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0 sats \ 75 replies \ @Ed_Relight 21 Aug 2023 \ on: If Bitcoin is the best of all hardforks bitcoin
Slow finality
Transaction is final if it has a near-zero probability of being reversed. Reversing a transaction = 51% attack. Bitcoin has the highest cost of 51% attack by far. Hence, Bitcoin has the fastest settlement time, since each block compounds the hashrate needed to rewrite it.
https://medium.com/@nic__carter/its-the-settlement-assurances-stupid-5dcd1c3f4e41
https://www.crypto51.app/
High power costs
Feature of PoW, the only way to have trustless permissionless decentralized consensus. There is no "Proof" in PoS, "stake" is a software abstraction that gives some users more rights. Only by spending watts and doing verifiably hard work can we be sure the network stays strong against the attacks.
Limited governance
Good, each human can be bought, coerced, kidnapped or killed. Less human intervention = stronger network.
Overall utility
I assume you're talking about programmability and smart contracts. Added complexity = broader attack surface, as evidenced by hundreds of hacks and billions of stolen crypto assets over the years.
Being a sovereign hard money is a multi-trillion dollar market niche, and multiple L2s can compliment the secure and robust base level of BTC for more flexibility if needed.
Do you know what will happen to miners when the blocks are finished being mined?
Yes, either Bitcoin has enough transactions to sustain itself with the fees or it have failed. Guess we'll see in 20 years or so

SN quote: Feb. 14, 2010: I’m sure that in 20 years there will either be very large (bitcoin) transaction volume or no volume.

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-1 sats \ 74 replies \ @thomaswolf OP 22 Aug 2023

Ahhh, nothing like a lost maxi.

So about your "near-zero probability" that still takes 10+ minutes. We already beat it in all respects.

There is no positive to high power costs, especially with the greenhouse effect we are seeing in the climate, and with the rise in power costs both for living and for mining.

Limited governance leads to no active governance, that's like having a hundred dead presidents instead of a living one, congress and senate.

Overall utility - just a rofl on that one. Much of the stolen crypto you speak of is Bitcoin. You can't wiggle out of the fact that it doesn't do much and doesn't do it very well by pointing at other projects.

What happens when the blocks are done being mined: miners turn into trash in landfills. All miners will be processing are transactions (assuming there are any) and they won't make jack. Congestion in tx's would have to be insane for a miner to turn a profit.