|
Hi again Seraph
|
#
?
Jun 12, 2021 01:15
|
|
|
|
| # ? May 30, 2024 14:17 |
|
|
Where's the line for carbon footprint?
|
|
#
?
Jun 12, 2021 01:22
|
|
|
Bitcoin Lestat posted:https://youarenotsosmart.com/2019/04/09/yanss-150-belief-change-blindness/ It's not a portfolio if it's not actually an investment It's not an investment to put dollars in a dumpster and set it on fire
|
|
#
?
Jun 12, 2021 01:44
|
|
|
Whatever hodl yachty; you poo poo in a KFC bucket
|
|
#
?
Jun 12, 2021 02:14
|
|
|
So yeah, hah, is there any possible future where bitcoin does not destroy the human-livable environment?!
|
|
#
?
Jun 12, 2021 04:10
|
|
|
El Pipila posted:So yeah, hah, is there any possible future where bitcoin does not destroy the human-livable environment?! The future where crypto is banned by sane governments and where private citizens murder coin miners in the name of environmental self defense.
|
|
#
?
Jun 12, 2021 04:15
|
|
|
Oscar Wild posted:That's great. So they're gonna throw bitcoin enthusiasts into the volcano, right?
|
|
#
?
Jun 12, 2021 04:24
|
|
|
El Pipila posted:So yeah, hah, is there any possible future where bitcoin does not destroy the human-livable environment?!
|
|
#
?
Jun 12, 2021 05:30
|
|
|
Nessus posted:I'd tell you, but first I need you to subscribe to my Patreon, watch these three-hour introductory videos, and THEN prepare yourself for an astonishing revelation. So astonishing you may wish to buy these brain pills first.
|
|
#
?
Jun 12, 2021 05:31
|
|
|
yeah, I wrote up the El Salvador plan, what we know of it. It's a tether scam. That post from Jack Mallers from Strike about how to send remittances includes another step: how to cash out your tethers for genuine USD. You just take them to any Strike bitcoin ATM, buy bitcoins with the tethers and sell the bitcoins for dollars! How many bitcoin ATMs are there in El Salvador, for the 70% of unbanked locals to get the remittance dollars from their son in the US?  Two. Both are in "Bitcoin Beach", and none are in no-account backwaters like, er, San Salvador. The meat of the plan is a scheme that will see $150 million in actual dollars be taken out of the country's development bank, and exchanged for dirty bitcoins. Trying to understand this poo poo, I kept going "this is too stupid, I must be missing something", then I found out more and it was stupider. I should know by now.
|
|
#
?
Jun 12, 2021 11:32
|
|
|
I read that and I still don't understand the el salvador thing at all beyond "it's dumb" the endgame is that loads of tether are circulating in el salvador? and when tether collapses loads of Salvadorans lose their money? I mean I know developing nations' governments are often corrupt and greedy but that doesn't seem good for their careers me trying to understand economics --> 
|
|
#
?
Jun 12, 2021 11:58
|
|
|
Hammerite posted:the endgame is that loads of tether are circulating in el salvador? and when tether collapses loads of Salvadorans lose their money No, I'm pretty sure you've got it exact.
|
|
#
?
Jun 12, 2021 12:09
|
|
|
Hammerite posted:I read that and I still don't understand the el salvador thing at all beyond "it's dumb"
|
|
#
?
Jun 12, 2021 12:12
|
|
|
In trying to be optimistic - I think they just want to transact in btc which shouldn't need said atm's but there are a fuckload of steps missing. Like how are people who don't have bank accounts going to use crypto? How would these people get their tether? The concept seems to forget there's a lot of population who don't have access to banks. It's kinda saying be against the banks! But use banks to get there. 
|
|
#
?
Jun 12, 2021 14:49
|
|
|
New thread title
|
|
#
?
Jun 12, 2021 15:39
|
|
|
You can't trust all them bitcoins.
|
|
#
?
Jun 12, 2021 15:49
|
|
|
notwithoutmyanus posted:In trying to be optimistic - I think they just want to transact in btc which shouldn't need said atm's but there are a fuckload of steps missing. Like how are people who don't have bank accounts going to use crypto? How would these people get their tether? The concept seems to forget there's a lot of population who don't have access to banks. I actually don't think you can give them the benefit of the doubt on this. It would be beyond irresponsible to expect people to transact on Bitcoin without trying it yourself first, and surely any test run would have noticed the massive fees, slow transaction time, and limited network capacity
|
|
#
?
Jun 12, 2021 16:07
|
|
|
divabot posted:yeah, I wrote up the El Salvador plan, what we know of it. It's a tether scam. Just want to say I really appreciate your posts.
|
|
#
?
Jun 12, 2021 16:21
|
|
|
I can envision lots of ways to handle Bitcoins lack of throughput but transaction fees themselves are going to break it if it gets too expensive. Imagine a world where btc is worth a million dollars. Even if the throughput is first class and in this hypothetical scenario it is the global currency, but the transaction fees would prob still be over $1000 easily even if you reduce to decimal on fees. Like a lot of stuff to solve here isn't capable of being solved with Bitcoin.
|
|
#
?
Jun 12, 2021 16:22
|
|
|
notwithoutmyanus posted:I can envision lots of ways to handle Bitcoins lack of throughput but transaction fees themselves are going to break it if it gets too expensive. Imagine a world where btc is worth a million dollars. Even if the throughput is first class and in this hypothetical scenario it is the global currency, but the transaction fees would prob still be over $1000 easily even if you reduce to decimal on fees.
|
|
#
?
Jun 12, 2021 17:49
|
|
|
I think the 2014 BitCoin thread and the vague interest in the economics of money actually helped me power through Chapter 3 of Das Kapital. I had no idea that BitCoin would become something that people cared about in the real world.
|
|
#
?
Jun 12, 2021 18:27
|
|
|
InternetJunky posted:I think coming up with problems that arise from using "bitcoin as a currency" and figuring out solutions is a wasted exercise since 99.99% of people "investing" in bitcoins aren't doing so because they believe in crypto as a functional currency. 
|
|
#
?
Jun 12, 2021 18:47
|
|
|
increasing the number of people using bitcoin also increases the fees btw the transaction fee is essentially a bid to get your transaction put in the next block
|
|
#
?
Jun 12, 2021 18:47
|
|
|
Spatial posted:increasing the number of people using bitcoin also increases the fees btw Wait, so who decides this?
|
|
#
?
Jun 12, 2021 19:10
|
|
|
Doctor_Fruitbat posted:Wait, so who decides this? who decides which transactions go into a block? the miner who mines it decides. they get the fees from the transactions, so in general they are more likely to include transactions with larger fees. they might also choose to preferentially include transactions that have been waiting longer, but they are under no obligation to do so.
|
|
#
?
Jun 12, 2021 19:15
|
|
|
Hammerite posted:they get the fees from the transactions, so in general they are more likely to include transactions with larger fees. they might also choose to preferentially include transactions that have been waiting longer, but they are under no obligation to do so. set up your mining software to give highest priority to transaction amounts that include the most 69s and 420s
|
|
#
?
Jun 12, 2021 19:33
|
|
|
there's no 69 in bitcoin it's a man train of bag holders
|
|
#
?
Jun 12, 2021 19:34
|
|
|
Can the miners also exclude certain wallet ids?
|
|
#
?
Jun 12, 2021 21:16
|
|
|
please knock Mom! posted:Can the miners also exclude certain wallet ids? yes, that is why they are all about not letting one single miner get more than 50% of the hashrate - when no one has a majority, it is assumed that at least some miners will prioritize money over principles and include your transaction eventually
|
|
#
?
Jun 12, 2021 21:25
|
|
|
So what happens when mining is consolidated enough that a cartel with 60% of the power says no more transactions for less than a 10% fee
|
|
#
?
Jun 12, 2021 21:27
|
|
|
Orvin posted:Just want to say I really appreciate your posts. blog also good too (other than the bits that are just long verbatim quotes of conversations plagiarised from this thread with every username changed to divabot)
|
|
#
?
Jun 12, 2021 21:27
|
|
|
tbf everyone who explains bitcoin by reference to "solving complex math problems" literally is explaining it wrong and that's every journalist out there
|
|
#
?
Jun 12, 2021 21:30
|
|
|
please knock Mom! posted:So what happens when mining is consolidated enough that a cartel with 60% of the power says no more transactions for less than a 10% fee At that point they can rewrite the blockchain.
|
|
#
?
Jun 12, 2021 21:55
|
|
|
ymgve posted:yes, that is why they are all about not letting one single miner get more than 50% of the hashrate - when no one has a majority, it is assumed that at least some miners will prioritize money over principles and include your transaction eventually please knock Mom! posted:So what happens when mining is consolidated enough that a cartel with 60% of the power says no more transactions for less than a 10% fee A single entity controlling more than 50% of the hash rate directly leads to all sorts of other problems beyond just squeezing people on fees. They could sign off on double spends and all sorts of other bullshits by confirming something as correct which should have been rejected. In terms of miners fighting for the economic incentives then all you need to do is point to all the DoA proposals to switch away from proof of work towards proof of stake.
|
|
#
?
Jun 12, 2021 21:55
|
|
|
Munin posted:A single entity controlling more than 50% of the hash rate directly leads to all sorts of other problems beyond just squeezing people on fees. They could sign off on double spends and all sorts of other bullshits by confirming something as correct which should have been rejected. Doesn't proof of stake just mean whoever has the biggest pool of coins can gently caress around with the blockchain and the only thing preventing them is the ridiculous belief that "why would someone do that since it would just hurt themselves as well"? Maybe I understood it incorrectly.
|
|
#
?
Jun 12, 2021 22:09
|
|
|
Hammerite posted:who decides which transactions go into a block? the miner who mines it decides. So is there some long list of transactions that miners have to click on to decide which one gets written to the next block? I thought this was all automated and the transactions were just put in a queue based on FIFO.
|
|
#
?
Jun 12, 2021 22:13
|
|
|
latinotwink1997 posted:So is there some long list of transactions that miners have to click on to decide which one gets written to the next block? I thought this was all automated and the transactions were just put in a queue based on FIFO. "the miners" means the software that does the mining, yes it is all automated it generally isn't first in first out, but sorted by bitcoins per byte of data so the miners can cram in the most expensive transactions per byte to get most out of a block
|
|
#
?
Jun 12, 2021 22:16
|
|
|
InternetJunky posted:Doesn't proof of stake just mean whoever has the biggest pool of coins can gently caress around with the blockchain and the only thing preventing them is the ridiculous belief that "why would someone do that since it would just hurt themselves as well"? Maybe I understood it incorrectly. PoS means that rather than having the most processing power, attackers just need to have the majority of the tokens. You know, the thing that the system allegedly "produces." This would allow them to validate fake transactions that could obviously be used to further secure their position. The only downside is if they become unable to offload their stockpile before the whole thing collapses.
|
|
#
?
Jun 12, 2021 22:26
|
|
|
Nah, even with proof of stake they can’t pull fake coins from thin air (other than the standard mining reward, of course)
|
|
#
?
Jun 12, 2021 22:35
|
|
|
|
| # ? May 30, 2024 14:17 |
|
|
ymgve posted:"the miners" means the software that does the mining, yes it is all automated so there was a mining pool called Marathon that used to filter transactions that OFAC considered sanctioned they stopped because bitcoiners didn't like this but, they gave the game away: miners can pick and choose which transaction to let through, and some have done this in a compliant manner, so there's nothing stopping the US from demanding this of the rest
|
|
#
?
Jun 12, 2021 22:45
|
|