cyphertruck

12 ms·

91.
by cyphertruck 6y ago
It’s a shame you spent so much time patiently trying to explain all that to me, not realizing it’s probably the ten thousandth time I’ve heard this. I appreciate the efforts, bit that view is rationalization and I tried to save you the effo
92.
by cyphertruck 6y ago
“ LN fundamentally changes nothing. Its still uses bitcoin Tx it just combines many Tx and does the on-chain settlement at a later point thus reducing the number of on-chain Tx increases speed and reduces fees.” That’s changing everything.
93.
by cyphertruck 6y ago
Lightning network is just a brand name for the cryptography that was needed to make Satoshi’s payment channels work. So, while Satoshi’s opinion isnt really relevant to bitcoin’s future, since you brought it up, Satoshi clearly didn't
94.
by cyphertruck 6y ago
“Bitcoin bros” is a pejorative.
95.
by cyphertruck 6y ago
I don’t understand the recent preference for taking assertions and declaring them “obviously objectively verifiable fact”.... but that is a good indicator they are false. Bitcoin can and has scaled. And that is a fact, from Segwit and Tapro
96.
by cyphertruck 6y ago
Good. I hope you git rid of your hair dryer as well. It’s not too late, you can get back in, though you will have a tax bill. Maybe it can be a wash trade. But if FUD that’s dishonest about bitcoin mining scared you off then you haven’t le
97.
by cyphertruck 6y ago
What you described doesn't even address the reason PoW exists. So, I’m sorry but it sounds like you are repeating something you heard without understanding the issues at hand. I suggest you read “There’s nothing cheaper than proof of
98.
by cyphertruck 6y ago
You can easily make rpowerscoin. But it won’t be bitcoin. And its existence will have negligible impact on bitcoin. There have been 100,000 clones of bitcoin (according to someone who claimed to have counted)but none are genuinely successf
99.
by cyphertruck 6y ago
Yes it did. It has been going on for ~50 years, and bitcoin is the culmination of work spanning that period. Bitcoin was not the first cryptocurrency. It was the first good one, though.
100.
by cyphertruck 6y ago
I looked into the “mathematical proof” a couple years ago, all I could find was hand waving and sleight of hand. This convinced me it was a scam.
101.
by cyphertruck 6y ago
Wasnt a slur, but a representation of his position. It should be a slur, though, as monetary inflation is a tax that hurts the poor the most.
102.
by cyphertruck 6y ago
We have not had low monetary inflation since at least the Ford presidency. You are confusing the consumer price index for “inflation”. It’s understandable, this lie is one of the earlier examples of fake news. When the fed prints money it
103.
by cyphertruck 6y ago
“This has been particularly noticeable in computers over the last three decades, but Moore's Law isn't a supporting argument for the benefits of monetary deflation.” Asserting that an argument is not an argument is not a rebuttal.
104.
by cyphertruck 6y ago
Inly if you redefine “rich”. Increased purchasing power makes you richer, giving you a chance to build wealth. Inflation robs this from society and is oppression. I really don't care to be gaslit about economics. Bitcoin fixes this.
105.
by cyphertruck 6y ago
You are arguing that the kings if the past with lots if gold starved, simply because their gold could buy more food over time. People don’t forgo food for decades to put more money into index funds despite the broad market increasing in va
106.
by cyphertruck 6y ago
The block size is not a limiting factor in transactions. And it was quadrupled in 2017. The biggest problem with bitcoin is that scammers spread FUD to justify their scam coins and too many people believe the FUD. You are repeating FUD her
107.
by cyphertruck 6y ago
I think you are not understanding how bitcoin works, and this exact problem of double spending was better solved by bitcoin. You dont need to trust a third oarty or “online service”, you can dimply run a bitcoin node. If it is that importa
108.
by cyphertruck 6y ago
The costs of mining are both capital to acquire the equipment and replace it when it is obsolete... and energy. It’s not just energy. Recently that capital cost is about %50 of OpEx, but of course it varies. We cannot predict the future co
109.
by cyphertruck 6y ago
Null transactions require mining. The question is if nobody wants to mine who will mine? Old mining chips are already so cheap they cost less than a cheap bitcoin transaction. It would not cost much to mine just to preserve the value of y
110.
by cyphertruck 6y ago
Not sure how you measure an increase in mining demand, but given that we have had three halvenings now, doesn't that imply mining isn’t going away? They are getting less bitcoin, yet still mining. I don't think it will be a shoc
111.
by cyphertruck 6y ago
First off, thank you for making fair criticisms. Unfortunately some of your information is old. You don’t need a bitcoin backed token, lightning does it. Transaction rates are not artificially kept low. In fact most the vast majority of t
112.
by cyphertruck 6y ago
That article is from 2013 and so we must grade it on a curve. He makes several wrong assumptions about how bitcoin works because he’s thinking it is based on trust, and he is an inflationist. I have yet to have an economist explain to me w
113.
by cyphertruck 6y ago
As an engineer with twenty years experience in this space and nearly as long studying the economics of it, I have yet to see a replacement for PoW that solves the problem that PoW solves. Proof of Work is trustless decentralization. Proof o
114.
by cyphertruck 6y ago
To answer that question you have to make assumptions about the cost of mining, the cost of attacks and the cost of hash power at a point 117 years from now. But we know in the future hash power (technology) will be cheaper and thus bitcoin
115.
by cyphertruck 6y ago
In Bitcoin, the “local currency” equivalent to your “MyDogeCoin” example is called The lightning network. Simplifying a bit to support your analogy: Bitcoin lets you lock coins on the chain for a certain amount of time. Two people can do th
116.
by cyphertruck 6y ago
Bitcoin is inflating, and will for 130 more years, though it is seeing increased adoption and is riding in price. But in answer to your question,I’m glad you picked food fir your example— would you starve to hold onto your bitcoin? Is your
117.
by cyphertruck 6y ago
I can’t see the flagged post, so don’t attack me here, I’m just going to explain the bitcoiner view. Your presumption that inflation is good and that bitcoin needs to be able to support whatever “social policies” governments decide is antit
118.
by cyphertruck 6y ago
The SegWit project quadrupled the max block size in 2016. Since then there’s never been significant backlogs. Even with record high prices, one hour transactions are less than a dollar. Maybe even a $0.10 fee will clear in that time. I do
119.
by cyphertruck 6y ago
You must get a lawyer now. Below us my thoughts given several decades experience As founder- You have a strong position here, since you built the products. Don’t walk away. The ultimatum is counting in you being non-confrontational and w
120.
by cyphertruck 6y ago
Typical HN, my salient points are downvoted to hell but this comment is not. That’s why this site is one actual hackers avoid.

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