Thanks, I’ll have a read tomorrow. Does it completely resolve all PoS issues with no side effects or are compromises made?
I always show people this video when they say you cannot buy anything with crypto.
1 Like
Strike Is Bringing The Lightning Network To More Than 200 Countries completely disrupting cross border payments forever
3 Likes
At the risk of re-igniting this discussion about value I feel the need to make an additional point. And that is that many people are confusing a wild speculation for a store of value. How many people look at Bitcoin as a way to get rich? As a speculation it has been really profitable and will likely continue to do so for a while. Probably much longer than its detractors think. But how big a market cap is stable? $2T? $10T? My prediction is that sometime in the next few years the Bitcoin market cap tops out and the absolutely massive speculative premium it has enjoyed goes away. Many people will sell to protect their profits and then to protect their capital investment and it’s game over. Where will the long-term price settle then? I have a feeling at that point people will want to move on to the “next thing” to make money and not settle for a simple “store of value”. Hopefully the Safe Network!
6 Likes
The comparison between gold and Bitcoin has it limitations of course. Cryptocurrency etc. is new technology that can change (improve) much more then gold(mining). But that also makes it less predictable. Will it be Bitcoin(in name only), or another cryptocurrency or technology, for instance? Or maybe a better question: when, not if, will Bitcoin become irrelevant: 2, 20 or 200 years?
You also can only physically (like gold) mine what is in the ground (limited amount / choice of chemical elements or material), but virtually (like Bitcoin) you can create something new, ‘out of thin air’ to mine.
And concerning VHS vs Betamax: ok VHS ‘won’ over Betamax. But VHS also ‘lost’ after 30 years or so to newer, better technologies.
1 Like
Yes, @Traktion has it right; the described attack assumes any unrewarded coins reside in a wallet controlled by the elders of each section.
This mode of security is going to be used for the next testnet, but I really doubt that model of security will survive into the real network.
It’s not really related to micropayments. It’s more about how much do elders control and how do we make sure it isn’t so much they’re motivated to do something damaging.
The rest of this topic about improving bitcoin is too big for me to wade into, sorry!
12 Likes
I think the main complaint is that “the rich get richer”, although that is not so different in PoW. Also that since exchanges hold so many coins, having them staking can be a bit centralizing.
2 Likes
Realistically, it’s not nearly as accepted as this video would like to indicate … but it’s growing. Plus you can get debit visa cards like wirex that allow you to store value in crypto.
That said … why would you want to spend your crypto!! We are in the middle of a bull run! Spend your crappy fiat first!
3 Likes
This family has travelled extensively using Bitcoin. After 4 years they probably have way more fiat value left from their leftover Bitcoin
3 Likes
After 4 years of spending it, they probably wish they hadn’t!
1 Like
At a $900 buy in price they probably don’t care
The energy used to mine Bitcoin is wasted only as long as the heat generated is wasted. No? There are no extra toxic chemicals involved like e.g. in mining for gold. There are many cold places in the world where Bitcoin could be mined practically for free, provided the heat was utilized sensibly, if I understand correctly. Google recently built a huge data center in Finland. Sadly, they say the excess heat generated cannot be transferred to e.g. nearby towns “cost effectively” to heat those, so they just warm up the Gulf of Finland instead where the energy goes to waste, and probably messes with the fish too. I’m not convinced. I think it’s a question of organizing and prioritizing.
This is a problem I’m worried about too. I’m not sure it’s solvable.
2 Likes
You’re right about energy use. It’s worth noting though that by far the most energy effective way of heating homes involves upgrading (or ensuring new build) insulation to minimise energy use. Homes only need to employ the amount of heat they leak, so the problem of using that waste heat is not really solved by domestic use either.
1 Like
Yes. That is true. I dont know about any big bitcoin operation doing it yet, but I know about individuals who had electric heating in their houses and succesfuly changed it for Bitcoin or Ethereum heating.
People dont enjoy being effective, they like huge windows, heated outside pools, heated driveways and other unnecessary things.
1 Like
I believe the UK is notoriously bad at insulation. Finnish houses are completely different. We have to insulate, or we die. My computer is on 24/7, partly because I need the heat anyway. And I hardly ever cook food or bake bread outdoors since that would just mean more work chopping wood to heat the house for me. What I get is radiant heat (Is that a good English term?). It would be much more effective if I could channel the heat into rock of water, but it’s still useful. Maybe one day I will be able to build a good chicken house and Bitcoin mining combination. Some think Finns are used to being cold. The opposite is true. I have never been as cold as I was in Lisbon one winter. I actually had to move, even though I had paid for the room up front. My understanding is they are already getting pretty good at building mining radiators in Russia.
4 Likes
6 Likes
Oil submersed hardware cooled by passing-by water has the future I assume.
This one can cool down 20kW without noise by letting through around 600 liters of water per hour (assuming input is cold). You can easily warm a public poll by it IMO. If the input temperature is bigger, you just need to get more liters through.
4 Likes
I am also doing this. Whenever I get paid for my hours spent at work, I convert as much into crypto as I am able. I call it “A vote of no confidence in fiat” I have been doing this as my New Years resolution, and have been successful so far.
When the “Bit-Cents” that I converted into go up in value, I consider that to be a personally approved “raise” for my hours sold for money. So far the money converted at the beginning of the year has doubled. +100% is at least 7-10 years worth of interest from banking institutions that make near infinite profits (percentage-wise) from the storage of my monetary value for which they pay me 1% or less.
I am glad I have exchanged value into a stake in the Safe Network, and at some point I may exchange some of those coins for something lasting and long term in value, but as of the moment, I just cheer for every step closer the devs get to releasing the Safe Network… I truly believe it will change they way the world works and am glad to give it my support.
10 Likes
At 1% interest it is more like 72 years to double your money if you can believe it! 7-10 years is more like the doubling time you’d expect from investing in a stock market index.
2 Likes