riptheworld

5 ms·

1.
by riptheworld 5y ago
No one is arguing that collision resistance and proof-of-work are the same things? The security of a PoW relies on collision resistance. Do you see the difference? It's subtle. Changing a block in the blockchain explicitly requires exp
2.
by riptheworld 5y ago
This is literally proof of work. I don’t know what else I can do to explain that Bitcoin’s immutability property is directly parametrized by the security level in the PoW mechanism. You are arguing that decentralization creates immutability
3.
by riptheworld 5y ago
You are moving the goalposts. I described a mechanism that addresses link rot in the current NFT ecosystem. The hash-based method allows an owner to efficiently prove what content was associated with a rotted link with overwhelming probabil
4.
by riptheworld 5y ago
> What would happen in practice? People would notice. A fork will be decided. There's nothing in the Bitcoin protocol that explicitly prevents a longer and valid chain from being accepted. Forks happen every day where miners are com
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by riptheworld 5y ago
> But it is not PoW that makes the blockchain immutable. A lot of people are saying that, but they're wrong, I'm sorry. You are incorrect. The proof of work mechanism is central to ensuring the immutability of the blockchain. A
6.
by riptheworld 5y ago
Correct. But this specifically solves the problem at hand. Rather than storing an entire image, video, etc. on the blockchain, you store a concise representation of that content. The collision-resistance property of a cryptographic hash ens
7.
by riptheworld 5y ago
I agree that the current NFT ecosystem is a house of cards, e.g., the susceptibility of NFTs to link rot. That being said, I think the ecosystem will evolve to a having a more robust way of handling these things as it matures. For example,
8.
by riptheworld 5y ago
Ahh I see! Thanks for the clarification!
9.
by riptheworld 5y ago
You could use existing trusted lending Institutions, no? Investors can loan their excess Bitcoin to a lending institution that pools Bitcoin from multiple investors and loans it out to borrowers? In return, the investor receives interest on
10.
by riptheworld 5y ago
You can trustlessly verify the entire Algorand history by verifying it yourself (same as Bitcoin). However, almost all blockchains (including Bitcoin) will suffer from this problem of longer and longer sync times, and so some bootstrapping
11.
by riptheworld 5y ago
Bitcoin’s throughput is limited as a function of network security and network delay. It has nothing to do with making it easier for clients to sync with the current state. You can improve Bitcoin’s transaction rate in two ways: 1.) decrease
12.
by riptheworld 5y ago
Oh sheesh. No one said anything about Bitcoin miners voting. I was simply pointing out that centralization of mining power (which has already happened in Bitcoin) has essentially the same security impact as centralization of wealth in proof
13.
by riptheworld 5y ago
You’re confusing a layer 2 solution that provides separate (and weakened) transaction assurances than the Bitcoin protocol itself. This is evident in the fact that the lightning network suffers from security vulnerabilities (e.g., wormhole
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by riptheworld 5y ago
I'm not sure what you mean when you say that Bitcoin can scale by using 3rd party payment providers? Any Bitcoin transaction will only ever be as fast as the underlying blockchain, which currently processes around seven transactions pe
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by riptheworld 5y ago
Cryptocurrencies as a whole are an amazing innovation. It’s sad though to see people rushing to adopt things they don’t fully understand, and getting hurt as a result. Bitcoin and Ethereum are pretty terrible currencies. Proof-of-work is a
16.
by riptheworld 5y ago
Perhaps I can convince you with a more philosophical argument. Private communication is essential for freedom of speech. I may not speak freely with my friends or family if I believe that those conversations are easily accessible by the gov