This is the proof of work puzzle. 2 Trillion dollar market cap in the name of computing SHA hashes. LOL. What a fucking joke. You guys are all greedy and pathetic.
This is the proof of work puzzle. 2 Trillion dollar market cap in the name of computing SHA hashes. LOL...
I have a lot of money tho
trustless money is…le bad!
cry moar fiatcel
how do you sleep at night knowing we're wasting incredible amounts of energy on your toy money
muh energy!
China just built a high net positive tokamak last week, I guarantee we'll still be hearing this argument in 3 years time when energy is literally fractions of a cent on todays dollar and there's an exceeding surplus of energy.
What about the fact that cobalt is not infinite?
waste
The cost fiat corrupting the price signal of money is an order of magnitude more than the gdp of earth, you are the waste, fiatcel
proof of work scales to consume whatever energy is available, it doesn't matter if we have fusion or dyson spheres, it's still a waste of energy
The fact that there are still people on biz fudding bitcoin is absolutely wild to me. It’s literally a world-changing technology. It’s still young but has cemented itself in the financial sector, and has proven that it’s not going anywhere. You guys are either bobo trolls or just legitimatey retarded.
t. owned bitcoin since 2013
in what way is my post fear, uncertainty or doubt? I'm literally just saying it's a waste of time and energy
Kek, op is definitely a mETHhead, not a fiatcel
please buy my PoS shitcoin saars. PoW is bad
actually i'm thinking about a physics simulation token
Tokamaks use deuterium and tritium as fuel, there is a lot of hydrogen.
Average fiatcel
Just remember not to drink dihydrogen oxide, you might die, you fucking lizardman.
By your logic, so is your life
It’s the invention of digital scarcity. The amount of energy and computing power required to mine is why it’s so great. I’m sorry you don’t think that matters, but it does. It’s verifiable, impossible to counterfeit, and cannot be centralized.
This topic has been talked to death already. See you in ten years when one BTC = $1 million
Ok, so you like wasting resources, great.
You had 15 fucking years
Yes
Oil is bountiful, nuclear energy is making a resurgence, and FUCK YOUR HIPPY DIPPY BULLSHIT
not wasting resources isn't hippy, it's just common sense
also see
Proof of work scales to consume whatever energy is available
its how the chain stays secure retard the whole point is to make a trustless system assuming bad actors like niggers that know how to hack
Assuming T is on the order of 2^x, and assuming that hashes generated by SHA-256 is U~(0, 2^256 - 1), then:
2^x / 2^256 = 2^(256-x) valid hashes
Assuming 1 TOPS network processing capacity, it will take on average 2^(256 - x)/ 10^12 seconds to generate a new block
minorities scale to consume whatever resources and energy is available. i dont see u condemning them?
yea but the computation should actually do something useful
Eth isn’t trustless, he might as well be a fiatcel. 51% of eth grants complete control forever, 51% ownership of btc gives you 51% of all bitcoin, nothing more
Not wasting, using to generate a trustless fixed unit of account: perfect money. As Szabo notes, trusted third parties are a security hole too large to leave open in money. Using someone "real trustworthy" to guard money isn't a fix, the problem is the TTP, if you remove trust from money it can't be corrupted.
1 BTC = 1/21m of BTC, forever. Realize how revolutionary that is, a trustless, fixed, autonomous, decentralized unit. That is what we've always wanted from money, it's why gold was used, because the natural properties of gold create an approximation of a unit. But gold isn't fixed in supply and is only low trust, and even then only low trust in physical form. As economies became more complicated gold needed to be abstracted rendering gold entirely trust-based, opening the door to corruption and the current sorry state of money.
What we want from money has always been the unit, by having a unit of account we reduce the number of prices from n^n to n. We cannot engage in complex economic calculation without a unit, but the units we've been forced to use out of necessity do not provide a clean economic signal, with a trustless fixed unit of account the efficiency of economic calculation is increased massively
It does: It generates a trustless fixed unit of account.
i am the ultimate arbiter of value
PoW good and you are dumb, i win
muh energy
Ok, who let r/buttcoin out of its cage again?
i always wondered why they couldnt find a way to implement proof of work so the computing power does some scientific good, like with the folding@home shit
"perfect money" except bitcoin transactions are slow and expensive, and lost keys mean lost money, and once transactions are added to the ledger they are irreversible. And even if you are a criminal and all that sounds like pros to you, the ledger is public and traceable so it's not even good for criminal activity.
how can you deem it waste when it's what profit-minded actors are choosing to use electricity for? powering the bitcoin network is a far more worthy task than powering kiked out bank #9001
you're just malding that eth is at multi-year lows versus bitcoin because you geniunely believed in the flippening LOL get fucked faggot
also it just casually waves away the importance of monetary policy or the fed and says "yea we don't need that, everything will be perfectly fine if the monetary system has no centralized authority"
i don't think it's a complete waste, I'm exaggerating a little for effect(as are you), i'm just exploring it's value and pointing out that crypto would be more useful if the proof of work actually did something useful
Better than some piece of shit fiat that's controlled by central authority who can print as much as they want.
What's left? Gold? Mining wastes a ton of energy/resources and it can be stolen much more easily. Can't even take it on a plane without some fag customs official asking you about it.
actual gold sounds atleast more grounded in reality, not sure why some people are so excited for something as intangible and pointless as bitcoin
you had 15 years to figure it out, and still haven't. that's troubling anon
It's valuable BECAUSE it's intangible a.k.a. doesn't take as much (if any) physical infrastructure to store/transport compared to gold. If you still can't see how that's valuable, I'm sorry, you had 15 years.
anon, it takes my bank 3 business days to send money to another account
securing and continuing the existence of the blockchain is useful
why does everyone keep repeating "you had 15 years" like that's supposed to mean something
Your cryptocurrency system isn't complicated enough, and I'm mad about it.
k
fair, but if SHA is broken it's no good anyway
15 years to be this knowledgeable but still not buy bitcoin
Eh, i have plenty of money, I just don't like it.
You would have way more if you went all in on bitcoin when this video came out
This remains my favorite video warning people about Bitcoin. Criminally underrated, circa 2015.
Those things should be aggressively waved away
I don't understand how using independently verifiable computerized credit system makes sense, we should use shiny rocks I found in the ground instead.
bitcoin transactions are slow and expensive
Irrelevant. Only net demand encodes novel information into the price signal
lost keys mean lost money, and once transactions are added to the ledger they are irreversible. . . and the ledger is public and traceable
Features. Not trustless if these aren’t true
yea we don't need that, everything will be perfectly fine if the monetary system has no centralized authority
Not fine, better. Reread what I wrote, corruption of the price signal of money is incomprehensibly expensive.
bitcoin designed to be peer to peer currency
fails miserably
BTC maxis cope by claiming SoV narrative
have no answer for security budget issue
BTC to zero boomer