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nikg83[m]
<sech1> "I don't think it's physically..." <- They don’t need to buy, can rent from aws/azure/google and various datacenters
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nikg83[m]
Or just push a malicious update to windows and use it to mine 😅
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pauliouk
to be honest, if you work in the IT dept of some government contracted business, and have a friend in purchasing, you could just require that the next IT upgrade for all 3000 staff is a 5950X then conduct some 'updates' every night which use up a lot of processing power and electric
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hyc
The point about BTC is definitely a weakness though. block reward halves, price must double just to keep total reward equal, but total value has doubled.
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hyc
so security vs market cap has halved.
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hyc
and each time that happens, the cost/benefit for an attacker improves
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hyc
the math is self-defeating. no matter how much the price increases, the value of attacking increases more than the value of defending.
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sech1
that what happens when you're fighting an exponential (by design) process
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sech1
exponent wins
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hyc
yes, yet another of bitcoin's many design flaws
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sech1
2024 BTC halving will make it glaringly obvious
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pauliouk
give the guy a break :P I can only assume BTC has been way more influential that he originally intended
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sech1
"fee market will solve it" - "but fees will be too high" - "LN will solve it" - "but miners won't have enough fees" - "..."
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hyc
oh come on. the whitepaper made it clear he was trying to replace physical cash. lofty goals and inadequate engineering to achieve them
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pauliouk
replacing physical cash is certainly one thing, but 1 BTC = 1 USD would probably have been the limit they expected
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sech1
the original BTC didn't have block size limit, it was added later? Maybe at the time of whitepaper it made sense
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pauliouk
imagine if they sold their 1M BTC when it hit $1 :P
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sech1
he didn't expect everyone to switch to LN and leave the chain without fees
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hyc
to expect 1BTC = 1USD with only 21M hard cap is just idiotic tho
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hyc
21 trillion would have been closer to the mark
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hyc
being off by 6 orders of magnitude is ... idiotic
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sech1
8 orders of magnitude
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sech1
1 satoshi = 1 cent
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sech1
I always though that was what Satoshi intended
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pauliouk
hmm, that sounds more feasible
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sech1
world GDP in 2007 = 57.86 trillion USD, so yes
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hyc
didn't they also have hopes for facilitating microtransactions? so the floor still needs to be much smaller than 1 cent