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divabot posted:so there was a mining pool called Marathon that used to filter transactions that OFAC considered sanctioned well except the fact that US laws don't apply to china so why would chinese miners care
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Jun 12, 2021 22:51
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Gazpacho posted:tbf everyone who explains bitcoin by reference to "solving complex math problems" literally is explaining it wrong and that's every journalist out there the reality is almost too stupid to believe. when people say the miners are computers playing bingo it is completely accurate lmao
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Jun 12, 2021 23:22
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ymgve posted:Nah, even with proof of stake they can’t pull fake coins from thin air (other than the standard mining reward, of course) What if they validate a transaction from you to them that you never made
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Jun 13, 2021 00:16
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miners loving around in a big way would put a severe damper on the sucker supply, i doubt they would gently caress around to that degree.
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Jun 13, 2021 00:32
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buttcoin
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Jun 13, 2021 00:51
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Somfin posted:What if they validate a transaction from you to them that you never made miners don't validate transactions, they just gather them in a nice package and put a ribbon on them. the validation is done by every single peer in the in the network that holds the blockchain miners could try to change the rules of the game by saying "obey to our new rules that give us a kajillion bitcoin" but everyone's seen how well that worked for bitcoin cash and other forks
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Jun 13, 2021 01:01
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Honky Dong Country posted:buttcoin
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Jun 13, 2021 01:03
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Somfin posted:What if they validate a transaction from you to them that you never made Blockchain does nothing to solve this problem, because it's already solved by the digital signatures on each transaction. Without the private key for a bitcoin address, you can't sign the transaction, and even if you force an un/mis-signed transaction into the blockchain it's trivial to confirm that the transaction is fake. What happens when push comes to shove is the same as every other time there's a disagreement over which chain of blocks is the *real* one: either everyone comes to consensus, or the currency forks and now there's two Bitcoins (and it wouldn't be the first time this has happened).
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Jun 13, 2021 01:06
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Telarra posted:Blockchain does nothing to solve this problem, because it's already solved by the digital signatures on each transaction. Without the private key for a bitcoin address, you can't sign the transaction, and even if you force an un/mis-signed transaction into the blockchain it's trivial to confirm that the transaction is fake. What happens when push comes to shove is the same as every other time there's a disagreement over which chain of blocks is the *real* one: either everyone comes to consensus, or the currency forks and now there's two Bitcoins (and it wouldn't be the first time this has happened). I wonder what the inherent value is of this newly forked/created bit coin that exists in your example because that sounds wonderful.
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Jun 13, 2021 01:16
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Telarra posted:Blockchain does nothing to solve this problem, because it's already solved by the digital signatures on each transaction. Without the private key for a bitcoin address, you can't sign the transaction, and even if you force an un/mis-signed transaction into the blockchain it's trivial to confirm that the transaction is fake. What happens when push comes to shove is the same as every other time there's a disagreement over which chain of blocks is the *real* one: either everyone comes to consensus, or the currency forks and now there's two Bitcoins (and it wouldn't be the first time this has happened). Imagine four butts on the edge of a cliff. Coins work the same way.
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Jun 13, 2021 01:20
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Big Beef City posted:I wonder what the inherent value is of this newly forked/created bit coin that exists in your example because that sounds wonderful. look at what happened when bitcoin cash split off from bitcoin, or even better, when the devs of bitcoin cash decided that they wanted a slice of every miner's reward and split again
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Jun 13, 2021 01:35
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Big Beef City posted:I wonder what the inherent value is of this newly forked/created bit coin that exists in your example because that sounds wonderful. the exact same as every other bit coin: absolutely nothing
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Jun 13, 2021 01:40
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Klyith posted:the exact same as every other bit coin: absolutely nothing *slamming both hands into a calculator and staring at the tape print out in a panic* WELL THAT DOESN'T SEEM GOOD FOR BIT COIN AT ALL
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Jun 13, 2021 02:10
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Big Beef City posted:WELL THAT DOESN'T SEEM GOOD FOR BIT COIN AT ALL HERESY! 
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Jun 13, 2021 05:06
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Wait so the El Salvador BTC thing is just a dictator exit scam? I’m SHOCKED
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Jun 13, 2021 14:18
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ymgve posted:well except the fact that US laws don't apply to china so why would chinese miners care sir needs to consider more closely how the international money laundering policing regime works much as pretty much every US dollar transaction touches New York, AML progresses FinCEN->FATF->world
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Jun 13, 2021 15:31
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Spatial posted:miners loving around in a big way would put a severe damper on the sucker supply, i doubt they would gently caress around to that degree. only if they get caught we haven't seen satoshi ever since he posted to say dorian wasnt him, if someone helped themselves to satoshi's million btc, would he post? not if satoshi was hal finney, hal's dead lol
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Jun 13, 2021 15:44
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Washington Post headline: Can astrology make sense of cryptocurrency? Maren Altman and a million TikTok followers think so. quote:Instead, the 22-year old posts astrology videos of all stripes, including ones focused on politics and celebrities (she predicted a major relationship shift for Kanye West and Kim Kardashian). In the astrology community, she’s reached one-name status, like Sting or Bono. Two great things that go great together.
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Jun 13, 2021 16:36
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Gazpacho posted:tbf everyone who explains bitcoin by reference to "solving complex math problems" literally is explaining it wrong and that's every journalist out there
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Jun 13, 2021 16:58
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https://twitter.com/MattBinder/status/1404072222092894210?s=19
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Jun 13, 2021 18:03
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No, fees.
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Jun 13, 2021 18:07
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No middleman!* *singular replaced with many middlemen
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Jun 13, 2021 18:32
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There’s a kind of beauty in the fee being around the same as sales tax in the states.
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Jun 13, 2021 19:24
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also, you already have the USD, why not just use that for your transaction?
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Jun 13, 2021 20:10
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Arsenic Lupin posted:Washington Post headline:
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Jun 13, 2021 22:10
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https://mobile.twitter.com/michael_saylor/status/1404135098094600192
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Jun 14, 2021 00:46
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Lol if they think any industrial coiners will willingly hire electricians.
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Jun 14, 2021 00:59
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Unionized anything, given their stance on labor laws and the like.
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Jun 14, 2021 01:02
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Shumagorath posted:Lol if they think any industrial coiners will willingly hire electricians. *union* electricians at that
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Jun 14, 2021 01:02
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I don't think it's lolbertarians running the mines for the most part
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Jun 14, 2021 01:05
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Ah yes, I forgot about all the giant bitcoin mining factories employing thousands of people. Truly an industry that should be supported.
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Jun 14, 2021 01:14
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Libertarians and Ponzi schemers? Disregarding the opinions of organized labor and safety regulations? Shocking.
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Jun 14, 2021 01:18
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Spatial posted:miners loving around in a big way would put a severe damper on the sucker supply, i doubt they would gently caress around to that degree. this reasoning always feels to me like "if we don't balance the federal budget there'll be rampant hyperinflation" - I'll believe it when I see it
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Jun 14, 2021 01:24
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LordSaturn posted:this reasoning always feels to me like "if we don't balance the federal budget there'll be rampant hyperinflation" - I'll believe it when I see it I've got a coworker who won't stop beating the hyperinflation drum - what's the counterargument? Are there enough tools at the Fed's disposal to keep inflation within comfortable bounds?
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Jun 14, 2021 02:53
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Space Fish posted:I've got a coworker who won't stop beating the hyperinflation drum - what's the counterargument? Are there enough tools at the Fed's disposal to keep inflation within comfortable bounds? The best counter-argument is, why hasn't it happened? As a more useful explainer for why it hasn't happened: 1. Government debt doesn't cause inflation unless you're in debt to someone else. The vast majority of government deficit isn't owed to anyone but ourselves. The US government is in debt to the US government. In the future when the economy is running a surplus, the US gov't can repay the US gov't. (This would be way easier if we collected taxes better.) 2. Qualitative Easing isn't "printing money" in the way that collapsing economies with hyperinflation do (ie wiemar republic, zimbabwe) where they print money and give it to everyone that they need to keep happy (the army, the gov't workers, the large employers, the skilled professions, etc). That's too many people getting money, it's gonna all go into the economy slick as poo poo. QE is more like a giant zero-interest loan with no repayment date that the government gives to banks. If the banks do something useful with it -- make good loans -- they get to keep money. If they lose it by making bad loans, it doesn't immediately hurt them. So the intelligent thing to do is make loans. Since the scenario that QE is deployed to combat is the one where banks are too afraid to risk their own money on loans, it all works out. And yes, there are plenty of tools for the Fed to keep inflation from going too high. The main one is raising interest rates. There aren't, however, many tools to keep inflation from going too low. You can't lower interest rates below zero, and things start getting weird when you do that for sustained lengths of time.
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Jun 14, 2021 03:34
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Space Fish posted:I've got a coworker who won't stop beating the hyperinflation drum - what's the counterargument? Are there enough tools at the Fed's disposal to keep inflation within comfortable bounds? Inflation is good for anyone who has debts, and bad for anyone who has huge stockpiles of money that they're just sitting on. If they can't explain how America would ever hit "hyperinflation" then you should ask them if it's in the room with us right now because that's the level of bogeyman it's at, it's just a spectre that other idiots conjure up to scare people into believing that the status quo is good. Inflation rates have been at rock bottom for ages, and you can see the result if you look at the increasing wealth gap.
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Jun 14, 2021 03:36
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Space Fish posted:I've got a coworker who won't stop beating the hyperinflation drum - what's the counterargument? Are there enough tools at the Fed's disposal to keep inflation within comfortable bounds? It's a question of will, really Also, inflation is significantly less of a concern if you are actively investing your money and not just living off the interest of 2% treasury bonds or whatever.
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Jun 14, 2021 03:36
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Like, I have to emphasise here, inflation draws everyone back toward zero, and most people are way the gently caress below zero right now.
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Jun 14, 2021 03:41
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jokes posted:Also, inflation is significantly less of a concern if you are actively investing your money and not just living off the interest of 2% treasury bonds or whatever. this is absolutely correct.
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Jun 14, 2021 03:44
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Be
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