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Bitcoin Is Time

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Re: Bitcoin Is Time

#861

Post by ChrisClark »

VRay wrote: post #806
usernamefk wrote: post #714

Earlier quoted context omitted.

ever wond2red why?

Everyone here knew about it when you could mine a few bitcoins per hour on a midrange laptop CPU, but we all thought it was a stupid idea. Here we are, a decade later, still sure it's a stupid idea and increasingly frustrated that the public doesn't understand that.

Or you were wrong back then, and maybe should reconsider? Nah, HN users never reconsider their positions. ;)

At least reconsider the proof of stake crypto chains. Not an energy waste.

Re: Bitcoin Is Time

#862

Post by [deleted] »

porknubbins wrote: post #840

If I ever come to HN and the top comment about Bitcoin is NOT a grumpy “I could build that in a weekend with Aws” style comment I will know the top is finally in. I think the issue is Bitcoin is no longer tech news- its a finance, or social or business topic and for some reason it inspires engineers to try to reanalyze everything from first principles to write angry comments that miss the forest for the trees. I can…

[deleted]

Re: Bitcoin Is Time

#863

Post by xk_ »

porknubbins wrote: post #840

If I ever come to HN and the top comment about Bitcoin is NOT a grumpy “I could build that in a weekend with Aws” style comment I will know the top is finally in. I think the issue is Bitcoin is no longer tech news- its a finance, or social or business topic and for some reason it inspires engineers to try to reanalyze everything from first principles to write angry comments that miss the forest for the trees. I can…

> I can only imagine NFTs would go over

The recent thread about Nyan Cat's NFT sale is an indicator: https://news.ycombinator.com/item?id=26196027

From the comments: "The comments in this thread resemble comments dismissing BTC in 2011/2012"

Welp, you were right!

Re: Bitcoin Is Time

#864

Post by debbiedowner »

Wouldn't it be great if there was a proof of work mechanism that took time, but very little energy?

I think there will be a low power processor that can perform unique instructions that are expensive to simulate on CPUs and GPUs, but is amenable to hashing, and is not too expensive to buy. My guess is something neuromorphic.

The first mWpowcoin could then be born.

I do see a downside that people will have to buy a special chip that has little general utility, but from the rise of ASICs that must be ok.

I know proof of stake exists, but clearly it isn't as popular. People like mining?

Re: Bitcoin Is Time

#865

Post by marshmallow_12 »

fredfoobar wrote: post #480
ForHackernews wrote: post #379

Earlier quoted context omitted.

I guess the difference is cars are useful. What can I do with a bitcoin except hope to sell it for more USD later?

Sir! Are you sure of that argument? Bitcoin is a decentralized protocol for moving value on the internet, that is not useful enough for you sir? Is this hacker news? or lumberjack news? Besides, Horses >>>> Cars. Horses are more useful than Cars. Cars need roads to work, Horses don't.

cars will actually work without tarmac. I tried explaining this to a guy with a merc g wagen and he also didn't believe me.

Re: Bitcoin Is Time

#866

Post by matheusmoreira »

Nursie wrote: post #410
matheusmoreira wrote: post #353

Earlier quoted context omitted.

Bitcoin is technologically obsolete but that doesn't matter. As the very first coin, its history is the main reason it's still relevant today. It's very well known and that makes its position as the number one cryptocurrency extremely hard to shake even though we have much better coins now such as Monero.

> Bitcoin is technologically obsolete but that doesn't matter. Which just underlines how much of this whole phenomenon is brand and hype.

Perhaps. Due to high transaction fees and processing times, Bitcoin is unsuitable for use as an exchange medium. It's become an investment, a speculative asset. The value will exist for as long as people believe it is valuable. Brand and hype do help create this value in people's eyes.

Re: Bitcoin Is Time

#867

Post by matheusmoreira »

gruez wrote: post #488
matheusmoreira wrote: post #388

Earlier quoted context omitted.

> most of us are in here for the money and don't give two hoots of the technology Monero's technology enables private and untraceable transactions. It's amazing and I own some just because of that property. Seems to be the only cryptocurrency that still aims to be an actual currency. You're right about the altcoins though.

>Monero's technology enables private and untraceable transactions Not exactly. The decoy inputs/outputs provide some plausible deniability when you look at a transaction in isolation, but over repeated transactions it gets gradually lost. It's not enough to pin you as a criminal with 100% certainty, but it's enough for the police to keep an eye on you and wait for you to slip up.

> but over repeated transactions

Doesn't this require an exchange to provide external information? It is my understanding that it's impossible to correlate transactions using blockchain analysis alone.

Re: Bitcoin Is Time

#868

Post by marshmallow_12 »

suifbwish wrote: post #707
boredpandas777 wrote: post #348

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…

I believe it takes 72 TERAWATTS running for 10 minutes to mine one bitcoin. How is that justifiable when we are slipping deeper into an environmental crisis?

simple answer: i don't have to justify wasting my own money to other people.

Re: Bitcoin Is Time

#869

Post by 908087 »

Gatsky wrote: post #654
boredpandas777 wrote: post #348

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…

Well what you say has some merit, but... Goldrush FOMO is a very powerful force. Not saying this applies to you, but I think some people can’t stand the cognitive dissonance of being a hacker and not getting into bitcoin, missing out on life-changing money. To deal with it, they need to vilify bitcoin often on quasi-moral grounds.

There are also some of us who were mining in the early days, didn't miss out on anything, and still despise the toxic, cultish MLM huckster scene and environmental disaster bitcoin and the entire "crypto" space has come to represent.

I've lost count of the number of times people who sound like angry teenagers have called me a "salty nocoiner" for being even slightly critical of the narrative they were pushing.

Re: Bitcoin Is Time

#870

Post by CyberDildonics »

cloakandswagger wrote: post #838
CyberDildonics wrote: post #434

Earlier quoted context omitted.

You have called lock downs "arrogant and threatening authoritarian movements" and told someone that saying racist hate groups lead to violence is "hyperbole that isn't going to work for you much longer". You also said that "hn is filled with indignant nocoiners". I think acting offended by 'bitcoin bros' is hypocritical.

My own comments (many of which I don't remember making, it's possible my account was temporarily compromised) shouldn't have any bearing on the offensive remarks made by others.

It was last month.
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