atweiden

21 ms·

181.
by atweiden 5y ago
> In PoW coins you permanently lose the "stake". So that just means that to achieve the same level of security in a PoS coin, you have to stake a lot more (since you are only losing the time value of the stake). PoS network sec
182.
by atweiden 5y ago
The difference with PoW mining is it involves more than just clicking a button. Conversely, with PoS, people — and particularly insiders who are in on the ICO, pre-ICO or premine — can click a button and earn X% per annum in perpetuity. Whi
183.
by atweiden 5y ago
> I don't know anyone who says PoS is "more fair" And I don’t know anyone who uses Bitcoin for illicit purposes. Imagine that.
184.
by atweiden 5y ago
> Sure, but how is that any different than proof-of-work early adopters becoming rich and being able to afford more mining hardware and electricity? You have to spend money on mining hardware and electricity to get those yields. To do th
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by atweiden 5y ago
In spite of what PoS investors commonly claim, stakemining $COIN isn’t “fair” merely because Joe Bob can earn the same X% per annum that $BIG_VC can earn, where $BIG_VC was able to invest at pennies on the dollar in an ICO, pre-ICO or pre-m
186.
by atweiden 5y ago
> If you bought $1000 of AMZN shares 20 years ago you'd have orders of magnitude more voting power than someone who buys $1000 of AMZN shares today. Equities typically aren’t masquerading as global currencies. Fairness does matter
187.
by atweiden 5y ago
> It seems like that argument could equally apply to PoW or startups. It isn’t clear to me what you meant to say here. Early investors tend to be by far the biggest winners in general, crypto or not. However, we were discussing mining re
188.
by atweiden 5y ago
That’s not what you said, though. You said, quote: > If a proof-of-work cryptocurrency holds its price, its energy usage can only go up “Energy usage can only go up” Only go up? When price is flat? I’m really sorry, but it seems you’re
189.
by atweiden 5y ago
You said, quote: > If a proof-of-work cryptocurrency holds its price, its energy usage can only go up But in fact, if BTC holds its price, Bitcoin miners won’t increase their energy usage — unless they’re willing to mine at a loss.
190.
by atweiden 5y ago
> To get action from enlightened self-interest, there needs to be leadership for making changes. (Ethereum seems to have this?) Knowledge preceedes enlightenment. For example, Git is also green-friendly, and shares a virtually identical
191.
by atweiden 5y ago
> Most PoS networks aim to reach a "zero issuance" state where the network can sustain itself on TX fees alone. Whether ICO investors are stakemining coins issued through inflation or transaction fees doesn’t matter — they’re s
192.
by atweiden 5y ago
Total energy costs from PoW mining won’t rise to exceed PoW mining revenues unless miners are willing to mine at a loss. In an efficient market, one where PoW mining profits have been driven down to zero, total energy use should remain cons
193.
by atweiden 5y ago
> While you need to be rich to be able to mine Bitcoin, you also have to dump those mined coins on the exchanges to cover your running costs (electricity, hardware, server operators, etc) You don’t have to be rich to mine physical bitcoi
194.
by atweiden 5y ago
If being an island state was really the only thing that mattered here, why is Hawaii not at Covid zero? Why is Alaska not at Covid zero? (Despite not being an island, AK is still highly comparable to OZ.)
195.
by atweiden 5y ago
> This is often claimed to be an advantage of PoS: you can't get an extra increase in rate of profits by being richer (beyond the linear increase you'd expect). With PoW on the other hand, the richest have the best access to th
196.
by atweiden 5y ago
Covid makes your country worse. It’s like having endemic malaria. No one wants endemic malaria in their country, and costly government intervention was required to rid the developed world of it. Similarly, it’s disheartening to see so many
197.
by atweiden 5y ago
> The idea that California could become an economic wasteland is absolutely preposterous. It does have its problems: costs are high and there's extreme inequality (because of the nation's worst land taxation and land use polici
198.
by atweiden 5y ago
> In the quote you posted, Nelson is wrong when he states "[Bitcoin] provides a computational method for ranking fork quality". It only provides such a method when both forks agree on the underlying protocol. Firstly, the “unde
199.
by atweiden 5y ago
Boring histrionics aside, you haven’t refuted GP’s point. Pure proof-of-stake consensus systems all suffer from the misfeature of not even having a basic quantitative fork ranking protocol. Jude C. Nelson critiques this better than anyone [
200.
by atweiden 5y ago
> Frankly, cryptocurrency being invented and created was a huge mistake for society at large. I hope the comeuppance isn't super destructive outside of cryptocurrency circles. Satoshi Nakamoto did nothing wrong: hard to imagine, but
201.
by atweiden 5y ago
> But isn't there value being created in actual legitimate blockchain projects like Filecoin and Storj (dropbox replacements)? For these slower growing coins, isn't the value coming from the utility of the product? No. Cryptocu
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by atweiden 5y ago
> This whole thing has also shown me how working for a wage paycheck to paycheck even at six figures is basically slavery. I retired at 30 and have done nothing but travel the world developing open source software since then. I have litt
203.
by atweiden 5y ago
> Generally speaking, people's lives get better the more goods and services they exchange. “Goods and services” strikes me as being overly broad. Self-education is increasingly obtainable online, and has had an outsized impact on my
204.
by atweiden 5y ago
Not sure why you mentioned the coin you did, there. Are you insinuating Bitcoin’s fixed supply nature and long standing track record of security wouldn’t give you all the protection you’d ever need against inflation or asset seizure? Or wer
205.
by atweiden 5y ago
This article portends ordinary people would never prefer to transact in cash when they could instead use “govcoin”. I’m seeing parallels with this idea and the early days of Healthcare.gov — a tech “upgrade” which to this very day fails to
206.
by atweiden 5y ago
Human evolution is poorly understood, and the assumption that any choice $X supposedly made by early humans led to our forefathers’ anamolously rapid brain development is flatly speculative. > Unlike most great apes today, whose diet is
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by atweiden 5y ago
> Is it really unethical to eat animals when the natural trajectory of most animals lives was likely to be eaten by other animals or die some horrendous death in their natural environment? The ethical base of factory farming starts off e
208.
by atweiden 5y ago
Factory farming normalizes extreme violence and exploitation. It teaches humans it’s acceptable to profoundly harm and neglect living creatures for profit. I have to imagine this has highly negative spillover effects on society at large. It
209.
by atweiden 5y ago
> Popular vegetarian cooking has never picked up those recipes, which are much better to my taste than what passes as a lot of vegetarian fare. I’ll go for months as a vegetarian but I cook my own food, leaning heavily on the cuisine of
210.
by atweiden 5y ago
> That, said, I've tried going vegetarian multiple times before and honestly I felt awful - I'm naturally very slim and not particularly energetic to begin with, and when I was on a vegetarian diet I felt totally lethargic. The

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