plebstafarian

#bitcoin - run your own node. 👽 do it if you’re cool. software engineer by day. book nerd by night.

[plebstafarian @plebstafarian]

CUTTING A PIZZA INTO SMALLER SLICES DOES NOT GIVE YOU MORE PIZZA.

#Bitcoin

[plebstafarian @plebstafarian]

@dylanleclair Skip the books. Learn by working on small projects that keep you excited while giving you little dopamine hits when you solve each problem along the way. Use the internet and GPT to learn what you need.

- source: software engineer with many programming books that he never reads.

[plebstafarian @plebstafarian]

@helicondarkstar @OrangeNewWorld @stand4sumtin @nytimes It’s literally true though. Computers don’t have emissions. I know that statement is a bit pedantic, but it’s true. Bitcoin’s load-balancing reduces demand for peaker plants, which reduces overall grid emissions. And some mines consume vented methane, directly reducing emissions.

[plebstafarian @plebstafarian]

@helicondarkstar @OrangeNewWorld @stand4sumtin @nytimes Do you have a counterargument? Or do you typically assert your intellectual superiority so you don’t have to bother with thinking? Bitcoin mining is emission free, uses and incentivizes renewable energy, and can load-balance grids better than any other power consumer.

[plebstafarian @plebstafarian]

@screenjiver @Jordan_RK @SantiagoAuFund Nice. Way to move the goal posts there when you don’t have an actual counterargument. So regardless of the purchasing power of Bitcoin you’ll always consider it worthless. And regardless of the disparity between nominal and real return in USTs, you’ll always consider them better.

[plebstafarian @plebstafarian]

@LPCapitalChi Stu, you’re a dentist.

[Level39 @level39]

🧵1) THREAD: Dear @ahcastor. Your article gets so many things wrong about #Bitcoin that it's any wonder @techreview published it, unless misinformation was the goal. Let's go through the issues, one-by-one.

[plebstafarian @plebstafarian]

@accounttoblock @CarlBMenger Anybody want to tell Midas here how open source software works?

[plebstafarian @plebstafarian]

@LScoggins @jayleroyellwood @zerohedge Bitcoin is not a company.

[plebstafarian @plebstafarian]

@JeffBrines @GRDecter Why do you say it’s not working well in real life? The Bitcoin network settled over $20 trillion of value in 2022. It’s not like everyone is going to use Bitcoin for everything all at once. Adoption takes time. As far as I can tell, Bitcoin is working exactly as it was designed.

[plebstafarian @plebstafarian]

@TylerHandyman @JeffBrines @GRDecter 10 minutes is much better than multiple days in the legacy system, and for low frequency payments like remittances, I don’t think people really care whether it’s a few seconds or 10 minutes. Also, you say “fast as lightning” while conveniently ignoring the lightning network?

[plebstafarian @plebstafarian]

@JeffBrines @GRDecter Remittances. People all over the world can send money across borders for a tiny fraction of the cost of legacy money transmitter services like Western Union. Don’t need to hold Bitcoin, just use it for the transfer. That’s a huge use case that’s hard to argue against.

[plebstafarian @plebstafarian]

@ethschizo @olvelez007 What if most of those electric cars are powered by electricity that was produced by burning coal? And are we conveniently ignoring Bitcoin’s potential to use up waste resources like vented methane that would otherwise pollute the environment? This topic has nuance.

[plebstafarian @plebstafarian]

@ROM_OVERRIDE @olvelez007 Nodes determine consensus in Bitcoin. Miners don’t set the consensus rules, they just provide a service by hashing. Requiring hashing to build blocks makes it so that nobody has a special privilege to write to the ledger. They all have to put in the same work.

[plebstafarian @plebstafarian]

@Caladonia93 @olvelez007 This is the one I always think about. It’s so frustrating when gamers say Bitcoin wastes energy. Are you trying to tell me building virtual worlds in Minecraft or playing endless rounds of Fortnite is a good use of energy but a decentralized global payment network isn’t? 🤦🏻‍♂️

[plebstafarian @plebstafarian]

@bitcoinrow Nothing has intrinsic value, except happiness. Everything else is a means to that end.

[plebstafarian @plebstafarian]

@hodlization @davidmarcus Mining pools are NOT individual actors with control of their hash. They’re comprised of thousands of individual miners who can point their hash to a new pool at any moment. The large mining pools don’t have the power over the network that you’re suggesting.

[plebstafarian @plebstafarian]

@runjep @davidmarcus “Energy per transaction” is a meaningless and misleading metric. Bitcoin’s hash rate could be cut in half and the number of transactions would not be affected. Energy usage ensures the decentralized write access to the ledger by forcing everyone to play the same game of chance.

[plebstafarian @plebstafarian]

@aka_Long_Game @davidmarcus The real tragedy is how many people make up their mind against Bitcoin without ever taking an honest look into it. If you’re concerned about carbon, then look into Bitcoin’s potential to be carbon *negative* in the near future. Check out @DSBatten

[plebstafarian @plebstafarian]

@NKozev @LynAldenContact so many Bitcoin critics who make meaningless statements without ever providing actual arguments… 🤭

[plebstafarian @plebstafarian]

@SecureFundToken @LynAldenContact And at most 2016 blocks later the difficulty adjustment occurs and everything goes back to the way it was… not to mention miner capitulation creates an opportunity for existing/new miners to take advantage of the lower hash rate.

Time is wasted making disingenuous arguments.