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Re:Why “blockchain” is BS in 4 slides by kthejoker2 on Sunday April 01, 2018 @05:31PM (#16730557)
Can you explain? My understanding is we're all working on the same hard math problem, once a certain number of us have verified the answer (ie distributed consensus) one of us is given a reward to encourage further problem solving.
Re:Why “blockchain” is BS in 4 slides by sp332 on Sunday April 01, 2018 @07:06PM (#16731057)
Nope, any bitcoin client can verify any transaction very easily. (Bootstrapping by verifying every transaction in the blockchain does take a while though.) Proof of work is only to prevent a 51% attack where someone spins up enough bots to hijack "consensus" and rewrite transaction history. That's why the difficulty can be dialed up or down - most of the work in mining is not related to verifying the transactions.
Re:Why “blockchain” is BS in 4 slides by psychedelic on Sunday April 01, 2018 @08:35PM (#16731403)
Yes. People often misunderstand that verifying transactions with blockchain is intrinsically difficult which is not the case. The hard part is making a ledger that can't be rewritten.

And mining is actually less akin to solving math problems and more akin to, well, actually mining. That is, digging around enough until you find some gold.

Re:Why “blockchain” is BS in 4 slides by dozzie on Sunday April 01, 2018 @05:45PM (#16730634)
This is very much not what distributed consensus is. You don't "work on the same hard math problem" and you don't get "a reward to encourage further problem solving". Consensus is agreeing on a value among (almost) all protocol participants, and "distributed consensus" is proper technical term, not a vague definition by hand waving like "object oriented programming". Read about Byzantine Generals problem first.
Re:Why “blockchain” is BS in 4 slides by ilovecars2 on Sunday April 01, 2018 @06:13PM (#16730815)
Could one look at it more like viewstamped replication rather than traditional consensus?
Re:Why “blockchain” is BS in 4 slides by kthejoker2 on Tuesday April 03, 2018 @10:15AM (#16744784)
Thanks for everything except the condescension!
Re:Why “blockchain” is BS in 4 slides by dozzie on Tuesday April 03, 2018 @04:38PM (#16748885)
Dude, you come to a discussion without knowing the basic concepts. What exactly did you expect?