npoc

11 ms·

91.
by npoc 2y ago
Yes, at this stage, if you want increased privacy, you need to jump through hoops. Monero has a place - to increase the privacy of bitcoin when required. But I'd never store value in it for any length of time, I'd only use it temp
92.
by npoc 2y ago
Nope. No circle. What the nodes say goes. The nodes are the vote of the people. Clear? As for centralisation of mining - you're mistaking ASIC farms with mining pools. Miners can switch mining pools in milliseconds if a mining pool goe
93.
by npoc 2y ago
I have no wish to use bitcoin as a currency. Maybe one day, perhaps not in my lifetime it will become one, but I'm fine with it being the hardest liquid store of value we've ever seen and will likely ever see. It's also not t
94.
by npoc 2y ago
Incorrect. The nodes control the miners. If miners don't mine according to the wishes of the node operator, their blocks are rejected. This was demonstrated in the block-size wars.
95.
by npoc 2y ago
Simply saying that it's obviously true is not a valid defence. So according to your superior reasoning of stock-to-flow, if someone owned all the food in the world, with no means of further production, food would be worthless? If not,
96.
by npoc 2y ago
A 7-year continuous downtrend with only signs of weakness, even now, is certainly quite a disparity.
97.
by npoc 2y ago
Sure. But how does a government, or even governments, compel bitcoiners all around the world to stop running a version of bitcoin core on their nodes (likely running over TOR)?
98.
by npoc 2y ago
It's not a goal just a concept. Point 1 isn't true. There doesn't need to be a issuing institution. Just look at gold. As for 2., yes, it seems that the promises from centralised institutions you mention always end up being f
99.
by npoc 2y ago
"Smart" != common sense. K.I.S.S., especially when it comes to money. Tick tock, next block...
100.
by npoc 2y ago
> As a thought experiment: If one person bought up all the bitcoin in the world and monopolized it, would it be valuable or worthless? The answer is clearly "worthless". This is a good place to highlight where we fundamentally
101.
by npoc 2y ago
Here's what Nobel prize-winning (when it still meant something) economist Hayek had to say: “I don’t believe we shall ever have a good money again before we take the thing out of the hands of government, that is, we can’t take it viole
102.
by npoc 2y ago
The pseudo-anonymous design of bitcoin is perfect. It allows clear, reliable audit of the supply to detect any inflation bugs and acts as a Trojan horse into institutions that don't want an fully-anonymous asset. Anonymity can be obtai
103.
by npoc 2y ago
I run a full node with a Raspberry Pi 4 and a 1GB USB drive. The node you connect to defines bitcoin, not the miners. If you want to mine, you can do that with a single ASIC and join a pool. The main obstacle is finding free/cheap ener
104.
by npoc 2y ago
Shame they trusted information they read in a web browser rather than verifying it on an independent offline device.... The average bitcoiner pleb with a single air-gapped signing device has better security. It was a rookie error, helped by
105.
by npoc 2y ago
> But just as easily, a network of people can agree with different rules Show me the incentives and I'll show you the outcome. The capped supply provides a _selfish_ incentive to each individual to hold bitcoin. Everyone wants to th
106.
by npoc 2y ago
Blackrock are wrong. No one will ever persuade me to or vast swathes of other bitcoin node runners, to run a version of bitcoin with a higher cap. It devalues our bitcoin. It devalues bitcoin full-stop. Sure, a new fork can be, and in fact
107.
by npoc 2y ago
I agree with most of what you say, but I stand by my main point which is that you need to understand what is terribly wrong with the current money we use, before you can start to understand the enormous significance of bitcoin. You're
108.
by npoc 2y ago
https://bitcoindeaths.com/
109.
by npoc 2y ago
I assume you haven't heard of m-of-n multi-signature vaults?
110.
by npoc 2y ago
You have to first understand what is wrong with the current money we use. What happens to the value of each dollar, if we double the number of dollars? What if I told you they do that every decade? What if I told you that real estate hasn&#
111.
by npoc 2y ago
That kind of reversible payment rail can be implemented on top of a base layer like Bitcoin. Like the current banking system, with it's underlying final clearance network between banks. Worldwide final clearance is a feature not a bug.
112.
by npoc 2y ago
> It only holds value based on how popular it is Popularity covers the demand side. For the supply, it's perfectly scarce. In a world of fiat currencies effortlessly printed out of thin air, a liquid, divisible digital asset with p
113.
by npoc 2y ago
Look up channel factories. In what way is bitcoin on the Lightning Network fake virtual tokens?
114.
by npoc 2y ago
> The range proofs are verified by monero nodes or the transaction is invalid, so it is sort of like asking to audit that all bitcoin transactions are correctly signed. The cryptography for Bulletproofs and its implementations are audite
115.
by npoc 2y ago
Not unless it's truly decentralised.
116.
by npoc 2y ago
Yes, bitcoin. Bitcoin is the only truly decentralised digital asset that governments can't control or stop. You can self-custody it by keeping 12 words secret. You can even add multiple passphrases so that you can split the "keys&
117.
by npoc 2y ago
> Nonsense. The range proofs are the proof of supply. If you have a cryptocurrency where the range proofs don't work, you obviously have bigger problems than the supply. Would you mind explaining how I might do a full audit of the t
118.
by npoc 2y ago
I've been studying their theories pretty much every day for the last 4 years. Perhaps you could be more specific? I will gladly educate.
119.
by npoc 2y ago
> It seems I'm wrong with valuation it has surged. Surged since when? 2019?! https://imgur.com/a/G9fmGur > No it's not. The value collapses every time there is sell side. Jumps every time there is littl
120.
by npoc 2y ago
Yes, interesting how people assume short and medium term price movements are down to sentiment. Most of these movements are down to professional traders buying and selling in patterns that have evolved to extract the most money from people

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