Follow

Bitcoin lost OVER 60% of its security and processes less than half the transactions (fewer than Litecoin now) than last month.

Why is no one talking about this???

@arashi @thedesertlynx or because bitcoin became a dogma after being an idea... We will need to see how that develops... And yes, it have no consequences on the short term, but that do not explain why nobody talk about it.

@eloyesp @thedesertlynx actually almost every podcast I listen to talked about it - how miners are relocating from China, how it's one of the biggest downward adjustments in bitcoin's history, etc... there just isn't much more to it... I don't know what you expect.

@arashi Yes I've heard people mentioning that, but not its consequences: people say BTC is the most secure because of its hashrate, which has plummeted. People say no one uses other coins, but Litecoin is now used more. It's definitely a big deal.

@thedesertlynx

1. What's the energy securing the network vs second best network?

2. Miners are relocating to various locations, not shutting down permanently, so what's the worst that could happen and what are the chances?

3. Define "used". Utilized block space is a piss poor metric, maybe 5% of my transactions use any block space. How do you account for that?

@arashi
1. Energy is not the only thing that secures a network, so this doesn't matter.

2. What's the worst that can happen in any temporary security lapse?

3. Used meaning on-chain capacity at the moment. Lightning uses on-chain capacity, specifically in onboarding, which a whole country may be gearing up to do.

Sign in to participate in the conversation
Liberdon

Liberdon is a Mastodon instance for libertarians, ancaps, anarchists, voluntaryists, agorists, etc to sound off without fear of reprisal from jack or zuck. It was created in the wake of the Great Twitter Cullings of 2018, when a number of prominent libertarian accounts were suspended or banned.