poontang1

6 ms·

1.
by poontang1 5y ago
Tell me you don't understand stablecoins without telling me you don't understand stablecoins.
2.
by poontang1 5y ago
Because non PoW algorithms are inferior, and bitcoin can be entirely powered from stranded energy that would not otherwise be used
3.
by poontang1 5y ago
Bitcoins price is primary moved by the cash settled futures market (CME) - like most other commodities. Its barely correlated to tether printing and anyone who actually follows crypto markets knows that.
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by poontang1 5y ago
Bitcoin uses about .1% of the worlds power currently. 10x less than you have suggested: https://nydig.com/research/report-bitcoin-net-zero The bitcoin reward also halves every 4 year, so even if price continues to appr
5.
by poontang1 5y ago
Batteries are actually terrible at storing large amount of energy for any significant period of time, otherwise this would be the solution everywhere
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by poontang1 5y ago
You are completely ignoring the fact that even if connected to the grid all power grids are structured to meet peak demand, and that there will always exist periods of excess power which, until bitcoin, had to go to ground. Bitcoin makes us
7.
by poontang1 5y ago
Measuring energy use per transactions makes no sense, as mining energy consumption is not related to the number of transactions processed. Also a huge portion of the energy used by bitcoin would otherwise be wasted. Also your figures are eg
8.
by poontang1 5y ago
It would not. Hardly anyone mines in Europe. Ironically power shortages are due to ESG initiatives that phased out power stations using fossil fuels and left unreliable power sources of wind and solar
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by poontang1 5y ago
lol - nano had a spam attack that locked up the entire network for months.
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by poontang1 5y ago
There are not two chains, there is only bitcoin. Lightning channels are addresses owned by multiple parties where you pass around signed transactions that could be settled on chain at any time, but you choose not to because there is no need
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by poontang1 5y ago
Not sure what the norm is, but for me exercise is a totally solitary activity. I live in the middle of nowhere and run every day the weather permits. I do long hikes on weekends when I don't work.
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by poontang1 5y ago
> It almost doesn’t matter which power plant they’re closest to because we have a power grid that ties everything together. This idea of miners being isolated from the grid and consuming clean energy that would otherwise go to waste is p
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by poontang1 6y ago
Ethereum also uses Proof Of Work mining....
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by poontang1 6y ago
This is a horrible take. Anyone who knows the crypto industry knows many exchanges fake volume and companies like CoinMetrics reduce the noise to get better figures on the actual nature of transactions and liquidity in the industry. Nic Car
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by poontang1 6y ago
1 BCH = 0.02098481 BTC
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by poontang1 6y ago
Leaking a single private key does not leak all the private keys. You would still need the chain code used to derive all private keys, no?
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by poontang1 6y ago
Agreed. I like MW a lot, it's just far from usable for normal people at this point. On the downside, I don't see any path for such privacy centric projects getting any regulatory support whatsoever, and sadly I think this is neede
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by poontang1 6y ago
The massive and steady increase in home value would suggest a bubble, no?
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by poontang1 6y ago
> Lightning is a UX disaster Lightning absolutely was a UX disaster, but things are improving quickly. There are wallets now that manage your funds completely without the notion of channels, and thats how it should be for most users. You
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by poontang1 7y ago
> Having said that, with crypto now all but finished Bitcoin will come out of this stronger than gold. It got the wrecked for the same reasons gold and silver did. People needed funds for margin calls and safe reserves, and bitcoin marke
21.
by poontang1 7y ago
You fundamentally misunderstand how Lightning works. In lightning you literally have a signed bitcoin transaction that allows you to receive the funds on-chain at any time. You don't submit it because you can continue to cooperatively