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Bitcoin is a proof of concept that got too big. For what it demonstrated it's an innovative work-around for sybil attacks. For how it exists now, it's a nightma
by orthecreedence 6y ago
Bitcoin is a proof of concept that got too big. For what it demonstrated it's an innovative work-around for sybil attacks. For how it exists now, it's a nightmare technology. It can't store value longer than a few days (unless you convince yourself BTC IS the stablecoin), the transaction rate is pathetic and requires really stupid technologies layered on top to make it "go," and lastly (and most importantly) the energy waste is immense just to keep track of a fucking ledger. It can't even be used as a distributed computing platform. Yawn.
If you're going to go long on something, at least go long on sybil-prevention that doesn't wreak havoc on the environment and can be used for general computation.
- timdaub 6y agoBitcoin is not only a work around for Sybil attacks. That'd be hashcash by Adam Back. Please do your homework. Bitcoin is able to settle transactions in an anonymous and open network of participants without byzantine-faults. A naive implementation of a ledger cannot do that. Neither can data bases. That's why some find Bitcoin useful.