A faster, more efficient cryptocurrency

Re:A faster, more efficient cryptocurrency by hippich on Monday February 18, 2019 @12:15PM (#19192205)

Outside of what others replied to you with, there is another aspect I find about it, that truly resonates and excites me, despite not being a holder. To me, Bitcoin is also a large experiment where laws and rules are written as open source code, which any1 code fork and run their own version of it, or any1 can submit a proposal for.

This is what traditionally legal system with the power of violence used to deal with before. Now we see it implemented as a code. This part is more exciting to me than trying to sidestep whatever misguided government (not just US) rules and actions are.

EDIT: Perhaps proof of work based on burning energy, which is expensive and tends to bring centralized parties, is not the best way to ensure rules are enforced, but the fact the whole thing is open source is great in my opinion.

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Re:A faster, more efficient cryptocurrency by gregknicholson on Monday February 18, 2019 @12:21PM (#19192254)

I don't accept this assessment of how Bitcoin's consensus fundamentally works. Yes, anyone can fork the code, but consensus comes only when the miners choose a fork.

As far as I can see, there's no significant incentive to mine other than money, so miners want money, so you can persuade them with money.

The "consensus" is fundamentally an auction.

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Re:A faster, more efficient cryptocurrency by seth__ on Monday February 18, 2019 @12:39PM (#19192437)

Unless people really use bitcoin to pay for stuff. Then, whatever token can be exchanged for something of value is the one everyone wants, doesn't matter if the miners fork

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Re:A faster, more efficient cryptocurrency by RugnirViking on Tuesday February 19, 2019 @07:50AM (#19198559)

Unfortunately bitcoin becomes steadily less useful for actually using and paying for stuff as time goes on. Back in the day, it could be used on amazon, buy a coffee etc. Now its just a bizzare experiment in markets without consumers.

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Re:A faster, more efficient cryptocurrency by buboard on Monday February 18, 2019 @12:46PM (#19192496)

yep and therein lies some power. There have been a few wars within bitcoin already. In the real world, people would have died. In the coin world, people just voluntarily chose different pastures.

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