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Bitcoin Is Time

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Re: Bitcoin Is Time

#481

Post by [deleted] »

olalonde wrote: post #469
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…

Why are no-coiners so obsessed with price? You dismiss a breakthrough technology, and probably skipped on reading a quite interesting article, because you don't like Bitcoin's price graph and the fact it attracts speculators?

[deleted]

Re: Bitcoin Is Time

#482

Post by perfect_kiss »

fredfoobar wrote: post #373
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've been saying the same damn thing about automobiles man, horses already have self driving even! and they don't pollute like cars. Look at the mess we're in now! who's laughing?? Cars pollute and need roads, we had to build so many roads and gas stations. We even had to go to war to make sure we have enough oil.

I got the feeling this post is a bit sarcastic, because it references horses, as opposed to automobiles.

If you just replace "horses" with "mass public transit", "railroads" and "electrobikes", it suddenly starts to make much more sense.

Re: Bitcoin Is Time

#483

Post by gruez »

xirbeosbwo1234 wrote: post #303
benlivengood wrote: post #281

Earlier quoted context omitted.

There's also the other Bitcoin, BCH, which suffers from basically none of the problems you listed. If a 51% attack was actually lucrative then shouldn't at least some miners attempt it given that BTC hash-power is about 100X that of BCH?

It suffers from all the same problems. The only advantage it has is that they chose a slightly larger arbitrary constant. It still does not and can not scale. One order of magnitude makes little difference when we're dealing with something that is four orders of magnitude slower and four orders of magnitude more power-hungry than the competition. 100 maximum transactions per second is still orders of magnitude too lo…

>Obviously, what we need is the REAL Bitcoin from the confirmed legitimate Satoshi Nakamoto: Bitcoin SV.

This is sarcasm right?

Re: Bitcoin Is Time

#484

Post by guardiangod »

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?

For the last 4 months I auto down vote whenever a post mentions 'downvote me', then I read the comment and see if it merits unvote.

So far I have reverted only once on HN.

Re: Bitcoin Is Time

#485

Post by fredfoobar »

ForHackernews wrote: post #379
fredfoobar wrote: post #373

Earlier quoted context omitted.

I've been saying the same damn thing about automobiles man, horses already have self driving even! and they don't pollute like cars. Look at the mess we're in now! who's laughing?? Cars pollute and need roads, we had to build so many roads and gas stations. We even had to go to war to make sure we have enough oil.

I guess the difference is cars are useful. What can I do with a bitcoin except hope to sell it for more USD later?

Do you even know how much energy automobiles use in the US? it's more than the energy consumption of several nations. Shame on you.

Re: Bitcoin Is Time

#486

Post by noxer »

mortehu wrote: post #464
cloakandswagger wrote: post #209

Earlier quoted context omitted.

>People clearly see the flaw in PoW if they are not emotionally attached to it because they have no money at stake. You should not misinterpret that as hate because they missed the train to richness. The vitriol that Bitcoin evokes from HN commenters can really only be explained by jealousy, the environmental concern is just a cover for covetousness.

Counterexample: when I recently read about its energy consumption (per byte stored), I sold my bitcoins in disgust, at roughly today's prices. I've held almost continuously since 2011, although I trimmed my position a few times. If I come across something that works without PoW, is safe against quantum computers and somehow eliminates the threat of forks (seems impossible), I'll invest in that.

As per my original message you should look into FBA. Its not a coin but some coins do use it. Whether you want to buy such coins and which one is none of my business, but the tech is there and works since years.

Re: Bitcoin Is Time

#487

Post by 2-tpg »

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…

In my country, bitcoin guards against inflation. Local currency in relation to the dollar, in 2020, I lost 50%. Bitcoin in relation to the dollar, in 2020, did 300%.

Bitcoin here is a wealth transfer from the older generation to the newer generation. The older generation owns and invests the real estate, and this keeps the prices high and exclusive. The newer generation (techn-savvy) can now use crypto profits to fund innovation and progress. Several people I know funded their own startups.

Of course the crypto market attracts tons of scum and shady people too. And the hype can be damaging (older generation buying in at all-time-highs, and panic selling, causing high variance).

Early adopters were far from the huddled masses. Can't really blame them for others jumping on the hype train, just like you can't judge someone holding gold, by all the criminals holding gold or states going to war over it. Forget energy usage for a second, and wonder, "how many people actually die yearly to keep the dollar valuation high?" I feel the "resource waste" is more a feature, than a bug. If you need the electricity of entire countries to attack the network, the network becomes more robust.

And then let the new rich generation use their profits on creating more green or nuclear energy, then keep on mining and holding. Tesla could perhaps help here. Industries where energy is a large part of the budget have the right economic incentives to make renewable energy more cost-effective. Older economies, industries, and hegemonies are married to oil, in aggregate pollute far more, and lack the right incentives.

Poker is a game of skill which will serve you well if trading. Don't judge the game by the drunk pot-splashing tourists, or the risk-averse spectators in the stands, or the regulators looking for a ban after being lobbied by the older generation.

Edit: I stopped bickering about and promoting bitcoin on HN when the price was around 4500$. The very sentiment then: This is a waste, and a hype, and a bubble, and only criminals use it, tulip mania, gambling addicts. All the nay-sayers back then should realize they actually lost people money! I got into Bitcoin and ETH early due to an enthusiastic post on HN. Please think back a few years, has your viewpoint changed? Do you allow yourself to keep commenting negatively, knowing how wrong you were for years now? Are you really doing the HN community a service with your expert hot takes?

Re: Bitcoin Is Time

#488

Post by gruez »

matheusmoreira wrote: post #388
fwiwm2c wrote: post #313

Earlier quoted context omitted.

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 Monero's technology enables private and untraceable transactions. It's amazing and I own some just because of that property. Seems to be the only cryptocurrency that still aims to be an actual currency. You're right about the altcoins though.

>Monero's technology enables private and untraceable transactions

Not exactly. The decoy inputs/outputs provide some plausible deniability when you look at a transaction in isolation, but over repeated transactions it gets gradually lost. It's not enough to pin you as a criminal with 100% certainty, but it's enough for the police to keep an eye on you and wait for you to slip up.

Re: Bitcoin Is Time

#489

Post by lottin »

matvore wrote: post #386
yerwhat01010 wrote: post #125

Earlier quoted context omitted.

How will Bitcoin lead to the defunding of the US military? Can I get a specific, plausible answer that isn't some vague utopian libertarian handwave?

If bitcoin causes the value of fiat currency to fall enough, the government will not be able to print money to fund wars. A war will require overtly billing the people for it or raising taxes. So it will be less likely the people will consent to start a war.

How does, exactly, the US government print money to fund wars?

Re: Bitcoin Is Time

#490

Post by user-the-name »

doomroot wrote: post #108
user-the-name wrote: post #86

Earlier quoted context omitted.

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.

> What if it was the only way to defund the US military?

It's not.

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