ftlio

12 ms·

91.
by ftlio 9y ago
> bitcoin is quite intentionally designed to encourage ever-higher energy consumption to "secure the blockchain" It's designed to have have an average of 10 minute blocks using the feedback of cumulative proof of work over
92.
by ftlio 9y ago
The mempool is whatever you want it to be. You set the fee by which a transaction rides past your node. And yes, multiple attacks have been attempted by the miner side on full nodes. The most recent being Segwit2X, which didn't get o
93.
by ftlio 9y ago
The white paper doesn't discuss wealth distribution at all. Bitcoin is a critique of money involving trust in entities not party to a transaction, and not much else. Where this leads us as far as far as wealth distribution goes is po
94.
by ftlio 9y ago
> What is the success metric for these playlist companies? I wonder this about the entire branding industry.
95.
by ftlio 9y ago
You can create a scarce token with all the qualities you desire in like 5 minutes. Creating 'internet money' with a stable value and network of potential transactees probably looks exactly like Bitcoin's development though.
96.
by ftlio 9y ago
Bitcoin has the best security model. In 10 years does a single massive ledger make more sense than transactions at the edges? The value proposition of Bitcoin has always been transaction scalability by elimination of charge backs. With a
97.
by ftlio 9y ago
You consider Ethereum to be decentralized? I don't see its governance structure being any different than neoliberal central banking. Hence Ethereum Classic.
98.
by ftlio 9y ago
> it is far from too late. Even if it's too late for the game, which does seem unlikely for at least some kind of ROI, it doesn't seem too late for the author in any capacity. People go way further past the brink than the auth
99.
by ftlio 9y ago
> This is totally absurd. Bitcoin has no impact on the existence of aircraft carriers, diplomats, and social/class mobility. https://en.wikipedia.org/wiki/Triffin_dilemma
100.
by ftlio 9y ago
Can you show me where I said the aircraft carriers need to be gotten rid of? Can you show me where I even mentioned income inequality, let alone said it should be gotten rid of? Your glib reply of 'lol, banks already do this, why do w
101.
by ftlio 9y ago
Bitcoin doesn't solve systemic problems with the existing global financial order in a single step, so it must be worthless!
102.
by ftlio 9y ago
Trust = money. Do you think banks exist for free? What are the costs of maintaining a system of banks capable of acting as a trusted custodian in such a transaction, covering every jurisdiction the globe over? Have you amortized the cost
103.
by ftlio 9y ago
The irony of course being that the US has even bombed USD cash reserves of ISIS. The USD network funds plenty of unscrupulous acts. It's a shame that people won't be able to see that equivalency though. When regulators come aft
104.
by ftlio 9y ago
The jury is still out on whether the things made possible by the data your phone provides to Google, Facebook, Apple, Microsoft (lol), Verizon, the NSA, etc. doesn't provide for a net negative in the end as well. I'm doing OK YOY
105.
by ftlio 9y ago
My understanding was that between debt purchasing and exchange controls, China can keep the yuan cheap and demand for their exports high. I say 'was' because it's been a while since I tried to grok China's economy.
106.
by ftlio 9y ago
If you're a Libertarian and you believe spurring on global trade strengthens the right to property and disrupts governments from legislating moral imperatives, then you might be a globalist. Being neutral to OK with globalism is not t
107.
by ftlio 9y ago
Target: Don't subjugate people to work agriculture. You know about slavery of the past and the labor practices of big agriculture today yeah?
108.
by ftlio 9y ago
The overhead of renting 10 houses, and the interest on 10 mortgages, is just zero or what?
109.
by ftlio 9y ago
> There's no reason to think "as many as possible" is needed. Realistically if there's even 1000 independent entities (nodes) is that not enough? What's a realistic attack that is blocked by having another 1000 p
110.
by ftlio 9y ago
BCC = Block space isn't a big deal BTC = Block space is a big deal The number of auditors is inversely proportional to the size of blocks. If you don't think automated auditing of the mint by as many disparate entities as possible
111.
by ftlio 9y ago
"Argument from authority" i.e. you dismiss arguments by people worth listening to as 'weak' because you don't like that they are relevant, authorities on a subject and you are not. Proof by assertion i.e. leaving of
112.
by ftlio 9y ago
> Calling it 'weak' is giving it too much consideration You can only say this if you're too ignorant to be worth a damn on the subject, or are insane enough to think that the people who have developed the protocol for the
113.
by ftlio 9y ago
None have shown it to be a weak argument. None. If you could post your links so that HN can see the kind of pseudo-science the Bitcoin community has had to put up with, it would be much appreciated.
114.
by ftlio 9y ago
If you don't hold your keys, you're subject to the decisions of those who do. Coinbase is a good enough steward of most people's bitcoins that it's a fine trade-off.
115.
by ftlio 9y ago
What I think a lot of people will initially miss in the critique of money provided by blockchains (read: Bitcoin) is the topology of the network as helpful in modeling cryptoeconomics (read: economics). Any meaningful definition of a blockc
116.
by ftlio 9y ago
They've been in development for a couple years now.
117.
by ftlio 9y ago
They most definitely were. It should also be noted that most transactions already occur off-chain at exchanges.
118.
by ftlio 9y ago
And yet the people who maintained the protocol and scaled transaction throughput while it grew to tens of billions of dollars in value largely dispute it. If SegWit could activate without a hostile takeover, it would be much easier to demo
119.
by ftlio 9y ago
That "Bitcoin is currently suffering from significant scaling problems" is the topic of debate. SegWit was not created toward the end of increasing the blocksize, it was created to fix transaction malleability along with various o
120.
by ftlio 9y ago
It's as good a text editor as it is a terrible operating system (to flip an old one on it's head).

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