Collabarate on bringing about the end of crypto currencies like Bitcoin(github.com)
github.com
Collabarate on bringing about the end of crypto currencies like Bitcoin
https://github.com/bitcoin-0/btc0
14 comments
> one could argue banks are worse.
How, exactly, would one argue that?
> Decentralized currencies do away with reckless money printing and other evils, and for that reason they are the future.
We're already doing that. When was the last time you used cash? It's called plastic.
How, exactly, would one argue that?
> Decentralized currencies do away with reckless money printing and other evils, and for that reason they are the future.
We're already doing that. When was the last time you used cash? It's called plastic.
not to be a dick, but, i don’t think you understand that the problem with recklessly printing money is not whether you’re using paper or plastic.
read up on inflation a little.
read up on inflation a little.
And that plastic is full of printed money. Just look at the US economy..
They didn't consider raising the cost of electricity.
Taxing them would be the best of both worlds.
Ultimately, proof-of-work is actually a proof of faith. How much resources are you ready to waste in order to prove your faith, and have a chance at discovering the next block?
Now, a (globally enforced) tax would raise the bar for every miner. The same amount of resources would be wasted by the miners: their resources and faith remain unchanged. But now, a portion of the miner waste would go into community resources. A 99% tax would be great!
The only problem is enforcement; if someone doesn't pay their taxes, they have a much greater proof.
Maybe it can be enforced by the blockchain? Lets say a blockchain recognizes a "government" entity -with a magic address-; a consensus rule could be that 99% of the reward goes to it?
Ultimately, proof-of-work is actually a proof of faith. How much resources are you ready to waste in order to prove your faith, and have a chance at discovering the next block?
Now, a (globally enforced) tax would raise the bar for every miner. The same amount of resources would be wasted by the miners: their resources and faith remain unchanged. But now, a portion of the miner waste would go into community resources. A 99% tax would be great!
The only problem is enforcement; if someone doesn't pay their taxes, they have a much greater proof.
Maybe it can be enforced by the blockchain? Lets say a blockchain recognizes a "government" entity -with a magic address-; a consensus rule could be that 99% of the reward goes to it?
Why not just switch to proof of stake? Isn't that supposed to be much less environmentally costly?
Banks are what proof of stake looks like after a few hundred years.
Ultimately, proof of stake is a centralizing mechanism. It delegates authority to those with stake, which incentivizes acquiring greater and greater stakes. This will happen through takeovers/acquisitions and slowly, you'll have an oligopoly of centralized powers which control a large portion of the money supply. Sound familiar?
Ultimately, proof of stake is a centralizing mechanism. It delegates authority to those with stake, which incentivizes acquiring greater and greater stakes. This will happen through takeovers/acquisitions and slowly, you'll have an oligopoly of centralized powers which control a large portion of the money supply. Sound familiar?
Because the authors are clearly just against cryptocurrency in general. They're pro-banks.
No, thanks!
Decentralized currencies do away with reckless money printing and other evils, and for that reason they are the future.
I'm sure many were concerned about the environmental impact of the internet, and yet here we are. We'll find a way to make it work.