Conversation

Notices

1. cjd (cjd@pkteerium.xyz)'s status on Saturday, 14-Jan-2023 09:40:19 JST cjd
   Realistic attack on Bitcoin: High fee spam transactions
   
   Say 1000 small transactions fit per block (for the sake of argument)
   If you can expend $20,000 per 10 minutes ($2.8mn per day) you can set the price floor on bitcoin transactions at $20.
   For $14mn/day you can put it up to $100.
   
   Solution: Rank transactions based on not only fee-per-byte but also coin-days-destroyed so that shuffling money from one pocket to the other (i.e. spam) is more expensive than ordinary usage.
   • tyil (tyil@fedi.tyil.nl)'s status on Saturday, 14-Jan-2023 09:40:11 JST tyil

     in reply to

     @cjd@pkteerium.xyz #Bitcoin's only impressive monetary property is how unregulated it is, with all the downsides you can imagine.
     
     Bitcoin transfers are all but cheap, it's possibly the least efficient means of handling currency we've ever known. The existing fiat currency systems are bad, but they're nowhere near as horrid when it comes to efficiency as Bitcoin.
     
     As for currency exchanges, yes, it does happen frequently that cryptocurrency exchanges fail in comically astronomical ways. I guess that's what you get in an unregulated system which promotes heavy abuse of everything you can get for a scrap of money.

   • cjd (cjd@pkteerium.xyz)'s status on Saturday, 14-Jan-2023 09:40:12 JST cjd

     in reply to

     • tyil
     Actually "backed by gold" is the worst kind of fractional reserve, because eventually when enough people take possession, the currency will inevitably collapse like a dodgy crypto exchange.
   • cjd (cjd@pkteerium.xyz)'s status on Saturday, 14-Jan-2023 09:40:13 JST cjd

     in reply to

     • tyil
     "backed by gold" means it's fractional reserve = #NYKNYC
     
     Gold in your possession IS a good answer, but it is awkward to deal with. Bitcoin has really impressive monetary properties (can be cheaply transferred anywhere, represented as a sequence of words which can be memorized, etc). Also if you're buying up gold, you're buying it from bankers which is kind of a bitter pill...
   • tyil (tyil@fedi.tyil.nl)'s status on Saturday, 14-Jan-2023 09:40:16 JST tyil

     in reply to

     @cjd@pkteerium.xyz Any currency backed by gold.

   • cjd (cjd@pkteerium.xyz)'s status on Saturday, 14-Jan-2023 09:40:17 JST cjd

     in reply to

     • tyil
     What's your preferred store of value ?
   • tyil (tyil@fedi.tyil.nl)'s status on Saturday, 14-Jan-2023 09:40:18 JST tyil

     in reply to

     @cjd@pkteerium.xyz You could also not use a inherently expensive and badly-designed cryptoscams.

   • demitasse (demitasse@pleroma.narrativerry.xyz)'s status on Saturday, 14-Jan-2023 09:40:38 JST demitasse

     in reply to

     • tyil
     @tyil @cjd bitcoin is not really unregulated, every on and off ramp is fully aml/kyc'd, there is a huge bitcoin surveillance industry and they monitor and blacklist addresses. The dark web has stopped using bitcoin because it has fallen victim to regulatory capture. It sucks. Monero is what retards think bitcoin is.