4 ms·
The enegry usage is not proportional to the transaction rate, it's a security margin so it's only weakly related. Payment channels allow arbitrarily high trans
by nullc 4y ago
The enegry usage is not proportional to the transaction rate, it's a security margin so it's only weakly related.
Payment channels allow arbitrarily high transaction rates w/ bitcoin, I've seen demonstrations sustaining hundreds of transactions per second. A side effect of their scalability is that no one knows the actual transaction rate-- only the few transactions related to opening and closing channels are broadcast the bulk is only seen by the participants in the channel, which is what makes it scalable to begin with.
[And, as an aside,-- 5 tx/sec is roughly fedwire's average transaction rate]
> Crime isnt a side-effect, it's the point.
That is false and defamatory towards anyone whos used or worked on Bitcoin. Please withdraw this point, the hyperbole doesn't illuminate the subject or add to the discussion.
If you want to argue that the only use you have for it would be to commit crimes, feel free but jumping from the fact that the only thing you can think to do with Bitcoin is commit crimes with it to crimes being the point is a bridge too far.
- mjburgess 4y ago> That is false and defamatory towards anyone whos used or worked on Bitcoin I will not withdraw this point. It isn't hyperbole. Cryptocurrency technology has the economic and social incentive structures of ponzi and pyramid schemes; and primarily enables fraud. The purpose is avoiding the law. The best that can be said, about the unwitting, is they aren't conscious of the incentive structures they participate in; and hence spread scams without realising it. This is indeed, how pyramid schemes work. These libertarian ideological projects prove Hobbes point: absent governance, life in society is "nasty, brutish, and short". The properties of these systems ruin people's lives for the sake of providing, at its "most noble", and ideological casino for people to cosplay a financial system. And that nobility is really just a pyramid scheme framing device for spreading the scam around. The ideological window dressing is nothing more than "hey, maybe these vitmins will cure cancer. Dont you want to cure cancer?! Don't you think BigPharma is terrible?! Dont you think the healthcare system is broken?! Here, take 100 boxes of these vitamins -- everyone wants them!"
- nullc 4y ago> The purpose is avoiding the law. Your prior statement claimed that that "Crime [is] the point", have you weakened your position or are you just saying it another way? How is "avoiding the law" the purpose of Bitcoin? Please connect your argument to supporting materials.