801–810 of 1001 posts
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Horses will work on YOUR schedule, and it's socially distanced during COVID.
Same with electrobikes. Also electrobike can use multiple horse powers, instead of just one.
>Time is the only thing we will never be able to make more of. It is The Ultimate Resource, as Julian Simon points out. This makes Bitcoin the ultimate form of money because its issuance is directly linked to the ultimate resource of our universe: time. All things equal, BTC has a limited supply, making it unusable as a currency (but great as a deflationary store of value). I suppose the definition of "money" is less…
You should read the Bitcoin Standard or Layered Money to get a sense of what money is and how your notions are quite far from the truth, although delivered with feverish confidence. BTC is infinitely divisible, and so can be used as currency. Can you give an example where its capped supply would cause an issue? Bitcoin is backed by proof of work. Money backed by entities are liabilities, which is a bug and not a feat…
BTC in particular has long transaction verification times that are growing longer.
>Can you give an example where its capped supply would cause an issue?
To be useful as a day-to-day currency there needs to be a balance between inflation and value.
Currency works best when people are not encouraged to hoard it, because then the economic incentive of using money is there.
If I hold on to a dollar, in Currency comes from the word current meaning flow. Hoarding something is the opposite of letting things flow.
>BTC is infinitely divisible, and so can be used as currency.
BTC is not "infinitely divisible." There is a smallest unit of BTC known as a satoshi, and transaction fees (the amount you must include to incentivize miners to actually put your transaction into a block) is already greater than the amount of BTC stored in some addresses.
>Money backed by entities are liabilities, which is a bug and not a feature of fiat money.
It may be the case that there are unsavory entities between the creative asset and the actual printed bill, but currency is at its basis rooted in the creative yield of branch or brain.
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…
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> What do we get in return? Fantastic question. I've been waiting 10 years for a convincing answer; still waiting.
There are millions of people who use it, trade it, store their value in it, program more software for it etc. They see the answer, they get the point. Can you please just answer this - do you suppose they all halt what they are doing and wait for an undeterminate amount of time for you to also get it, before they can go on with their businesses and lives?
For any task (beyond speculation and illegal activities) that bitcoin is used for, there exists other, usually much better services that can be used instead.
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But do you think we ever could have gotten to electric cars if we hadn't used gas-powered cars as a stepping stone? I'd probably agree with you if you were to say that it's taken too long, but I'd argue that the crappy fuel-burning stuff is a necessary milestone on the transition to something better. I see Bitcoin as the Model T of new currency models. Decentralization is the future of currency and contracts, even if…
The fact that cars burn gas is one of the least harmful parts of them. Electric cars are just as bad as any other car. The real harm of cars is in how they forced cities to spread out, putting miles of asphalty moonscape between every destination, forcing people to spend thousands of dollars a year on vehicles that they shouldn't need, driving greenfill development that doesn't raise enough revenue to support itself,…
Nowadays it's a lot easier to just use a bank-sponsored method, and cryptocurrency transactions have gotten pretty expensive, but there definitely was a use case that made me like cryptocurrency.
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Hacker News' Law - The most negative comments receive the most amount of votes on any thread related to Bitcoin or Cryptocurrency.
ever wond2red why?
Here we are, a decade later, still sure it's a stupid idea and increasingly frustrated that the public doesn't understand that.
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I agree. I believe strongly in Bitcoin, but I think this article was just a bunch of pompous poetry without any substance. "The difficulty adjustment makes sure that the ticks of Bitcoin’s internal metronome are somewhat constant. It is the conductor of the Bitcoin orchestra. It is what keeps the music alive." Blah blah blah blah! So much fluff to say so little...
I feel like your expectations are a bit off. What did you expect from a blogpost titled "Bitcoin Is Time"? A serious whitepaper on how Bitcoin actually is what we consider time? Of course it's gonna be fluffy poetry, it's right there in the title!
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One of the motivating factors behind late 19th century horseless carriages was the reduction in pollution. It isn't at all accurate to say that horses don't pollute. In some respects their pollution is worse.
My SUV pollutes less than a dog, simply because I run it once a week or less. The dog, as a horse, must breathe, eat and poop 24x7. Animals generate CO2 too. And methane. To be short, saying that Bitcoin has the right of polluting while doing nothing useful in return because there are cars, is wrong.
I'm ready to be downvoted to oblivion, especially by all the Bitcoin purists, but I hope my message sparks at least some curiosity. Bitcoin is getting "weaker" every year for several reasons: - emerging centralization due to economies of scale. If this trend continues the mining power will be so consolidated that a 51% attack will be likely. The Nakamoto coefficient is already at 4, and tending towards 3. - energy us…
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…
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I'm sensing a small nuance missed here, I'll clarify pro-actively: Adding more energy to your mining operation won't result in more bitcoin for you, you will only make the network more secure. Mining bitcoin is mostly about securing the bitcoin network and there is a small reward for doing so.
~600K USD per block is not “small” :). Mining power is directly correlated to cost of electricity. Most mining is located in electricity-rich districts for good reason. It’s the only cost-effective way to sustain the network. Those regions are scarce across the globe, ergo in high demand.
https://phys.org/news/2015-12-christmas-energy-entire-countr...