How can we expect North Korea’s criminal enterprise to flourish without it?
Comment on Over 2 percent of the US’s electricity generation now goes to bitcoin
TheDeepState@lemmy.world 4 months ago
Please don’t buy Bitcoin if you want the Earth to last.
ILikeBoobies@lemmy.ca 4 months ago
DragonTypeWyvern@literature.cafe 4 months ago
If the Kims are getting a little backscratching from Greg selling me LSD that’s a price I’m willing to pay for quality
TypicalHog@lemm.ee 4 months ago
Cardano is using a provably secure PoS system. It’s also very decentralized already in terms of block production and it will finally transition into a decentralized on-chain governance this year most likely.
makeasnek@lemmy.ml 4 months ago
“will transition to decentralized”, “most likely”, because we can always trust people to give up their vast power and wealth voluntarily right?
Or you could use Bitcoin. Which has been decentralized and reliable for 15 years and doesn’t suffer from inevitably increasing centralization like every proof-of-stake coin does.
TypicalHog@lemm.ee 4 months ago
I think you are out of the loop on what Cardano is doing.
By “most likely” I mean probably this year and if not this year then 2025 for sure.“we can always trust people to give up their vast power and wealth voluntarily right?” In this example, yes. The whole idea behind IOG is to build the Cardano to the point it can become an independent, self-sustaining and self-developing thing.
It’s in everyones best interest that Cardano becomes decentralized in all aspects. Why would IOG build it and then decide to not give up the power over it? It would just make Cardano worthless. The whole point is to build a system that’s its own thing ruled by everyone who holds ADA. Look up CIP1694 for more info. www.1694.io“Or you could use Bitcoin. Which has been decentralized and reliable for 15 years and doesn’t suffer from inevitably increasing centralization like every proof-of-stake coin does. And doesn’t have massive requirements to run a full node/validator, which inherently increases centralization.”
2, yes TWO mining pools control more than half of the Bitcoins block production. As I said, Cardano is not fully decentralized in all aspects yet, but it’s getting there. When it comes to block production however - there are no 1 or 2 pools controlling 50+% of the blockproduction, there are 30+. Even both Coinbase and Binance only have about 12% of total block production. And Cardano’s Nakamoto coeficient is increasing slowly but steadily. Not every PoS system is increasing in centralization over time. Actually, in Cardano, the rich don’t really get richer because every single holder no matter how small gets rewards proportional to their holdings (if they stake or delegate, which is risk free and no locking unlike Ethereum and Solana garbage PoS). Everyone gets richer at the same rate in Cardano. This can’t be said for Bitcoin even. In Bitcoin, only the large gigantic mining farms get richer since they are the only ones who can mine profitably because of economies of scale and high upfront cost. In Cardano, unlike many other “PoS” systems, node requirements are actually pretty tame, no minimum stake amount like in Ethereum (32 ETH) either.“Scaling crypto requires adding layers on top of the base layer, not making the base layer so huge you need a server farm to run a full node.”
Cardano is scailing with L2s, stull like LN (Hydra) and sidechains. BUT, it also have an ACE in the works for L1 scaling (without compromizing security or decentralization like Solana (lol)). Look up Input Endorsers.Fun fact, Cardano is also working towards light nodes and wallets that inherit full node security. See Mithril.
“Lightning scaled Bitcoin to essentially an infinite number of transactions per second without increasing the chain size.” Lightning has it’s fair share of problems - it is absolutely not END ALL BE ALL. Let’s not lie to ourselves here. This is the same as when Cardano moonbois say that Hydra will make Cardano magically scale to millions of TPS. Both are just a part of the scaling solution.
makeasnek@lemmy.ml 4 months ago
The whole idea behind IOG is to build the Cardano to the point it can become an independent, self-sustaining and self-developing thing.
So weird how proof-of-work currencies like Bitcoin were able to do that without making a centralized governance structure which promised to hand over the keys later.
yes TWO mining pools control more than half of the Bitcoins block production
Mining pools have been getting more distributed the last few years thanks to some network upgrades. Pools relay the results of mining, they don’t do the actual mining, they have no hashpower. In the past, pools have tried to censor transactions, and seen their pool get abandoned by the entire network. They couldn’t censor them of course, they could only temporarily delay them. Pools have no power. They can’t double-spend or 51% attack because nearly all of the BTC they acquire flows right back to miners. They can’t afford the cost of a 51% attack more than any other entity or nation-state. They can’t spend money which isn’t theirs, even if they could do a 51% attack. If you look at hashpower instead of pools, you will see it’s much more decentralized.
Actually, in Cardano, the rich don’t really get richer because every single holder no matter how small gets rewards proportional to their holdings (if they stake or delegate, which is risk free and no locking unlike Ethereum and Solana garbage PoS).
The rewards proportion isn’t why the “rich get richer”. The rich get richer because coins in transit can’t stake. This means the only coins that can stake are existing coins, sitting in wallets, doing nothing but staking. You are printing an inflationary currency supply, making new coins, and giving those coins to those who are already sitting on the most coins. The more coins you have, the greater portion of your coins will be sitting instead of moving, because why not, it’s free money right? For doing nothing. It’s why supply inflation/currency devaluation hurts the middle class more than anybody else. They have an emergency fund, they have a savings account, they are saving up for a down payment. They have more cash on hand than rich people or poor people. Rich people have assets. Poor people don’t have enough money to be effected. The proportionality doesn’t matter here. What matters is the direction of the new coin flow: towards those who are already sitting on coins.
Psythik@lemmy.world 4 months ago
Earth is fucked; I need money.
Buy Bitcoin.
sebinspace@lemmy.world 4 months ago
I avoid it to not feel like a dumbass.
Saving the energy is just a bonus…