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mocha_sweetheart OP t1_j1xw07d wrote

Reply to comment by tjr5zz in Driverless cars and electric cars being displayed as the pinnacle of future transportation engineering is just… wrong. Car-based infrastructure is inefficient, bad for the environment and we already have better technologies in other fields that could help more. An in depth analysis by mocha_sweetheart

I think you're the one that needs to be smacked in the face with reality on this. Let's say, fine, everyone adopts crypto. With crypto what exactly is stopping the elites from buying a bunch of it and a ton of supercomputer-level miners and stopping everyone from getting anything more than marginal sums? BTW, you can find examples of anarchist societies throughout history and more about why it works I think even in the same playlist.

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tjr5zz t1_j1xx37b wrote

Using bitcoin as an example, you can only mine 6.25 coins per block--roughly every 10 minutes. It wouldn't matter if they had all the computing power in the universe. That's it. Also, and here's the kicker, once they spend it, it's gone. Most will NEVER understand that as they don't even know only banks create us dollars. They think the govt. creates dollars. No, the banking elite create your dollars and they can KEEP GIVING THEMSELVES LOANS FOREVER.

THAT is the problem. Bitcoin is fair money. They spend it, it's gone. They have to earn more in some way. No more cheating.

I wish you luck with your endeavor. I was young and optimistic once too. I'll tell you truthfully what I think will happen regardless of bitcoin or whatever. Whoever gets to superAI first is going to do whatever they like forever. I think it's only a couple years away at most. Let's both hope whoever it is, is nice to us or at least indifferent.

Take care.

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mocha_sweetheart OP t1_j1y1p9i wrote

>Using bitcoin as an example, you can only mine 6.25 coins per block--roughly every 10 minutes.

Who, exactly, is stopping the rich from just opening multiple accounts and multiple miners for each one? They have the money, they have the resources, they have the land, and there sure as hell isn't stopping from just making bot bitcoin wallets etc.?!

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tjr5zz t1_j1y6hiw wrote

You misunderstand the protocol. They have as much mining power as the universe allows, they can only mine at most 6.25 coins per block.

In a year and half, that will be reduced to 3.125 bitcoins per block.

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tjr5zz t1_j1y7omf wrote

My answer sounded condescending upon review. Sorry. I'll tell you a tale of a man who found out about bitcoin in 2010. This man thought it was impossible to have a decentralized currency because any digital thing can be duplicated. He had made thousands of copies of digital files before so how could this be any different. Yeah, that was me. I was ignorant. Eventually I learned.

The reason they can have as much mining power as they like is because as the hash rate increases, something called the difficulty increases along with it. In fact, the hash rate HAS steadily increased over time, yet the bitcoin protocol and rules are steadfast. The hashrate increases, it becomes more difficult to perform the hash. It's baked in.

If they tried to cheat and not abide by the difficulty, all the non-mining nodes would reject the blocks. They would fork off into their own chain that is no longer bitcoin and nobody would care or accept their transactions/blocks.

If you google the whitepaper, you can read how that works.

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tjr5zz t1_j1y7wqa wrote

If you decide to start with bitcoin, I suggest not having an investing mentality but rather a using it mentality. I mean if you choose to invest that's fine but use it first and understand the hype cycles at least.

I recommend getting Phoenix Wallet and Muun for your phone and Sparrow for your pc. Just start right out using the lightning network with Phoenix and Muun.

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