• zd9@lemmy.worldEnglish
    110·
    11 days ago

    It was never meant to be used in this way at this scale though. He put out a new method/paradigm and that was that. It was the asshole investor tech bros that destroyed the planet once they learned of it.

    Just like anything, almost no tech or thing is inherently bad, but it becomes bad when the ruling class get their greedy grimy little grimy in it.

    • Tehdastehdas@piefed.socialEnglish
      5·
      11 days ago

      Once again, a careless inventor put out something not designed to counteract obvious misuses. Shoud have designed a complete system with sensibly aligned incentives.

      • zergtoshi@lemmy.worldEnglish
        9·
        11 days ago

        Lots of the issues Bitcoin faces are not based on the design, but by and large what tech bros made out of it.

        If you really want to learn more about it, have a look at the blocksize wars and Bitcoin Cash. Or just wait until Bitcoin finally collapses, which will happen eventually, but I’m not able to tell whether this year, decade or century.

        What will break Bitcoin’s neck eventually is the OPEX of its mining. Mining on the one hand is a crucial part of keeping the network secure, but on the other hand is expensive way beyond the money that can be earned from transaction fees collected when doing the mining.
        Bitcoins being generated from thin air when a new block is being produced are a major part of the revenue for the miners, but the amount of BTC getting created this way gets reduced over time until it reaches 0.
        The thing about the mining is that it’s being done with more and more computing power, and it can’t go below whatever the current amount of computing power is by a lot without putting the network at risk.

  • glibg10b@lemmy.mlEnglish
    43·
    11 days ago

    What’s worse is that there are modern alternatives that can process hundreds of transactions per second without any mining at all

    But Bitcoin people don’t care about that because they don’t use Bitcoin for actual payments, they use the price to pump their bags

    • mortemtyrannis@lemmy.mlEnglish
      6·
      10 days ago

      This definitionally is a meme.

      My pet hate is people who say things aren’t memes when they definitionally are.

      Screenshots of twitter posts are a meme genre.

      You may not like that fact but it’s true.

      The scientific content is debatable I’ll give you that.

  • Mythra@lemmy.blahaj.zoneEnglish
    22·
    11 days ago

    Not completely useless. Iranians can use it to bypass the ridiculous number of sanctions western governments arbitrarily threw at them as those neoliberals pat themselves on the back for making the situaton worse. The dollar loses its centralization and I consider that a good thing.

    • FireRetardant@lemmy.worldEnglish
      19·
      11 days ago

      This is a big part of it. Its about decentralization. Currently it has a massive environmental impact, but as renewable energy and better cooling technology develops, decentralized cryptocurrencies could be better than fossil fuel invested banks.

      The decentralized nature does mean that sometimes criminals can use it, but some countries will consider you a criminal based on the color of your skin.

  • chemical_cutthroat@lemmy.worldEnglish
    8·
    11 days ago

    I’m glad I blocked the blahaj.zone instance just to get it crossposted into a barely relevant community.

    …sigh. Here I go blocking again.