> The Bitcoin network is doomed to throw money out of the window, hundreds of millions every year for processing not even enough transact...
> The Bitcoin network is doomed to throw money out of the window, hundreds of millions every year for processing not even enough transaction to make a Raspberry Pi sweat. The fundamental flaw is that you are correlating the hashing power with the number of transactions that can processed, but the two are unrelated. If there were 100MB blocks the hashing power could stay the same yet the number of transactions would be 100 times as large. One of the reasons bitcoin works so well is that this scenario will be phased in gradually. By the time transaction volume is 100 times what it is now, the electricity cost per transaction will be in line with the cost of a transaction, and the mining bonus per block will be less and less necessary and become a smaller part of the profit from mining. Electricity cost will actually drop in price significantly due to solar, but again this doesn't even matter as the system of incentives drives mining. As was mentioned before (not by me) this is extremely misleading at best (and really outright untrue). Mining costs adjust to the amount of money miners are making. The block rewards are supposed to be a temporary measure to gradually introduce more supply while being an extra reward to the miners as the network gets started. If mining wasn't profitable, miners wouldn't do it. You could make an argument for transaction fees eventually being too expensive for typical transactions, but to say that mining is some inherent cost is ridiculous, since it adjusts to the amount of money that can be made by mining. Crypto currencies are difficult for people to understand, because really it isn't common for people to have a good handle on proper incentive structures to drive people's behavior.
Posted by CyberDildonics on May 5, 2015, 3:22 PM
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Raise real-world problems, find people facing the same issue, and discuss solutions.6,500 issues0 comments
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there are tons of TLDs that are cheap I'm not even sure what you are offering after reading this, but cloud is an even harder sell becau...
> One can't expect that every driver package submission from every vendor is thoroughly vetted every time, this is a matter of trust and ...
Too expensive for a worse vehicle than the Model Y (with incentives, it was a >$20K difference).
Starlink only has 10 Million customers, too expensive for most countries already.
The U7 Lite only does 2x2 MIMO.
Iranians use VPNs simply because they want to access the internet.
> When you don't want the ads and privacy invasion, you don't visit the website.
A vantage point from a very long time ago: The big social media services are pining for the days of CompuServe and Prodigy.
> The Bitcoin network is doomed to throw money out of the window, hundreds of millions every year for processing not even enough transact...
> The Bitcoin network is doomed to throw money out of the window, hundreds of millions every year for processing not even enough transaction to make a Raspberry Pi sweat. The fundamental flaw is that you are correlating the hashing power with the number of transactions that can processed, but the two are unrelated. If there were 100MB blocks the hashing power could stay the same yet the number of transactions would be 100 times as large. One of the reasons bitcoin works so well is that this scenario will be phased in gradually. By the time transaction volume is 100 times what it is now, the electricity cost per transaction will be in line with the cost of a transaction, and the mining bonus per block will be less and less necessary and become a smaller part of the profit from mining. Electricity cost will actually drop in price significantly due to solar, but again this doesn't even matter as the system of incentives drives mining. As was mentioned before (not by me) this is extremely misleading at best (and really outright untrue). Mining costs adjust to the amount of money miners are making. The block rewards are supposed to be a temporary measure to gradually introduce more supply while being an extra reward to the miners as the network gets started. If mining wasn't profitable, miners wouldn't do it. You could make an argument for transaction fees eventually being too expensive for typical transactions, but to say that mining is some inherent cost is ridiculous, since it adjusts to the amount of money that can be made by mining. Crypto currencies are difficult for people to understand, because really it isn't common for people to have a good handle on proper incentive structures to drive people's behavior.
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