Bitcoin Thread

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I kinda agree with him on how much energy bitcoin uses :/ it could become more efficient.. Like doge.
 
Wary GOM said:
Elon has been trying to at least seem to be manipulating the markets but so clumsily that I almost wonder if he is trying to get more people to see how it works.
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This is what I suspect as well. I have a feeling there are more new users on exchanges buying random doggy coins than bitcoin because of him. Dunno if that's good for the space or not but he's doing well to get people involved. Plus the number of turorials on tiktok on how to buy low cap coins using pancake swap or the like is pretty nuts. Was watching an interview from 2014 with him talking about how education should be as attractive and effortless to people as video games..
 
humbledryer said:
This is what I suspect as well. I have a feeling there are more new users on exchanges buying random doggy coins than bitcoin because of him. Dunno if that's good for the space or not but he's doing well to get people involved. Plus the number of turorials on tiktok on how to buy low cap coins using pancake swap or the like is pretty nuts. Was watching an interview from 2014 with him talking about how education should be as attractive and effortless to people as video games..
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Doge rocks. Its not a **** coin, its very functional. Doge is cheap and fast and uses a fraction of the energy (per transaction) that bitcoin does. If you regularly move crypto resources around, you either do it in doge or ltc. You save so much on transfer costs. Its a useful coin.

Dont confuse Doge for Shibu though. Shibu isnt an actual crypto coin, its an ethereum network token.

 
w1z4rd said:
Doge rocks. Doge is cheap and fast and uses a fraction of the energy (per transaction) that bitcoin does. If you regularly move crypto resources around, you either do it in doge or ltc. You save so much on transfer costs. Its a useful coin.

Dont confuse Doge for Shibu though. Shibu isnt an actual crypto coin, its an ethereum network token.
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What's the deal with your constant DOGE evangelizing?
 
w1z4rd said:
Doge rocks. Doge is cheap and fast and uses a fraction of the energy (per transaction) that bitcoin does. If you regularly move crypto resources around, you either do it in doge or ltc. You save so much on transfer costs. Its a useful coin.

Dont confuse Doge for Shibu though. Shibu isnt an actual crypto coin, its an ethereum network token.
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I was referring more to getting people involved in crypto. Fun coins/tokens are a way of turning it into a game. Most people don't know the difference between doge and shibu but many will learn along the way by making mistakes
 
saor said:
What's the deal with your constant DOGE evangelizing?
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Don't know. When people move funds it's usually something like XRP. Doge is too unstable under normal circumstances.
 
Swa said:
Don't know. When people move funds it's usually something like XRP. Doge is too unstable under normal circumstances.
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Under normal circumstances doge is very stable. Its only this current hype into it thats made it more unstable.. XRP is only stable because no one cares about it.
 
Sensorei said:
Elon has been caught lying, the scaly bastard.

https://twitter.com/x/status/1392974251011895300

https://twitter.com/x/status/1393687876144148493

www.trademoneta.com

"Elon has never contacted us," says Breaking: Dogecoin lead developer

Bruce Fenton, Dogecoin's lead developer, announced today that Elon Musk has never contacted the Dogecoin team. The billionaire inventor tweeted a few days ago that he was working with dogecoin…
www.trademoneta.com www.trademoneta.com
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Errrr you might want to give a little context to that one... Seems it was a joke.

Or were you being sarcastic and I'm missing it?
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His response which he made 4 hours later was not highlighted as a top post when I initially linked it, and the crypto media had already announced it all over, but we now know it's not true.

But funny that since Doge is a copy of BTC with security features removed, the Dogecoin core devs listed on $Doge's Github are also listed as the main core devs for Bitcoin. Not even the original Doge devs are Doge fanboys.
 
w1z4rd said:
Under normal circumstances doge is very stable. Its only this current hype into it thats made it more unstable.. XRP is only stable because no one cares about it.
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Doge has earned its place now but what exactly that place is in crypto is yet to be seen. It can not replace BTC no matter what the developers do to tweak it.

BTC's and POW's energy consumption is what makes BTC so secure. It's a security feature. If mining blocks was less energy intensive it would decrease the value and also compromise the network security.

Proof of stake, proof of authority, and now more recently proof of history based blockchains offer great benefits over BTC's proof of work for almost all day to day use applications. But they can't offer the same security which is #1 for a universal digital gold. SHA256 is more complex, more secure hashing algorithm than Scrypt which is used by Litecoin and Doge.

You can not have all 3 - Optimal security, super fast transaction speed, and close to free transactions in a heavily used blockchain like Bitcoin. You have to sacrifice something.
 
Sensorei said:
Doge has earned its place now but what exactly that place is in crypto is yet to be seen. It can not replace BTC no matter what the developers do to tweak it.

BTC's and POW's energy consumption is what makes BTC so secure. It's a security feature. If mining blocks was less energy intensive it would decrease the value and also compromise the network security.

Proof of stake, proof of authority, and now more recently proof of history based blockchains offer great benefits over BTC's proof of work for almost all day to day use applications. But they can't offer the same security which is #1 for a universal digital gold. SHA256 is more complex, more secure hashing algorithm than Scrypt which is used by Litecoin and Doge.

You can not have all 3 - Optimal security, super fast transaction speed, and close to free transactions in a heavily used blockchain like Bitcoin. You have to sacrifice something.
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Not necessarily true. Ethereum is less energy intensive to mine but that allows it to be mined by more people across the planet. Invent a coin that can only be mined on CPUs with little energy usage and it would potentially be one of the most secure on the planet. Bitcoin's centralisation makes it less secure.
 
Swa said:
Not necessarily true. Ethereum is less energy intensive to mine but that allows it to be mined by more people across the planet. Invent a coin that can only be mined on CPUs with little energy usage and it would potentially be one of the most secure on the planet. Bitcoin's centralisation makes it less secure.
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BItcoin is not centralised. It has more than 10,000 full nodes and is still the most decentralised major crypto. Most miners being located in China does not make it centralised. Ethereum is very secure not as secure as BTC. BTC has 9000 active full nodes at any one time. ETH has about 5000. Bitcoin's much higher hashrate also makes it more difficult to attack.

You might as well say Bitcoin Cash is a better option because it has a bigger block size and can process about 10x more transactions per second than Ethereum. My post was about the #1 digital gold needing to have optimal, ie. the best security.

You can not have a mined (POW) cryptocurrency that is very secure and uses little energy. Energy cost is what prevents double spend 51% attacks. POS makes more sense for most crypto uses but not for #1 secure store of value.
 
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Sensorei said:
BItcoin is not centralised. It has more than 10,000 full nodes and is still the most decentralised major crypto. Most miners being located in China does not make it centralised. Ethereum is very secure not as secure as BTC. BTC has 9000 active full nodes at any one time. ETH has about 5000. Bitcoin's much higher hashrate also makes it more difficult to attack.

You might as well say Bitcoin Cash is a better option because it has a bigger block size and can process about 10x more transactions per second than Ethereum. My post was about the #1 digital gold needing to have optimal, ie. the best security.

You can not have a mined (POW) cryptocurrency that is very secure and uses little energy. Energy cost is what prevents double spend 51% attacks. POS makes more sense for most crypto uses but not for #1 secure store of value.
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Number of nodes mean nothing. It's who controls the hashing power of those nodes and for being the #1 store of value Bitcoin is highly centralised.

It's not how much energy an algorithm uses that makes it secure but rather how accessible it is and with anyone with a gfx card being able to mine Ethereum and its related coins it would make it more secure than Bitcoin. Memory in this case is where the power lies and it's expensive to manufacture so resistant to ASICs and consortiums.
 
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