Discussion in 'General' started by MLyons, 6 Dec 2017.
It was Dihydrogen Monoxide wot done it...
RaiBlocks is up 30% today. Wowzers!
Japan hit by hack for £380million stolen from Coincheck. http://www.bbc.co.uk/news/world-asia-42845505
maybe this explains my coinbase jump
You'd think the exchanges would've learned their lesson by now... nope!
Bitcoin transaction fees are down to the sub-10 satoshis per byte at the moment - as little as 5 sat/B, in fact - so if you're sitting on a lot of unspent transactions today's the day to consolidate them: just send everything you have to a single new address in one big transaction, then next time you're transacting the transaction size will be considerably reduced (you're defragmenting your wallet, effectively.)
EDIT: Just did it myself: 5.781 sat/B (2.599 sat/WU), confirmed in 38 minutes. Happy days!
Especially in Japan where Insurance for that scenario exists, if bitFlyer can then the rest of them have no excuse:
My Ethereum transaction is taking ages atm. Around 40 minuets.
Count yourself lucky, I had some ETH just stuck pending on Coinbase in Dec for 2 whole weeks. And now I have some Lumens which are lost in space on Poloniex with an unanswered support ticket which is 3 weeks old. I need to get off Poloniex!!!
Here's a question for you all...
Cryptocurrency mining rewards wealth, not productivity - In an era defined by increasing wealth disparity, is mining ethical?
Probably not... but who cares if it’s ethical?
Are we talking about some dude who could afford a GPU?
Or are we talking about Bill Gates hypothetically investing billions in a mining farm?
Sure, to some starving kid in Ethiopia both live in unimaginable wealth, but on the other hand to Bill Gates the average middle class person in a 1st world country lives in unimaginable poverty...
Personally, I think it'd be a bit daft for me to pay a bit more to get our energy supply from renewable sources and then go and waste energy on mining just to make money.
That's just my situation though.
Define wealth? The ability to buy what is essentially a robot worker to generate income for you. The more workers you can afford, the more you stand to gain. The scale is irrelevant as there's always an advantage over the person who can afford less.
Now all those people above that threshold, is it ethical for them to acquire any additional wealth from their wealth? For example is it ethical for savings accounts that pay interest to exist?
And why should additional wealth from mining be any different?
Personally I'd reckon it isn't really any different, making any ethical concerns more about the concept of wealth in general rather than the concept of mining.
I'd say it does reward productivity, although the value of the product is certainly questionable
The difference is that traditionally wealth generation was a bi-product of useful work - producing products and services.
Mining is a total abstraction that has almost no relation to real-world economic productivity.
It doesn't produce anything useful. It doesn't generate extra jobs.
It's just it's own reality-detached, self-reinforcing abstraction that essentially just manipulates spreadsheets to favour those with greater buying power.
Is that true? Solving hashes has uses in the digital world, therefore it is produtive. It is a higher tech version of someone selling their service as a statistician and doing the calculations by hand
We're not talking about solving hashes in general, we're talking about the specific use case of shitcoin mining.
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