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WTF? Do you actually understand Bitcoin? BTC solved the problem of having concensus in a decentralised, distributed system without deferring to a dictator...

WTF? Do you actually understand Bitcoin? BTC solved the problem of having concensus in a decentralised, distributed system without deferring to a dictator... Finding a way to do that was an open problem for decades. I used to think you had something intelligent to say about Bitcoin, but you've opened my eyes now.

arcticbull 6y ago
Right, yeah, just very incredibly super duper inefficiently. I don't disagree that wasting an entire country's worth of electricity is a novel and unique way of solving the byzantine generals problem up to 7 transactions per second. I just don't think it should be used in the real world, certainly not as a currency. I think it's worth separating my appreciation for Bitcoin in the strictest, most technical sense. I get it, it's neat, it's got that allure of being challenging and having many perceived potential use cases. It solved a legitimate hard problem. I think the tool is fascinating. I think the use cases though, just aren't. Apologies to have disappointed, though!
- petre 6y ago
  True that. Residents of Abkhazia (breakaway Georgian province on the Black Sea coast) were recently left in the dark because of bitcoin mining. https://www.rferl.org/a/bitcoin-blackouts-russian-cryptocurrency-miners-minting-millions-sucking-abkhazia-electricity-grid-dry/30968307.html https://www.rferl.org/a/bitcoin-blackouts-russian-cryptocurr...
  - arcticbull 6y ago
    The Iranians too, I think. [1] https://apnews.com/article/iran-media-social-media-bitcoin-coronavirus-pandemic-6d1c703a7faa1f85b0f94011259ec63e https://apnews.com/article/iran-media-social-media-bitcoin-c...
    - alentist 6y ago
      > Although Bitcoin mining strains the power grid, experts say it’s not the real reason behind Iran’s electricity outages and dangerous air pollution. The telecommunications ministry estimates that Bitcoin consumes less than 2% of Iran’s total energy production.
      - petre 6y ago
        Yup, we totally trust government sources from Iran. It's usually decades of mismanagement + bitcoin + UH6 centrifuges used to create weapons grade uranium in their case. I've lived in the Eastern block, used to do homework at candle light so the regime could export goods under market price and earn hard currency. It's from the same playbook.

arcticbull 6y ago

Right, yeah, just very incredibly super duper inefficiently. I don't disagree that wasting an entire country's worth of electricity is a novel and unique way of solving the byzantine generals problem up to 7 transactions per second. I just don't think it should be used in the real world, certainly not as a currency. I think it's worth separating my appreciation for Bitcoin in the strictest, most technical sense. I get it, it's neat, it's got that allure of being challenging and having many perceived potential use cases. It solved a legitimate hard problem. I think the tool is fascinating. I think the use cases though, just aren't. Apologies to have disappointed, though!

petre 6y ago
True that. Residents of Abkhazia (breakaway Georgian province on the Black Sea coast) were recently left in the dark because of bitcoin mining. https://www.rferl.org/a/bitcoin-blackouts-russian-cryptocurrency-miners-minting-millions-sucking-abkhazia-electricity-grid-dry/30968307.html https://www.rferl.org/a/bitcoin-blackouts-russian-cryptocurr...
- arcticbull 6y ago
  The Iranians too, I think. [1] https://apnews.com/article/iran-media-social-media-bitcoin-coronavirus-pandemic-6d1c703a7faa1f85b0f94011259ec63e https://apnews.com/article/iran-media-social-media-bitcoin-c...
  - alentist 6y ago
    > Although Bitcoin mining strains the power grid, experts say it’s not the real reason behind Iran’s electricity outages and dangerous air pollution. The telecommunications ministry estimates that Bitcoin consumes less than 2% of Iran’s total energy production.
    - petre 6y ago
      Yup, we totally trust government sources from Iran. It's usually decades of mismanagement + bitcoin + UH6 centrifuges used to create weapons grade uranium in their case. I've lived in the Eastern block, used to do homework at candle light so the regime could export goods under market price and earn hard currency. It's from the same playbook.