VMG

97 ms·

541.
by VMG 8y ago
It is an asset with a fixed issuance and censorship-resistant transactions. Some people don't trust the authorities with the powers of issuance and censorship and find it interesting for those reasons. It is likely that you are not in
542.
by VMG 8y ago
* not censorship resistant * issuance controlled by a monopoly Don't get me wrong, I use VISA all the time, but it's a different product.
543.
by VMG 8y ago
* Issuance is controlled by a monopoly * high transaction costs unless both parties are in physical proximity * not durable * not programmable
544.
by VMG 8y ago
> So its got a decentralized, distributed public ledger recording every transaction made? Since when did that happen? No, that's not how it works. Participants can go on-chain with their transactions only if needed. > LOL. No. Yo
545.
by VMG 8y ago
The transactions are denominated in fucking Bitcoin, each party has the option to go off-chain without counterparty risk.
546.
by VMG 8y ago
1. There is no proven alternative to Proof-of-Work. No, not even Proof-of-Stake: https://download.wpsoftware.net/bitcoin/pos.pdf . Most PoS fans admit this. 2. Thanks to second-layer scaling solutions, there can be arbi
547.
by VMG 8y ago
Enter http://lightning.network/
548.
by VMG 8y ago
There can be an infinite number of off-chain transactions based on a single on-chain transaction.
549.
by VMG 8y ago
What's the cost in PoS on working on parallel chains? Does the cost increase in proportion to chain length?
550.
by VMG 8y ago
> If the solution to bitcoin's horrific energy consumption is to not use bitcoin.... what is the point of bitcoin? The lightning network IS Bitcoin, just as using HTTP over TCP is using TCP. > The whole thing is a abhorrent was
551.
by VMG 8y ago
Which algorithms are more efficient at doing what Bitcoin does?
552.
by VMG 8y ago
Police probably responds to monetary incentives from all sides
553.
by VMG 8y ago
> 5) Doesn't corrode and doesn't depend upon hardware or storage media to be working. Bitcoin corrodes? You can encode your private keys in Gold if you want to.
554.
by VMG 8y ago
> Bitcoin's transaction throughput is dismally low compared How are you measuring "transaction throughput"?
555.
by VMG 8y ago
Why do you think they are less popular? Maybe it's a matter of taste?
556.
by VMG 8y ago
Just to balance this out: I suspect for every passionate Gnome-3-hater there are 10 users who think it's fine.
557.
by VMG 8y ago
that's now how an economy works
558.
by VMG 9y ago
it seems that cartels are sometimes very useful
559.
by VMG 9y ago
They would. Enforcement is a separate issue
560.
by VMG 9y ago
The hodl subsidy
561.
by VMG 9y ago
Bitcoin fanatics know how to deal with Government enthusiasts
562.
by VMG 9y ago
Good reason to buy Monero
563.
by VMG 9y ago
The response needs to factor in that this is more or less inevitable. The solution to potential power abuse must be Sousveillance.
564.
by VMG 9y ago
Sounds reminiscent of "Socialism doesn't work if not applied globally".
565.
by VMG 9y ago
Most of it sits in vaults.
566.
by VMG 9y ago
You can send an arbitrary about of Bitcoin in an on-chain transaction. Payment channels also allow you to send Bitcoin off-chain.
567.
by VMG 9y ago
Doesn't that make it more wasteful? Those people could be doing something more useful
568.
by VMG 9y ago
How do you define waste? Is bitcoin mining more wasteful than gold mining?
569.
by VMG 9y ago
See also https://en.wikipedia.org/wiki/Quaero
570.
by VMG 9y ago
"Surveillance Risk" means that there is a risk that somebody other than the French government can do surveillance. > If so, this might be either pretty expensive or could go wrong. Keep in mind that they also wasted millions

More ›