Another day another “stay away from bitcoin” post on HN
It's one of the most exciting things happening in tech right now, and HN is at best ambivalent and at worst openly hostile to Bitcoin.
Why wouldn't the tech crowd be excited about digital native money which is perfect for the Internet?
Look at what's happening around the ecosystem with the Lightning Network, Impervious.AI, RGB etc.
You may benefit from reading about why Bitcoin works the way that it does, and why certain tradeoffs were made.
But you don't really care to know, do you?
throughput of a blockchain is contingent upon tweaking but for the original bitcoin, still used, it's 6 mb/hour. electricity consumption is 14 gigawatts. if i were given 14 gigawatts of electricity i think i could do better than 6 megabytes/hour.
That for an open and fully accessible, decentralised system that exists in an adversarial environment there has to be a large cost to any attacks?
Of course there are much more efficient ways to store data, but those are centralised and vulnerable to the problems of centralisation. The blockchain's and proof-of-work's purpose is to be decentralised.
Looking at the comments here it's almost like a political debate where they keep trying to come up with justifications.
The bit that's lacking is an understanding of money, and what makes certain types of money sound or unsound. It's easy to overlook the problems of fiat money because its all we've ever known.
What was it about gold that made it the dominant form of money for literally thousands of years? Why was it abandoned? How does Bitcoin solve the problems of gold and fiat?
Vijay Boyapati (ex-Google engineer) does a pretty good job of outlining this in his article.
https://vijayboyapati.medium.com/the-bullish-case-for-bitcoi...
I wish more people on HN would read it with an open mind.