21 sats \ 0 replies \ @Scroogey 2 Feb \ on: Why Do We Swear When We Hurt Ourselves ? meta
You can hold your hand in ice cold water longer when you swear while doing so, but the effect is diminished if you casually swear too often, fun science: https://media.pluto.psy.uconn.edu/Swearing%20as%20a%20Response%20to%20Pain_Effect%20of%20Daily%20Swearing%20Frequency.pdf
Joe Grand - Hacking a Samsung Galaxy for $6,000,000 in Bitcoin!?
www.youtube.com/watch?v=icBD5PiyoyI
Joe Grand - How I hacked a hardware crypto wallet and recovered $2 million
www.youtube.com/watch?v=dT9y-KQbqi4
EEVblog - How Secure Are Electronic Safe Locks?
www.youtube.com/watch?v=HxQUKAjq-7w
First, read about the concept of 'difficulty'. The network aims for one new block every 10 minutes. Hashrate fluctuates as miners go online or offline. If new blocks arrive too fast or slow, difficulty is automatically adjusted by the network to compensate. It's like a threshold, the miners need to find a hash lower than this value to succeed.
Based on the current difficulty, one can estimate how many hashes need to be tried, on average, to find one that passes the threshold. Similar to how you can estimate how many combinations you need to try on a combination lock to find the right one, given the number of digits required (more digits means higher difficulty).
The web sites that show graphs of hashpower show this estimate, over time. Compare the graphs for difficulty and hashpower, they have the same form, because one is derived from the other.
A miner who successfully mines a block might actually know exactly how many hash operations they did to find it, which might be different from the estimate. But I don't think they collaborate and report that for accounting anywhere. Someone correct me if I'm wrong.
In this case (where you have the private key of the recipient of the stuck transaction), you can use 'Child Pays for Parent', i.e. you simply spend the unconfirmed output (to yourself) with a high fee. To get the high fee of the child transaction, the miner must include the parent transaction. No RBF is needed.
One tiny nitpick: if I gather a couple of sats anonymously (without login), and THEN login with lightning, the sats vanish to zero. I expected them to carry over somehow.
This is just nuts, like inventing a scheme whereby the value of $20 note increases significantly when its serial number ends in a famous persons birthday.
And then assuming a significant portion of the users will bother checking their serial numbers every time they transact.
Nuts, in a funny way, I guess.
With fiduciary media you mean the checking balance (denominated in Bitcoin) in the bank's database?
It's funny, we seem to be accepting the sats paid on this site in form of fiduciary media. As long as we trust they can be withdrawn over LN we use them as checking balance, because it's easier to just click on an arrow than to make an LN payment every time.
I don't see why the majority of people will no longer accept fiduciary media (denominated in Bitcoin) in the future. I agree it's possible, but I don't see it as an intrinsic attribute of Bitcoin that must have that effect.
The typical borrower will hardly use religious dogma to decide where to borrow, they'll borrow where the interest is lowest.
If a traditional bank can get customers to deposit Bitcoin in checking accounts for 5% interest and loan out at 6% with fractional reserve, they will. You can't stop them.
You seem to envision a world where ALL the customers refuse to lend to that bank. And you don't explain WHY they would be so radical. If the majority of democratic citizens so despised fractional reserve lending, they could have made it illegal long before Bitcoin was invented. They didn't.
Like in the context of something like https://www.khanacademy.org/economics-finance-domain/ap-macroeconomics/ap-financial-sector/definition-measurement-and-functions-of-money-ap/v/money-supply-m0-m1-and-m2
If Bitcoin were to replace the Dollar, M0 would be limited to 21 million. But banks and the Fed would still be able to inflate M1 and do their usual operations, no?