And energy will be even scarcier.
Maybe all people should save the electricity then. Why need so much.
Ban all mining of crypto for example… Or maybe they should use power of their own muscles to mine it.
The paradox of supporting bitcoin and complaining about electricity price rising…
There is no such situation that I will eat the cookie and then I will still have it, Its gone already.
It seems there are still lots of people buying the “Dip” in BTC. They should wait for three arrows to complete it’s sale of BTC. Any day now a few thousand will be wiped off the value.
People will keep buying the dip because uninstalling an app doesn’t stop their buy orders. Last year a lot of people were “smart” and just posted a “fire and forget” autobuy at a certain amount, like I predicted before. So everytime it hits s certain low, it will bump back up slightly due to maybe a trillion of buy orders that will be autocreated. No one knows how many of those apps have been set up and forgotten, as most probably assumed that BTC would only go up.
What a lot of people are missing here is that this whole Defi and Cefi crap collapsing in on itself caused more financial loss than the financial crisis of the legacy system in 2008.
And more importantly, no tax payer had to pay for bailouts. The people who took the risk and gambled on this completely degenerate protocols are the ones actually losing the money. As it should be.
Meanwhile Bitcoin did not skip a single block trough all of this. It just keeps working no matter what.
Ow, lol. Didn’t evenrealize.
That’s awesome. But then again, MOST of those into BTC are people who hate the governments so apparently they don’t ask for bailouts and neither bail out the governments by paying taxes.
The ledger is made with such a overhead that it will not be possible to skip one. It will go slower, once it’s too slow, it’s made easier to make a new ledger.
265079 transactions are made daily, see SQL performance below:
If ONE transaction would be skipped, you can stop BTC right at that moment. If it can’t even do 250k transactions a day… Slushpool has about 200,000 miners. They have 12% of the network hashrate. So if they can’t handle trillions of transactions easily, switch back to pen and paper.
Not sure if this is realistic for the casual to have left it on auto buy in this day and age, personally I would want to be the one making the decision to buy.
Bitcoin is not optimizing for speed. It’s optimizing for decentralization and that comes with a heavy cost. It’s slow partly by choice and partly by physics. It could be faster, but no way near the speed of an SQL database, because the data has to be synced between tens of tousands of nodes, even with very bad connection. That is why a block is produced on average every 10min and why the blocks can only hold few transactions. This are artificial limits so everyone no matter where on earth and what crappy internet connection can participate with affordable hardware.
And no, it doesn’t get slower, it will always correct itself back to the same throughput, no matter how many miners there are.
wat?
How fast it is has nothing to do with the miners. How can we discuss this for months and you still don’t understand how it works?
Layer one is about security, decentralization and unchangeable monetary policy. It’s purpose is to create a hard solid money, like a digital gold without compromises. Once we have that we can then build and experiment on layers above. without the risk of compromising that solid core.
Like for example Lightning, which builds on that foundation and adds instant finality and scalability. It can in fact theoretically outperform any centralized SQL database easily, because there is no limit on how parallel it can be.
It’s also extremely more resilient. If any number of nodes survives it is still working. If an SQL server goes down, it’s offline.
That’s an intelligent design, so if a number of nodes went offline transactions would re-route and complete. When those nodes come back online they will just seek to update their ledger and system and carry on.
If it cannot process one entry in the ledger, and it does way to many guesses to calculate one. Then it’s beyond ridiculous as a concept. Look at the VISA system, from 2008 it wanted to become the cash replacement. You clearly see the average transaction cost go down a lot. Thus VISA, who had a big battle with Bitcoin and lightning won and took over a large part of the pie. In 10 years, this was done. Ten years, see, it can be done. These informations are generally why I don’t understand the BTC zealots going on about replacing cash. Does my local shop know who I am? Probably with all their cameras. Would Bitcoin shield me from that no? However if I wanted to buy stuff on the dark web, then it was useful, as it’s a good dark web payment system. That’s by the way what McAfee saw in BTC (and other crypto) as he really liked a lot of crypto to make sure if one guy pulls the plug the entire system did not go down.
I’d look up transaction fees and tell you you are wrong.
Why would it have to do that? You could say “theoretically it would be half as fast as SQL” and then say “millions of tranactions per second per node (wheter SQL or lightning) are never required even if everyone in the world would be using it for payment processing”. But yeah, theoretically, not taking into account amount of maximum financial tranactions in teh world economy,… yeah, it could be true.
Your knowledge of SQL clusters might be outdated.
Because you can use it to stream money. To which you will now answer “no one needs that”. Which is probably what people said when you told them that more bandwidth on the internet would allow them to stream movies, since it was perfectly working to buy a DVD in the store.
And yeah, we will see if that is actually useful.
I’m a Linux systems engineer. I work with all sorts of clusters for almost two decades now and I can tell you that clustering an SQL server is exclusively for disaster recovery (which then usually doesn’t work because people don’t regularly test the mechanism, because that causes downtime). It will not increase reliability, because a more complex setup is almost always less reliable because it has more moving parts. It may improve read throughput, because you can read in parallel from cluster members. But write operations will be slower because they have to be replicated and that is blocking if you care about consistency.
In fact they suffer from exactly the same issue Bitcoin does, the more replications you want the slower it gets. Because the purpose of Bitcoin is that its replicated all over the globe, it has to account for that.
It’s actually to fast for a settlement layer that works even across the solar system. I kid you not, but people are already thinking about how to solve that.
No, I told them to implement ipv5 instead of ipv4.
If the tranaction reporting would be $0.01, suddenly a lot of small transactions (below the reporting treshold) would dissapear.
Whoops, I should have used the word fail over. Fail over servers work by duplicating the tcp messages to both servers. 0 delay though and instant failover. But you are right not “cluster”. However Microsoft uses the wording fail over cluster ( Always On failover cluster instances - SQL Server Always On | Microsoft Learn ) so… maybe look outside of your speciality before commenting.
I can only assume that this is all pretty far outside your specialty or don’t have any real world experience with such products if you think what I wrote doesn’t apply to this setup as well.
I don’t do any clustering or failovering of servers. Might cause an occasional failover but that’s somethuing else. 
Will he get the last laugh? Probably after the crisis people will have some more “completely legal money” they would like to obfuscate for “privacy reasons” only.
Meanwhile his returns:
Since he’s investing in BTC, which isn’t any part of his business, he is now stuck in pumping money in it or being branded the worst CEO ever.
Imagine a board meeting;
“Yo dawg, I’m like an IT guy with cloud and analyzing user data experience, let me invest most of our funds in some private coin because we can’t make good profit since that evil SEC told us not to scam and report our numbers correctly. How about we tell people our losses are investments into the future, like in 2 gorillion years, people will say ‘Oh no, we should have done the same!’.”
I don’t know if the FED can fix the economy when the rich people do unimaginable things like this. It would be like going to an insane asylum and try to reason with them to stop acting weird.
Europe is going to close the net even more for the criminals but leave Bitcoin as a safer speculation than when it was in the hands of criminals. Will crime ever give up on BTC, no but it will be just another investment thing and this time your identity will be linked as governments are hunting down those who “wanted to make poor people rich” by failing to pay taxes on speculative income. The biggest advantage (the anti social aspect) is being criminalized. And those willing to be an exchange will have to report like they are a real bank, which they are. Taxes and responsibility… I can see how all “poor people” will flock towards it and use it as the next currency.
Meanwhile Russia will exempt Bitcoin miners from taxes, as long as they sell the BTC and they don’t end up with it. Lol…
Russian parliament approves tax break for issuers of digital assets | Reuters.
I’m not against more regulation. The whole crypto space is full of scammers.
But somehow I doubt they will go after the scammers and they just implement stupid rules to track all the normal people who have done nothing wrong and would be entitled to their privacy.
There are cases when people were investing in knives by catching them when they were falling. Some of those knives are still laying where they have fallen, with pools of blood around them.
But, who cares if someone is so rich they have money to throw away. They would just throw it away anyway probably. Those were their own money, right? Lets hope that. 
Hehe.
Youtube need a team of people who watch for the crypto doubling scam videos, I believe they paid large fines recently for not stopping it. They are better off hiring the staff to deal with it. I can spot them from a mile away, why can’t the youtube staff.
If an authority starts fining domain name hosts, isp’s (for not blocking the scam website) and any sort of company that provide a platform for scammers, the world would be crypto scam free tomorrow.
Many of these companies make a lot of money and you never hear of them struggling, It time for them to invest more to protect the internet community.
The Bank for international Settlements also known as the central bank of central banks has just released a document where they allow their members (central banks) to put up to 1% of their reserves into Bitcoin.
If only they had asked @Nana_Skalski who could have told them that this is just a scam and a fad that will pass. Somehow they take it seriously. The fools.
1%. The limit is provisional and to be revieved periodically.
For me that is still one step in the wrong direction. No matter how carefull they are. They state they are considerably higher risk assets, Group 2 cryptoassets.
Certain cryptoassets have exhibited a high degree of volatility, and could present risks for banks as exposures increase, including liquidity risk; credit risk; market risk; operational risk (including fraud and cyber risks); money laundering / terrorist financing risk; and legal and reputation risks.
For me that is stupid that they allow even 1%, and with rules in place about the higher risk. Should be listening to me of course and dont allow such thing at all, even at 0.1%.
Meanwhile if you actually read the fine print ;
“The prudential treatment of central bank digital currencies (CBDCs) is not described within the
Basel Framework. The Committee will give further consideration to the treatment of CBDCs as
and when they are issued.”
The BiS, kinda like the “International Fed”, apparently is being presented by you as “GOING TO BUY ALL THE CRYPTO! INVEST NOAW GUYZ!” however, the document actually WARNS all banks in the world NOT TO INVEST more than a certain amount into something that is collapsing. You already said national banks (nations) have been buying BTC in their reserves. So this is awork of art. The BiS says “don’t buy too much, you are already going far” which is different than “The BANK OF BANKS will now be going FULL ON changing into doing away with currency, gold, silver, and officially use Bitcoin as a world currency. BUY IT NOW before your money, stocks, gold and silver becomes worthless.”. You have to nuance it a bit, even while your dream of BTC as a universal currency is being curtailed.
