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0 sats \ 0 replies \ @Brunswick 13 Jul 2022
delete.me
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6 sats \ 6 replies \ @faithandcredit 13 Jul 2022
I am curious why PoW and Bitcoin as a whole dont seem acceptable to some people. They clearly like the idea of cryptocurrency, but Bitcoin isnt acceptable to them. I wonder why
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0 sats \ 0 replies \ @falsejaguar OP 13 Jul 2022
Bitcoin is too real and too good. Eth is basically the same system they already understand. Pay to play.
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0 sats \ 0 replies \ @Brunswick 13 Jul 2022
If you are a true shitcoiner, you necessarily will degrade bitcoin as 'old tech'. Private companies that control shitcoins are highly profitable and utilize their fiscal influence over politicians and media to justify the existence of their shitcoin which necessarily requires they discount the validity and value of bitcoin and the 'old tech' that makes bitcoin what it is. Most people are initially attracted to crypto because of the opportunity presented by FOMO around shitcoins. When the muck the shitcoin was built on is eventually exposed by a FUD induced fluctuation in the market, a new batch of our fellow bitcoin maxis are minted. If we can assume Vitalik believes his own bullshit, we can be assured that when ethereum eventually crumbles he too will be a fellow maxi.
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0 sats \ 1 reply \ @0260378aef 13 Jul 2022
I think you are right to raise this, it is a non-trivial question.
Bitcoin is not appealing to most people at a really deep level. I think it's because its central ethos is replacing trust with cryptographic verification, and people really don't like the idea the fact money is asocial in that way. The fact that it doesn't have a leader, or a company or foundation, or any human way to influence it marks it as negative at a subconscious level.
So it's like they can accept the idea of "crypto"(currency) as sexy new tech, even if it's somewhere between far-fetched and a ridiculous scam, and they like that their are clearly identifiable organizing groups or even companies behind them.
But an actual new type of digital object that is outside human control is just objectionable to most, and all the more so, because they really didn't understand it when they first heard about it and still don't, now. That part is kind of embarrassing.
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0 sats \ 0 replies \ @falsejaguar OP 13 Jul 2022
Bitcoin and possibly flux have value at least from the energy used to produce new assets (coins). Proof of stake is paying vitalik or his ilk to play his game. Eth was premined and given away... BTC is earned.
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0 sats \ 1 reply \ @Majjin 13 Jul 2022
Propaganda from the powers that be has convinced people that PoW is evil. The people who made the propaganda fear the power and status they'll lose if Bitcoin is widely adopted. They benefit directly from the fiat spigot.
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0 sats \ 0 replies \ @falsejaguar OP 13 Jul 2022
Ya, yet Teslas are good. Bitcoin is mined using nice clean energy, yet Teslas are sold where someone may plug it in to a grid powered by coal or natural gas. Neither Bitcoin not Tesla are energy generation utility companies, yet one is somehow responsible for dirty energy utility companies... Makes zero sense. Proof of work converts energy into economic energy. Proof of stake is literally a snake eating its own tail. Like printing money.
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2004 sats \ 0 replies \ @Brunswick 13 Jul 2022
Vitalik's refutation to Song's argument against proof of stake was accusing Song of Ad Hominem where there was none, then a direct appeal to authority. No actual counter given...
Proof of stake "validators" are anticompetitive actors acting in a socialist system where the system operates on authority based on trust of stakeholders rather than egalitarian competition based on effort. The difference between bitcoin and POS is the quite literally the difference between socialism and capitalism.
The whole point of bitcoin is its trustlessness. Shitcoiners are going to shitcoin.
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1 sat \ 0 replies \ @falsejaguar OP 13 Jul 2022
No mining = no value.
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