locuester
@locuester@lemmy.zip
- Comment on Bitcoin mining is no longer profitable 2 weeks ago:
It’s no different. A new version of the consensus code needs written and deployed.
That page you linked is the same on all chains. All have a proposal, discussion, implementation, waiting period (for code to be deployed), and activation. That’s just blockchain 101
- Comment on Bitcoin mining is no longer profitable 2 weeks ago:
Texas would still require all nodes to upgrade to the code which contains the new algorithm. It can’t just automatically know what the new code is.
Its behavior is no different from other chains.
Bitcoin uses version bits to perform these types of upgrades (see bio 9 implemented in 2016)
Ethereum uses something similar. Solana’s activation mechanism is called “feature gate activation”.
- Comment on Bitcoin mining is no longer profitable 2 weeks ago:
It’s the same with all the chains. An algorithm change is a hard fork. If you don’t implement it, your validating node will not continue with the rest.
Bitcoin has the BIP (Bitcoin Improvement Proposal) process. BIP-52 is an example of a proposal to change the algorithm due to energy concerns.
If the humans reach consensus it will change. However, I maintain that software can’t be programmed to adjust for social concerns - the humans have to change it.
- Comment on Bitcoin mining is no longer profitable 3 weeks ago:
lol it can’t adjust on public approval. It’s software that runs. It’s valuable. If it wasn’t, people wouldn’t run it.
It can hard fork with a consensus mechanism change anytime someone writes one and people decide it’s the best path forward. Ethereum decided this and did this.
That’s not happening with Bitcoin because those that understand how it works agree it’s the best system to use.
I use Bitcoin as a store of value, and Solana for day to day stuff and financial investments like lending and liq providing. That’s my preference, for now. It’s a very fluid industry, nothing is set in stone, although Bitcoin appears to be pretty solidly the preferred secure store of value.
- Comment on Bitcoin mining is no longer profitable 3 weeks ago:
It’s a good example that illustrate why automated systems shouldn’t be left running unsupervised, even if it’s designed by the best minds with the best of intentions.
The network is constantly supervised and mining is a competitive business. The network was built to adjust, and is working precisely as intended.
- Comment on I love my smart TV (From Mastodon) - Repost 4 months ago:
I was disputing the implication that this type of dumb tv only matters to Lemmy users. I felt as if that was an implication you were making in your first message. You left that out of your summary here.
Agree that the majority of people don’t want to pay for a dumb tv, and in fact I’d think that the majority of people would not even like a dumb tv. A tv with built in apps to access services is far more desired by the vast majority.
- Comment on I love my smart TV (From Mastodon) - Repost 4 months ago:
I’m not understanding what the point is that you’re trying to make? I’m sorry.
- Comment on I love my smart TV (From Mastodon) - Repost 4 months ago:
Well that’s not true. They have been in business for 40 years. They sell TVs for people who don’t want anything except video in. Mainly commercial places like offices, stadiums, etc.
- Comment on Apple urged to axe AI feature after creating false headline claiming that Lugi shot himself 5 months ago:
There’s an article to read if you click the link!
It has nothing to do with AI posting the articles. It is Apple’s AI generated notification summary that shortened it to that
- Comment on Opinion | Don’t Get Fooled Again by Crypto 9 months ago:
I never said a majority of stocks are financial. I’m crypto they are tho but that’s kinda obvious given that we are bootstrapping a new financial system.
The internet changed a ton of things!!! Individual investors have so many tools to research now compared to 30 years ago! It’s much easier to get due diligence on investments and confer with others.
Accounting figures are obviously FAR superior with crypto native companies since everything is verifiable.
cryptocurrencies haven’t changed the process for gaining the investment necessary to start a new bakery or other small business and never will provide a pathway to do so
I adamantly disagree with that last part. This is precisely where crypto shines when done right it allows everyone an equal footing on raising and investing in capital projects. Note I’m not saying that it removes risk - it removes friction - admittedly at the cost of risk.
The reason you don’t see this taking off is 100% because of regulations, hoops, lawyers, and capital required to register a security. If I want to tokenize a business plan in the USA, I cannot easily do that without getting wrecked by the SEC.
The elitists can and will continue to do private equity and insider trading to maintain a lead because they have the capital to do so. I can’t speak to how they all feel about crypto. I would assume they would love it too. Free markets are far cheaper than the crap they go through now to do fund raising and such.
It’ll be interesting to see how this goes in the coming 30 years. It definitely benefits countries without a strong financial system already in place way more. Will it outperform the legacy, cumbersome financial system? Time will tell!
- Comment on Opinion | Don’t Get Fooled Again by Crypto 9 months ago:
I spent 25 years in tradfi as mentioned previously. I’m not delusional or a grifter/scammer.
You realize that some of the things listed on crypto markets actually represent more than just an entry in a distributed ledger, right? I live in Solana (a distributed ledger) world and there’s dozens of tokens which represent true products. Sure most are financial related themselves - but that’s no different than tradfi where banks and exchanges are themselves listed on the exchanges. Others are depin models and governance things for example. It’s a real industry which gets a bad rap since it does enable bad people to do bad things too, and that gets most the press.
First off, our securities regulation is ancient and much is based on a pre internet global world. There’s many changes that can be made to give consumers access to private equity and capital efficiency which currently the rich have guarded for themselves.
Secondly, there are far bigger and badder scams under the current regulation. Enron, worldcom, madoff, tyco, healthsouth, centennial, bre-x etc.
Bad people do bad things under either model, but the free, permissionless model sure opens the door to allow little guys to have a chance.
Raising capital for a small venture in a free global market is a tough nut to crack. And yeah thar be dragons there. But it’s such a freeing concept once you see it in action. I believe in freedom of money, and the global revolution it can bring.
- Comment on Opinion | Don’t Get Fooled Again by Crypto 9 months ago:
This is simply not true. I’ve been a fulltime software dev in the crypto space for 3 years. Moved to crypto after 25 years in the financial sector. My work in the crypto space is a near parallel to the legacy financial sector wrt products and services I’m delivering.
Sure crypto has a scammer and hype and meme angle but I operate in none of those.
Think of NASDAQ without all the rules. Where anyone can list and trade anything, even complex financial derivatives. It’s so freeing for the little guy. It levels the playing field of the financial system and access to capital quite a bit.