Can anyone recall the website which explains the mind boggling statistical math's behind bitcoin addresses and mining? E.g. how its practically impossible to ever guess an address
Personally I'm a fan of bits. 1 bit = 100 sats, so 1,234,567 sats would be 12,345.67 bits
For really small micropayments like here on SN though, just using sats makes more sense. But for larger amounts of bitcoin, the bit and the mBTC are very useful
I have seen and worked in various odd numeric systems that different countries use, so I sort of got used to it. Not everyone uses 1000 based grouping...
Sure wish there was a way to un-flag an item, at least within seconds after flagging. I accidentally hit Flag (when trying to click the "00m" link to a post), and it prompted with the "Flag" dialog. Having an overly sensitive touchpad, just me moving my mouse away from that (to purposely NOT flag) actually got registered as a click and flagged the item.
Sold my first item on satscrap and the sats just hit my wallet today!! It’s a bit clunky and the shipping cost more than what I sold the item for but it’s cool I actually earned sats selling something that was just collecting dust.
To keep privacy it’s better to pay for shipping. Satscrap asks for a lot of info if the buyer has to pay to ship
The following post provides some information that might be interesting about how SN is used.
Recommendations for sats: documentaries about computers/internet/hacking#106478
So this is a great example of using SN to crowdsource content creation.
This probably couldn't be done on Reddit ... it would not have been upvoted enough to rank high, I suspect.
It could be attempted on Microlancer.io, but I suspect the domain expertise (strong interest in the history of tech, connoisseurs of documentaries) is far greater here on SN whereas the vast majority on Microlancer are just hustling to make a buck (literally, hustling to find $1) and thus their economic situation doesn't afford sufficient leisure time to have watched the obscure documentaries that OP might not have already seen.
Additionally, the "bounty" (i.e., amount of compensation for completing the task) on Microlancer might have needed to be a multiple higher than the amounts I've seen tipped there on that thread with the promise of sats.
From that I might conclude that the incentive here on SN is not driven primarily monetarily but instead the reason the OP is getting participation is because of the community that exists with SN, and their willingness to share their expertise.
This occurs in an environment where that little bit of sharing is rewarded not with Likes (as happens on Twitter, FB), nor just Upvotes (as on Reddit) -- all which are financially worthless expressions of appreciation, but with real sats.
Which means those upvotes/tips didn't come willy nilly -- they represent true appreciation for the contributor's efforts.
6-10% inflation, financial crisis, reccession and depression every 6-8 years. I think its pretty safe to say that everything the central bank was created to fix, it hasnt, we got scammed. And i dont even think we are paying the full consequences yet. But lets see.
Missed this morning's post but found it, have a great day gang, seems it's a busy busy Tuesday but for me holidays start this 16th so it's almost time for a well deserved R&R, have a phenomenal day and stay frosty my friends!!!
Will bitcoin ever increase the block size as adoption increases and onchain txn become extremely cost prohibitive? I've been pondering the question the last few weeks for some reason. I suspect no, but I'm trying to think through 50 years from now when (hopefully) everybody uses BTC/Lightning. Maybe it's a pointless exercise as continued innovation will happen that I can't see today, but just a question I've been wondering.
But an increase does not align with the interests of the "economic nodes" today, so I can't see such a push for an increase until bitcoin has gained traction at a level vastly further than it has today.
There could be second layers being sufficient which result in on-chain bitcoin being used only for channel open/close and settlement transactions (which might be the case if fees per trx end up in the $50+ range). Currently, $50/trx produces even more revenue to the miners than does the 6.25 BTC per block award subsidy.
What I do think could be a possibility is that there is a rollup layer so when there are people who need to settle on the basechain its done by rolling up a bunch of tx into one basechain tx for settlement.
Some exchanges are doing a centralized version of this for withdrawals. Combining many withdrawals into one tx to reduce congestion and fees.
ZK rollups could fit this need as it is actively being developed for bitcoin.
Example: 30 years from now you have about 1000 users that want to withdraw lightning sats into cold storage. The lightning tx's get aggrigated into a single ZK rollup TX on the basechain to distribute all the funds to the basechain wallet addresses. This in theory would reduce the need to ever increase the block size on layer one and allow all the raspberry pis in the world to keep on keeping on. :)
I do believe that the answer to scale is in layers, whether that be Lightning or something else. The base chain facilitates that pretty well at the moment.
For sure, I agree. I see a few posts here and there on Twitter about what happens if Lightning doesn't succeed. I think it's a good debate to have. I don't currently see alternatives to lightning, but that said I also can't see the future and what else is possible.
love stacker.news and find the sat rewards really intriguing as a concept and addictive in practice. what in your opinion are the main malincentives that rewarding via sats solve? and do you think adding sat rewards creates any new malaligned incentives that didn't exist before?
what in your opinion are the main malincentives that rewarding via sats solve?
Voting systems like Reddit's would be more useful if they weren't so easily gamed by bots and brigades. A costly voting system like SN's could go some way towards addressing this, depending on how it gets implemented.
do you think adding sat rewards creates any new malaligned incentives that didn't exist before?
r/cryptocurrency is a good case study in what not to do. When the mods introduced a rewards token, the forum quickly became overran by attempts to farm it. Memes, sloppily written how-to guides, boring "unpopular opinion" posts, etc. It seemed to make the sub much worse (and it was something of a cesspool to begin with).
Something I've experienced on occasion is that SN users are so eager to respond to a post in the hope of getting sats as a reward. They often jump to assumptions or conclusions in the hope of gaining sats rather than constructively adding to the conversation.
In daily discussion it's ok based on the definition: "Tell us what you're doing today, ask questions, or vent about your life. Whatever you want, let it rip!"
So far, the only possible downside I can see is that maybe it creates a semi-addictive chasing of sats on the platform, but that also is non-unique to stacker news as a social media platform, and the micropayment cost of doing anything makes you think a bit more, making a counterbalance to social media's addictive nature. So really, it has problems, but they are less severe than what you find on other platforms. Maybe I'm missing something though
I for one don't see any negatives. Giving and receiving rewards in sats teaches users about wallets, the lightning network, and incentivizes learning. It also helps users get used to paying in bitcoin as we create a circular economy.
₿ 0,01 234 567 satsis the right way to format sats! Tell me why I'm wrong.