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Bitcoin Is Time

dergigi.com

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Re: Bitcoin Is Time

#51
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.

But it will race to cheaper energy which means using sun and wind. And the enormous surplus generated is for the bono of all of those who don't mine.

Re: Bitcoin Is Time

#52
post #14

Earlier quoted context omitted.

Negative yielding debt is literally a waste of time. Money is worth less as you move into the future. Fiat is literally a black hole.

Which is by design, to encourage investments elsewhere. The rise of Bitcoin and the stock market are probably an indication that the policy worked. People indeed are willing to burn their money in crypto rather than keeping them in savings/bonds

I keep reading about how we need to discourage consumerism, wastefulness, mindless consumption. Recycle and reuse.

Yet fiat enthusiasts keep parroting that the linear and intentional destruction of value through inflation, in order to encourage further mindless consumption, is a good thing? What is so bad about a currency that maintains its value throughout time? This would allow someone to actually save, rather than be forced to buy some stupid widget they don't need, or become a part-time fund manager trying to decide between a series of risky assets. As it stands, simple savings accounts pay zero and lose money to inflation, so if you don't become a one-man hedge fund or pay someone else to become one for you, you just lose your money.

Re: Bitcoin Is Time

#53
post #8

Time is money. Bitcoin is wasted time. And wasted money. And wasted energy.

To be less glib, I think the article makes it clear just how inordinately difficult blockchains make their lives when they have to build, from scratch, a reliable definition of time.

If you could have a trusted time source, you could at a stroke get rid of one of the most egregious flaws in bitcoin, its vast wastage of energy, because of its 'proof of work' mining. Bitcoin miners are running at full pelt 24/7, picking random numbers and doing math on them in the hope of striking lucky and discovering the next block. The mining difficult is artificially picked so that blocks are discovered about every ten minutes.

However, imagine if bitcoin miners could all declare a cease-fire, for 9m59s of those ten minutes, i.e. they just do nothing for that long, consuming virtually no energy, and then they all furiously mine at full speed for the last second (with the difficulty adjusted so the global mining should take a second). This process would be just as fair as the current one; if you have more/faster hardware, you will still mine more, in the same proportion as before. The total energy usage would be reduced 600-fold!

But - the reason you can't do this is that there's no way of stopping cheating. Who can tell if the other miners are really idling for those 9:59? This is where the time source comes in. Imagine you have a trusted time source: it could, every ten minutes, broadcast a random number. Miners would have to listen for this number, then mine a block containing it, to prove that they didn't start work early. Problem solved!

Back to the real world: just about everyone can agree on time; we have NTP and can even use certificates to authenticate clock sources, we can even use multiple sources to make it harder for time to be faked. So why can't blockchains do the same thing? Why don't they use multiple time oracles to stop the colossal energy wastage?

And, when bitcoiners tell you that relying on a centralised source, or even a quorum of sources, is completely unacceptable, why then are the same people happy to use smart contracts where the use of centralised oracles is apparently both acceptable and commonplace?

Re: Bitcoin Is Time

#54
post #17

Earlier quoted context omitted.

Why are you so salty? Care to elaborate?

He followed the collecting hacker News opinion at the time, which was highly negative. And beats himself everyday for not investing early on.

Is there a name for the situation where you assume X of someone else because that’s how you feel? Is that projection?

I discussed gambling on Bitcoin, considered it carefully, right near the beginning. Didn’t bother. Don’t regret it. I mean, why should I be enriched by Bitcoin? It’s not clear that Bitcoin is a good thing. I could have invested in cigarettes or oil companies but I wouldn’t do those things. I have no regrets about not buying Bitcoin, just as I have no regrets that I haven’t gone to work for Facebook and accumulated lots of cash.

I find it so odd that people would assume I’d regret it. Life isn’t about finding easy ways to collect money, why would you think it is?

Re: Bitcoin Is Time

#55
Nothing is less material than money. . . . Money is abstract, I repeated, money is future time. It can be an evening in the suburbs, it can be the music of Brahms, it can be maps, it can be chess, it can be coffee, it can be the words of Epictetus teaching us to despise gold. Money is a Proteus more versatile than the one on the island of Pharos.

—Jorge Luis Borges, “The Zahir”

https://longreads.com/2016/06/14/borges-and-money/

Re: Bitcoin Is Time

#58
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.

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

Re: Bitcoin Is Time

#59
post #26
post #8

Time is money. Bitcoin is wasted time. And wasted money. And wasted energy.

In the winter I ride my bike down streets lined with cars idling because their owners don't want to ride in the cold for a few minutes. In a way I appreciate bitcoin for its absurd and unambiguous wastefulness. It's sort of the perfect expression of consumerism, destroying the precious and irreplaceable earth for something immediately disposed of.

I think people generally want to enjoy their lives. I have a friend that keeps his house at 60F in the winter. I think you can argue that I'm not going to die at those temperatures or experience hypothermia. It's quite unpleasant nonetheless. During the summer if it's hot indoors I feel miserable and tired.

A lot of us could live a more simple life (i.e. no cars, fewer children). But humans are attracted to comfort and the ability to pursue their dreams.

Re: Bitcoin Is Time

#60
post #39
post #18

Bitcoin is a Ponzi scheme.

Ponzi schemes will always have people at the pinnacle of the period looking to sell. Bitcoin supporters will never sell, thus there is no bottoming out. It's actually just money, you're likely missing something.

Why won’t Bitcoin supporters ever sell? How can you say that with certainty? People sold GameStop, for instance.
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