statoshi

15 ms·

31.
by statoshi 9y ago
If you use a wallet that follows the standard conventions for generating addresses (BIP32 and such) then yes.
32.
by statoshi 9y ago
Step 1: buy a hardware wallet Step 2: back up the seed for the hardware wallet Step 3: send your coins to an address managed by said hardware wallet Step 4: kick back and relax
33.
by statoshi 9y ago
Miners provide security for the system, but they do so at the behest of the users. If they don't enforce the rules that the users desire, the users will reject their blocks and the miners won't get paid.
34.
by statoshi 9y ago
All investments are speculative in nature. Some are just riskier than others.
35.
by statoshi 9y ago
There are many reasons, but one is that few people in the technical community support a somewhat rushed hard fork that does nothing but increase the block size a bit. There are plenty of other things that would be great to clean up if a har
36.
by statoshi 9y ago
Core developers never had control in the first place. No one has control; it's weird to see so many people applying authoritarian concepts to an anti-authoritarian system.
37.
by statoshi 9y ago
Altcoins present temporary solutions, but are fundamentally limited by the same scaling problems as Bitcoin. Just watch - as altcoins become popular the fees and wait times will similarly rise. Ethereum already had multi-hour backlogs recen
38.
by statoshi 9y ago
If bitcoin is a ponzi scheme then every publicly traded asset is a ponzi scheme.
39.
by statoshi 9y ago
That's because writing about price changes requires little knowledge or research into how the system works. I write meaty articles about Bitcoin; if that's what you seek, check out: http://www.coindesk.com/author&#
40.
by statoshi 9y ago
On a related note, I wrote a history of the Cypherpunks in relation to the evolution of cryptocurrencies: http://www.coindesk.com/the-rise-of-the-cypherpunks/
41.
by statoshi 10y ago
The original use case with Bitcoin is to protect your financial sovereignty. Over the years more people have discovered that the features inherent to cryptocurrency can disintermediate many economic interactions and we're seeing more a
42.
by statoshi 10y ago
You're on the right track: machine-to-machine payments. Check out https://21.co/ for more info.
43.
by statoshi 10y ago
An entertaining read if you're into the cryptocurrency space, but all of the claims contained within must be viewed with extreme skepticism.
44.
by statoshi 10y ago
$10B down, a few trillion to go.
45.
by statoshi 10y ago
All investments carry risk. Thankfully, permissionless innovation platforms don't care what governments think. If it turns out that governments do try to ban DAOs, we'll just need to enhance their privacy.
46.
by statoshi 10y ago
Not really; it's a fundamental problem with extremely tiny currencies that don't have a ton of trading liquidity to absorb large buy & sell orders.
47.
by statoshi 10y ago
1. If the DAO funded a huge startup and paid it out all at once, sure. But I suspect we'll see smaller projects funded and they'll get small recurring payouts. 2. Most of them, sure. Though the large holders are likely wealthy eno
48.
by statoshi 10y ago
Thankfully the Lightning Network is being developed to support high volumes of off-chain trustless transactions.
49.
by statoshi 10y ago
Not really - it's more because the dollar-based economy is massive in comparison to Bitcoin and thus has much higher capital requirements to move the market. If you think that centrally managed currencies are great, you should probably
50.
by statoshi 10y ago
It should be quite clear that in this particular instance, Valve has decided that Bitcoin has utility as a transfer of value. You're questioning whether or not Bitcoin has utility as a store of value / unit of account. It appears
51.
by statoshi 10y ago
Stability is relative and a matter of perspective - it's not technically possible to engineer something that has a stable value because the value of everything is constantly in flux.
52.
by statoshi 10y ago
I find it less and less likely that Bitcoin will be replaced given the amount of investment (both time and money) put into the system. If Bitcoin was remaining stagnant, I'd be pessimistic as well, but there are a multitude of improvem
53.
by statoshi 10y ago
You are correct - permissionless blockchains have a completely different threat model that results in a high cost to secure the blockchain from attack. The vast majority of new blockchain systems we're seeing developed are private, per
54.
by statoshi 10y ago
This 2 minute video explains the value of blockchains at a high level quite well: https://www.youtube.com/watch?v=r43LhSUUGTQ
55.
by statoshi 10y ago
There are quite a variety of blockchain technologies that are now available - some of them have greatly improved throughput, though there's always a tradeoff. None of the extremely high throughput systems are permissionless - they usua
56.
by statoshi 11y ago
Hi Eric :-) As a UNC Computer Science graduate, I also had the opportunity to interact with Dr. Brooks on numerous occasions. He was truly a delight to be around and a casual observer would never guess that he was in fact an intellectual gi
57.
by statoshi 11y ago
Most people don't understand how the Internet works, yet they manage to use it every day. Same goes for existing mainstream financial systems.
58.
by statoshi 11y ago
Indeed; I've noticed often while observing people of older generations that one of their big problems using apps today (especially mobile) is that they don't have the same understanding of iconography as younger generations. It&#x
59.
by statoshi 11y ago
BitcoinJ is no frills and unfortunately doesn't have much development manpower despite its popularity. I'm actually in the midst of trying to debug an edge case issue I'm hitting within BitcoinJ itself.
60.
by statoshi 11y ago
Yes. Otherwise you are just holding onto IOUs for dollars.

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