Several Senate Democrats join Republicans to pass landmark cryptocurrency bill establishing regulatory framework for stablecoin, despite critics' objections.
I hate crypto and the entire technology behind it is embarrassingly stupid but ngl, I bought Bitcoin as an investment and it was not a bad idea so far. Even if it falls to 50% of its today value before I pull out I’ll still have multiples of what I invested.
Not trying to goad anyone into doing the same, just saying that I’m trying to make something good out of a bad situation
Blockchain is an inherently bad design for a distributed ledger. Bitcoin’s proof of work algorithm is also an absolutely shit, environmentally destructive design.
how would you set up a distributed ledger to fairly distribute a deflationary currency? I think Blockchain is a fine way to solve this problem, or was from 2009-2012 or so.
At the very basic level, everybody needs to execute eachothers transactions. This means that if a billion wallets make a single transaction that you end up with 10^18 transactions being calculated. To call it inefficient is the understatement of the year.
This, incidentally, is also the reason why the wallet data file is just ridiculously stupidly enormously big. I’ve been out of it for years now (minus the bit that I’m using now as an investment) but a real Bitcoin wallet required terabytes of data
All this culminates in Bitcoin using more electricity than a modern country to support a tiny fraction of the world’s financial transactions, something you might want to think about with climate change and all.
Oh I don’t disagree with your take on it on that front. What crypto is being used for and how it is being used is generally impractical. It does have legitimate uses. But as you said it’s generally not the ones that’s being used for.
I hate crypto and the entire technology behind it is embarrassingly stupid but ngl, I bought Bitcoin as an investment and it was not a bad idea so far. Even if it falls to 50% of its today value before I pull out I’ll still have multiples of what I invested.
Not trying to goad anyone into doing the same, just saying that I’m trying to make something good out of a bad situation
Spicy take. Blockchain and crypto are tools and not inherently bad.
My biggest issue with them are who currently controls them and what they’re being used for.
Cryptology itself is neutral.
Blockchain is an inherently bad design for a distributed ledger. Bitcoin’s proof of work algorithm is also an absolutely shit, environmentally destructive design.
how would you set up a distributed ledger to fairly distribute a deflationary currency? I think Blockchain is a fine way to solve this problem, or was from 2009-2012 or so.
They are inherently bad. By design.
At the very basic level, everybody needs to execute eachothers transactions. This means that if a billion wallets make a single transaction that you end up with 10^18 transactions being calculated. To call it inefficient is the understatement of the year.
This, incidentally, is also the reason why the wallet data file is just ridiculously stupidly enormously big. I’ve been out of it for years now (minus the bit that I’m using now as an investment) but a real Bitcoin wallet required terabytes of data
All this culminates in Bitcoin using more electricity than a modern country to support a tiny fraction of the world’s financial transactions, something you might want to think about with climate change and all.
Oh I don’t disagree with your take on it on that front. What crypto is being used for and how it is being used is generally impractical. It does have legitimate uses. But as you said it’s generally not the ones that’s being used for.
Generally criminal, more like. It’s good for money laundering and illicit payments, that’s about it.
Citation needed.