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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Seems unlikely bitcoin will transition anytime soon, as its bias against sudden changes in the protocol are part of its value proposition
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On this subject I recommend you this interview: https://youtu.be/LnEik-n-yTM?t=669 …, especially the part between 11:09 and 14:42
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Replying to @pnfigueiredo @2050Andy
I am supposedly a good investor -- I earned about 150% from 2010 - 2016, excited the market when it left the fundamentals, and, uh, this year peaked at an absurd 16,000,000% IRR. right now, due to my primarily PUT position, I'm at a measly >1000%...
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Probably would have taken more $$ out near the top if I had not been rudely and unjustly confined buy someone who called the cops on me, but that's spilt milk, under the bridge...
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