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All You Need to Know About Bitcoin's Rise, from $0.01 to $11,000

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Re: All You Need to Know About Bitcoin's Rise, from $0.01 to $11,000

#71

Post by blhack »

ojr wrote: post #25
StavrosK wrote: post #7

I am really sad that Bitcoin is the only cryptocurrency that ever managed to touch "mainstream" (it's on Steam, it has Stripe support, etc) and we fucked it up so hard that you need a $4 fee just to pay for one thing with it . I was really hoping it would catch on as a medium of exchange, because there's value in being able to pay for things quickly, cheaply and without giving people a bunch of info, but nope. Digita…

Anyone that says digital tulips at this point sounds hurt that they didn't invest, do some research on Bitcoin Cash, so this time next year you don't look as foolish

bcash users have active propaganda campaigns to try and confuse people into thinking that it is bitcoin. That should be about all anybody needs to know about it.

Re: All You Need to Know About Bitcoin's Rise, from $0.01 to $11,000

#72

Post by blhack »

lawn wrote: post #45
fiatjaf wrote: post #35

Earlier quoted context omitted.

Who fucked it up so hard?

The Core developers who refuse to raise the blocksize despite the completely lack of evidence against the smallest increase (1MB -> 2MB). Some even celebrated when the blocks became full and the fees started to increase...

The bitcoin development team is * rightfully* extremely cautious and correctly moves extremely slowly.

That's a GOOD thing. I don't want "move fast and break things" with bitcoin.

Re: All You Need to Know About Bitcoin's Rise, from $0.01 to $11,000

#73

Post by to_bpr »

influx wrote: post #18
eqmvii wrote: post #10

Something I rarely see discussed is the gender breakdown of bitcoin ownership. I'd be surprised if it wasn't something like 90%+ men mining, trading, and owning bitcoin. If bitcoin really takes over the world, it's going to look like a bunch of dudes printed themselves a fortune and then convinced the rest of the world to buy it from them.

What do you see as the barriers for women to participate in bitcoin?

>What do you see as the barriers for women to participate in bitcoin?

Why do you want to have a discussion involving logic when all I want to do is signal my virtues?

Re: All You Need to Know About Bitcoin's Rise, from $0.01 to $11,000

#74

Post by aw3c2 »

influx wrote: post #18
eqmvii wrote: post #10

Something I rarely see discussed is the gender breakdown of bitcoin ownership. I'd be surprised if it wasn't something like 90%+ men mining, trading, and owning bitcoin. If bitcoin really takes over the world, it's going to look like a bunch of dudes printed themselves a fortune and then convinced the rest of the world to buy it from them.

What do you see as the barriers for women to participate in bitcoin?

Sanity and intelligence, mostly.

Re: All You Need to Know About Bitcoin's Rise, from $0.01 to $11,000

#75

Post by sAbakumoff »

StavrosK wrote: post #7

I am really sad that Bitcoin is the only cryptocurrency that ever managed to touch "mainstream" (it's on Steam, it has Stripe support, etc) and we fucked it up so hard that you need a $4 fee just to pay for one thing with it . I was really hoping it would catch on as a medium of exchange, because there's value in being able to pay for things quickly, cheaply and without giving people a bunch of info, but nope. Digita…

people...people can turn any decent technology to crap..Facebook wanted to connect the world, but ended up as the tool to fuck up the democracy..bitcoin pioneers wanted to get rid of banks, but the cryptocurrency ended up as the fucking trading tool used to earn more fucking money and put them in the fucking bank where they are safe..hopefully the AI will end this insanity soon.

Re: All You Need to Know About Bitcoin's Rise, from $0.01 to $11,000

#76

Post by Joeboy »

tr4cefl0w wrote: post #17
StavrosK wrote: post #7

I am really sad that Bitcoin is the only cryptocurrency that ever managed to touch "mainstream" (it's on Steam, it has Stripe support, etc) and we fucked it up so hard that you need a $4 fee just to pay for one thing with it . I was really hoping it would catch on as a medium of exchange, because there's value in being able to pay for things quickly, cheaply and without giving people a bunch of info, but nope. Digita…

Like many, you’re not aware that the Lightning Network is on its way and will solve most of these issues. Moreover, transactions between Segwit-compatible wallets is pretty fast and cheap. I’m kind of tired to hear people complain about the fees while all they have to do is use a different wallet that supports Segwit. Edit: Ah, the downvotes. I was expecting them.

Maybe I don't fully understand it but from what I've gathered, the Lightning Network is a plan to enable people to do transactions outside of the main blockchain and eventually sync them back. It seems to get touted as a magical plan to solve Bitcoin's scaling problems, but unless I'm missing something (which tbf is very possible) it seems more like a plan for bitcoin to abrogate its primary original purpose of handling end-user transactions.

Re: All You Need to Know About Bitcoin's Rise, from $0.01 to $11,000

#77

Post by notahacker »

bitxbitxbitcoin wrote: post #49
NiklasMort wrote: post #23

"Bitcoin’s current estimated annual electricity consumption stands at 29.05 Terawatt hours" I just leave that here...

Do you know what the estimated annual electricity consumption of VISA as a corporation is? What about the Treasury portion of the US government, let alone all the other parts. I'll just leave that there :).

It's reported VISA's datacenter uses the same amount of energy as around 50,000 US households. Bitcoin energy use is about 2.9m US households.

So say a fiftieth, for around 450x the daily transactions, and it could handle a lot more if demand existed without a commensurate increase in power consumption.

Re: All You Need to Know About Bitcoin's Rise, from $0.01 to $11,000

#78

Post by mrep »

StavrosK wrote: post #7

I am really sad that Bitcoin is the only cryptocurrency that ever managed to touch "mainstream" (it's on Steam, it has Stripe support, etc) and we fucked it up so hard that you need a $4 fee just to pay for one thing with it . I was really hoping it would catch on as a medium of exchange, because there's value in being able to pay for things quickly, cheaply and without giving people a bunch of info, but nope. Digita…

It blows my mind that a forum with mostly technically people (hacker news) is constantly awash with blockchain fanatics. Have you people never had a scaling problem? Understanding how well different systems can scale is one of the core competencies required by developers and blockchains are fundamentally designed not to scale because increasing the number of nodes just increases your "trust" in the system.

Re: All You Need to Know About Bitcoin's Rise, from $0.01 to $11,000

#79

Post by grapehut »

tr4cefl0w wrote: post #38
StavrosK wrote: post #21

Earlier quoted context omitted.

My wallet does support Segwit. The recommended fee was $3 and it took ~15 minutes to confirm.

Segwit to Segwit? Because it’s less than a buck for me since beginning of november.

It's irrelevant[1] what the receiver is using (for fees), segwit just makes it cheaper when sending a transaction. This is because it applies a discount to the signature data.

[1] There's a few byte different depending on the output type (p2sh/p2wpkh/p2pkh) but it's pretty much negligible.

Re: All You Need to Know About Bitcoin's Rise, from $0.01 to $11,000

#80

Post by lawn »

blhack wrote: post #72
lawn wrote: post #45

Earlier quoted context omitted.

The Core developers who refuse to raise the blocksize despite the completely lack of evidence against the smallest increase (1MB -> 2MB). Some even celebrated when the blocks became full and the fees started to increase...

The bitcoin development team is * rightfully* extremely cautious and correctly moves extremely slowly. That's a GOOD thing. I don't want "move fast and break things" with bitcoin.

No it's not a good thing. When it takes too long you stop being cautious and start being incompetent.

The "1MB block issue" has been going on for years yet they haven't even come up with good (or any) research for an optimal block size.

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