emission schedule. And, just fyi, Nano is not made of users. Go to…

> most of us are in here for the money and don't give two hoots of the technology.

Nice to hear someone say the quiet part loud. Could you tell all the rest of the most-of-us to be honest about that too? It'd save me a lot of time in conversations where people refuse to consider any Bitcoin alternatives because they'd lose money if people started to switch.

Re: Bitcoin Is Time

#344

Post by westurner »

tarsinge wrote: post #296
gnrlst wrote: post #210

I'm ready to be downvoted to oblivion, especially by all the Bitcoin purists, but I hope my message sparks at least some curiosity. Bitcoin is getting "weaker" every year for several reasons: - emerging centralization due to economies of scale. If this trend continues the mining power will be so consolidated that a 51% attack will be likely. The Nakamoto coefficient is already at 4, and tending towards 3. - energy us…

> The lightning network is incredibly buggy and won't actually solve the problems it's promising. Not an expert but I found that a readable summary of different layer 2 scaling strategies and why Ethereum developers prefer Rollups instead of Channels (like Lightning): https://vitalik.ca/general/2021/01/05/rollup.html

"Bitcoin scalability problem" could link to the Ethereum design docs: https://en.wikipedia.org/wiki/Bitcoin_scalability_problem

The Ethereum design docs could link to direct-listed premined [stable] coins as a solution for Proof of Work and TPS reports: https://github.com/flare-eng/coston#smart-contracts-with-xrp

(edit) re: n-layer solutions: The https://interledger.org/ RFCs and something like Transaction Permission Layer (TPL) will probably be helpful for interchain compliance.

> Interledger is not tied to a single company, blockchain, or currency.

From https://tplprotocol.org/ :

> The challenge: Current blockchain-based protocols lack an effective governance mechanism that ensures token transfers comply with requirements set by the project that issued the token.

> Projects need to set requirements for a variety of reasons. For instance, remaining compliant with securities laws, limiting transfer to beta testers, or limiting transfer to a particular geo-spatial location. Whatever your reason, if a requirement can be verified by a third-party, TPL will be able to help.

In the US, S-Corps can't have international or more than n shareholders, for example; so if firms even wanted to issue securities on a first-layer network, they'd need an extra-chain compliance mechanism to ensure that their issuance is legal pursuant to local, sovereign, necessary policies. Re-issuing stock certificates is something that has to be done sometimes. When is it possible to cancel outstanding tokens?

Re: Bitcoin Is Time

#346

Post by [deleted] »

seph-reed wrote: post #331
anthropodie wrote: post #298

That was an excellent read! Every time I read about Bitcoin here, I see the "Energy" arguments. Bitcoin was designed to solve a specific problem and it solves that. Even Satoshi himself would not have foreseen the energy requirements for PoW. If we had argued about energy requirements in late 60s we would have never reached Moon or built the LHC. Technological advancements will always need energy. We should be discus…

IMO, the energy requirement aspect is tragic because it scales. Even as we unlock greater and greater sources of power, Bitcoin will scale to take more and more energy. It's almost like a parasite for electricity. Right now it's not so bad, but the trajectory is a real problem.

[deleted]

Re: Bitcoin Is Time

#348

Post by boredpandas777 »

Let me fix that title. Happy to be downvoted into negative territory. I only have 11 points. Go ahead.

"Bitcoin Is A Waste of Time (and Resources)"

What Bitcoin has done is that it taught people they can come together in a sustained flash mob (like an on-the-fly hedge fund operation) and manipulate the price of speculative assets by creating artificial short-term pump-n-dump type demand. Bitcoin has trained our collective neural network to do this.

The huddled masses can take their new superpower and apply it to stock, crypto, commodities on the commodity exchange, and all kinds of speculative assets, especially the virtual kind.

It's taken a gambling-friendly society with feverish lust for winning (think for-profit fantasy sports, online poker, day trading, Vegas et al) and turned us into a giant decentralized casino.

Re: Bitcoin Is Time

#349

Post by raziel2701 »

anthropodie wrote: post #330
raziel2701 wrote: post #320

Earlier quoted context omitted.

What problem did bitcoin solve?

Did you read the article?

Bitcoin solved the double-spending problem. A problem long ago solved by centralized banking at significantly lower energy costs.

You speak of continuing to allow wasteful energy expenditures in analogy to going to the moon and building the LHC, but if we already know how to solve double-spending problem at lower energy costs, why should we allow bitcoin?

So I ask in good faith, what problem did bitcoin solve that nothing else has?

Re: Bitcoin Is Time

#350

Post by dandanua »

ravenstine wrote: post #335
dandanua wrote: post #102

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.

Or is it the detractors that are becoming more and more insane? Perhaps it's both. There are so many detractors who seem to have the need to go "hurmph!" every time someone mentions Bitcoin, and often times they have knowledge gaps that destroy their credibility. In every Bitcoin related thread here on HN, there's tons of detractors who make ridiculous claims around the utility and mechanics of Bitcoin that it's hard…

What kind of misconceptions and knowledge gaps are you talking about? Do you have examples of some unfair criticism of Bitcoin?
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