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That we had to fight for them be created. Eternal hash war. We didn’t wave a pen or type a keystroke to magic them into existence.
by randomhodler84 4y ago
That we had to fight for them be created. Eternal hash war.
We didn’t wave a pen or type a keystroke to magic them into existence.
- ForHackernews 4y agoDon't flatter yourself: wasting electricity running sha256 a billion times is not "fighting" for anything.
- randomhodler84 4y agoBetter to spill the electrons of the enemy than their blood. We can only hope that future warfare is computational, rather than kinetic.
- giaour 4y ago> We can only hope that future warfare is computational, rather than kinetic Why would this hypothetical enemy agree to participate? Even if they wanted coins (instead of say, land, subjects, or natural resources), it's cheaper and easier to steal or extort them from you than mine them.
- randomhodler84 4y agoIf this was true, in it was easier to steal or extort; the miners would be stealing or extorting. Such is the nature of the Bitcoin game.
- giaour 4y agoThere are plenty of reasons not to steal and extort, like personal ethics or a fear of getting caught. If it were easier to mine than steal or extort, gangs would be running mining operations instead of wasting their time with theft and ransomware. A hostile cyber army would need mining to be twice as effective at raising funds as theft or ransomware, since stealing 1 BTC drains your reserves and adds to theirs, whereas mining only adds to theirs. > Such is the nature of the Bitcoin game. I assume from this sentence in your comment and from your bio ("Character account — I only play a Bitcoin maximalist on the internet") that this is just performance art/trolling for you, so I'll wrap up my end of the discussion here.
- randomhodler84 4y agoAnd I’ll leave you with “yes, the game theory intensifies”. Thank you for playing.
- antoniuschan99 4y agoYea agreed. I’m definitely a bitcoin maximalist moreso now. I mean if I were to receive a remittance I rather receive bitcoin than lumens. Interesting with bitcoin though, when I first heard of it, I remember hearing they use that computational power to help (eg. Hospitals) run various computational heavy simulations in exchange for btc. Kind of like how Seti@home works. Always wondered where I heard that from. Unfortunately it’s just wasting energy rehashing sha256 a billion times :$
- randomhodler84 4y ago“Useful” PoW never really took off (primecoin and riecoin were prime number discovery POW functions that did not sustain long term value). it’s possible that general purpose and usable proof of work system might exist but I dont think we have found it. I have always said knowledge of the silicon capability of SHA256 and the integrity of ECDSA is itself of immense value.
- antoniuschan99 4y agoI’m definitely not super knowledgeable in cryptography, from the outside, the integrity of BTC is what makes me a bitcoin maximalist when it comes to Crypto lol. However, the high energy consumption as the tradeoff is definitely like the elephant in the room.
- randomhodler84 4y agoOne way to think of it as energy spend on activism for integrity. Many governments, tyrants and thieves would stop at nothing to corrupt the integrity of the chain. By sacrificing energy we make it very difficult for them to do so. It is not the energy or work itself that is valuable, but the requirement that an adversary outwork in order to inflict a negative outcome.
- DennisP 4y agoAh, so not because of demand, but because of the amount of work that went into them? This is the labor theory of value, originally espoused by Marx. I'm under the impression that most bitcoin fans consider themselves libertarians. It's interesting to see that combined with Marxist economics.
- randomhodler84 4y agoNot quite :-) I believe it is part of the equation. I don’t think it is the nature that work occurred applies value — rather the demand for something that someone has sacrificed something for exists — in art, generally a work that has sacrificed time to create something aesthetic has a demand that provides its value. It’s value is subjective to the buyer, however the astute buyer is more likely to buy the 1000 hour work over the mass produced out of nothing thing.
- giaour 4y agoSo, you're saying PoW coins have no inherent value, only the value we bestow on them? Your reasoning is circular
- randomhodler84 4y agoI don’t know if we have a way or model of calculating it accurately yet. It exists.
- lamontcg 4y agoThe actual LTV argues that any increase in value comes from the labor, not that the labor inherently has value.