npoc

31 ms·

391.
by npoc 3y ago
You're correct in predicting that I won't see the relevance. And the attached article is a case of noise disturbance - something that's not inherent to bitcoin mining, and unrelated to electricity usage. Should we ban all lou
392.
by npoc 3y ago
The benefit to society of providing me resources is that I pay them for them. Once that deal is done and I've paid for my electricity, I'm free to do what I want providing I cause no harm - this is my inalienable right.
393.
by npoc 3y ago
I'm talking about the bitcoin network, not some government-controlled representative tokens. Government-controlled tokens (i.e. fiat currency) is why bitcoin was invented in the first place. And the growth in demand for bitcoin is evid
394.
by npoc 3y ago
But hashing some data is not causing harm to anyone. The real issue here is that you think doing the hashing is a waste of energy/money. Well you have no right to tell me how efficiently I should use my own property.
395.
by npoc 3y ago
and in the case of bitcoin, it is impossible for the governments to regulate it.
396.
by npoc 3y ago
Conscientious consumers of electricity are fundamentally protected because people have to pay for electricity. If you use a lot you have to spend a lot, if you use a little you don't. What gives someone the right to tell someone else w
397.
by npoc 3y ago
Who has the right to steal my property if I perform calculations on my computer that cause no harm to anyone? No one! How about a tax for computer gaming? Explain the difference.
398.
by npoc 3y ago
Who is anyone to tell me not to perform calculations on my computer? That's insanity.
399.
by npoc 3y ago
Sure, you can heat buildings, water etc. The miners who can mine bitcoin the most efficiently (i.e. monetise any wasted energy the best) will win and the others will not be profitable and will go out of business. Miners are not location con
400.
by npoc 3y ago
It's quite dividing, Bitcoin. Since I heard about it in 2012, I thought the same as you until I shorted it one morning in 2021 and started to learn more about it. By the end of the day I'd changed the short to a long position and
401.
by npoc 3y ago
Your loss, just trying to help and share the knowledge. I shouldn't bother.
402.
by npoc 3y ago
Running Bitcoin is extremely useful - you just to learn more (far too much to explain here) to understand why
403.
by npoc 3y ago
What's the theory behind that? And even if true, what's the problem with using electricity if it's created cleanly?
404.
by npoc 3y ago
Assuming that you're asking why we need a relatively fixed quantity of money, then you need to consider what happens to the value of the money in our savings accounts, wages, pensions etc when new money is created. And secondly, by wha
405.
by npoc 3y ago
This episode featuring the man himself offers a solid rebuttal: https://youtu.be/3S86lGIeWc4?t=86
406.
by npoc 3y ago
This is done all the time - just look at the dollar. It used to represent the value of gold, but then the central banks started printing dollars like no tomorrow with no gold for them to represent. Bitcoin's a publicly auditable (on an
407.
by npoc 3y ago
This isn't cynicism. It's intelligence - making an accurate prediction of future events.
408.
by npoc 3y ago
In this phase of it's life, bitcoin is proving itself as a store of value. It can't start to compete as a common medium of exchange until its value has stabilised enough to be a good unit of account. This will likely take decades
409.
by npoc 3y ago
You should buy bitcoin for the long term. The people who understand bitcoin don't care about price movements over 3 weeks. They care about price movements over 3 decades.
410.
by npoc 3y ago
It was pre-mined with an ICO. It's proof of stake. https://youtu.be/fF7p0SziEmw https://youtu.be/liikuBmauk8
411.
by npoc 3y ago
Few people realise the effort that went into creating that article and the powerful message it conveys
412.
by npoc 3y ago
Yes, I use it to store my life savings/pension. It's the best asset for storing large amounts of value that mankind has ever seen - a perfectly scarce, digitally native, bearer asset, and the price fluctuations as it grows from 0
413.
by npoc 3y ago
He understands very well what it is and how it works. He realises it's an enormous threat to his beloved money printer, and so he's using his high profile to play up to people's fears and sow seeds of doubt.
414.
by npoc 3y ago
That's the problem - the banks are robbing us all, you just don't realise. Look up M2 USD and find a chart over the last 50 years.
415.
by npoc 3y ago
If you use a regular database for money, then some people can go in and change the digits massively in their favour without doing any work, just as we can see happening with fiat currencies.
416.
by npoc 3y ago
> Inherently deflationary virtual token make an objective horrible currency Why's that then?
417.
by npoc 3y ago
This is a naïve article. They could have avoided writing it if they'd understood the simple principle that before a money can become a medium of exchange, it needs to prove itself as a store of value. Not just that but a stable (read m
418.
by npoc 3y ago
Node operators will only run changes to bitcoin-core if they believe that they are improvements. Wall Street can pay to have changes made to the github repository, but they won't make it to my node unless I can see a clear necessity fo
419.
by npoc 3y ago
Yes, he doesn't realise that proof-of-stake is no good as a store-of-value compared to truly decentralised proof-of-work (bitcoin). And any network that doesn't base itself around the best digital store-of-value asset (bitcoin) wo
420.
by npoc 3y ago
Because hardly anyone knows what they're talking about (even if they think they do). BTW. CrYpTo is all going to 0. Bitcoin is going up forever Laura.

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