Then they will ask why nobody wants to use their payment cards
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? And that makes bitcoins waste disapear?
No, and I never stated that. I just think it's stupid to group all of crypto as an environmentally unsustainable technology. Following your logic, switching to electric cars isn't worth it because the 100 years of petroleum pollution won't disappear.
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Credit card companies should be nonprofits under democratic control.
Isn't that kind of what a credit union issued card is?
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If you want to take a "purest" approach then bitcoin has similar problems. To gain any chance of mining BTC you have to buy specialised equipment from someone.
I would also put joining a mining collective in a similar "human consent" category
No.
You can study the universe and come up with a way to do PoW more efficiently. PoW requires knowledge to enter. With more knowledge and mastery, you are rewarded more.
The specialist equipment can be built by anyone at any time. Any country, any place. If your country blocks it? You can use specialist knowledge to circumvent them. You can also still use a computer to mine, though you will never mine a block now days, there is still a chance.
All of this is a very, very important feature that almost everyone overlooks now days. It is essential that it be this way. Anyone should be able to enter the network assuming they have the knowledge to do so.
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No.
You can study the universe and come up with a way to do PoW more efficiently. PoW requires knowledge to enter. With more knowledge and mastery, you are rewarded more.
The specialist equipment can be built by anyone at any time. Any country, any place. If your country blocks it? You can use specialist knowledge to circumvent them. You can also still use a computer to mine, though you will never mine a block now days, there is still a chance.
All of this is a very, very important feature that almost everyone overlooks now days. It is essential that it be this way. Anyone should be able to enter the network assuming they have the knowledge to do so.
The specialist equipment can be built by anyone at any time.
No no. This is a highly specialised industry dominated by Bitmain. Unless you are using the latest hardware you are vastly overspending on mining costs.
You can also still use a computer to mine, though you will never mine a block now days, there is still a chance.
There is almost zero chance. The only practical to get BTC using a normal computer is to buy it from someone else.
Anyone should be able to enter the network assuming they have the knowledge to do so.
Anyone can verify the network, but a there is no opportunity to obtain BTC without interacting with a (harware) gatekeeper.
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The specialist equipment can be built by anyone at any time.
No no. This is a highly specialised industry dominated by Bitmain. Unless you are using the latest hardware you are vastly overspending on mining costs.
You can also still use a computer to mine, though you will never mine a block now days, there is still a chance.
There is almost zero chance. The only practical to get BTC using a normal computer is to buy it from someone else.
Anyone should be able to enter the network assuming they have the knowledge to do so.
Anyone can verify the network, but a there is no opportunity to obtain BTC without interacting with a (harware) gatekeeper.
This will be my last reply to you because I already explained this very basic idea, so you are either an antagonist, trolling, or need to do some self-learning. I would recommend reading what I said again.
An alien can come to Earth and use its UFO compute to mine bitcoin if it wanted.
Someone in their garage could come up with a vastly superior way to compute hashes and mine bitcoin.
Large mining farms could be banned and made illegal and smaller operations can instantly become profitable again.
The list goes on, and on, and on, and on...
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Have you heard of a bank? That's where non criminals tend to keep their money.
Let me be more explicit: You say that like the people running banks aren't the exact sort of people who think that laws are merely suggestions and that fines are the cost of doing business. Finance bros are exactly the same as crypto bros, except instead of shitcoins they talk about Byzantine financial instruments that only have a 90% chance of collapsing the country's economy but has a 10% chance of making them $10000000000.
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This will be my last reply to you because I already explained this very basic idea, so you are either an antagonist, trolling, or need to do some self-learning. I would recommend reading what I said again.
An alien can come to Earth and use its UFO compute to mine bitcoin if it wanted.
Someone in their garage could come up with a vastly superior way to compute hashes and mine bitcoin.
Large mining farms could be banned and made illegal and smaller operations can instantly become profitable again.
The list goes on, and on, and on, and on...
An alien can come to Earth and use its UFO compute to mine bitcoin if it wanted.
Not if it wants to win a block reward in any reasonable length of time.
First of all it would have to set up manufacturing to produce 7nm asic chips generating the SHA-256 algorithm.
Someone in their garage could come up with a vastly superior way to compute hashes and mine bitcoin.
This just means your hypothetical Tony Stark gets richer. It doesn't help the aliens you invented earlier.
Large mining farms could be banned and made illegal and smaller operations can instantly become profitable again.
You still need human interaction to buy the necessary mining equipment.
Face it. Your idealistic objections to PoS apply equally (if not more so) to Bitcoin.
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Let me be more explicit: You say that like the people running banks aren't the exact sort of people who think that laws are merely suggestions and that fines are the cost of doing business. Finance bros are exactly the same as crypto bros, except instead of shitcoins they talk about Byzantine financial instruments that only have a 90% chance of collapsing the country's economy but has a 10% chance of making them $10000000000.
All I'm saying that is if someone hacks the banks computer and takes the money you will get it back. Same if someone steals your credit card and makes a bunch of fraudulent transactions or the bank goes out of business. If someone does any of those things with crypto (which happens distressingly often), your money is gone.
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All I'm saying that is if someone hacks the banks computer and takes the money you will get it back. Same if someone steals your credit card and makes a bunch of fraudulent transactions or the bank goes out of business. If someone does any of those things with crypto (which happens distressingly often), your money is gone.
Your idea of "distressingly often", which you bring up a lot, I believe to be severely flawed. With respect to individuals who control their own wallets, it is in reality exceedingly rare for hackers to be able to breach a wallet's security measures and steal coins. Most wallets implement encryption of some sort, either through the device's keystore or using a password. Most crypto thefts take the form of people being tricked into giving away their key phrase or sending their crypto to a scammer. This is really the same type of scam as someone taking your debit card and then tricking you into giving them your PIN. According to most bank policies, you are liable for unauthorised chip-and-PIN debit transactions. "Zero liability" only applies to credit transactions proceed through the Visa or Mastercard networks. If you give someone your PIN for any reason, you are deemed to have authorised all transactions that they make with that PIN.
But you do raise a good point that the crypto industry is very under-regulated and there needs to be some form of deposit insurance for crypto exchanges. More regulation is definitely not a bad thing (despite what crypto bros will say), especially in the post-FTX era.
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Bitcoin may not be a scam per se, but its main usage is to facilitate scams. The biggest of which is being a market that speculators can manipulate to make the currency they actually want.
It's not a scam requires a huge Wikipedia <citation needed>
I'm not saying it's great, it's shit, but at least it's not as evil as visa or MasterCard
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The insane thing about Bitcoin's continued popularity is that out of all the thousands of cryptocurrencies out there, it's easily the worst in every regard.
I'm not going to name names for fear of being called a shill, but if you want a cryptocurrency for just buying stuff there's a ton that are more stable, faster, don't cost a fortune to process, and don't destroy the planet.
It's because the vast majority of people "into crypto" have no interest in the actual underlying asset. They're just hoping to get rich. I honestly think it destroys any potential crypto had. It's a shame because it would be good to have an alternative to credit cards for digital transactions, and especially to have a push payment method, as opposed to the pull method used by banks and credit cards
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Monkey brain no like small numbers. Monkey brain like big numbers.
But for real, Bitcoin was the first decentalized currency to solve the Byzantine Generals Problem. Its worth something because its transparent, unmutable, and the original digital currency. It was birthed via grassroot origins in depths of the housing crash. It calls out the Federal Reserve (and any other human institution that seeks to expand their money supply).
Yeah. Just like how wood fire was the first way to cook fish.
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mBTC and satoshis (10^-8) are more common indeed, but are used pretty much everywhere. It's not 2015 anymore
wrote last edited by [email protected]Yeah no. I'm all over the place, and I have yet to come across a place that accepts crypto, let alone for anything useful.
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1 dollar is currently worth .0000084 BTC; or, 840 Satoshi if zeros scare you.
How much is it in binary digits oh brave one? And tell me how many milliseconds it takes you to calculate this with your mind.
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Yeah no. I'm all over the place, and I have yet to come across a place that accepts crypto, let alone for anything useful.
Multiple grocery stores accept Bitcoin in my small town
