f7ebc20c97

8 ms·

31.
by f7ebc20c97 5y ago
Hacker News commenters have hated (and been wrong about) cryptocurrency ever since the first Bitcoin article appeared here. It's very strange. I chalk it up to some sort of Dunning-Kruger contrarian effect + demographics skewed toward
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by f7ebc20c97 5y ago
I wonder when efficiency gains will be slow enough so that a PoW heater will pay for itself before it's obsolete.
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by f7ebc20c97 5y ago
Isn't 99% optimal good enough?
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by f7ebc20c97 5y ago
Please, let's not get bogged down in a discussion about heat pumps.
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by f7ebc20c97 5y ago
They're both ~100% efficient at converting electricity into heat.
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by f7ebc20c97 5y ago
Not necessarily. The mining algorithm could hash the block once using SHA256, then use that and a fixed-size nonce as a fixed-size parameter for the ASIC-optimized hash function.
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by f7ebc20c97 5y ago
Proof-of-work cryptocurrencies moved toward complex hash functions that are "ASIC resistant" in order to attempt to keep mining power as distributed as possible (for CPUs), because whatever highly-funded manufacturer designs the m
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by f7ebc20c97 5y ago
Blocking copy-paste, blocking screenshots, and blocking file downloads...for only $1.3 billion dollars! Are you sure we're not in another tech bubble?
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by f7ebc20c97 5y ago
You think TPTB want to handicap the ability to launder money?
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by f7ebc20c97 5y ago
You're not the first guy who's been motivated to search for a cure for his own disease. Go straight to the source. Contact the leading researchers and ask about doing a PhD with them or something (I'm not sure how academia wo
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by f7ebc20c97 5y ago
Ah, I see. Thanks for the info. Government intervention (trading something for nothing) is behind what I thought was a free market, as usual.
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by f7ebc20c97 5y ago
Free banking has a downside (bank runs) so the government inevitably narcotized it, like they do everything. Established political power will do anything for stability. The "Great Moderation" is the triumph of forced central banki
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by f7ebc20c97 5y ago
What's difference between IPFS and Oxen??
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by f7ebc20c97 5y ago
Does a hypereducated liberal democracy even work in the long run, or will a morally relativist people aloof from reality argue over lifeboats and bilge pumps forever until the ship sinks and they all drown?
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by f7ebc20c97 5y ago
Sorry for being cynical. On the trajectory we're on, we're going to need people like you (OP) to figure out what we'll build on the ashes of our current civilization. I see you like diversity libertarianism / Archipelago
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by f7ebc20c97 5y ago
You're in luck! We're in the midst of a transition to a brand-new architecture. You're going to love social credit. Expert social engineers (sociologists, psychologists, economists, environmental scientists, et. al.) will b
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by f7ebc20c97 5y ago
Guns are also "easy" to manufacture, but are successfully restricted. The clear outcome of this is the current ptb enslaving the world without needing so much as a police force.
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by f7ebc20c97 5y ago
Wow, is it even possible to form a science fiction setting without clichés?
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by f7ebc20c97 5y ago
Everything will be banned once someone does it the bad way, because there aren't enough resources to determine each case on an individual basis.
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by f7ebc20c97 5y ago
Nothing is free. The energy input of this system is the time-value of the coins in payments waiting to be buried by succeeding blocks. It's kind of like proof-of-stake, but the stakers are the transactors themselves.
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by f7ebc20c97 5y ago
Basically, how big of a payment you can do depends on how much volume there is. It's a positive feedback loop, though. There will be a distribution of transaction values with a median less than the mean, as seen in credit cards, swift,
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by f7ebc20c97 5y ago
It gets better as more transactions are added to the end of the chain (in any later blocks). If fees are fixed at 0.1%, the average transaction only has to be buried by 1000 more average transactions. Most transactions are smaller than av
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by f7ebc20c97 5y ago
Wouldn't they only need to store the outputs that they themselves signed, in order to prevent themselves from signing the same one twice?
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by f7ebc20c97 5y ago
Yeah. The developers hardcode (eg) 100 validators into the client. Transactions need to be signed by 67 of them. Why not require only 51? Maybe there could be a permissionless way to get all clients to deterministically agree on who the val
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by f7ebc20c97 5y ago
It's a permissioned system. A bank, basically.