The below is an off-site archive of all tweets posted by @lopp ever

March 24th, 2014

larrybyndon @lopp “… the blockchain could also prove an elegant solution to applying copyright law’s first sale doctrine to digital goods.” k mind blown

via Tweetbot for iOS (retweeted on 9:25 PM, Mar 24th, 2014 via web)

@larrybyndon Bitcoin the protocol is far more interesting than Bitcoin the currency. Bitcoin is a protocol; currency is the first “app.”

via web in reply to larrybyndon

@larrybyndon Because Bitcoin is a set of consensus mechanisms that act as a foundation for us to build other trustless systems on top of it.

via web in reply to lopp

@larrybyndon The interesting difference with regard to Bitcoin is that we can agree that it is more than simply money.

via web in reply to larrybyndon

@larrybyndon Isn’t all money like Monopoly money in that sense? Would you sell me your car for kyats?

via web in reply to larrybyndon

@larrybyndon Correct, Bitcoin miners all use ASICs (Application Specific Integrated Circuits), however many alt-coins can be mined w/GPUs.

via web in reply to larrybyndon

@jessevanek Because mining a block is done by hashing ALL of the transactions together simultaneously. There are no discrete operations.

via web in reply to jessevanek

@jessevanek Also, I should note that it’s technically incorrect to say that a transaction is using an explicit share of the mining power.

via web in reply to jessevanek

@jessevanek Not really, because ASICs are orders of magnitude more efficient than cloud computing services. There’s no good comparison.

via web in reply to jessevanek

@jessevanek I wanted to attempt that comparison, but I have no idea how to determine the share of value of miner’s computational power…

via web in reply to jessevanek

@BrontoCaroline I blame it on the lack of patronage by Beignets for a Better Life.

via web in reply to BrontoCaroline

This would only work if miners were entire market. Crypto prices are based upon far more variables. This just equalizes mining profitability

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Strip mining makes sense for short-term profitability, but doing so in order to boost a specific coin and hurt competitors is short-sighted.

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This has the effect of driving the exchange rate of crypto you dislike down, while boosting exchange rate of crypto you like.

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Strip mining is a fascinating concept: instead of mining the crypto you want, you mine competing crypto and sell it for crypto you want.

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I present a counter-argument to those who say that Bitcoin “has no intrinsic value.” coinchomp.com/2014/03/24/int…

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@anaraug That’s a common argument made under assumption that ASICs result in centralization of hash power. Pools centralize power far more.

via web in reply to anaraug

You might be an egomaniac if: you launch an alternative currency and name it after yourself.

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Alt-coins whose only differentiator is an “ASIC proof” mining algorithm will not succeed long term. Only miners care about the algorithm.

via web