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Shumagorath
Jun 5, 2001


Andy Dufresne posted:

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?
The "what is the dumbest / most harmful answer possible" heuristic suggests that, for search space n, coordinating seeds among m miners where m << n requires investment in supervision you could just spend on increasing the size of m and allowing for some wasted work.

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Somfin
Oct 25, 2010




Nap Ghost

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.

I don't believe you understand any of the words in this post

Fame Douglas
Nov 20, 2013

RELY NOT ON MY HONOR!!! FOR WHEN I OFFER MY WORD OF BOND, I TAKE NOT THAT VOW TO HEART!! CASUALLY, I BRING SHAME TO MY HOUSEHOLD AND RUIN TO THOSE WHO RELY ON MY COMMITMENT, BY SHIRKING MY AVOWED DUTY

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?

Does ETH and other altcoins suffer from the same build-in limitations on transactions per second?

"Transactions per second" is misleading, because transactions get processed as part of new blocks, which happen about every 10 minutes for Bitcoin. And you then need to wait for a few more block to be reasonably sure your transaction has been included in the blockchain, and not just in an orphaned side chain.

Some other cryptocurrencies mint blocks faster and have larger transaction size limits, but the fundamental problem is still that blockchains can't process transactions fast, as minting too many blocks in short sequence greatly increases the likelihood of parallel chains developing.

Munin
Nov 14, 2004




Cirrhosis Johnson posted:

Give me your top 3.

Well, you could talk about wage pressures, issues with the supply and demand of goods. All of which the recent pandemic impacted with huge changes to the jobs market, issues with the import and export of goods, etc.

All of which bitcoin does bugger all about on an economic level.

Not to mention that the last attempt to maintain a commodity backed currency ingloriously collapsed due to the various tensions that built up in the system as (vastly simplifying here) the economy increasingly got disconnected from the money supply.

Of course this is only addressing the goldbug, we need to go return to a commodity backed currency to prevent inflation, looneys which you seemed to invoke with your post and not the other delusional "bitcoin is going to remake the world" people.

DerekSmartymans
Feb 14, 2005

The
Copacetic
Ascetic


Khorne posted:

did someone say layer 2 payment processor aka LIGHTNING NETWORK!! yet

using my decentralized currency as a currency doesn't work so I'll centralize payment processing and do transactions off the ledger



You arenít allowed to get away with simplifying the immense stupidity of the Lightning Network like that.

I admit, this is off the top of my head but if I am super-wrong somebody will correct me because Iím an idiot nocoiiner.

When you want to use the Lightning Network to move money, both you and your depositor or receiver must open up which is basically a pre-funded line of credit. If you are a Satoshi short, you have to open another pre-funded line of credit. This can happen often and fast because of volatility in the price. To save time I split my pre-funded lines of credit with Amazon, Apple, Microsoft, Facebook, Walmart, McDonalds, Target, Wayneís Deer Processing and Tax Service, Monero Child Porn LLC, Weed, Inc. , and Etsy. Hopefully you pre-funded enough to cover something you donít know you want to buy yet, or have enough if the price of btc drops 27% in an hour. If not you have to pre-fund a new account to cover the difference. Repeat for every business you may want to do business with, and keep track of change wallets to recover penny shavings left orphaned. Make new wallets or accounts as needed.

I only saw the details once, and may be waaaay off. I hope Iím wrong, because last year I said the only thing dumber and more obfuscated than acquiring butts was funding the Lightning Network.

Please debunk me while I go to eat macaroni and hotdogs with my family. Of course Iíll be right back; Iím addicted to the Laffchain.

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