Bitcoin transactions happen at the “speed of light” (~27:00) REALITY CHECK: As Bitcoin has grown, transactions have become slow. It’s in fact why many people do not accept it for purchases anymore.

Bitcoin is the same speed it’s always been. Blocks happen every 10 minutes. The transaction is transmitted at the speed of light but final settlement requires a block. Pay a high fee? Get in on the next block. Want to save on fees? Maybe it takes a few blocks for your transaction to go through. If you use Bitcoin lightning (a scaling layer built on top of Bitcoin which moves transactions off-chain but secures them on-chain), transactions take under a second for pennies in fees. Fees are much, much lower than credit card, paypal, or other similar competitors. You could send a billion dollars in a single transaction and pay $1.50 on main chain, or you could send $5 on lightning and pay <1c in fees. Lightning has been around for 5 years now, it works, I use it regularly.

Bitcoin cannot be diluted (~27:25) REALITY CHECK: Bitcoin is always being diluted until it reaches its hard limit.

The supply of Bitcoin, 21 million coins, is known and has always been known. It can’t be diluted beyond that point.

Nobody controls the network (~28:25) REALITY CHECK: If someone were to own 50% or more of the network’s compute power, they could control the network.

Nobody owns 51% of the network. Even such an actor can’t print extra BTC or force money to move without the appropriate private key. The best they can do is temporarily delay transactions while burning north of a trillion dollars in energy and equipment doing so. Which is why nobody has ever done it.

Bitcoin’s hard limit is likely very dangerous for the network (~29:00): Once the hard limit is reached, it is unclear if people will keep pumping computing power at it. If the creation of new Bitcoin is no longer allowed, it is possible that transaction fees will need to be raised to compensate miners.

Given that fees have continued to increase with time, this seems like not a problem. It’s not “dangerous”, it’s part of the design. If hashrate drops, it drops, but given that fees and hashrate have continued to grow despite continually minting less coins, it’s not really a problem.

Bitcoin’s lack of rules allow for massive amounts of fraud and prevents effective taxation (~29:25): While the video paints a cute picture of financial freedom, the reality is that Bitcoin allows for fraud on a world scale and does not allow for sales tax because of the way that anyone can have a cryptocurrency wallet without disclosing their identity.

Anybody can have a cash wallet without disclosing their identity, yet they still pay taxes. Bitcoin’s rules prevent the kind of fraud where the value of your money is printed away via supply inflation of central banks or “currency restructuring” on the global scale by the the world bank. People pay taxes because they think it’s the right thing to do and/or because the government has guns and makes them. Either way, if you run a company, if you are providing goods and services, you have a place you can send somebody with a gun and enforce those rules. All the companies currently paying taxes would keep paying taxes if they used Bitcoin.

They want to ban porn in the entire country, it’s all a part of #project2025. They also want to ban abortions. And being gay in public. And completely break the separation of church and state. Don’t sit this election out. https://defeatproject2025.org/

How to contact your MEP. We beat this bill last time, we can beat it again https://www.europarl.europa.eu/meps/en/home

How to contact your MEP https://www.europarl.europa.eu/meps/en/home

Interesting thanks I’ll take a look!

We need decentralized, federated search. I remember YaCy from years ago was attempting this. Anybody know if there’s anybody actively working on this?

Very excited to see this, and to be able to follow BlueSky and Mastodon users from my nostr app

Same thing whenever you see articles about Bitcoin’s energy use. Or the energy usage of any tech service/product:

• For some reason blames the product or service people are using, not politicians for failing for decades to invest in renewable energy.
• No contextual information (how much does the remittance industry use? How much energy does SWIFT, IBAN, or printing paper money use)? How efficiently do these systems actually use energy?
• No mention of the many useful things it does with that energy or why it uses energy in the way it does. (Send money across the globe in under a second for under a penny in fees to anybody with a cellphone and halfway reliable internet) (low fees available on Bitcoin lightning)
• No mention that most of that energy comes from renewables or how being a “buyer of last resort” for energy actually helps build out renewable grids since grid operators can guarantee whatever energy capacity they provision will be bought. Doesn’t even look at energy mix and demand curves.

Just ragebait tailored to their readers who already have strong negative opinions about this asset class but not about bonds or stocks or other asset classes for some reason. Even though Bitcoin has kept all its promises for 15 years in a row, never been hacked, never experienced an hour of downtime, or bank holiday, and never had its value printed away by an ever increasing supply (supply is capped at 21 million coins).

It’s always the same bullshit when they want to take away your rights:

• “Protect the children”
• “Foreign influence” or “spies”
• “Misinformation”
• “Stop Terrorism”

It’s always the same bullshit when they want to take away your rights:

• “Protect the children”
• “Foreign influence” or “spies”
• “Misinformation”
• “Stop Terrorism”

Look, I get it, I wouldn’t give a shit if TikTok imploded tomorrow and went out of business. I don’t use it. Actually, I would cheer on TikTok’s implosion. It’s a cesspool. However:

“First they came for the xxx and I didn’t care because I didn’t use or like xxx”…“and then they came for me or the thing I liked or used there was nobody left to defend me”

True. Impossible to fully censor. Easy to “censor enough”, force out of app stores, and deem illegal while being cheered on by the left and right because they both somehow think it’s in their interests, having abandoned the idea of free speech somewhere along in their ideological trajectory. Just like with TikTok ban or the Digital Services Act.

They’ll start by saying lemmy is spreading “disinformation” or “foreign influence” or “harming children” or whatever their excuse of the day is. Then legislate lemmy apps out of the app stores and go after lemmy server operators or users.

Not saying lemmy couldn’t survive as a network, the point of the meme is the dangerous precedent set when people support things like a TikTok ban and say the government should be able to regulate speech or access to speech in that manner. The government shouldn’t be able to tell you what you can say or think, who you share those thoughts with, or what media you consume. It’s a human right to think and speak and be able to listen to others speak. And unfortunately, for different reasons, both the left and right are cheering on its erosion.

Not really, and miners have fantastic financial incentive to remain honest. It’s not altruism. In terms of the attack you are talking about (51% attack) Nobody can amass that much computing power and certainly not quietly, good luck acquiring enough ASICs to do it, let alone enough energy. You’d need your own fab for them which means designing your own ASICs (specialized devices for mining which are orders of magnitude more efficient than regular computers) or stealing designs for them. You’re already into the billions of dollars right there with having your own fab. You can’t buy even half of the processing power you’d need on the open market. A 51% attack is absolutely insanely expensive to do and logistically impossible at this point. And even if they could, the absolute best they can do is temporarily delay transactions or do a double-spend (spend the same BTC twice). They can’t spend money they don’t have the key for and they can’t print extra Bitcoin as all other nodes would reject those transactions as invalid. Doing a double-spend makes no sense because the only benefit of doing so is getting something else in exchange for that BTC. If I’m going to trade say… 1 billion dollars of oil for your BTC, I’m gonna wait for a few blocks of confirmation, even assuming I could transfer that much value that quickly. And whatever you trade has to be more valuable than the cost of a 51% attack which is probably north of a trillion dollars at this point depending on how you do the math. Plus, you know, the legal/extralegal/diplomatic/etc consequences of your actions depending on what you did the attack for.

The attack isn’t a one time thing, your delay only works if you keep attacking. The second you stop, the chain reverse to the “true main chain”. A 51% attack has never happened successfully against Bitcoin and never will at this point. Even at the nation-state scale, Bitcoin is tied in enough to international markets at this point that attacking it could easily cause an international bank run/financial collapse and massive diplomatic problems. And all you’d prove is that you wasted an inconceivably large amount of money to attack a system that picked back up right where it started a few minuted, hours, or days later. Because unless you intend to continue your attack and energy use forever, that’s exactly what would happen. Meanwhile, you’ve pissed off every voter, hedge fund, state retirement fund, business, bank, national treasury, international organization, charity, and legislator who has any sort of exposure to Bitcoin.

Some back of the napkin math for anybody interested https://www.reddit.com/r/Bitcoin/comments/18salm9/the_economics_of_a_hypothetical_51_attack_on/

The government controls it and they use it to gradually decrease the portion of supply your hard-earned money represents. They aim for 2-3% inflation in a “good year”. That’s the nice countries, ask any Argentinean how they feel about who controls that money printer. Monetary inflation mostly impacts the poor and middle class who have more of their net wealth in cash whereas rich people have their money safely stored in assets like stocks or land. So the government controls the money printer.

Unless you use Bitcoin. Then the protocol (nobody) controls it. And it’s controlled to never make more than 21 million BTC. No person, even if they had a trillion dollars, even if they bought every Bitcoin in existence, even if they had 1000 guys with AKs, no person could make Bitcoin print an extra BTC it wasn’t intended to print. Or spend money that they didn’t have the private key for. That’s a money printer I can trust. It’s faithfully done this for 15 years without a single hour of downtime, bank holiday, or being hacked and has a market cap that places it in the top 20 countries by GDP all while experiencing continual growth and adoption. But it’s a fad right? That has no purpose? A scam? And on year 16 you’ll finally be proven right?

Yep. Unfortunately both the left and right in the US seem to have free speech in their crosshairs one way or another. The right with “don’t say gay”, their book bans, and war on drag, the left with the TikTok ban, wanting the government to be able to define and regulate “misinformation” on social media, etc. The long-term protectors of free speech like the ACLU have even done a pivot away from free speech cases because they perceive them as unpopular.

China did that. We criticized them for it. Now we’re turning around and doing it. “We should get to do it because insert dictator here does it” isn’t a great argument.

I joined this instance at random, look at my history if you think I’m a tankie.

“You can’t use this at work” and “You can’t use this ever” are very different things.

Except it’s not, it’s an ad platform.

Right. So if they sell ads on it, it’s not a speech platform right? Reddit, not a speech platform? The Washington Post? The Guardian? Lemmy, when lemmy instances start running ads, Not a speech platform? Gmail? Not a speech platform?

Nope, absolutely incorrect, it is indeed just a company being banned.

It’s not. This isn’t a company that sells cars, they provide an online speech platform. It’s my ability to use the speech platform that gets banned in the process. They can ban TikTok from being able to “do business” in the US, that is different from pulling it from the app store or installing a great firewall to prevent US citizens from accessing their site. And frankly, “doing business” has been an inherent part of speech platforms for decades, selling advertising on speech platforms is how they can exist, all the way back to the days of newspapers and radio.