- 6 Posts
- 110 Comments
English- •
- lemmy.ml
- •
- 2M
- •
There’s lots of people who use the dollar and other currencies I don’t like. But I still use the currency. Bitcoin has faithfully kept its fiscal policies and promises for 15 years. It’s money whose supply can’t be diluted through inflation. You can be your own bank. That has never changed. Whatever it originally promised, it’s still doing.
Look up a network map of lightning, it’s not centralized at all. Payments typically route through multiple hubs, just as many Bitcoin nodes may be involved in processing a main chain transaction. Anyone can run a lightning node, and you can choose which nodes you want to use, if you want. There are thousands of them to pick from.
The lightning channels are secured by the main chain. There is no centralized party who can rug you.
I use it on a regular basis. I also run a non-profit that funds open source tools for scientists, it makes accepting donations a lot easier for us among other benefits for our donors (they don’t have to pay capital gains on the coins they donate, just like stocks).
Bitcoin is pretty incredible and offers decent anonymity which continues to improve, Monero offers more. Lots of scams in the “crypto world”, but Bitcoin has faithfully kept its fiscal policy promises for 15 years:
- Fixed supply of 21 million coins. Your money’s value is not diluted by supply inflation.
- You can send funds to anybody in the world with a smartphone and a halfway reliable internet connection in under a second for pennies in fees (with Bitcoin lightning). And you can do it from your couch, no banks required.
- It has operated 24/7, 365 days a year for 15 years without a single hour of downtime, bank holiday, or hack, and has survived attacks from many angles including nation-state actors.
- At every possible turn it has chosen decentralization and security. I can’t say the same for most other coins.
- And it has done this with < 1% of global electricity usage, mostly from renewables and other “stranded” supply. Pretty powerful stuff.
Monero’s privacy features can be absorbed into the Bitcoin protocol whenever Bitcoin decides it wants to, that is the biggest long-term risk to Monero IMO. That and centralization of block production due to increased block size. Bitcoin worked around this block size problem with L2s like lightning, Monero chose bigger blocks though of course it could always add an L2 if it wants to.
I’m not a bot, I just see things differently than you. I think Bitcoin and blockchain generally will lead us to a more efficient, more peaceful world where people have more financial and political autonomy. I think things will look different (in a better way) when our underlying currency supply is not inflationary. Most economists disagree.
after all the existences Bitcoin and it’s offspawns must have ruined, them not having provided any tangible benefits to humanity in the process, how can one still argue it could ever do anything good as a replacement for money.
When people talk about negative associated with crypto, as I’m sure you know, 99% of the time they are talking about stuff that is not Bitcoin. Most of the scams in the crypto space fall apart with the slightest scrutiny. Many of the most notable scams have little to do with crypto at all. FTX was a classic ponzi scheme, most of which have been done with fiat currency, yet we do not blame the US dollar for Bernie Madoff’s existence. Exchange collapses are bad, I agree, which is why I always advise people to not store significant funds on exchanges. Those exchanges need to be better regulated/have better oversight and transparency. Any time you have a third party store funds for you, whether they are a bank or exchange, there is a risk they will rug you. There are also risks associated with self-custody. That is for each person to weigh and decide. The US and Europe have had fairly stable banking systems the past 100 years or so, which is a historical anomaly, but most countries are not so fortunate, and it’s not like the EU and US banking system have not had their own collapses, rugs, and other issues. I would go so far to say that fiat currency is also a scam, just one we have come to accept as legitimate. It is designed to lose value over time, it fails the basic function a currency is supposed to provide, which is as a store of value when you sell your labor or goods so that you can then use that value to purchase something equally valuable from somebody else. That functionality doesn’t happen if your currency lost value due to supply inflation. We have the state control currency because they were the most stable institution ever created by humanity, so they were our best option. Satoshi changed all that.
As far as utility? I think the market cap speaks for itself, so does investment by major investment firms and banks. I can send money to anybody on planet earth with a cell phone for less than a penny in fees. The transaction settles instantly. It doesn’t matter whether or not they have access to a stable banking system or if my bank/country has an agreement with their bank/country to enable the efficient transfer of funds. I can do it from my couch instead of M-F 9-5 and I don’t even have to wait in line at a bank branch. That’s powerful utility right there. I sent Bitcoin to Ukraine’s government when the war started so they could buy weapons and whatever else they needed. That would have been a slow, expensive nightmare to do with bank wires. My bank likely wouldn’t have even let me send money to a country at war since the receiving bank couldn’t guarantee liquidity in exchange. DAOs are powerful ways to change the way we organize society. I help run a non-profit bounty program for open-source projects, people donate to it with crypto, which is much easier to do on an international scale when we don’t need to involve the conventional, slow, convoluted international banking system. We can use those crypto donations to fund open source tools for scientific research. There are many points of utility.
Small countries are now experimenting with Bitcoin because it gives them a way to have a reasonably stable currency without becoming subservient to the US. Before Bitcoin, their options were to manage their own currency which they lack the stability to do or become subject to the whims of a foreign government. Likewise, in some parts of the world, women cannot legally have a bank account. But they can have a phone and run Bitcoin on it. Granted, that would be illegal for them too, but it is at least possible whereas there is no bank that would agree to open an account for them. That’s a different kind of utility than the kind I get out of it, but a relevant form. Bitcoin can be a powerful tool against tyrants and dictatorships, a way to “opt out” of the monetary system that keeps them in power.
I find Bitcoin useful, you may not, that is your choice. I have used it in everyday transactions, I have bought and sold goods and services with it. Since I have started making an effort to prioritize using it, I have been surprised how many places will accept it for payment. Much of crypto is hot garbage or outright scams, even if the technology itself has great potential. Crypto exchanges and stablecoins are not to be trusted. That said, Bitcoin has kept its fiscal promises to me and all of its users for 15 years. There’s no reason to expect that to change in the next 15, as long as computers still run the protocol, it will execute itself faithfully. The protocol works, you can use it to send coins from point A to point B. Whether or not you or society or whoever find that useful is not up to me.
Bitcoin solves this. The 1 BTC you have today will always be 1 BTC which will always be the same portion of supply. How much that BTC buys you will change over time, but the portion of supply will always remain the same. And if the last 15 years are any indication, it will generally buy you more over time. Meanwhile, your fiat currency increases supply by 2-3% per year in “good” years.
BTC has kept to its fiscal promise or a fixed supply and reliable transactions for 15 years. Bitcoin has a market cap of 850 billion dollars, which places it in the top 25 countries by GDP. Bigger than Sweden or Israel. It is decentralized and not run by any country but by a protocol enforced by tens of thousands of computers all over the globe. With Lightning, you can send an international transaction in under a second for under a penny in fees. You can do that with a smartphone and halfway reliable internet access. It works in warzones, it works in international waters (with satellite internet), it works everywhere. It doesn’t care what your credit score is or whether or not your authoritarian government likes Bitcoin or not. No middlemen, no bank holidays, and it does this for < 1% of global electricity usage, mostly from renewables and “stranded supply”.
Digital IDs are step one to a central bank digital currency which is probably the greatest threat to individual liberty, privacy, and financial autonomy we will face in our lifetimes. Imagine a currency supply the government can manipulate at will, where the government has 100% visibility into every transactions you make big or small, where the government can print and un-print money at will or dictate where and how you spend it. And imagine when the political party you don’t like is suddenly in control of this kind of power. Central banks already engage in enough shady behavior and market manipulation and if we give them this power, they will never give it back. This is a dangerous road imo. Plus, a CBDC provided a centralized database of all transactions can be hacked and leaked because that happens to all centralized databases, so now not only does the government know every transaction of yours, so does the world.
If we need the ability to do digital ID verification, there are decentralized opt-in ways to do this which don’t pose these same threats of centralized control and provide a safe opt-out/safety valve mechanism if the people administering that system are not trustworthy. CBDCs provide no such alternative.
Good. I don’t use TikTok and never will, but the government shouldn’t be able to tell you what kind of speech you listen to, what speech you make, or what platforms you use to communicate it. This is some 1984 shit. Looking forward to Trump banning every app except Truth social because we opened the door to this nonsense and all the other apps are spreading “anti-christian hate speech” or “anti-american-first propaganda”. Fuck the CCP. But also fuck the government trying to restrict speech.
Yes, I too would love the US president to decide which social media platforms I am allowed to legally use and who I can legally communicate with. I’m so scared China is going to, checks notes, influence my opinion that I’m willing to sacrifice my free speech rights in the process. Regulate me harder, daddy! 😍
Added to the sidebar @AgreeableLandscape@lemmy.ml @Cloak@lemmy.ml @cat_programmer@lemmy.ml @haui_lemmy@lemmy.giftedmc.com @dez@lemmy.ml
It did. With Bitcoin, anybody with a cell phone and halfway reliable internet access can send money globally in under a second for pennies in fees (with Bitcoin lightning). They can be their own bank without trusting any single third party. It doesn’t matter if their country has secure banking infrastructure and it doesn’t matter what their credit score is. There are countries on this planet where women aren’t allowed to open bank accounts. Bitcoin doesn’t give AF.
It has promoted and maintained the exact same fiscal policy for 15 years without a single hour of downtime or hack: a limited supply and a guarantee of your ability to transfer your coin to somebody else. No bank holidays, nobody devaluing your currency by increasing the supply. No having your savings robbed by an unstable central bank. It gives anybody in the world access to a currency that is already as stable or more stable than most national currencies. And it gives any country in the world an option aside from using USD and, inherently, losing some degree of autonomy in the process. There’s a reason Ecuador and Argentina went in on it so hard.
People underestimate how big Bitcoin really is. It’s market cap is 850 billion USD, that’s the size of Sweden’s GDP and puts it in the top 25 countries by GDP. On average, it has a trend of consistent growth year after year as adoption continues to increase. It is uncensorable, the US could decide to ban Bitcoin tomorrow, a gamma ray from space could blast half of the earth out of existence, and the next block would come regardless and the network would continue to function.
It does all this for around 1% of global electricity usage, mainly from renewables and is powering a new green revolution by being a “buyer of last resort” for power grids. This makes electricity cheaper for all other users of the grid as it’s able to buy power when nobody else wants it, enabling power generation facilities to not lose money during times of low demand. This also makes it easier for grids to add renewable capacity. Bitcoin is a form of energy storage in that sense. Miners don’t buy power during times of peak demand for price reasons, so it doesn’t take power that anybody else would be using.
!boinc@sopuli.xyz if I am donating GPU power to science research. There is a BOINC client for Linux but packaging is a hot mess (though getting better) and compatibility with graphics drivers is hit-or-miss. So any crunching rigs I have w/ GPUs all run Windows.
English- •
- 3M
- •
Someone has requested that we pin this thread. I don’t know if it should be pinned, but I think a link to it in the sidebar would be reasonable. Thoughts other mods? @AgreeableLandscape@lemmy.ml @Cloak@lemmy.ml @cat_programmer@lemmy.ml @haui_lemmy@lemmy.giftedmc.com
I think you can still have users decide which projects get funding and have the system/organization/smart contract/etc automatically distribute funds to the libraries those projects depend on. 80% to the project, 20% to the libraries, etc.
If we let devs decide which projects get funding, they’re just going to always pick their own project. Since that doesn’t align with what users want, users won’t want to donate. If you want users to donate, you need to let them have some say in what their projects their donations go to.
The discussion portion wouldn’t happen over BTC, that’s just for funds management and voting. Discussion could happen on a forum, lemmy community, matrix chat, discord hangout, or other space. I suggest BTC because with smart contracts you can automate the voting process among stakeholders and make it so you don’t need to trust any single party to hold onto the money. It solves this exact problem of coordinating financial transactions with multiple people who can’t trust each other. It also solves the “how do we accept donations internationally easily” problem. Bitcoin has a market cap which places it in the top 25 countries by GDP, higher than Sweden. 850 billion dollars. On average, adoption and market cap grows year on on year. It may not be the USD, but it’s already more widely accepted than most national currencies.
Re: kivach, it’s not more widely used because many people don’t know about it, it’s using a lesser known cryptocurrency as a base, and people reflexively go “eew crypto” even though it’s perfect for solving these kinds of problems. Anytime you have a distributed decision-making process that needs to be international and you don’t want to trust a single party or parties to manage that system, crypto is good at solving that problem. Most people know it for solving that problem in the realm of currency production and decentralizing finance, but it has much broader implications in terms of anywhere you have distributed decision making. Note that kivach doesn’t have any kind of distributed decision making or voting, it’s basically just a smart contract bot that distributes coins based on github dependencies.
Bringing the state into this just brings us a bunch of problems and no solutions. For one, every state or block of states has different currency, and for every state whose population you want to participate, you have to some how bridge access to that state’s banking system and incorporate it into the system. And you can’t do it in a decentralized way, so you need some legal entity to be formed to handle all this and the staff to do all this. So that’s a nightmare. State-backed currencies can’t easily or cheaply be transmitted electronically across borders, and often, even within the same country. Or you have to use some third-party service like PayPal or Venmo to do this, which is its own set of complications. More nightmare. Plus, hello fees and making microtransactions prohibitively expensive. And that’s just moving funds from A to B, that’s not even getting into managing the voting system and navigating the laws every single country whose currency you use, each of which are going to have their own interpretation of whether or not your voting system is compliant with their legal system and whether or not they agree that funding a project like the Tor project is allowed. You may say you don’t care what Turkeys laws say, but if you want to maintain a bridge to their banking system, you have to. So that’s what incorporating the state and fiat system brings you. Or, you could write a smart contract once and have the administration of this system run automatically forever and be available to anyone in any country automatically. Running an international organization which receives funds, holds funds, votes on how to distribute those funds, distributes those funds is exactly the kind of thing blockchain excels at.
I would be interested in this as a user and as a dev for OSS projects. I currently donate to a few projects via OpenCollective, Github sponsors, etc. A few options:
- Users vote on how the money is spent, perhaps in proportion to how much they have donated over time. I think this is the simplest model that prevents self-dealing and accurately transmits user interest. You could use a quadratic funding model to better represent user interest instead of just giving the most vote weight to the users with the most money. On the other hand, assigning vote weight based on donations over time incentivizes users to donate more and keep donating (stopping a recurring donation could result in loss of vote weight and help redistribute vote weight as users become less active). You could also do a hybrid model: 50% is assigned according to vote weight based on total donations, 50% is assigned based on quadratic funding.
- Developers vote on how the money is spent. I don’t know how to allocate vote weight here. Devs should also submit a list of downstream libraries which would receive donations. (or is it upstream?).
- User and developers both vote on how it is spent. Vote weight could be distributed however, for example, 50% to users 50% to devs.
This kind of a system would be very possible to implement as a DAO, there are templates out there for making an organization like this. You could use BTC or ETH, both support DAOs. The benefit there is that since no single entity holds the money, no single entity has to file taxes and claim that money as income. It also automates the voting process and solves the issue of users having to trust a single person or organization to hold and distribute the funds. Making a DAO on Bitcoin lightning could reduce tx fees to less than a penny per donation.
You could also incorporate it as a non-profit depending on your jurisdiction. Many organizations like the Linux foundation have pursued this route, look at what things they have tried and what has worked. Also just a link to leave here for your research, I’m not suggesting you use this, I’m just saying it’s relevant interesting thinking in this area: https://blog.obyte.org/kivach-cascading-donations-for-github-repositories-2b175bdbff77
Other relevant links/research for you: https://github.com/Resolvr-io and https://nostrocket.org/About
Also research Gitcoin, they have used quadratic funding to fund a number of OSS web3 projects in a similar manner to what you’re proposing. I have participated in a few of their funding rounds as a donor and a recipient. Their interface is a mess but the concept is cool.
If you are going to “be your own bank” you need some very basic computer security skills like:
- Research the reputation of the wallet you are going to use.
- Don’t download wallets which aren’t open source
- Download wallets from their official dev site, not some third party repo.
- Don’t use Facebook search to find a wallet.
- If you are storing significant funds, use a multi-sig wallet.
- If you are not 100% confident in the security of a given wallet or system, send a smaller test transaction first before sending larger amounts
If you can’t be trusted to do that, you need to pick a trusted custodian to manage access to your funds (you know, like banks), preferably somebody who can get an insurance company to under-write your no-opsec-having-ass. Unfortunately, in the crypto world, these trusted custodians few and far between and have a terrible track record with exchange collapses etc. It’s getting better, but it’s still a mess. Hopefully as time goes on and the industry gets better regulated and more mature, this will be an easier thing to do.
On the other hand, Snapchat absolutely should be liable for its recommendation algorithms’ actions.
Should they though? The algorithm can be as simple as “show me the user with the most liked posts”. Even the best design algorithm is going to make suggestions that users connect with sex offenders because the algorithm has no idea who is a sex offender. Unless snapchat has received an abuse report of some kind of actively monitors all accounts all the time, they have no way to know this user is dangerous. Even if they did monitor the accounts, they won’t know the user is dangerous until they do something dangerous. Even if they are doing something dangerous, it may not be obvious from their messages and photos that they are doing something dangerous. An online predator asking a 12 year old to meet them somewhere looks an awful lot like a family member asking the same thing assuming there’s not something sexually suggestive in the message. And requiring that level of monitoring is extremely expensive and invasive. It means only big companies with teams of lawyers can run online social media services. You can say goodbye to fediverse in that case, along with any expectation of privacy you or anybody else can have online. And then, well, hello turnkey fascism to the next politician who gets in power and wants to stifle dissent.
Kids being hurt is bad. We should work to build a society where it happens less often. We shouldn’t sacrifice free, private speech in exchange or relegate speech only to the biggest, most corporate, most surveilled platforms. Because kids will still get hurt, and we’ll just be here with that many fewer liberties. Let’s not forget that the US federal government has a list of known child sex offenders in the form of Epstein’s client list and yet none of them are in prison. I don’t believe that giving the government more control and surveillance over online speech is going to somehow solve this problem. In fact, it will make it harder to hold those rich, well-connected, child rapist fucks accountable because it will make dissent more dangerous to engage in.
English- •
- 3M
- •
The fact that Linux lacks a decent system-level backup tool with a GUI is kind of a mind boggler for me. The best one I’ve found which gets close to this is timeshift. File-level backups can’t restore your whole system state and users shouldn’t be expected to remember or manually export their package lists and god knows what else. I have subsisted on file-only backups but it’s really not great as a solution. Disks fail, and when they do, you inevitably have to reinstall the entire OS. It’s a mess. RAID1 could theoretically prevent this, but no distro makes it easy to boot from a RAID1 setup.
Backing up the entire filesystem is not a technically complex thing, there are plenty of command-line tools to do this and some filesystems even support this concept via snapshots etc. But this has yet to be put into a useful practice for end users.
Hardware signing devices have lots of utility because they keep the key from ever being on the machine (which is more likely to be compomised). Think ledger or trezor for your Bitcoin. Hardware encryption devices are just really expensive and black-box ways to avoid Veracrypt.
If your encryption algorithm is secure, you have no use for automatic lock-out. If it’s not, automatic lockout won’t do much against an attacker with physical access to the device. Unless they are dumb enough to trigger the lockout AND the internal memory wipes itself sufficiently well AND/OR the attacker doesn’t have the resources to reverse engineer the device.
That’s not a problem specific to reddit. It happens because only a small portion of people step up to moderate. You’ll see the same dynamic play out in all leadership roles whether you’re talking about reddit, your local government, volunteer organizations, open source projects, etc.
You can be part of the solution if you step up to be a mod.
I’m happy to help moderate. I currently mod several small communities here on lemmy including !boinc@sopuli.xyz and !scientificcomputing@lemmy.ml and would gladly add this one. I also have experience modding some reddit subs.
Nostr vs Mastodon on Privacy & Autonomy:
- Relay/instance admins can choose which content goes through their relay on either platform
- On nostr, your DMs are encrypted. In Mastodon, the admin of the sender and receiver can read them, as can anybody else who breaks into their server
- On nostr, a relay admin can control what goes through their relay, but they can’t stop you from following/DMing/being followed by whoever you want since you are typically connected to multiple relays at once. As long as one relay allows it, signal flows. Nostr provides the best of both worlds: moderated “public squares” according to your moderation preferences, autonomy to follow/dm/be followed by anybody you want (assuming that individual user hasn’t blocked you).
- On mastodon, your identity is tied to your instance. If your instance goes down, you lose your follow/followee list, DMs, etc. On Nostr, it’s not, so this doesn’t happen. Mastodon provides some functionality to migrate identity between instances but it’s clunky and generally requires to have some form of advanced notice.
- Both have all the same functions as twitter: tweet, reply, re-tweet, DM, like, etc.
Aaah, the kind of transaction that most transactions are?
Aah, so any business which accept crypto must KYC every one of their customers. This makes accepting crypto especially burdensome, which is half the point of this legislation in the first place.
Unless you’re using the wallet to buy or sell something. You know, the thing people use money for.
Why does the government need to have every transaction reported to them? Crime is bad because it causes harm. If harm is being caused, that means a person or entity is causing that harm. That means there is evidence. Follow that.
Police have more surveillance and crime-detecting tools than at any point in human history. Nearly every category of crime, particularly violent crime, is on a decades-long downtrend. We all travel with GPS monitors in our pockets. We all use credit cards instead of cash. We all are recorded by CCTV 90% of the places we go. We don’t need to give them more financial surveillance because ‘crime’.