The nitpicking replies to this are absolutely diminishing my concerns about how aspy I might be
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Periodic reminder that Bitcoin mining is not "solving equations". It's thousands of GPUs and specially-built chips burning electricity to yell random 64 digit numbers at each other in the hope one of them is the secret word of the daypic.twitter.com/U20hzANGDm
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If you are considering @'ing me with your takes about how the number of digits is wrong, please save time by consulting this handy chart that your reply will be pulled frompic.twitter.com/0sQOz7yX1R
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Please invest in my ICO CryyptoCoin; the extra Y is for "You're going to lose all your money"
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Time to pull the rip cord on this shit - come get me, cryptogronkshttps://twitter.com/k_morrissey/status/963883037049044992 …
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If you're thinking of replying to this saying OH BUT THE FINANCIAL SYSTEM ALSO USES ENERGY, let me just say this: ok
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In case anyone is wondering I ran the numbershttps://twitter.com/k_morrissey/status/972932137304301568 …
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I love when people make out it’s complex mathematical work being done and not just billions of wrong guesses a second.
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[huffs huge line of marketing department cocaine] BLCOONK CHANINE!
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that was the thing that surprised me the most when I started reading about it. The marketing hype keeps using terms “puzzles” but it’s just shit.
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I've got this image of monkeys flinging shit at each other now.
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each Monkey has a small, unique allocation of the big pile of shit
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It pre-dates Bitcoin entering the broader consciousness but The Zero Theorem is the best expression I've seen of what non-technical people seem to think Bitcoin is
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the dudes I’ve talked to around here, just regular dudes, seem to think it’s like buying shares.
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It's like buying shares in an easter egg full of magic snake oil that you have to sell to someone else before the chocolate melts, the snake oil escapes, or people realise that it's not real chocolate nor is there anything inside it
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If yelling "random 64 digit numbers at each other in the hope one of them is the secret word of the day" actually works to give you a functioning, trustless, global ledger, what exactly is your objection?
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Read it again
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Sure... Ok... It read just as bad as the first time. Either the system works or it doesn't. There's a lot of money to be made if you break bitcoin. Good luck with that.
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Bitcoin should (and will) die because it's a huge and unsustainable waste of electricity for no broader benefit in a time of increasing resource constraint Clear enough?
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Bitcoin reimplements the accounting ledger so that it's quick reconciling, global, and trustless. How you think that is "for no broader benefit" escapes me. The "increasing resource constraint" bit is also mystifying but that's another discussion.
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Say I want to send $60 to my pal Captain Disingenous in Grenada: 1. PayPal/Western Union/etc, via Visa. ~3-5% fees, it's there in seconds. 2. Bitcoin etc; I have to: Fund an exchange acct, buy crypto with fiat, send to El Capitain, he cashes out, 5h and $20 USD in fees later
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Meanwhile I've burnt enough electricity to have flown to Grenada and back
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You haven't burnt a thing. All transactions on a crypto ledger are defended by the miners. The more defenders, the fewer the people who can hijack it. You don't value a trustless global ledger. That's fine. You can't see why others would value it. That's shortsighted.
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