Programmer and sysadmin (DevOps?), wannabe polymath in tech, science and the mind. Neurodivergent, disabled, burned out, and close to throwing in the towel, but still liking ponies 🦄 and sometimes willing to discuss stuff.

  • 5 Posts
  • 1.82K Comments
Joined 1 year ago
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Cake day: June 26th, 2023

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  • As Bitcoin has grown, transactions have become slow

    Except for Bitcoin Lightning Network:

    https://en.m.wikipedia.org/wiki/Lightning_Network

    Bitcoin is always being diluted

    It’s also constantly getting un-diluted by people losing their keys.

    Current estimates put the “lost coins” at around 25% of the total. That is twice as many as there are left to mine.

    it is possible that transaction fees will need to be raised to compensate miners.

    That’s been the plan from the beginning.

    Mining halving has been defined with a rough estimate of adoption, volume, and technological advances. It’s why Lightning Network was developed, and why Ethereum has switched to a Proof-of-ownership mining scheme.

    The estimate is rough and quite inflexible, which has lead to cyclic fluctuations around the period of halvings… but from a long term perspective, it has been working reasonably well for the first 10% of Bitcoin’s starting period.


  • This is a fancy way to say that it is slower unless you pay higher fees.

    My bank takes:

    • 24-48 hours for 0€, only in the EU, up to 15k€
    • 5 minutes for 0.50% (min 1.25€), only in the EU, up to 900€
    • 48-120 hours for 0.70% (min 35€), international, up to 20k€

    So my bank is also “slower unless you pay higher fees”… or “slower even with higher fees”… and on top of that, it has an amount cap.

    Meanwhile, on Bitcoin Lightning (https://1ml.com/statistics):

    • Median Base Fee: $0.000617

    fork the network and update it if they had 50%+1

    No. There are 3 components to Bitcoin: Miners, P2P nodes. and coin owners.

    • Getting 1 miner and 1 P2P node, allows forking… and getting kicked off the network.
    • Getting >50% of mining power, allows a chance at double-spending some own coins.
    • Getting 100% of miners AND/OR 100% of P2P nodes, allows taking over the network.
    • Getting an owner’s key, allows full access to the coins tied to that key.

    Neither of those are impossible, some are just easier and have a higher ROI than others.

    The tax and identity layers have to be added on top. They are not built-in.

    Same as with cash.

    Yes, this is one of the selling points of Bitcoin vs. Banks, in an age where cash is getting phased out.

    The opposite, is also a selling point of “OpenSource Money with Taxes built-in” vs. Bitcoin.

    Pick whichever side you prefer.







  • There is an allegation about him helping/inciting/collaborating/conspiring with Manning to break a password that would allow them to access information requiring a higher security clearance.

    It’s a serious accusation, and it’s compounded by suspicions of him favoring Russia in his filtering of leak releases, but it’s still crazy the amount of time he’s been not-free because of something he hasn’t been tried or found guilty of.


  • Yeah… “problem” was kind of tongue in cheek.

    But it’s not exactly a “default”, it’s more of a “demographic with little data”… and I bet it’s small enough that the algorithm is showing exactly the content most of its members are looking for. It’s somewhat of a sad reflection on the state of privacy, when keeping things private becomes a segmenting parameter.