keymone

12 ms·

121.
by keymone 5y ago
You have zero clue how bitcoin works. No, there is no voting and there is no leader election. Miners construct blocks with transactions and if they manage to find a signature - that block is appended to the chain. If somebody does it faster
122.
by keymone 5y ago
then if you're not talking about governance, you're still wrong. there's no voting, only if you insist on re-defining what words mean, at which point i won't be interested in continuing the discussion.
123.
by keymone 5y ago
usefulness is subjective.
124.
by keymone 5y ago
point is that it's not a closed system that just blows up at some point. as long as there are people interested in keeping bitcoin running - it will keep running. for now economic incentives are enough, and it'll probably be enoug
125.
by keymone 5y ago
not really, if you fall asleep for a period of years, you can still get a signal of how genuine any proposed fork is by observing the chain of blocks and their difficulties. that's the crucial bit of any PoW system - you can't fak
126.
by keymone 5y ago
Nice to see you rationalizing expenditure that goes towards murdering people. Are you the people talking down to bitcoiners about being wasteful and not caring about future of humanity? Give me a break.
127.
by keymone 5y ago
You’re right. The correct number is somewhere around 50%, probably over the line already, which is significantly better than any other big industry.
128.
by keymone 5y ago
There is zero waste in PoW. It’s all useful service, therefore waste term doesn’t apply.
129.
by keymone 5y ago
Nonsense. Mining gives you zero votes. Miners don’t control the protocol. Governance is not determined by hashrate. This is just another major flaw that all PoS shitcoins have.
130.
by keymone 5y ago
I don’t investigate every shitcoin out there, but all of them have the same flaws in general. Your particular shitcoin probably has something called voting quorum, where only a fraction of global supply is required to proceed in staking. By
131.
by keymone 5y ago
It’s a system with feedback loops, it’ll eventually level out at some equilibrium. You didn’t provide an actual argument for why it should definitely collapse.
132.
by keymone 5y ago
i buy things that are legal.
133.
by keymone 5y ago
Because in PoS holders of large amount of assets are also political elite that gets to make the rules.
134.
by keymone 5y ago
Free markets are beautiful.
135.
by keymone 5y ago
Lol, yea, sure buddy
136.
by keymone 5y ago
one of the first public purchases of legal real world things, yes.
137.
by keymone 5y ago
escaping incompetence and corruption of politicians lobbied by banking elite, saving for retirement, funding opposition in oppressive regimes, buying things.
138.
by keymone 5y ago
what are you talking about? the concept of ownership exists outside of any legal system. legal system is there to have a recourse if your ownership rights were infringed upon, regardless of whether it was gold or bitcoin or sheep.
139.
by keymone 5y ago
No environmental hazard, it's a myth. PoS is no greener than PoW, they are equally expensive. PoS is expensive in political plane (just like current financial system with all the corruption and wars) while Bitcoin is expensive purely i
140.
by keymone 5y ago
bitcoin doesn't damage environment by mining, that's just a dumb thing people like to repeat without spending a second to think about it. first - damage is done by producers of energy, not consumers second - yes, consumers creat
141.
by keymone 5y ago
> And there it is, you are the one with an agenda nice try. my only agenda is to clear up the confusion in your mind about cryptocurrency ownership. > you rather want to destroy the current bankingsystem who said anything about destru
142.
by keymone 5y ago
negligible is basically 0. you're not a pre-miner (though maybe you are, how do i know?), nano "founders" are pre-mining scammers.
143.
by keymone 5y ago
> Distribution of Nano was more fair than bitcoin yes, that's what all pre-miners say. lightning network fees are negligible, you should try it one day.
144.
by keymone 5y ago
> What you are talking about in regards to documents are scams yes, thanks, that's exactly what current financial and banking system is - a gigantic scam. all you own is bunch of documents pinky-promising that your assets are there,
145.
by keymone 5y ago
how do you call people that can't admit they were wrong in face of clear evidence and must write pages of re-defining what it meant to be right in the first place?
146.
by keymone 5y ago
absolutely false and misses the entire point - with document you own nothing but the document. whatever that document says can become false in an instant. whatever gold you are promised by that document might not even be where it purports t
147.
by keymone 5y ago
this is only valid for growth-above-all capitalist outlook. nothing is wrong with "hoarding" money, in non-biased language it's also called saving for retirement, yet your capitalist overlords created a view of reality where
148.
by keymone 5y ago
bitcoin does it better by not being a pre-mine scam and still having 0 fees and instant transactions on lightning.
149.
by keymone 5y ago
0 fees on bitcoin with lightning. confirmation as fast as your internet latency. no tradeoff in security or underlying asset - it's still bitcoin.
150.
by keymone 5y ago
this is just false. the document is just assignment of rights while they key is literal asset. trying to equate the two means you either don't understand or you have some agenda.

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