npoc

29 ms·

361.
by npoc 3y ago
I'm sure he'd recognise that most of the population was not going to using bitcoin directly - what he has provided is a way for a population to a) digitally pay peer to peer if they so choose b) escape the enslavement caused b
362.
by npoc 3y ago
10M tps? You're going to need a whole data centre's worth of storage to run a single node within a few years. Extremely naive. Bitcoin's transaction rate is 7 tps for a reason.
363.
by npoc 3y ago
This isn't bitcoin. And how is this going to be decentralised if its blockchain grows at 1M transactions/sec? Hardly anyone will have that kind of storage available.
364.
by npoc 3y ago
I'm only interested in bitcoin, but to say it wastes power would be extremely misguided. 1. The energy (work) the miners put into mining is fundamental to any sound money: it's proof of work. This is ultimately what money is (or
365.
by npoc 3y ago
It doesn't matter that a store of value is engineered to go up in price forever if it's infinitely divisible. For a store of value it doesn't matter how much you own in absolute terms, it matters how well the amount you bough
366.
by npoc 3y ago
Bitcoin fees are cheapest when used with large values (because the fee doesn't increase with transaction size) and for long periods (because there is no fee related to time held), but that doesn't mean it's only useful for th
367.
by npoc 3y ago
When I said "different devices" I meant different types of devices (i.e. all running different SW) - sorry for not being clearer. For example you might create and sign the transaction with Sparrow on your PC and then pass it to&#x
368.
by npoc 3y ago
> you need some [at least] constant flux of people moving money in and out of long term storage This isn't necessary to maintain value (think of a rare painting), but it is important to provide liquidity when you come to sell, so th
369.
by npoc 3y ago
I use a repurposed mobile running BlueWallet
370.
by npoc 3y ago
Not really - it's simply that a lot of people are safer trusting a custodian to hold their bitcoin for them (e.g. an ETF)
371.
by npoc 3y ago
Bluewallet Vault makes multi-sig simple. And when co-signing a transaction, it calculates the amount to display on the screen by calculating the difference between inputs & owned outputs, and so for general transactions this means yo
372.
by npoc 3y ago
You don't really need to trust. For significant amounts of value, a multi-sig setup using a number of different devices means that _all_ the devices could be compromised, but providing they are not compromised by the same attacker your
373.
by npoc 3y ago
At this stage bitcoin's main use case is storing large amounts of value for long periods of time. Think of it as an alternative to investing in a house to let out to tenants, but without the inconvenience, risk and cost of buying/
374.
by npoc 3y ago
Yes, I understand, but legally enforced contracts can be both a blessing and a curse. Contracts where no nanny state/tyrannical state can intervene on a mutual agreement between two people have their own value. > human-based contrac
375.
by npoc 3y ago
There's different levels of "smart". Every bitcoin transaction is a smart contract: "I unequivocally agree to give you this much of my bitcoin" A slightly smarter one would be "I unequivocally agree to give you
376.
by npoc 3y ago
But the "security researchers" wouldn't be working for free. Bitcoin has had an enormous bounty on its head for at least 10 years: "hack me and get paid millions/billions". It would be naïve to think there aren
377.
by npoc 3y ago
Even if that where the case - extremely unlikely given that every fragment of bitcoin can be openly traced to it's origin, and double-spending detection is built deeply into the fundamentals of the system - it wouldn't really be a
378.
by npoc 3y ago
You ain't seen nothing yet
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by npoc 3y ago
Bitcoin's going to eat the world. The rest are going to 0.
380.
by npoc 3y ago
Proof of work is pretty obsolete? Lol. What is money if it isn't proof of work?
381.
by npoc 3y ago
On what grounds could a country's public servants prevent people using electricity in a way that harms no one else, after purchasing said electricity in the free market from approved suppliers? It's absolutely none of your busine
382.
by npoc 3y ago
Don't worry - if it's so inefficient it will succumb to more efficient alternatives that perform the same function, right? I wonder why that still isn't happening after 15 years? In fact it seems to be only growing stronger.
383.
by npoc 3y ago
Through fast payment rail networks built on top. But that's not important to it's success. The "funny token"'s base layer (the bitcoin network) is optimised for storing large amounts of value for large periods of ti
384.
by npoc 3y ago
Fiat currency is an excellent mechanism for stealing wealth from a population without them realising (well without them realising who took it at least). Each time they create credit by increasing the money supply with new money, they don&#x
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by npoc 3y ago
It will happen once bitcoin has proven itself as a store of value, new layers have been built on top of it and matured and have acquired a large user base with network effect. Right now we already have proof of concept of a decentralised mi
386.
by npoc 3y ago
The article misses that the real point of bitcoin is to shut down the central banking scam. This is evidenced by the message in it's genesis block. No longer will people/corporations that custody your property be able to infinitel
387.
by npoc 3y ago
I assumed that person I replied to wanted to ban it due to the normal fallacies people perpetrate (that its a waste of energy and that people shouldn't be allowed to waste the energy they buy). Wanting to ban it because of an easily re
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by npoc 3y ago
In the UK at least, the government only has authority to execute legislation. And parliament only has authority to create legislation. If the legislation they create is not lawful then it can't be enforced in the courts as doing so wou
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by npoc 3y ago
> I don't think we can assume that growth in demand is strictly due to people who want to use it as a store of value. Incorrect. The only way that the _lowest_ value of bitcoin continues to increase significantly each halving epoch
390.
by npoc 3y ago
> Another poster here (who lives there) says the local government also offered this company a tax break when they moved in. Sounds like the government doesn't actually have the best interests of its citizens in mind. That was likely

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