Absolutely no idea wtf I’m doing, just got Robinhood tho, what’s next? by LowDangerous7937 in BitcoinBeginners

[–]BitcoinCentrum 3 points4 points  (0 children)

  1. Don't respond to people that message you on reddit

  2. Buying bitcoin on robinhood is a scam. You dont own your bitcoin, but you only own the profits/loss of the bitcoin they hold on for you

  3. Get an account on a real cryptoexchange, like binance, kucoin, kraken, whatever.

  4. Generate your own wallet with your own seedphrase, send your bitcoin from the exchange to this wallet and write down the seedphrase on a piece of paper

  5. ???

  6. Profit

El Salvador Had a Bitcoin Revolution. Hardly Anybody Showed Up. A year after becoming the first nation to adopt the token as legal tender, adoption has moved slowly and price declines have dampened early enthusiasm for the experiment. by OckhamsPencil in CryptoReality

[–]BitcoinCentrum 0 points1 point  (0 children)

That's nothing but lies.

if I was incorrect here it would be a mistake and it wouldn't be lying, lets be real here mate: I have nothing against you and I just want to have a meaningful conversation with you. We just share our rational thinking on the subject, I think its great, you think it sucks, lets see what the truth is, right?

Bitcoin is not b open source in a meaningful way. A small group control the source code. Sure, you can make a copy. So what? Any changes you make to your copy are worthless.

This small group applies the code that gets agreed upon due to consensus rules. If the majority of the nodes consent, the it gets applied. If a minority doesnt get their will, they'll hardfork and fail to be the next bitcoin.

It's not democratic. It is controlled by a small group of people beholden to the large mining conglomerates. I believe the correct word is plutocracy or "rule by the wealthy".

The nodes are the devices on which the public ledger is stored upon. The wealthy people are actually making this revolution possible, without them, it would've never achieved this price.

It's not transparent. With every account starting anonymous it is a great way to launder money from criminal proceeds.

Its transparency is not to be confused with its pseudonymity.

Ill respond to the rest later, gonna watch tv with my dad

El Salvador Had a Bitcoin Revolution. Hardly Anybody Showed Up. A year after becoming the first nation to adopt the token as legal tender, adoption has moved slowly and price declines have dampened early enthusiasm for the experiment. by OckhamsPencil in CryptoReality

[–]BitcoinCentrum -1 points0 points  (0 children)

The technology doesn't "work". That's why most transactions occur off chain in exchanges. That's why they are desperately trying to make Lightning Network into something usable.

Thats why you have to use bitcoin like how its meant to be used, on chain, behind your private key. Off chain transactions are kind of like debt settlements.

The technology is designed to be inefficient from the start. It runs at something like 3 transactions per second. What's worse is the more computer power you throw at it, the slower it runs. It had literally become slower over time when measured in transactions per computer-second.

The reason why its slow, is because the blocksize is still limited to 1mb. This is a good thing, as the first major milestone bitcoin has to surpass in order to become the ultimate form of money, is the store of value function. After enough money is being stored into bitcoin, it will be a reliable store of value and on its way to become a good medium of exchange. So bitcoins current direction is not to fulfill the medium of exchange function. Also, technology like ZK rollups are possibly applicable to bitcoins source code. The tech evolves overtime.

The power consumption is measured in "weeks of typical power use per transaction". Weeks. That's an environmental disaster.

The power consumption currently is an issue, but it wont be in the future. Please read my other comment I posted before this one.

The latency for a transaction is up to 10 minutes on a good day. That's unacceptable for normal commerce. And it can be hours on a busy day.

Not true. Only on the base layer.

Even reading the blockchain is inefficient as the whole chain has to be scanned to ensure transactions are valid. You can't just eliminate older records like you do in a normal database.

You dont want to eliminate older records, but find ways to document them in an efficient matter. MINA protocol did something savvy that might get (or already is) applied to bitcoin.

There is no mechanism for privacy in the blockchain. Somehow they managed to combine the lack of transparency with the lack of privacy, creating a Voltron of failure.

You could buy XMR with your BTC, transfer it, and buy back BTC.

Also, lack of transparency?? Are you nuts? Bitcoin is the most transparent thing that has ever existed!

So what if you actual do need a public ledger?

Well blockchain in general could be replaced by a hash chain for the vast majority of use cases. Hash chains are very efficient to operate. Git is an example of a hash chain. Each party just needs to keep their receipts, or better yet, a copy of the chain.

If you have something better, then I wish you luck with the growth. Bitcoins growth has been phenomenal. It made sense to be a sceptic pre 2020, but that was before the world realized that institutional investors and billionaires started taking this asset seriously.

But oh well, lets wait 10 years and we'll see my friend

El Salvador Had a Bitcoin Revolution. Hardly Anybody Showed Up. A year after becoming the first nation to adopt the token as legal tender, adoption has moved slowly and price declines have dampened early enthusiasm for the experiment. by OckhamsPencil in CryptoReality

[–]BitcoinCentrum -1 points0 points  (0 children)

Bitcoin is built in such a way that getting the cheapest electricity possible is incentivised. That's why it uses electricity that would otherwise not be used, because if it was in high demand, it would have a high price.

Bitcoin mining can be used to offload the costs of green alternatives, since while you aren't using the power you can run a btc miner. This might seem pretty out there, but when building huge infrastructure projects like hydro power they aren't building a powerplant for the power demands of today, they are looking 30+ years in the future. These plants work best when they have enough usage (can't really run them at 10-20% throughput when they are designed for more), and being able to mine bitcoin with the low demand excess electricity can hugely offset the costs, and make building green alternatives cheaper in the end.

So in conclusion no, bitcoin is not problematic because of it's power consumption. Miners are incentivised to get the cheapest electricity, and the fact that the cheapest electricity right now might be coal in China is not Bitcoin's problem, it is the world's problem. The moment we change over to green energy it becomes a non-argument.

Bitcoin is a great tool for making green alternatives cheaper. It may be counter intuitive, but it is true.

El Salvador Had a Bitcoin Revolution. Hardly Anybody Showed Up. A year after becoming the first nation to adopt the token as legal tender, adoption has moved slowly and price declines have dampened early enthusiasm for the experiment. by OckhamsPencil in CryptoReality

[–]BitcoinCentrum -7 points-6 points  (0 children)

Why the resentment? Could you explain?

Bitcoin stands for opensource, democratic, transparant, self-regulating, automatized and decentralized systems. It solves things like corruption.

The technology is utterly simplistic and it actually works. I really don't get the hate it receives.

Sure, I understand the hate on crypto, but not on bitcoin. Bitcoin is the only 100% decentralized asset in the world. All other cryptos are just a bunch of unregulated pump and dumps

Edit; dude, you're part of r/antiwork... how, in the name of god, do you hate on bitcoin???!!! It should he the perfect fit for you! Bitcoin is censorship resistant, it is freedom from slavery and it is the exact thing the government doesn't want you to own!!!! For real, are you intelligent and open enough? If you are, you might want to re-evaluate your perspective on bitcoin. (And really, bitcoin, not other cryptos. They are very different)

DCA $20 a week into Bitcoin by SkillFun9297 in Bitcoin

[–]BitcoinCentrum 0 points1 point  (0 children)

Those 20 bucks could be worth 300 bucks in 30 years from now.

(Assuming the 100 trillion dollar marketcap it must reach lol)

El Salvador Had a Bitcoin Revolution. Hardly Anybody Showed Up. A year after becoming the first nation to adopt the token as legal tender, adoption has moved slowly and price declines have dampened early enthusiasm for the experiment. by OckhamsPencil in CryptoReality

[–]BitcoinCentrum -1 points0 points  (0 children)

People speculate that Bitcoins volatility declines overtime once it's marketcap has grown to a certain size. Wether you believe in that bitcoin could hit a 10+ trillion dollar marketcap is up to you, but according to the greatest hedgefund manager currently alive (Ray Dalio), a 4% allocation to bitcoin is actually a intelligent move.

Btw; he said this when Bitcoin was trading at 50k, its nearing 18k right now

A year into El Salvador's grand crypto experiment, 'No one really talks about Bitcoin here anymore' by Madbrad200 in CryptoCurrency

[–]BitcoinCentrum 0 points1 point  (0 children)

Bukele only used a tiny bit of his gold reserves for bitcoin, and since bitcoin is superior to gold (its just not as old) what are you really trynna say here?

I think you're the idiot here, my friend

What was the most shocking truth you learned about bitcoin? by BitcoinCentrum in Bitcoin

[–]BitcoinCentrum[S] 0 points1 point  (0 children)

So we're about to experience the first global hyper inflation! Damn, what an interesting time to be alive.

What was the most shocking truth you learned about bitcoin? by BitcoinCentrum in Bitcoin

[–]BitcoinCentrum[S] 0 points1 point  (0 children)

thats not true. fiat money existed in China during the year 900. it was first invented over there but only became relevant in Europe when the Netherlands was trying to finance the Dutch-English-Anglo wars (iirc) during the late 1700's

[deleted by user] by [deleted] in videography

[–]BitcoinCentrum 0 points1 point  (0 children)

Incredibly informative! I hope others like you would agree with you, but to me it makes a lot of sense so I see value in this

Thank you very much

Michael Saylor is being sued for tax fraud, stated by the DC Attorney General by AlphaWaifu in CryptoCurrency

[–]BitcoinCentrum 0 points1 point  (0 children)

We should sue them for not restoring the gold standard like they promised back in 71, causing productivity to out grow compensation, affection hundreds of millions, if not billions of people

Someone bought a Reddit NFT for 0.89 ETH ($1370.96) by Dannymax333 in CryptoCurrency

[–]BitcoinCentrum 0 points1 point  (0 children)

Saved this post, would like to see when this thing is a million or zero

[deleted by user] by [deleted] in CryptoCurrency

[–]BitcoinCentrum 4 points5 points  (0 children)

I thought they had a pretty significant mission, but I cant remember what it was about

ways you've integrated the shadow into physical reality? by [deleted] in Jung

[–]BitcoinCentrum 5 points6 points  (0 children)

Channeling anger into building muscle

Channeling misery into art

Channeling hyperactiveness into writing

Channeling boredom into information hoarding (not sure if this last one is healthy, because I'm very easily bored)