jcbrand

9 ms·

61.
by jcbrand 4y ago
The quoted amount transferred is onchain, not offchain. It's all L1.
62.
by jcbrand 4y ago
Bitcoin is 13 years old. Dialup internet was used for more than 20 years.
63.
by jcbrand 4y ago
> The other day I saw a news report that Wise (formerly Transferwise) does over $100 billion in money transfer volume annually. 15.8 Trillion dollars worth of Bitcoin was transferred between 2020 and 2021. https://www.nasdaq.c
64.
by jcbrand 4y ago
People love to talk as if the current situation is frozen in time, particularly when it comes to open source software. I've seen people complain about certain open source software based on their experience in 2016, as if nothing might
65.
by jcbrand 4y ago
Sure. Social constructs likely follow the Lindy effect. The longer one exists, the longer it can be expected to continue to exist. Old constructs have proven their fitness simply by persisting over a long period time. I think it's easi
66.
by jcbrand 4y ago
Just because something is a social construct does not mean it's arbitrary and meaningless. Social constructs have developed over time under evolutionary pressure. Useless or damaging constructs eventually disappear since they contribut
67.
by jcbrand 4y ago
Then don't use them.
68.
by jcbrand 4y ago
> For example, I can't imagine it'd work very well somewhere like Germany Germany has had multiple Neobanks since at least a decade and they're fairly popular.
69.
by jcbrand 4y ago
The grandparent was talking about blocks mined per hour, and I was thinking of blocks mined per difficulty period (I guess because I didn't properly read the grandparent's post). Given that the difficulty period is variable, and b
70.
by jcbrand 4y ago
Yeah thanks, I do now understand the point the grandparent was making better.
71.
by jcbrand 4y ago
you'll still find blocks at the same rate as you were doing before Yes, but the difficulty adjustment will now also happen more quickly because the confirmation times will decrease due to the higher hashing power, and then after that
72.
by jcbrand 4y ago
The random number that you're trying to find by means of (yes, repeatedly) hashing, is dependent on the transactions in your block (which are hashed together in a Merkle tree). Not only that, but the number you're trying to hash i
73.
by jcbrand 4y ago
Mining a block is just brute-forcing until you find a SHA hash that is small enough. Or until someone else mines a block, in which case you have to start again from scratch. It's not some sort of race to find a block, and as soon as
74.
by jcbrand 4y ago
why a regular currency is always worth at least something There are many fiat currencies that went to zero and no longer exist. Most recently is the Zimbabwe dollar which ceased to exist some years ago and the country had to start using U
75.
by jcbrand 4y ago
Note that bitcoin mining is independent of anyone else mining. I don't think this is correct, because not everyone has the same hashing power. Yes the amount of blocks you would statistically generate per hour is dependent on your ha
76.
by jcbrand 4y ago
Gold doesn't provide cash flow and is a 3 trillion dollar market. Next you're going to say that gold has some magical property called "intrinsic value" which Bitcoin doesn't have. Well, Bitcoin has absolute scarcity
77.
by jcbrand 4y ago
> Can you gave examples of PoW using energy that would be wasted otherwise and is not something like reactivation of shut down fossil fuel power plants? Bitcoin mining helps reduce natural gas flaring. Energy that would otherwise be wast
78.
by jcbrand 4y ago
I would be interested in seeing a similar breakdown of stakers and staking pools for the large PoS chains.
79.
by jcbrand 4y ago
Hyperinflation has a lot more to do with the fact the government irresponsibly printed ridiculous amounts of money. Yes but why did they do that? I already said twice why.
80.
by jcbrand 4y ago
The hyperinflation had everything to do with the land grabs because the country ran out of foreign currency due to the collapse of the agriculture sector. For instance Zimbabwe made a lot of foreign currency by exporting tobacco. Btw much o
81.
by jcbrand 4y ago
Everybody impoverishing themselves via hyperinflation seems a bit like a counterproductive way to deal with historical inequities. Many of the white farmers bought the land (from other farmers) and didn't take it by force.
82.
by jcbrand 4y ago
Zimbabwe had Hyperinflation more than 20 years after achieving independence and the civil war ended. It was because of land invasions where land was stolen from productive white farmers (and later mines) and the resultant collapse of the ag
83.
by jcbrand 4y ago
I believe it's estimated c. 10 individuals own c. 50% of Ethereum. I wrote about Bitcoin, not Ethereum. There are lots of Bitcoiners that think Ethereum is a scam due to the large premine and larping as a decentralized project. Eith
84.
by jcbrand 4y ago
> If you don't think the system works, fix it Hence Bitcoin.
85.
by jcbrand 4y ago
> need hardware You mean a cellphone? Which pretty much everyone in the world has?
86.
by jcbrand 4y ago
> And yes sanctions against north Korea or Russia are more important than the inflation of Lebanon, Zimbabwe or Turkey. Impoverishing entire nations by making sure they can't buy necessary goods and thereby putting them at risk of s
87.
by jcbrand 4y ago
The issuance of Bitcoin is about as fair as one could hope for, for a non-state currency. Satoshi advertised the currency and the start of mining beforehand, to give other people a chance to participate. There was no pre-mine. In the early
88.
by jcbrand 4y ago
The hash rate doesn't change the rate of currency issuance, at most what it can do is change the rate at which transactions are verified.
89.
by jcbrand 4y ago
I'm familiar with Mosler and MMT. MMT requires the government to raise taxes once inflation starts rising due to previous money printing. What are governments doing now? They are actually thinking of handing out more money to people to
90.
by jcbrand 4y ago
In the least Bitcoin provides an option to opt-out, an alternative that puts some pressure on central banks to have sane monetary policy. It allows people in Lebanon (~200% inflation), Zimbabwe (~700% inflation) and Turkey (70% inflation) t

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