Bitcoin Daily Discussion, March 22, 2018 |
- Daily Discussion, March 22, 2018
- Dutch court: Bitcoin is an official financial asset.
- There is now 1.000.000 of US debt for every bitcoin that will ever be mined.
- BitMEX Research - SegWit transaction capacity increase compared to Bitcoin Cash - Since the launch of Bitcoin Cash in August 2017, around 6.1 million SegWit transactions have taken place, 20.1% more than the cumulative number of Bitcoin Cash transactions in the period.
- "Bitcoin will be the single global currency of the internet," says founder of Twitter & Square
- Bitcoin and Energy Consumption - Rebuttals
- /r/DarkNetMarkets/ banned by reddit
- Bitcoin Looking Bullish After G-20 Forum
- Adoption : Here's an updated list of 100 companies that are accepting Bitcoin payments
- Newly appointed China's central bank head Yi Gang: "Bitcoin is a currency that provides freedom to anyone that uses it."
- Citibank closed my account after 32 years!
- JP Morgan: every dollar put into Bitcoin increases the market cap by $50
- I created a newsmap for crypto news. You can visually see the entire crypto landscape in just one glance.
- Twitter CEO Dorsey Believes Bitcoin Will become the World’s Single Currency in 10 Years
- 8% of US citizens own cryptocurrency with Bitcoin leading the pack
- Paradigms
- Can miners inflate the transaction costs? - Andreas Antonopoulos
- New Chinese Central Bank Governor Bullish On Bitcoin and Cryptocurrencies.
- No, there isn't child porn on the bitcoin blockchain
- Jack Dorsey expects bitcoin to become the world's 'single currency' in about 10 years
- The transaction of 195,000 BTC took place on November 11, 2013. $100 million sent, cleared in seconds with $0.00 fees. Technologies with vastly higher efficiencies eliminate the established, inefficient ones. Always have, always will.
- US government may attempt to ban addresses associated with bad individuals
- CNBC: Bitcoin above $9k after positive G-20 cryptocurrency meeting
- TIL: You can officially get the Bitcoin reference book "Mastering Bitcoin" as an ebook (pdf) for free
- Britain is getting a cryptocurrency task force.
- “Bitcoin will overtake the dollar in importance as it becomes the single global currency of the internet within a decade”
| Daily Discussion, March 22, 2018 Posted: 22 Mar 2018 03:01 AM PDT Please utilize this sticky thread for all general Bitcoin discussions! If you see posts on the front page or /r/Bitcoin/new which are better suited for this daily discussion thread, please help out by directing the OP to this thread instead. Thank you! Daily threads are fast paced! If you don't get an answer to your question, you can try phrasing it differently or commenting again tomorrow. Suggested Topics
Your price screenshots and repetitive submissions are being removed, so please stop submitting them! Please check the previous discussion thread for unanswered questions. [link] [comments]  | ||
| Dutch court: Bitcoin is an official financial asset. Posted: 22 Mar 2018 01:28 AM PDT
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| There is now 1.000.000 of US debt for every bitcoin that will ever be mined. Posted: 21 Mar 2018 02:23 PM PDT | ||
| Posted: 21 Mar 2018 06:06 PM PDT
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| "Bitcoin will be the single global currency of the internet," says founder of Twitter & Square Posted: 21 Mar 2018 04:02 AM PDT
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| Bitcoin and Energy Consumption - Rebuttals Posted: 21 Mar 2018 10:16 PM PDT Andreas Antonopolous was featured on a CaSE podcast. At around -00:15:00, he provides a great response about energy consumption in Bitcoin. Summarized: -Energy is being wasted Clearly, Bitcoin is useful to some people. Judgements about whether or not something is wasted is best left to those using it. We don't end up with a good society if we start deciding for other people what is useful and what is not. To people who value censorship-resistance, neutrality, global access, completely decentralised system of currency with no geopolitical attachments, Bitcoin is a very useful application. Some would argue it is the most useful application in the 21st century. You can't do the security of Bitcoin without the investment in energy. To those who say you can, they are saying that you can get something of value out of nothing. There's a reason why the security of reason costs that much in terms of energy; if you do it for less, it's less secure. If it's less secure, you won't have a valuable network. The energy in Bitcoin is not wasted - it's used to make the network secure without central authority. No one has demonstrated at scale an alternative. -What about Proof of Stake? There is a lot of complexity in using an intrinsic currency as stake for the security of the same currency. The game theory gets very complicated. Proof of Work is straightforward: you spend resources on energy in order to secure the virtual asset. If you decide to fuck it up, not only do you lose the value of the virtual asset, but you also spent money on energy that you are not going to get back. This creates a level of grounding. This is the primary basis on which Bitcoin achieves immutability; the idea that it is as computationally expensive to re-write the ledger for 3 days as the amount of energy you spent to write the ledger the first time for 3 days. It is one of the security guarantees that Bitcoin has - in order to re-write the ledger, you have to expend the energy again, but you receive the reward once. This makes it very very expensive to re-write even small stretches of the ledger. We do not know of a better basis for immutability that doesn't use energy, and I would challenge anyone who claims that there is. -The Nirvana fallacy - comparing Bitcoin to something perfect If this world produced all energy from renewable resources, and all energy is used for useful things, then perhaps we may look at Bitcoin and ask whether or not the value of Bitcoin is commensurate to the energy we are using. None of the journalists did even a cursory examination of what energy is being used for today. Let me give you just 3 examples: Bitcoin's energy use is one hundreth of the energy used in mining gold. Gold is integral to the monetary system that Bitcoin is directly trying to replace. There are also environmental costs of mining gold - from sulphuric acid leeching into rivers, denuding hills, destroying mountains, etc. A tiny fraction is being used for industrial use, the vast majority of gold is being held as store of value. Let's take a look at things like Christmas lights. The entire electricity use of Bitcoin in a year pales in comparison to the 1 week of electricity being used to power Christmas lights in the US alone. There are additional effects such as light pollution, and the majority does not come from renewable resources. You can argue about the pointlessness of such tradition. More practically, every charging device with a step-down converter sits plugged in and coverts electricity to heat. The estimated power this consumes is 2 orders of magnitudes greater than what Bitcoin consumes. This is a worldwide phenomenon which is an enormous drain of energy. Cherry on top: the world's largest polluters and energy spenders are military; the main purpose they serve is to kill people. We haven't even discussed the amount of energy required to support the existing banking system. -Journalistic dishonesty and sensationalism Spare me the righteous indignation of the environmental impact and waste of energy of cryptocurrencies - it is unscientific and completely hypocritical. All of the journalistic analysis goes like this: if it takes X kilowatts to conduct 1 transaction, and we took it to world scale, how much energy would that cost? They disregard that the energy used is completely unrelated to the # of transactions. The equivalent flawed thinking would be, "if this pregnant lady's belly is THIS large at 3 months, then in 5 years, it will be as big as this entire room." That is the exact scientific value of extrapolating something on a variable that is not dependent. -How are you sure of your numbers? We can estimate the lower bound of energy consumption, and say that it is unlikely that the real number is twice as much as the lower bound. The energy requirement to do a hash is a fundamental thermodynamic law. You're flipping bits, and they take a certain amount of energy to flip. You know the computational energy efficiency of 16nm ASIC-based chips. If you assume the network operates on this (which is incorrect, but again, lower bound estimate), and we know exactly how many hashes/sec are being calculated, because that's recorded on the blockchain, then we can calculate exactly how many joules of energy it takes. If you assume 50% of miners have 1 generation of miners behind (unlikely, because miners require optimisation), then it is at most 1.5x the lower bound of energy consumption. It is easy to estimate the amount of energy being used in Bitcoin, which makes it an easy target. When you use your VISA card, you do not see the 600,000 employees who commute to work using gasoline-burning cars, the 26-story buildings which are lit 24 hours a day, data centers which are doing fraud prevention and analytics, as well as selling data to intelligence agencies and advertisers. All of this costs a lot of money and energy, and arguably just as "wasteful," but it's a hidden cost. [link] [comments]  | ||
| /r/DarkNetMarkets/ banned by reddit Posted: 21 Mar 2018 02:53 PM PDT | ||
| Bitcoin Looking Bullish After G-20 Forum Posted: 21 Mar 2018 04:21 PM PDT
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| Adoption : Here's an updated list of 100 companies that are accepting Bitcoin payments Posted: 22 Mar 2018 03:08 AM PDT
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| Posted: 21 Mar 2018 07:39 AM PDT
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| Citibank closed my account after 32 years! Posted: 21 Mar 2018 04:25 AM PDT Coincidence that it was days after I sold some bitcoin to a relative, and in the payment to my bank he mentioned 'bitcoin' in the comment section? Citibank letter does the usual 'we are not obligated to provide a reason' and 'our decision is final'. Fuck them I say, they are making themselves obsolete even faster than bitcoin would have caused it naturally. [link] [comments]  | ||
| JP Morgan: every dollar put into Bitcoin increases the market cap by $50 Posted: 22 Mar 2018 12:11 AM PDT
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| Posted: 21 Mar 2018 02:09 PM PDT
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| Twitter CEO Dorsey Believes Bitcoin Will become the World’s Single Currency in 10 Years Posted: 21 Mar 2018 06:28 AM PDT
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| 8% of US citizens own cryptocurrency with Bitcoin leading the pack Posted: 22 Mar 2018 01:38 AM PDT
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| Posted: 22 Mar 2018 01:14 AM PDT Isn't it time we really start discussing the true reason we are all involved in this? World governments and entrenched financial institutions are failing us and powerful media magnates have demonstrated time and time again their lack of concern for our privacy and ownership of our sovereignty. The continual onslaught by mainstream media against crypto and blockchain will continue. But when are we going to stand up and say "Enough is enough" and defend our right to ownership of what we have earned? [link] [comments]  | ||
| Can miners inflate the transaction costs? - Andreas Antonopoulos Posted: 21 Mar 2018 03:41 PM PDT
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| New Chinese Central Bank Governor Bullish On Bitcoin and Cryptocurrencies. Posted: 21 Mar 2018 09:00 AM PDT China has always had a harsh stance on cryptocurrencies. That might change. Yi Gang was appointed to be the new governor of the People's Bank of China (PBoC), the Chinese central bank. The newly appointed governor has reported to have positive views on Bitcoin and other cryptocurrencies.... [link] [comments]  | ||
| No, there isn't child porn on the bitcoin blockchain Posted: 21 Mar 2018 11:19 AM PDT
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| Jack Dorsey expects bitcoin to become the world's 'single currency' in about 10 years Posted: 21 Mar 2018 07:13 AM PDT
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| Posted: 21 Mar 2018 07:33 AM PDT
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| US government may attempt to ban addresses associated with bad individuals Posted: 21 Mar 2018 04:13 PM PDT
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| CNBC: Bitcoin above $9k after positive G-20 cryptocurrency meeting Posted: 22 Mar 2018 02:48 AM PDT
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| Posted: 21 Mar 2018 06:16 AM PDT
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| Britain is getting a cryptocurrency task force. Posted: 22 Mar 2018 01:39 AM PDT
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| Posted: 21 Mar 2018 06:47 AM PDT
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