Bitcoin Developer declares the death of Bitcoin



  • Think about it. If you had never heard about Bitcoin before, would you care about a payments network that:

    • Couldn’t move your existing money
    • Had wildly unpredictable fees that were high and rising fast
    • Allowed buyers to take back payments they’d made after walking out of shops, by simply pressing a button (if you aren’t aware of this “feature” that’s because Bitcoin was only just changed to allow it)
    • Is suffering large backlogs and flaky payments
    • … which is controlled by China
    • … and in which the companies and people building it were in open civil war?

    I’m going to hazard a guess that the answer is no.



  • It's about damn time that square wheel of a "currency" was laid to rest.



  • I never got around to learning what Bitcoin was, and apparently now I don't have to.

    Cool with me.


  • SockDev

    It was meant to revolutionise money or something; in reality, it simply wasted millions of computing hours that could have been spent on more productive activities like streaming porn or hosting Halo deathmatches.



  • @RaceProUK said:

    it simply wasted millions of computing hours

    And a whole lot of people-who-weren't-me's money buying them.



  • This is a bad year indeed, it's only January and Bitcoin already died once. That's above average.

    @blakeyrat said:

    Allowed buyers to take back payments they’d made after walking out of shops, by simply pressing a button

    Actually, don't credit cards have that?


  • SockDev

    @anonymous234 said:

    @blakeyrat said:
    Allowed buyers to take back payments they’d made after walking out of shops, by simply pressing a button

    Actually, don't credit cards have that?

    If by 'press a button' you mean 'spend six months fighting with the credit agency', then yes.



  • @RaceProUK said:

    productive activities like streaming porn

    undefined



  • @RaceProUK said:

    If by 'press a button' you mean 'spend six months fighting with the credit agency', then yes.

    Not in the UK for credit card transactions (above £100, below £30,000). At least not if it's a legitimate claim (as in you didn't get the service/goods as described for which you paid, or the company goes bust before you get them.)

    Under Section 75 of the Consumer Credit Act, the credit card company is jointly and severally liable for any breach of contract or misrepresentation by the company.

    This means it is just as responsible as the retailer or trader for the goods or service supplied, allowing you to also put your claim to the credit card company.

    You don't have to reach a stalemate with the retailer or trader before you can contact your credit card provider - you can make a claim to both the retailer and credit card provider simultaneously, although you can't recover your losses from both.

    This right is particularly useful if the retailer or trader has gone bust, or it doesn't respond to your letters or phone calls.

    Debit card transactions have a sorta similar, but not as enforceable, scheme. (Section 75 is enshrined in law, Chargeback is only part of scheme rules.)



  • undefined



  • I think you are under estimating the seriousness of porn.

    <and over estimating the seriousness of my statements



  • There's probably industries that think of themselves as extremely serious that turn around less money than porn.



  • Now you are just looking down at Pencil Pushers Inc.



  • @Luhmann said:

    I think you are under estimating the seriousness of porn.

    <and over estimating the seriousness of my statements

    They're predicting that porn will make or break vr. It certainly did the internet!

    My sister got a present of 5 bitcoins as a gag gift an age ago. She sold them when they were about €1000 a pop. Best gag gift ever.



  • @DogsB said:

    porn will make or break vr

    aka Teledildonics



  • At least you cannot single-sidedly take back the money.

    Say you run e-commerce business and someone buy something and then pay you some bitcoin, after the transaction is completed the buyer use a higher amount of same money elsewhere. RBF rule kicks in an suddenly the bitcoin transaction you think is completed and settled is invalidated.

    You suddenly found your bitcoin wallet shrinks, you may know that amount reduced but have no idea on which transaction goes wrong.

    Now what?

    I read the linked article in the linked article and it seems worse than what I originally thought

    The idea behind “scorched earth” is that if someone buys something with an unconfirmed transaction, when they walk out of the shop and press undo they double spend the original output to themselves with a higher fee, but the merchant sees this and then adds a spend-to-self transaction on top of their original payment with a slightly higher fee, and then the fraudsters wallet does the same to bump the fee on his chain of transactions, and so on and so on until the entire payment has been consumed in fees. The fraudster gets the goods, the payment is now going to a miner instead of the merchant, and the merchant is left with nothing.

  • area_deu

    My thought exactly. I have openly laughed into the face of everyone who was all hyped up about that bullshit for years now. Looks like I was right all along.
    I would love to see some numbers about how many tons of CO2 were created by "mining" (given that the majority of "miners" are in china now) and how much bigger the average car engine could have been instead.


  • SockDev

    The thing is, the economics of Bitcoin never worked anyway. The ultimately (and in this case, additionally so) constrained supply meant if demand were a thing, it would ultimately just push the price up and up and up to the point of absurdity.



  • This whole bitcoing thang always reminded me of the Tulip Mania in 1637.

    Tulip mania or tulipomania (Dutch names include: tulpenmanie, tulpomanie, tulpenwoede, tulpengekte and bollengekte) was a period in the Dutch Golden Age during which contract prices for bulbs of the recently introduced tulip reached extraordinarily high levels and then suddenly collapsed

    At the peak of tulip mania, in March 1637, some single tulip bulbs sold for more than 10 times the annual income of a skilled craftsman. It is generally considered the first recorded speculative bubble...

    Like Cartman, I never bothered getting into it, assuming (and probably an element of hoping) that it would all go away.
    I'm not a Luddite by any means, but this hyper-hyped "currency" never seemed real.



  • @skotl said:

    This whole bitcoing thang always reminded me of the Tulip Mania in 1637.
    Ah I remember that well. I was in Spaarndam recruiting for a minor Scottish rebellion and the local lads wanted to farm fucking tulips instead of proving their mettle on the battlefield.

    Incidentally the first time I met @boomzilla was a couple years later while he was escaping the NMA. He was wearing the most ridiculous bonnet I have ever seen.


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