Dominant Reserve Currency 2020Q3 - 2025?
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Replying to @DanielleFong
Bitcoin is the soundest form of money ever created. The bedrock.
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Replying to @pnfigueiredo @DanielleFong
But for most things, we’ll use different interfaces.
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Replying to @pnfigueiredo @DanielleFong
For futures, options, insurance, streamable payments and so much more, DeFi is flourishing on layers 2 and 3 of Bitcoin and Ethereum.
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Replying to @pnfigueiredo @DanielleFong
Just discovered Bitcoin recently , well i mean i took the time to learn its history and basic intro. Apparently the power required to run bitcoin is the same as what the country Austria uses. Dont know if thats true but if is thats a bit mental. Power i think used solving equatio
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Replying to @2050Andy @pnfigueiredo
It's a competition, but you're right it could be better.
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Replying to @DanielleFong @pnfigueiredo
As far as i know the problems or equations being solved have no relevance to any productivity or assist with any ongoing requirement , there just solved then discarded or have no purpose. Other than for the system to work. Has to be a better way than that but if it works for now
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Replying to @2050Andy @DanielleFong
Good on you for taking the steps to research it so early!
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I think you answered your own question, the system emerges from Proof of Work. You can say it’s costly — and I can tell you it’s nowhere near that comparison you mention above, but you have to evaluate it against the value it provides.
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That said there are other consensus mechanisms. Proof of Stake is the most famous runner up, and Ethereum is transitioning soon.
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My medium term project is proof of locality -- you can proof that either you are within a location and fast or have some form of synchronicity / entanglement by requiring responses extremely quickly.
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