Earlier quoted context omitted.
No, that was the original claim. That you need the miners to agree. They are the ones that hold the computing power. The claim I responded to says that in addition to this, you also need the majority of the "nodes", which are just computers that do no work and just forward transactions. This is incorrect, you do not need their help. It is easier if you have it, but you do not need it.
>They are the ones that hold the computing power If they hold this power to dictate value to the market, why don't they do this right now and print infinite money for themselves? It's because they don't actually have this power.
Coinbase S-1
531–540 of 736 posts
Re: Coinbase S-1
#532Earlier quoted context omitted.
You don't need the nodes to agree on anything. If they don't agree, they drop off the network, and form their own chain with little to no hashing power, that will stagnate and die in short order.
We have precedence on what happens if nodes/miners try to attempt a hard fork, it's called "Bitcoin cash". You need majority to agree on the rules, nodes/miners/users/exchanges all need to agree on what's Bitcoin, that's the whole point of a decentralized currency. If a block size change caused the split into Bitcoin cash, you can only imagine what a cap change on Bitcoin available will cause, 21M cap is a lot less c…
Re: Coinbase S-1
#533Earlier quoted context omitted.
How does that decentralized fiat on ramp look?
Fiat on ramps are already decentralized. Anyone can sell cryptocurrency for fiat. There is no centralized list of people who are allowed to sell cryptocurrency for fiat.
Re: Coinbase S-1
#534Many have forgotten why we used cryptocurrencies in the first place. The original promise of cryptocurrency was to become independent from banks. In the end CoinBase (like every exchange) is a great product, but just a bank. It's centralized, hackable, has economies of scale, etc.
Don’t speak for everyone there, “we” don’t all have the same reason. I like Bitcoin as a diversification for being a “better version of gold” - it has the scarcity and you can physically own it but it is much easier to store and send anywhere in the world if needed. These properties also mean that in a pinch, if you live in an unstable society or one facing high inflation it can work as an alternative financial syste…
I can write a book on why this is, but since 2008 we have seen economic collapse after economic collapse starting in the very cradle of Western Civilization (Greece) and has gone from their.
I despise the doom porn side of Bitcoin, especially because I actually focused and even lived in some of these collapsed societies, and have seen the misery, violence and overall worst of Humanity first hand. Whereas those guys are often people with small holdings that have a very detached view of the World. It's like asking a trophy wife of a celebrity to understand the plight of a factory worker at Amazon during the Pandemic when her trinket is late... it's impossible understand what goes in tier mind, but I'd argue a lot of it is borne of some type of mental illness and is only possible due to such wealth disparity. BUt the haves and have nots is nothing new so I won't delve into that.
With that said, I'd say you also have a version of that (detachment from reality given your statement) and if you live in the Valley and in tech and cannot see the reason why a World run of fiat has led to the homelessness problem, and over all misery, and what it is, then you are in for a very real awakening as this is happening with or without you understanding. The Chinese central bank just started woring with several countries testing its digital currency transfers, JP morgan tried doing payments via satelites using 'blockchain' tech, and has the most patents utilizing 'Bitcoin-like' technology.
In short: Satoshi created this technology with the intended purpose of giving people an option to opt-out of the predictable and inevitable central bank destruction, it's coded into the very genesis block; those of us from the early days were from all walks of life and various networth, but one thing we all noticed was a stark dissatisfaction for the status quo and what the limited options we had to really do about it from within, so it was worth dedicating our time, labour skill set if we even had the slightest chance at reforming the World for the better.
It's hard to explain, but in 2010 (when I saw the community go against satoshi in order to support Wikileaks) I dor the first time wanted all those guys in that thread who donated to Julian Assange and made Satoshi say regarding the NSA 'we kicked the hornet's nest' to have the resources necessary to disrupt our Industries and our countries for the betterment of Humanity, getting rich wasn't the goal it was the means of making a better World we wanted to live in... A guy like Elon makes perfect sense to me, and he has never been the eccentric billionaire in my eyes, he should be the standard: instead we get the worst like Bezos, Gates, Zuck etc...
Now those tables have turned and Musk is the darling of the masses and anything he does makes people take notice--for good or for bad. I hope we usher in a new era of people like this and Bitcoin will have played a significant role in making that happen.
Look up /u/Pineapplefund if you want to see more, try Sean's Outpost and Satoshi Forest. Our History and our culture is rich, and best of all it's not race/gender based which was so damn refreshing given how absurd things have gotten this last decade alone.
Silicon Valley being the parody of all the worst things in tech which lung on to this maxim--making the world a better place--because it sounded good to say during a pitch for the most pointless, non-sensical app/project, but I still recall a tech article from like 2013 I had saved on my old laptop that died in some event and the reporter concluded with 'unlike most people in technology, when Bitcoiners say they 'want to make the World a better place' they actually mean it and go out and do it,'
I consider myself from that generation of Bitcoiners, which was common pre-2013's bubble. My entire career reflects that, and I consider myself incredibly fortunate to have had it, even if I have trauma and bad memories that induce anxiety at times.
I left a career as a (miserable cog) university trained lab scientist after working 60+ hour weeks to pay down crippling student debt wasting away my best years but I sought to try and make my suffering mean something and try tackle the 1-2 killers in the West at the time which are both diet based illness: diabetes and heart disease. And when I left that phase of my life I got to make environmentalism profitable in the process, and have many adventures that made me love Life itself, the good and the bad, and while this wasn't monetarily lucartive (the exact opposite actually) and quite honestly had I just held on to the coins I had I'd probably have a net-worth in the xx of millions in USD had I continued to passively buy, but that wasn't the goal: our vision and our impact mattered more than promise of wealth.
And that's why I don't think you will ever understand the best of us, and why the latter 'moonboi' 'when lambo?' meme guys are what you could at best be able to relate to and cling on to. We lived completely different lives, and no amount of money you have would make me even exchange my darkest year for your entire Life.
I don't expect you to understand, I really can't see how you could, but that is one reason and I probably shouldn't have shared as much as I did.
Re: Coinbase S-1
#535Earlier quoted context omitted.
You need a majority of computing power on the network to agree to actually do this which is what the parent means.
Bitcoin mining power is concentrated in China with about eight times the hash rate of number two United States, which in turn has a similar hash rate to Russia and Kazakhstan. Rounding out the top six, composing more than 90% of the total world hash rate, is Malaysia and Iran. Do you think these countries share the ideological goals of Satoshi Nakamoto's dream? I have no doubt that a persistent 51% attack by a cartel…
I don't think the Chinese miners follow any particular ideology here other than to extract as much money out of the bitcoin market as they can, though.
Re: Coinbase S-1
#536Earlier quoted context omitted.
That didn’t affect 99.9+% of people, and is a far cry from the USD being “unusable”.
Congratulations on not needing to send a wire transfer or ACH during the outage. For anyone who was expecting to do that, it was literally unusable. Your take is like claiming a major AWS outage didn’t happen because you personally didn’t get on the Internet that day.
Re: Coinbase S-1
#537Earlier quoted context omitted.
Why are you so set on digital cash? I completely agree, Bitcoin is a bad replacement for cash, just like gold bullion is. 10 dollars is a steep confirmation price but if you have a life savings of, say, the equivalent of a few hundred or thousand USD that you hold in cash and your local currency is rapidly inflating making it worthless, btc is an amazing life raft that you could put your money into. If you are able t…
Can someone explain to me the technical reason as to why it costs $10, when it used to cost pennies (I think)? Has the proportion of transactions gone up compared to the miners?
Re: Coinbase S-1
#538Earlier quoted context omitted.
> These properties also mean that in a pinch, if you live in an unstable society or one facing high inflation it can work as an alternative financial system. At the time of writing this comment, if you want your BTC transaction confirmed in the next hour it would cost you ~ 10USD ( https://bitcoiner.live/ ) . What planet do you live on where you think a non-negligible percentage of people in ANY country, let alone a…
Why are you so set on digital cash? I completely agree, Bitcoin is a bad replacement for cash, just like gold bullion is. 10 dollars is a steep confirmation price but if you have a life savings of, say, the equivalent of a few hundred or thousand USD that you hold in cash and your local currency is rapidly inflating making it worthless, btc is an amazing life raft that you could put your money into. If you are able t…
It doesn't have to be a bad replacement for cash. It can actually be a fantastic replacement for cash if we continue building it as one. The fact is, the current BTC devs decided bitcoin can't scale before ever even trying. They were short-sighted, took VC money to pivot to "digital gold", and started spreading the false narrative that it never could have worked.
> Why are you so set on digital cash?
Because until bitcoin is useful to regular everyday people, there won't be enough buy-in to offset the huge exchange rate fluctuations caused by speculators. If that doesn't happen then it will only ever be useful to speculators.
Your above example scenario makes perfect sense if you're a skilled worker from a wealthy country but it's nonsense if you're among the remaining 80% of the people on this planet. Bitcoin can help EVERYONE if we let it. Luckily other coins have picked up the slack.