Results 9,201 to 9,225 of 16066
Thread: Bitcoin....who's gotten into it?
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05-17-2022, 10:07 AM #9201
https://www.forbes.com/advisor/credi...-how-it-works/
"But while on the customer’s end the transaction is quick and simple, the back-end communication between the merchant and other parties is intricate and complicated."
Hmmmm...seems like intricate and complicated is the opposite of efficient.
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05-17-2022, 10:12 AM #9202
A Toyota Prius is intricate and complicated. One of the most efficient vehicles of the last 20 years.
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05-17-2022, 10:12 AM #9203I drink it up
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05-17-2022, 10:23 AM #9204
In his defence, sorta, Stalefish’s quote didn’t say Security was a an advantage over current non Crypto options. He just is saying that within the insecure world of crypto, BTC is inherently more secure.
Know of a pair of Fischer Ranger 107Ti 189s (new or used) for sale? PM me.
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05-17-2022, 10:38 AM #9205I drink it up
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I suppose.
focus.
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05-17-2022, 10:40 AM #9206I drink it up
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05-17-2022, 10:43 AM #9207
Let's go through this pile of trash to tease some things out, shall we?
"BTC is incredibly efficient and reliable. It's had 100% uptime since March 2013. Conversely, Fedwire, the US Federal Reserve’s interbank settlement system, cannot say the same." - as a decentralized system - you're correct that nodes are always up - is there enough for large scale processing? Sometimes yes, sometimes no. It is NOT efficient though, as transactions take around 500,000x the energy a typical visa/mc/financial transaction takes.
"Proof of work is not only useful but absolutely essential. Trustless digital money can’t work without it. You always need an anchor to the physical realm. Without this anchor, a truthful history that is self-evident is impossible. Energy is the only anchor we have." - I mean, technically NFT's and other vehicles disprove this, as does Chia with proof of space/time.
I'd also say trustless digital money doesn't work, period, as there is a crazy incentive to scam people with essentially no recourse. The natural reaction is to have transaction brokers and other mechanisms to proxy out the efficiency issues and trust stuff as direct BTC transactions are fucking impossibly complex and painful compared to others in terms of key swapping and other details. So now we have proxies that have all the issues of normal infrastructure and act as pseudo-central authorities (think coinbase and lightning, or whatever broker here) - at this point why not just traditional authenticated APIs? That's basically the solution they're all pushing, so you're back to centralization, just with an extra bonus of no FDIC or similar and the potential for the operation to go tits up and you're out your BTC with no recourse.
Great job everyone, really stellar work completely ignoring every lesson of economic history.
I'd also say proof of work is also not novel or new, as it's been used a lot for leaderboards on stuff like protein folding, Seti@home, prime finding etc. The main innovation is they've made a completely useless thing that sucks up more electricity than sweden for the equivalent of lottery tickets. On top of that, at some point a state or major actor will make some cryptographic breakthroughs that let them subvert parts of the ledger or more easily break the encryption (as all encryption will be broken given a long enough timescale) that has the potential to make it wholly unsecure in 5-10 years. Really stupendous.
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05-17-2022, 10:48 AM #9208
rube goldberg
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05-17-2022, 11:49 AM #9209
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05-17-2022, 12:32 PM #9210
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05-17-2022, 12:37 PM #9211
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05-17-2022, 01:28 PM #9212
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05-17-2022, 01:34 PM #9213
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05-17-2022, 01:38 PM #9214
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05-17-2022, 01:46 PM #9215
No it isn't. Here's one source on electricity required - do you need more?
https://www.moneysupermarket.com/gas...y-consumption/
Also including military - bwahahaha, so you're admitting that you're talking out your ass.
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05-17-2022, 02:07 PM #9216
That's a bullshit source. Keep in mind that almost every critique of POW is also an add for something else. There are always tradeoffs between security, decentralization, and transaction volume.
The military is a fundamental part of USD hegemony. We've literally gone to war over countries giving up USD.
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05-17-2022, 02:11 PM #9217
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05-17-2022, 02:37 PM #9218
Everyone has to do their own research. But many people suggest it was one of the real reasons behind "liberating" Iraq.
https://www.amazon.com/Petrodollar-W.../dp/0865715149
Qaddafi fucked around and found out as well.
https://apjjf.org/2011/9/18/Peter-Da...2/article.html
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05-17-2022, 03:10 PM #9219
This is intense:
https://twitter.com/VitalikButerin/s...78787855736832Live each season as it passes; breathe the air, drink the drink, taste the fruit, and resign yourself to the influences of each.
Henry David Thoreau
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05-17-2022, 03:30 PM #9220
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05-17-2022, 03:31 PM #9221
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05-17-2022, 03:35 PM #9222
Also, looks like it's more now! Over 2k hours
https://digiconomist.net/bitcoin-ene...ion#validation
Or there's a thing from coindesk
https://www.google.com/amp/s/www.coi...outputType=amp
I can find more.
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05-17-2022, 03:45 PM #9223
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05-17-2022, 03:53 PM #9224I drink it up
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What? Why?! What do you suppose this means? This from the guy who talks about doing research on twitter?
No. This is how stupid never dies. I would rather people who are educated and thoughtful and have time to devote to certain areas of study do that research and report back. That is how real progress happens.focus.
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05-17-2022, 04:15 PM #9225
Also, as someone that does product research on behalf of others: most people are shit at research.
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