mhoyeJan 2, 2023
Look, if a core Bitcoin developer can get their whole wallet emptied out unrecoverably on them, and that developer's immediate reflex is to start calling a centralized authority for help, it's time to stop pretending this entire cryptocurrency exercise is ever going to work. We're done here.
Show threadshanenJan 2, 2023

@mhoye
Is this comment really here? Mastodon is giving me weird messages? Perhaps because you're on a different server?

On the topic of your comment, I've always regarded #BitCoin as an obvious scam. No scarcity there. There's an infinite supply of numbers and an infinite supply of algorithms to pretend that some of the numbers are special and more interesting than others.

Or do I need to repeat the proof that there's no such thing as an uninteresting number?

Show threadCosmic RayJan 3, 2023
@shanen @mhoye
There may be some residual value in the big 2 crypto as they were first and had high values
The easy creation of crypto currencies leads to their expansion until we reach saturation
Show threadshanenJan 3, 2023

@Cosmic_Ray @mhoye

Doesn't matter what number you divide by infinity, the result is still effectively zero. One or two cryptocurrencies divided by an infinite number of them or 21 million Bitcoins divided by infinity. Still no real value anywhere there.

However what makes #Bitcoin into a special criminal scam is how it deliberately wastes power for the lottery tickets. Electric power is a real thing with a limited supply.

Show threadTroed SångbergJan 3, 2023

@shanen @Cosmic_Ray @mhoye Bitcoin doesn't "waste" energy. On the contrary, it's specifically the cost of the energy used that makes Bitcoin the first distributed solution to the Byzantine Generals' problem in Computer Science.

You're however absolutely correct in that if noone wants a global uncensorable value transfer network then of course the bitcoin tokens won't have value either.

Show threadTheAnymouseProphet
@troed @shanen @Cosmic_Ray @mhoye But it's not a solution, mining is effectively centralized.
Jan 7, 2023 at 7:18pmWeb
Show threadTroed SångbergJan 7, 2023

@SocialJusticeHeals @shanen @Cosmic_Ray @mhoye Yes, but it's not a major issue. The "51% attack" needs >70% in reality and while the miners are the ones to add blocks nodes are the ones that either accepts them or not.

I do support the initiative I've seen a few solar roof owners doing - mining bitcoin with free electricity instead if selling at very low profit to the electricity company. Makes for quite an effective "battery" - as well as decentralizing mining.

Show threadTheAnymouseProphetJan 7, 2023
@troed
Excess solar should go back to the grid to reduce risk of rolling blackouts during peak energy usage hours, especially if a plant has gone down. Rolling blackouts sometimes result in human death.
@shanen @Cosmic_Ray @mhoye
Show threadTroed SångbergJan 7, 2023

@SocialJusticeHeals @shanen @Cosmic_Ray @mhoye No, when the grid has plenty of energy (all solar installations producing) the electricity companies are happy to not have you try to send to grid (that's why the pay is bad at those times).

Storing it either in a battery or by extracting value you later can use to buy back is a lot more efficient.

Show threadTheAnymouseProphetJan 7, 2023

@troed
But when a plant goes offline, e.g. from a California wildfire, then as much power going back to grid as possible is essential.

And the amount of personal solar used for mining will always be a fraction of the mining power consumption.

The only reason PoW secures the network is because power is a limited resource.

@shanen @Cosmic_Ray @mhoye