17 years*
cross-posted from: lemmy.blahaj.zone/post/3791302…
mastodon.online/@FranckLeroy/1…
Franck Leroy (@FranckLeroy@mastodon.online)
Exactly 14 years ago , Satoshi Nakamoto designed the most pathetic / inefficient system ever invented by humankind : the blockchain.Franck Leroy (Mastodon)
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jonathan7luke
in reply to Sine_Fine_Belli • • •like this
LostWanderer and SolacefromSilence like this.
qkall
in reply to jonathan7luke • •Science Memes reshared this.
underisk
in reply to jonathan7luke • • •Goodeye8
in reply to jonathan7luke • • •Bitcoin never had the US economy dependent on it. It will slowly fizzle out as people realize their monopoly money becomes worthless when nobody wants to buy it.
AI on the other hand doesn't have luxury of fizzling out because the economy is dependent on it.
chemical_cutthroat
in reply to Sine_Fine_Belli • • •I'm glad I blocked the blahaj.zone instance just to get it crossposted into a barely relevant community.
...sigh. Here I go blocking again.
gigachad
in reply to chemical_cutthroat • • •RedSnt 🧩♂️👓🖥️
in reply to chemical_cutthroat • • •Mythra
in reply to Sine_Fine_Belli • • •The dollar loses its centralization and I consider that a good thing.
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Benign likes this.
FireRetardant
in reply to Mythra • • •This is a big part of it. Its about decentralization. Currently it has a massive environmental impact, but as renewable energy and better cooling technology develops, decentralized cryptocurrencies could be better than fossil fuel invested banks.
The decentralized nature does mean that sometimes criminals can use it, but some countries will consider you a criminal based on the color of your skin.
Matty Roses
in reply to FireRetardant • • •zergtoshi
in reply to Matty Roses • • •Don't get me started on all the other issues Bitcoin has...
MadMadBunny
in reply to Sine_Fine_Belli • • •zd9
in reply to Sine_Fine_Belli • • •It was never meant to be used in this way at this scale though. He put out a new method/paradigm and that was that. It was the asshole investor tech bros that destroyed the planet once they learned of it.
Just like anything, almost no tech or thing is inherently bad, but it becomes bad when the ruling class get their greedy grimy little grimy in it.
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Tehdastehdas
in reply to zd9 • • •FauxLiving
in reply to Tehdastehdas • • •zergtoshi
in reply to Tehdastehdas • • •Lots of the issues Bitcoin faces are not based on the design, but by and large what tech bros made out of it.
If you really want to learn more about it, have a look at the blocksize wars and Bitcoin Cash. Or just wait until Bitcoin finally collapses, which will happen eventually, but I'm not able to tell whether this year, decade or century.
What will break Bitcoin's neck eventually is the OPEX of its mining. Mining on the one hand is a crucial part of keeping the network secure, but on the other hand is expensive way beyond the money that can be earned from transaction fees collected when doing the mining.
Bitcoins being generated from thin air when a new block is being produced are a major part of the revenue for the miners, but the amount of BTC getting created this way gets reduced over time until it reaches 0.
The thing about the mining is that it's being done with more and more computing power, and it can't go below whatever the current amount of computing power is by a lot without putting the network at risk.
psx_crab
in reply to Sine_Fine_Belli • • •far_university1990
in reply to psx_crab • • •OpenStars
in reply to far_university1990 • • •Starski
in reply to OpenStars • • •"Checkers"
"I think you mean checkmate, dumbass"
glibg10b
in reply to Sine_Fine_Belli • • •What's worse is that there are modern alternatives that can process hundreds of transactions per second without any mining at all
But Bitcoin people don't care about that because they don't use Bitcoin for actual payments, they use the price to pump their bags
yogurtwrong
in reply to glibg10b • • •What is the modern alternative for decentralized, eco friendly money?
I know monero is praised a lot by the people of penguin but that one also requires mining.
JayDee
in reply to glibg10b • • •zergtoshi
in reply to JayDee • • •Ripple and Stellar are popular examples of networks that can process lots of transactions fast and cheap, but in my perspective they're both examples of tech bros finding a new playground - especially true for Ripple.
But there are other gems such as nano.org/en, which come to mind. It's true open source, was distributed for free, has transactions without a fee and can process hundreds of transactions per second with a tiny ecological footprint.
Yeah, I know, it sounds too good to be true, but if you have a closer look, it just is good.
Monero does not exactly have the capacity for hundreds of transactions per second, but offers a degree of privacy that's awesome.
And then there's the OG Ethereum, which in fact can process lots of transactions per second often at a quite low cost, which offers a Turing complete smart contract language.
You see, there are at least some alternatives, which offer lots of fast and cheap or even feeless transactions or transac... Show more...
Ripple and Stellar are popular examples of networks that can process lots of transactions fast and cheap, but in my perspective they're both examples of tech bros finding a new playground - especially true for Ripple.
But there are other gems such as nano.org/en, which come to mind. It's true open source, was distributed for free, has transactions without a fee and can process hundreds of transactions per second with a tiny ecological footprint.
Yeah, I know, it sounds too good to be true, but if you have a closer look, it just is good.
Monero does not exactly have the capacity for hundreds of transactions per second, but offers a degree of privacy that's awesome.
And then there's the OG Ethereum, which in fact can process lots of transactions per second often at a quite low cost, which offers a Turing complete smart contract language.
You see, there are at least some alternatives, which offer lots of fast and cheap or even feeless transactions or transactions with other benefits, wuch as privacy.
The development didn't stop with the "train wreck waiting to happen Bitcoin".
I'm glad Bitcoin created the whole crypto sphere.
At the same time I'm dumbstruck how most of the whole sphere is just a soulless, useless money grab.
It's hard to find the projects that aren't, but they are here, hidden in a pile of shit.
You might realize that the projects I listed are more or less random examples, which mostly have one thing in common: they've been around for quite some time.
Nano | Eco-friendly & feeless digital currency
Nano.orgpurrtastic
in reply to Sine_Fine_Belli • • •