hudon

32 ms·

271.
by hudon 8y ago
While it has speculative value [0], you can use it to buy stuff, but while doing so you will spend on exchange fees to convert in and out of crypto, you will use as much electricity for your transaction as 33 US households use in a day, you
272.
by hudon 8y ago
- The space is littered with fraud. - Wallets have bugs that lose hundreds of millions of dollars - Energy consumption forecasted to hit 0.5% of the world’s electricity consumption by end of 2018 - Promoters yelling “decentralize everything
273.
by hudon 8y ago
Bitcoin is neither of those things. Mining, developers and exchanges are all centralized. All a government that cares has to do to control issuance or censor transactions is regulate those entities.
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by hudon 8y ago
Whatever VISA is doing is orders of magnitude more efficient.
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by hudon 8y ago
Oh I see. Thank you for clarifying.
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by hudon 8y ago
Thanks for the response and analysis. I think I have qualms with how mrb exaggerates the difference in their conclusions. He says Alex' numbers are "rather inflated" and has told me before that Alex makes "fundamentally
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by hudon 8y ago
> After 4 months of growth I estimate we are around 0.15-0.20% today. Therefore reaching 0.50% by the end of 2018 is plausible; not likely but plausible What model are your forecasts based on? From what I could tell, the featured paper’
278.
by hudon 8y ago
> Isn’t this always the case? Well yea, that’s how societies work. Social hierarchies emerge as we delegate power to the strong and wise. If they abuse their power, there is strife and potentially war, and eventually the corrupt leader
279.
by hudon 8y ago
The consensus here is trivial to control by the strongest of the group. What if when Hugo sent the 200 coins, he said “oh we’re allowed to generate 200 coins if it has been over 3 days of no coin generation” and his statement would be impos
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Proof-of-Work is the only solution to Byzantine Generals' problem(gist.github.com)
41 points by hudon 8y ago|45 comments
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Meet the Renegades of the Intellectual Dark Web(nytimes.com)
3 points by hudon 8y ago|1 comments
282.
by hudon 8y ago
> But still that means he wants to believe in something that does not exist. [...] Why do we need to attribute these things to God? Can’t we all be nice to each other without God? I might be wrong but it doesn't sound like you'
283.
by hudon 8y ago
> Also would you mind expanding on how he uses science to give new meaning to the Judeo-Christian underpinnings of Western society? The first lecture should give you a good idea, but if you're looking for discussion, I'd be wil
284.
by hudon 8y ago
If you want to understand why he uses religion so much as I did (I've always considered myself an atheist), his lecture series here goes into it in much greater depth: https://www.youtube.com/playlist?list=PL22J3VaeABQD
285.
by hudon 8y ago
Maybe she's hoping that Bitcoin improves before she needs to change the core of their system and value proposition, which would cost a lot of time and money? Who knows?
286.
by hudon 8y ago
I'm looking for evidence that Bitcoin is better suited than alternatives . Your example is a CEO who is not sure herself but who is currently trying to make it work... but is ready to leave Bitcoin if it doesn't change soon. She
287.
by hudon 8y ago
The only indication that Bitcoin might be better than incumbents is this line: "According to Rossiello, it’s still the fastest and easiest way for her to pay her lawyer in San Francisco and developers in Europe." The hint at her a
288.
by hudon 8y ago
As the article I linked to explains, 100,000 transactions on Visa uses considerably less electricity than 1 Bitcoin transaction. If we can’t find any benefit that Bitcoin brings, then there should be a cost threshold where we start applying
289.
by hudon 8y ago
The problem with your assessment is that you’re assuming that Bitcoin is replacing banks and MSBs. If that was actually happening, you would be right, we should compare Bitcoin’s energy consumption with the industry it it replacing. But it
290.
by hudon 8y ago
I know of these projects and some of my friends are investing and/or building them. I commend the ambition and really hope they one day turn into something great. That's beside the point, though. Knowing that Ethereum and Bitcoin
291.
by hudon 8y ago
You’re proposing we fix energy production instead of fixing Bitcoin AFAIU. However, until we know how to do that OR until we have strong use cases for Bitcoin, why not put tight controls on proof-of-work mining to reduce electricity consump
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by hudon 8y ago
Actually, recent research found that even when considering externalities, proof-of-work is considered wasteful: "Another issue relates to the negative externalities arising in proof-of-work blockchains. First, as shown above, when choo
293.
by hudon 8y ago
I think you're arguing for the remittance use case but this has been shown to be inefficient compared to other methods [0][1][2]. Maybe lightning network will change that but again, it is just a wild guess from crypto-fans right now...
294.
by hudon 8y ago
Nations and corporations already compete at finding means of cheap or sustainable energy production. How does Bitcoin provide an efficiency here? Furthermore, if we can't find a stable use case for the blockchain and there are no more
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by hudon 8y ago
He seems to support his 60% figure with a lot of evidence [0][1] and you have agreed in the past that if anything 60% is the number your model converges to as well... Anyway, the discussion is a good one and I'm glad at least 2 people
296.
by hudon 8y ago
I understand the claims of proof-of-work. What I'm asking for is evidence. Do you have any scientific research indicating that Bitcoin will ultimately be an efficiency? Or is it a hunch? How much energy does Bitcoin need to consume bef
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by hudon 8y ago
This seems like good news for speculators (disclosure: I still hold Bitcoin and worked at a Bitcoin exchange). Having said that, "Wall Street" should be wary of enabling the use of a system that is using more electricity than the
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by hudon 8y ago
> Bitcoin will resist inflation and is somewhat out of control of governments or any central authority Can you back this up? From what I can tell, governments can ban mining, shut down exchanges and co-erce developers. If the handful of
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by hudon 8y ago
> However, fails to notice that pools are made of individual miners/groups and do not represenet single huge datacenters. Groups/individuals can often change pools, and this is not an uncommon practice. citation needed. The tre
300.
by hudon 8y ago
> One value of Bitcoin is in its decentralization. There is surmounting evidence that this is not true and that Bitcoin is actually quite centralized and would benefit from being more centralized [0][1][2][3][4]. [0] https://a

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