00:42:10 <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 
00:43:46 <nikg83[m]> Or just push a malicious update to windows and use it to mine 😅
09:31:18 <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
11:20:53 <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.
11:21:05 <hyc> so security vs market cap has halved.
11:21:31 <hyc> and each time that happens, the cost/benefit for an attacker improves
11:22:30 <hyc> the math is self-defeating. no matter how much the price increases, the value of attacking increases more than the value of defending.
11:23:47 <sech1> that what happens when you're fighting an exponential (by design) process
11:23:55 <sech1> exponent wins
11:24:12 <hyc> yes, yet another of bitcoin's many design flaws
11:25:31 <sech1> 2024 BTC halving will make it glaringly obvious
11:25:58 <pauliouk> give the guy a break :P I can only assume BTC has been way more influential that he originally intended
11:26:50 <sech1> "fee market will solve it" - "but fees will be too high" - "LN will solve it" - "but miners won't have enough fees" - "..."
11:26:55 <hyc> oh come on. the whitepaper made it clear he was trying to replace physical cash. lofty goals and inadequate engineering to achieve them
11:27:51 <pauliouk> replacing physical cash is certainly one thing, but 1 BTC = 1 USD would probably have been the limit they expected
11:28:03 <sech1> the original BTC didn't have block size limit, it was added later? Maybe at the time of whitepaper it made sense
11:28:04 <pauliouk> imagine if they sold their 1M BTC when it hit $1 :P
11:28:16 <sech1> he didn't expect everyone to switch to LN and leave the chain without fees
11:28:37 <hyc> to expect 1BTC = 1USD with only 21M hard cap is just idiotic tho
11:29:15 <hyc> 21 trillion would have been closer to the mark
11:29:31 <hyc> being off by 6 orders of magnitude is ... idiotic
11:29:40 <sech1> 8 orders of magnitude
11:29:46 <sech1> 1 satoshi = 1 cent
11:29:54 <sech1> I always though that was what Satoshi intended
11:30:07 <pauliouk> hmm, that sounds more feasible
11:31:25 <sech1> world GDP in 2007 = 57.86 trillion USD, so yes
11:33:13 <hyc> didn't they also have hopes for facilitating microtransactions? so the floor still needs to be much smaller than 1 cent