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Bitcoin Is Time

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Re: Bitcoin Is Time

#391

Post by nightski »

boredpandas777 wrote: post #348

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 colle…

This distinction is so tiring. It's just not interesting calling something gambling as if that is supposed to be bad. Every move we make is a gamble (yes, even storing that precious cash in the bank). Money is all about opportunity cost and choosing to do nothing is just as much of a gamble as doing something like storing it in bitcoin. Sticking ones head in the sand doesn't change the fact that your only choice is to place your bets and gamble.

Re: Bitcoin Is Time

#392

Post by thenoblesunfish »

boredpandas777 wrote: post #348

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 colle…

I love when you come to write a comment and someone did it for you :D

Re: Bitcoin Is Time

#393

Post by 99_00 »

boredpandas777 wrote: post #348

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 colle…

It's not new. History is full of these schemes. Eventually everyone who wants bitcoin has bought it, and there are no more bids.

Re: Bitcoin Is Time

#394

Post by screaminghawk »

anthropodie wrote: post #370
boredpandas777 wrote: post #348

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 colle…

> Happy to be downvoted into negative territory. I see another comment on top doing the same. Why do people start with this? If you don't bother you should not even brought that up. Seems like an underhanded way of getting more points. Do people even fall for this?

Yes. It's a common pattern on reddit (and probably other sites) to let people know your intentions, thoughts and feelings to give context to the content of your post

Re: Bitcoin Is Time

#395

Post by [deleted] »

hfsp wrote: post #329
krrrh wrote: post #291

Earlier quoted context omitted.

One of the properties of gold that roughly held true for centuries was a stable value. When gold threatened to become too scarce for a growing economy the incentive to mine, explore, and develop new mining technology increased. Goldbugs often point out that an ounce of gold has always been close to the price of a nice suit (admittedly a fuzzy measure, and it’s sometimes a really nice suit, and sometimes just a really…

>There’s a bizarre religiousity and post hoc rationalizations for some of the weirdest decisions in its design, and mistaking speculative mania and nominal price for success This is a feature, not a bug. It is very difficult to change the protocol. We have a 100% certain monetary policy. I agree with you that perception of what btc is and isn't changes with time. If you have a proposal, you are free to create and pro…

[deleted]

Re: Bitcoin Is Time

#396

Post by renewiltord »

anthropodie wrote: post #370
boredpandas777 wrote: post #348

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 colle…

> Happy to be downvoted into negative territory. I see another comment on top doing the same. Why do people start with this? If you don't bother you should not even brought that up. Seems like an underhanded way of getting more points. Do people even fall for this?

It's a very effective meme. Like most such memes, it worms itself inside, and the vehicle doesn't consciously know of its presence. These people aren't thinking "I'll do this. It'll get me votes". It is unconscious mimetic memetics, if you will :)

Some of these memes become elevated into conscious actions. For instance, people cynically exploit "Linux can't do X" to get help for X. But some memes are unconscious and I think "I'll be downvoted for this" or "Get out of here with your facts and reason" or "Source?" are definitely examples of these.

Personally, I think many of the privacy and security comments are also memes that propagate through mimicry of success, but that's its own thing.

Re: Bitcoin Is Time

#397

Post by zepto »

anthropodie wrote: post #380
PragmaticPulp wrote: post #362

Earlier quoted context omitted.

Two wrongs don't make a right. No amount of whataboutisms will offset the fact that Bitcoin's energy usage is additive on top of everything else. We don't get to choose between vampire device energy use or Bitcoin. We have to deal with both. The very nature of Bitcoin incentivizes ever-increasing competition to spend more energy on mining. As long as the price continues to rise (as Bitcoin proponents hope) then the i…

I see now how my comment can be labelled as whataboutism. But I am trying to point out how "Bitcoin is Bad" is the agenda here. Can the energy problem be solved? I had like a discussion on that rather than "It's bad" arguments.

> Can the energy problem be solved? I had like a discussion on that rather than "It's bad" arguments.

That’s not what it looked like when you made your comment about the LHC and the moon missions. Your position then was that we should not be arguing about the energy usage.

> If we had argued about energy requirements in late 60s we would have never reached Moon or built the LHC.

Now you are saying you would like such a discussion. This is a complete change in your position.

Re: Bitcoin Is Time

#398

Post by trts »

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…

What is the incentive for a 51% attack (on Bitcoin specifically)

Wouldn't it take a large number of resources and coordinated effort to do this? And then the result of a successful attack means that the value essentially drops to zero ... so why invest the effort?

Seems like the only entity to have this incentive would be central banks / fiat regimes.

Re: Bitcoin Is Time

#399

Post by dgs_sgd »

devoutsalsa wrote: post #390
dgs_sgd wrote: post #384

Earlier quoted context omitted.

Do you think all the institutional investors who have bought billions worth of bitcoin in the last several months see it as a pump-n-dump?

They make money from you when you use their services. If FinancialCo thinks you'll buy Bitcoin, they'll offer it to you for a fee. They'd sell investments in inflatable dinosaurs if they could make enough money from fees for doing so.

Institutions selling bitcoin investments for a fee is just one category. There are hedge funds and companies purchasing with their own money.

Re: Bitcoin Is Time

#400

Post by mtve »

dandanua wrote: post #333
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.

EDIT: To be honest, knowledge of the hash of a block can be used as a proof that something has happened AFTER a particular event (similarly to a picture of a hostage with the newspaper). But you can't prove that something has happened BEFORE a particular event using Bitcoin hashes. Also, this "feature" is unrelated to Bitcoin being a cryptocurrency. You can have cryptocurrencies without "global time" (e.g. NANO).

> But you can't prove that something has happened BEFORE a particular event using Bitcoin hashes.

https://opentimestamps.org/

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