Phil McKraken: Haters gonna hate. This isn't anything like the Celsius fraud, the Terra/Luna collapse or whatever happened to Squid Game Coin.

This article is no reason to hate crypto.

I really wonder why you care.

Are you bitter about something?

Grauenwolf: Imagine trying to buy gasoline or pay for your groceries and the person in front of your wants to pay in Bitcoin. You could be waiting half an hour or more while it processes.

And if it's during a particularly busy time, you may not get selected and have to wait for a later block to pick you up. If you don't offer a large enough fee to the processors (called "miners") you could have to wait days.

This is the future of currency they want. And it's only one of many reasons to hate it.

Why would you be waiting for someone else?

/other stuff you just made up to "win" over your imaginary enemies.

Gubbo: yet_another_wumpus: Grauenwolf: tricycleracer: Visa payment processing was down for an hour yesterday because someone was using the server farm to solve the Sunday Wordle.

If Visa goes down, I can use my Master Card. Or cash. Or PayPal.  Or, gasp, write a check.

Or they can simply take the numbers and process it later.

Our current system is designed with redundancy in mind. Unlike Bitcoin, we aren't playing the lottery every time we want to buy a stick of gum.

Is it perfect? No, not even close. But Bitcoin does nothing to address its imperfections and adds a host of new problems on top.

For a research project, Bitcoin is brilliant.  It solved some problems considered unsolvable.  For a currency, it is nearly useless.  This issue (the long wait between transactions) is pretty fundamental and never a choice (you needed it to get the thing to work in the early days, and probably still need it now).  The built-in deflation was an own-goal to draw in the gold bugs.

I'm amazed they can fit the transactions they need on during the updates as it is, the design was never really meant to handle this much money.

I'm curious what unsolvable problem Bitcoin/blackchain solved.

Prior to BTC there wasn't a practical way for normal people to transfer money instantly, cheaply, and anonymous around the World.

Bitcoin was fantastic for that, and helped alot of people in developing nations to get access to a way to accept payments.

Today other currencies have been developed that doesn't have the problems that Bitcoin has developed.

Its also a great topic for people who lost out, to spew frustration and hate. At least, I assume that's the motivation.

Some of the regulars in this thread for instance, could have been very, very, rich, if they had invested in Bitcoin when they started whining about other people becoming rich.

Phil McKraken: valkore: I'm curious what unsolvable problem Bitcoin/blackchain solved.

The general consensus is that it allows a group of machines that don't know, let alone trust, each other agree that a thing happened, and that thing is posted in a ledger available to all machines.  That's pretty much what blockchain does.  It's not even specifically about money.

It does something, but what is it good for?

Making you unhappy?

It just really pisses you off that money can be exchanged between people, where it used not to be possible, because the existing banking system didn't cater to them.

Also, someone made money, that probably also pisses you off.

meanmutton: Phil McKraken: Haters gonna hate. This isn't anything like the Celsius fraud, the Terra/Luna collapse or whatever happened to Squid Game Coin.

This article is no reason to hate crypto.

It took 85 minutes to process 13,000 transactions. It's obviously that Bitcoin isn't currency and will never been useful as currency.

That's factually not true, if you're trying to say that Bitcoin hasn't been useful as a currency.

Phil McKraken: Ivo Shandor: Phil McKraken: valkore: I'm curious what unsolvable problem Bitcoin/blackchain solved.

The general consensus is that it allows a group of machines that don't know, let alone trust, each other agree that a thing happened, and that thing is posted in a ledger available to all machines.  That's pretty much what blockchain does.  It's not even specifically about money.

It does something, but what is it good for?

Bitcoin's nearest competition would be international wire transfers. It's better in some ways, worse in others.

I used to have an employee stock plan which paid out on a US trading site. The process of moving my money from there into my Canadian bank account took days and went through several intermediate hops. It would have been easier and faster if I could have bought Bitcoin with those USD and then sold for CAD on the other side, even if the transfer took an hour or two.

I guess an improved method of transferring funds across borders is something. It's not worth an Argentina's worth of electricity.

You don't realise that there's more than one type of crypto I guess.

Sorry I replied to you, I kinda thought you were being sarcastic, not genuinely clueless.

Mad_Radhu: deadsanta: Farking perfect example of how idiotic the bitcoin system is: They are predicting this as a regular occurrance in future as the designed infrastructure of bitcoin blocks become harder and costlier to produce the longer that the system is in place.  What a great idea!  That is in addition to all the other impediments inherent in a global system, mind you, it doesn't replace anything else with a more useful solution.

Seems like an especially great idea to ramp up the difficulty right as energy costs are going through the roof due to the Ukraine War.

I bet the EU could reduce their winter energy demands a lot just by outlawing all mining in Europe for the winter and surfing the hardware or anyone who gets caught mining crypto.

Bitcoin is an algorithm.

Olympic Trolling Judge: Ketchuponsteak: Phil McKraken: Haters gonna hate. This isn't anything like the Celsius fraud, the Terra/Luna collapse or whatever happened to Squid Game Coin.

This article is no reason to hate crypto.

I really wonder why you care.

Are you bitter about something?

Welcome to Fark.  We make fun of stupid things here.

"We"?

The "we" you belong to seem to attempt to make fun of things they don't understand. That you don't understand it seems to be taken as a personal insult.