Re:U.S. Regulators to Subpoena Crypto Exchange Bitfinex, Tether
by 0wing on Tuesday January 30, 2018 @04:08PM
(#16269036)
Also consider nearly all of Bitcoin and other cryptocurrencies are "premined" in the sense that only a few early adopters control more then half the supply due to how the work readjustment algorithms are skewed to generate all the coins very easy for a few users but later new users don't have equal access to produce coins as easily or cheaply as those other users.
Re:U.S. Regulators to Subpoena Crypto Exchange Bitfinex, Tether
by gruez on Tuesday January 30, 2018 @04:38PM
(#16269297)
Also consider nearly all corporations are "premined" in the sense that only a few early founders/early investors control more then half the shares and new investors don't have equal access to buy shares as easyly (sic) or cheaply as those other investors.
Re:U.S. Regulators to Subpoena Crypto Exchange Bitfinex, Tether
by andymal on Tuesday January 30, 2018 @06:35PM
(#16270120)
Curious what you mean by "There literally isn't enough electricity in the world."?
BTC uses the same amount of energy to produce an empty block as it uses to produce a full block.
Re:U.S. Regulators to Subpoena Crypto Exchange Bitfinex, Tether
by jandrese on Tuesday January 30, 2018 @09:58PM
(#16270971)
It has diminishing returns on the amount of work you get out of each hash, so if you wanted to support millions or billions of transactions per second (world scale) it would become impossible to sustain.
Re:U.S. Regulators to Subpoena Crypto Exchange Bitfinex, Tether
by politician on Wednesday January 31, 2018 @12:07PM
(#16275381)
There's also the problem that the block size is capped which is maybe what you were referring to?
Not to mention it would never work, the blockchain has way too much overhead (many many orders of magnitude) to support an entire world's worth of exchanges every day. There literally isn't enough electricity in the world. People would have to do all of their transfers on third party exchanges that undermine all of the crypto guarantees of the currency in the first place. They're no better than putting your fiat currency in a bank run by criminals that have no respect for laws. And I'm not talking euphemistically about regular bankers here, I'm talking about full up scam artists. I mean why not, it's not like the law is going to get you. There are no pesky regulations to get in the way. No annoying insurance adjusters breathing down your neck. You have total freedom to scam everybody all day long.