Technology

59374 readers

3767 users here now

This is a most excellent place for technology news and articles.

Our Rules

Follow the lemmy.world rules.
Only tech related content.
Be excellent to each another!
Mod approved content bots can post up to 10 articles per day.
Threads asking for personal tech support may be deleted.
Politics threads may be removed.
No memes allowed as posts, OK to post as comments.
Only approved bots from the list below, to ask if your bot can be added please contact us.
Check for duplicates before posting, duplicates may be removed

Approved Bots

founded 1 year ago

MODERATORS

[email protected]

714

Bitcoin is Stupid and Does Not Deserve an Emoji (blog post) (thedabbler.patatas.ca)

submitted 3 months ago* (last edited 3 months ago) by [email protected] to c/[email protected]

367 comments fedilink hide all child comments

35 crypto companies got together to make a change dot org petition called "Bitcoin Deserves an Emoji".

F that

you are viewing a single comment's thread
view the rest of the comments

[–] [email protected] -1 points 3 months ago (1 children)

While I personally agree that we should not store all transactions for all time, our storage capability is going to get exponentially better. We are able to store data in 3D discs with lasers now and can store petabytes in a single disc the size of your typical old CD-ROM and even store data in DNA if we wish. These obviously aren't going to be included in your desktop computer anytime in the near future, but they do currently exist and show that storage will not be a problem for a very very long time.

[–] [email protected] 2 points 3 months ago

Scalability isn't quite as simple as "how much data can a well-off enthusiast from a developed country store". You need to consider the behavior of your lowest common denominator users.

You want as many users as possible to run fully-verifying nodes, rather than SPV ("simplified payment verification") nodes that can be tricked by a malicious miner. The more transactions are being done through SPV nodes, the more potential payoff there is for an attacker, and the more resources they can dedicate to an attack.

Further, if your number of full nodes gets low enough, it becomes feasible for state actors to track down and compromise the remaining node operators. At that point, you may as well just be using a centralized, government approved payment system instead.