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Son of Rodney posted:Like a phoenix from the hashes
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May 17, 2021 13:02
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ymgve posted:I guess the max number of transactions per second have gone a bit up due to SegWit, where some bytes of a transaction only «count» as 0.25 bytes, and in practice max block size is closer to 4 megabytes now The average block size is about 1.3 MB at the moment, which is the highest it has historically been. And from what I can find, the maximum amount of transactions per block included historically were 2700, which equates to 4.5 transactions per second.
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May 17, 2021 13:13
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Cirrhosis Johnson posted:No matter what happens, my life will be infinitely more fulfilling and successful than yours, and that makes me very excited. I guess we all have things to look forward to. 
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May 17, 2021 13:48
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its not ok to share these pictures of me on a public forum
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May 17, 2021 14:38
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Hammerite posted:its not ok to share these pictures of me on a public forum You got that Hitler youth-vibe down pat.
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May 17, 2021 14:47
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Has anybody floated the idea of creating Gooncoin? It's about sane as the rest of crypto nonsense. You could even have a little grenade on the coin.
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May 17, 2021 14:47
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IIRC, dogecoin was started by a goon, so we're already ahead of the game there
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May 17, 2021 15:05
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Already exists. https://coin.market/crypto/goon
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May 17, 2021 15:18
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ymgve posted:I guess the max number of transactions per second have gone a bit up due to SegWit, where some bytes of a transaction only «count» as 0.25 bytes, and in practice max block size is closer to 4 megabytes now using my decentralized currency as a currency doesn't work so I'll centralize payment processing and do transactions off the ledger 
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May 17, 2021 15:26
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Assuming they didn’t sell, how much money has the Colonial Pipeline hackers lost since the ransom payment?
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May 17, 2021 15:32
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latinotwink1997 posted:Assuming they didn’t sell, how much money has the Colonial Pipeline hackers lost since the ransom payment?
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May 17, 2021 15:34
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Zeppelin Insanity posted:What even is a smart contract, and how and why does it differ from a normal person contract? Smart contracts are really just program functions which are stored in the block chain and can be interacted with by doing certain things, like for instance sending tokens to an address or whatever. Its useless in the real world but neat from a tech nerd perspective. Much like all things crypto.
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May 17, 2021 15:43
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https://twitter.com/myspacetom/status/1394142557169283072?s=21 lmao
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May 17, 2021 15:45
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I'm still kind of stuck on this 7 max transactions per second feature of bitcoin. Shouldn't this be the lead for any anti-bitcoin argument? Aren't the people who are "investing" in bitcoin doing so under the assumption that it will be the currency of the future? Does ETH and other altcoins suffer from the same build-in limitations on transactions per second?
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May 17, 2021 16:00
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That’s 221M transactions per year. You get to buy stuff maybe two times in your life with that kind of support and most likely never. Bringing back bartering!
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May 17, 2021 16:11
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InternetJunky posted:I'm still kind of stuck on this 7 max transactions per second feature of bitcoin. Shouldn't this be the lead for any anti-bitcoin argument? Aren't the people who are "investing" in bitcoin doing so under the assumption that it will be the currency of the future? every time i've brought this up they just suggest that it will be fixed in the future somehow and that it's still "early days" in crypto development. the key is to get in early, you see.
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May 17, 2021 16:13
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InternetJunky posted:I'm still kind of stuck on this 7 max transactions per second feature of bitcoin. Shouldn't this be the lead for any anti-bitcoin argument? Aren't the people who are "investing" in bitcoin doing so under the assumption that it will be the currency of the future? honestly it's kind of worse than you might assume - additional mining cannot make the network perform any better in any way except in that it "secures the network" against a 51% attack. you could run bitcoin's 7 transactions a second on basically garbage (it's been done on an NES) if it wasn't for the mining arms race that has wasted literal gigatons if not teratons of carbon. i put secures in scarequotes because i strongly suspect there have been plenty of times it has failed to prevent someone from controlling 51% even if they weren't dumb enough to upset the apple cart by doing anything with that power. quote:Does ETH and other altcoins suffer from the same build-in limitations on transactions per second? no, they were typically started to patch some deficiency of bitcoin and as such many of them correct these issues, to varying degrees of success.
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May 17, 2021 16:14
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latinotwink1997 posted:That’s 221M transactions per year. You get to buy stuff maybe two times in your life with that kind of support and most likely never. Bringing back bartering! This number of transactions per year is roughly the same number of Credit Card transactions in the US in just 2 days. Somehow I don't think that Bitcoin will be the currency of the future. Edit: On a global scale, you would use up the entire years worth of credit card transactions in about 5 hours. Tsietisin fucked around with this message at 16:34 on May 17, 2021 |
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May 17, 2021 16:21
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its a store of value (SoV) don't you get it
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May 17, 2021 16:35
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It's well established at this point that Bitcoiners are pretty much in a Schrodinger's superposition of justifications for what they do. Like most conspiracy theorists, it's post-facto justifications for what makes them feel special and unique.
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May 17, 2021 16:55
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Somewhat related, but I wonder what might be a good solution to rampant inflation in the US. Bitcoin looks good on paper, but it’s shortcomings make it clear that’s it not-sustainable long-term. I’m also not holding my breath on the government stopping an increase in the money supply anytime soon.
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May 17, 2021 17:09
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I don’t own any Cryptocurrencies myself, though some of the funds I’m invested in may hold small amounts on their balance sheets.
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May 17, 2021 17:10
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Cirrhosis Johnson posted:Somewhat related, but I wonder what might be a good solution to rampant inflation in the US. Bitcoin looks good on paper, but it’s shortcomings make it clear that’s it not-sustainable long-term. I’m also not holding my breath on the government stopping an increase in the money supply anytime soon. If you buy enough bitcoins, the deflation from them will cancel out dollar inflation.
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May 17, 2021 17:12
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Cirrhosis Johnson posted:Somewhat related, but I wonder what might be a good solution to rampant inflation in the US. Bitcoin looks good on paper, but it’s shortcomings make it clear that’s it not-sustainable long-term. I’m also not holding my breath on the government stopping an increase in the money supply anytime soon. we covered this hundreds of pages ago while you were evidently still in your sophomore year of austrian school
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May 17, 2021 17:18
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Cirrhosis Johnson posted:Somewhat related, but I wonder what might be a good solution to rampant inflation in the US. Bitcoin looks good on paper, but it’s shortcomings make it clear that’s it not-sustainable long-term. I’m also not holding my breath on the government stopping an increase in the money supply anytime soon. err, no? And I don't even really know where to start explaining all the ways in which bitcoin is totally inadequate when it comes to addressing inflationary pressures in the US economy...
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May 17, 2021 17:29
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People losing their life savings could help keep inflation in check though, right?
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May 17, 2021 17:33
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Guys, have you heard? US national DEBT is really big! Now, I'm not saying Bitcoin could solve it, but couldn't it, though? Like, Bitcoin is zero DEBT so far, it should count for something. Just asking, haha, really interested in DEBT.
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May 17, 2021 17:34
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Also, the notion that increasing the money supply causes inflation under our economic paradigm has been debunked. When it's not caused by external factors (such as a spike in oil prices and a pandemic crushing international shipping), it's caused by there being more jobs available than job-seekers. All of which are things right now.
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May 17, 2021 17:36
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speaking of DEBT, hey, have you guys heard about this crazy trick that you can unlock the money stuck inside your home with this crazy thing called a 'reverse mortgage'? it's totally safe and nothing could possibly go wrong! e:the samrt thing to do would be to take the money from your reverse mortgage and invest it into crypto currency! the future is now, guys! crypto is gambling for nerds. e:Bitcoin, it's all about not being the guy holding the bag at the end. tango alpha delta fucked around with this message at 18:27 on May 17, 2021 |
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May 17, 2021 17:37
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Paladinus posted:Guys, have you heard? US national DEBT is really big! Now, I'm not saying Bitcoin could solve it, but couldn't it, though? Like, Bitcoin is zero DEBT so far, it should count for something. Just asking, haha, really interested in DEBT.
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May 17, 2021 17:39
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Cirrhosis Johnson posted:[...] Bitcoin looks good on paper [...] Can you expand on this a little bit? What about bitcoin looks good on paper because I'm not seeing it
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May 17, 2021 17:57
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The best protection against inflation is to have your money be in long-term broad market index investments because that'll keep pace with variable inflation rates better than almost any other option available to you. Also inflation is good and necessary for economic development/growth and everyone should be sucking the government's dick for not only determining an optimal inflation rate but actually managing to keep it pretty much exactly where it should be, while operating within the largest and most bad-acting financial industry in the world trying to gently caress it up for profit. A bigger issue would be a liquidity crisis and, well, the big boi also has that on watch. e: Also, inflation in the money supply is not really inflation as it pertains to our lives directly. Inflation in consumer pricing is what matters to us (think CPI) while inflation in the money supply is a big thing that banks have to deal with. But they work to maneuver around changes as small as +/- 0.00005% to operate, it's such a cool shadow war. jokes fucked around with this message at 18:08 on May 17, 2021 |
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May 17, 2021 18:04
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Cirrhosis Johnson posted:Somewhat related, but I wonder what might be a good solution to rampant inflation in the US. Bitcoin looks good on paper, but it’s shortcomings make it clear that’s it not-sustainable long-term. I’m also not holding my breath on the government stopping an increase in the money supply anytime soon. buy a bunch of stocks or commodities or mutual funds or almost any class of investment assets other than fixed-rate debt, you weirdo InternetJunky posted:I'm still kind of stuck on this 7 max transactions per second feature of bitcoin. Shouldn't this be the lead for any anti-bitcoin argument? Aren't the people who are "investing" in bitcoin doing so under the assumption that it will be the currency of the future? Bitcoin critics have been hollering about this problem for years, and price went up anyway because nobody cares whether or not it actually makes sense as a currency. It's been nothing more than a speculative investment for years now, virtually everyone buying it now sees it as a get-rich-quick scheme first and foremost. Whether or not bitcoin has utility as a currency is completely irrelevant to the market now, therefore criticisms of its utility are irrelevant to the market.
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May 17, 2021 18:41
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Why don't we have another Butterfly Labs type company yet to scam coiners for half-used ASICS so they can stop burning up all our graphics cards? I heard some coins have code to prevent the use of ASICs, but I don't know how widespread that is or why people couldn't code around it.
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May 17, 2021 18:41
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Mercury_Storm posted:Why don't we have another Butterfly Labs type company yet to scam coiners for half-used ASICS so they can stop burning up all our graphics cards? I heard some coins have code to prevent the use of ASICs, but I don't know how widespread that is or why people couldn't code around it. the "fix" to incentivize GPU mining is etherium and involves using a bunch of VRAM to verify it is on a GPU as opposed to the existing ASICS paradigm which did not have any VRAM afaik. iirc there are proof of concepts eth ASICS but VRAM is going through the exact same global shortage the rest of GPU components are and as such they can't spin up manufacturing.
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May 17, 2021 19:05
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Munin posted:err, no? Give me your top 3.
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May 17, 2021 19:06
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Cirrhosis Johnson posted:No matter what happens, my life will be infinitely more fulfilling and successful than yours, and that makes me very excited. I guess we all have things to look forward to.
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May 17, 2021 19:08
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InternetJunky posted:I'm still kind of stuck on this 7 max transactions per second feature of bitcoin. Shouldn't this be the lead for any anti-bitcoin argument? Aren't the people who are "investing" in bitcoin doing so under the assumption that it will be the currency of the future? von Vicious posted:its a store of value (SoV) don't you get it Blotto_Otter posted:Bitcoin critics have been hollering about this problem for years, and price went up anyway because nobody cares whether or not it actually makes sense as a currency. It's been nothing more than a speculative investment for years now, virtually everyone buying it now sees it as a get-rich-quick scheme first and foremost. Whether or not bitcoin has utility as a currency is completely irrelevant to the market now, therefore criticisms of its utility are irrelevant to the market. All of this. The store of value keeps getting repeated and repeated and somehow that negates all criticisms with technical analysis of Bitcoin, because OTHER COINS are the ones we "should" be doing day to day transactions on. But turns out that's all a crock as well. As new coins launch nobody gives a crap about what merchants will accept it - the focus is all on what exchanges will list it and what's the price, how quick can you dump it. I watched the CHIA launch through April/May, all the way up to the livestream of the transaction launch and everyone, including the Devs, were all frothing at the mouth for price/exchange information: What exchanges list CHIA? What price? How can I turn my CHIA into actual money? Or on the flip side how can I buy and HODL CHIA?
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May 17, 2021 19:08
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CoolCab posted:the "fix" to incentivize GPU mining is etherium and involves using a bunch of VRAM to verify it is on a GPU as opposed to the existing ASICS paradigm which did not have any VRAM afaik. iirc there are proof of concepts eth ASICS but VRAM is going through the exact same global shortage the rest of GPU components are and as such they can't spin up manufacturing. Thanks makes me wonder: every mining farm is inherently performing wasted work, but is there any way to estimate how much of any given pool is doing the same work at the same time?
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May 17, 2021 19:31
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Shumagorath posted:Making your algorithm memory-hard is one of the ways to frustrate distributed brute-forcing (I believe scrypt can be configured at some point on the time-memory trade-off). Obtaining and coordinating a lot of fast RAM is expensive and has a lot of overhead, whereas parallelizable computation is less so. I haven't dug into it, but wouldn't you expect the pool to assign a unique starting point to every miner every block to ensure there's no collision?
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May 17, 2021 19:45
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