Re:Bill Gates Says that Bitcoin is bad For the Planet
by wyldfire on Monday March 08, 2021 @11:47AM
(#26387866)
I'm a big fan of bitcoin and a few altcoins, including some PoS. But I feel like you are understating bitcoin's security. It has been very well tested and has a large bounty - both in its market cap and value of transactions that have not been susceptible to any double-spend attacks.
Other coins might sound good on paper -- adding new features but introducing serious design errors that have yet to be discovered because they're not a big enough target.
Re:Bill Gates Says that Bitcoin is bad For the Planet
by gnrlst on Monday March 08, 2021 @11:51AM
(#26387938)
You're right. But security today does not guarantee security tomorrow in a landscape where mining incentivizes economies of scale. The more mining power converges (as it is already doing), the more likely for a fewer entities to collude. While it may not be in their interest given their investment in the project, who says that a government or malicious actor might not?
Re:Bill Gates Says that Bitcoin is bad For the Planet
by miguelmota on Monday March 08, 2021 @01:38PM
(#26389678)
Metcalfe's law is also an interesting way for measuring value of the network
Re:Bill Gates Says that Bitcoin is bad For the Planet
by devmunchies on Monday March 08, 2021 @01:12PM
(#26389301)
another is privacy. Bitcoin is not private.
Monero is exclusively private and ZCash is opt-in private.
- transaction times
- energy consumption
- scalability (BTC currently does 7tx/s)
- security (BTC is getting more centralized over time, increasing the risk of a majority takeover.)
- fewer fees as possible (ideally 0)
BTC only has first mover advantage, and security...for now.