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Here's another good one (30 min read): Bitcoin is Venice https://allenfarrington.medium.com/bitcoin-is-venice-8414dda...
Bitcoin is a Venice, time, a Ponzi scheme, a climate disaster, digital gold, dead (x400), criminal, a bubble...
The half-baked hot takes that reach the frontpage of HN are getting better and better.
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How is Bitcoin's admission exponential? Isn't it a stepped linear emission?
It's inverse exponentially approaching the 21 million limit, which it can never reach [1]. [1] https://medium.com/amberdata/why-the-bitcoin-supply-will-nev...
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, pickin…
Why are we still talking about bitcoin and first gen blockchain tech. Yes it's old, yes it's slow, yes it wastes resources. It is legacy software after all. PoS solves the problem of mining and wasted energy. Cardano's Ouroboros is a provable and secure Proof-of-Stake blockchain protocol. https://docs.cardano.org/en/latest/explore-cardano/relevant-...
For a value of "solves" that doesn't actually include anyone solving anything YET. Maybe in 18 months!
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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…
Every currency’s goal is to be stable in terms of value. The mechanics of achieving so are complicated though since you will need to exactly calibrate the supply of new money to match your economic activity. We are at the point where we don’t even agree what economic activity is lol.
This is the article that made things finally click with me. Thinking about the pre-WWI gold standard and the issues that existed there and the improvements that Bitcoin brings around time, consensus, etc. The baseless negative comments with no interaction with the article content confirms for me that Bitcoin is on to something. Sour grapes syndrome is a result of pride, I think.
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, pickin…
This just isn’t true. Only a vanishingly small fraction of these people has ever touched smart contracts.
Thank you for sharing this! I wrote a much shorter article on why I believe Grin is the closest to "time is money" here https://phyro.github.io/what-is-grin/grin_emission.html Bitcoin can be thought of as a clock, but the unit that is being transfered can't be thought as time because for it to be mappable to time, you need a linear function and Bitcoin's emission is exponential because of the halvings.
Earlier quoted context omitted.
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, pickin…
> The total energy usage would be reduced 600-fold! It wouldn't. If X$ worth of bitcoin is handed out every block, then miners competing for that prize are willing to collectively spend up to X$ per block on average. If they could only mine for part of the time, then they'd simply acquire more hardware and mine at a higher hashrate during the shorter time.