reply on: Jaromil's Article "Bitcoin, The End Of The Taboo On Money" \ stacker news ~bitcoin

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539 sats \ 0 replies \ @nerd2ninja 4 Dec 2023 \ on: Jaromil's Article "Bitcoin, The End Of The Taboo On Money" bitcoin

was the market restrained from creating too much money too fast? BitCoin’s use of a procedural solution is the wrong track when all you need do is define a constraint via a formula and apply it as needed over time, instead of everyone continuously spinning a hash function and wasting electricity. Keep the transactions public, cryptographically sign them, and audit them with a money model and you’ll be able to keep much of what is good about BitCoin. And of course, use a "commodity" the people can intuitively understand, something like... time.

That's what it does ;_;

Its just so....this isn't the first time I've had to explain that proof of work keeps track of time and to keep track of time without a proof of work mechanism is asking for abuse. You can't know how much internet latency was involved before you received a transaction from your peers (which is why first seen policy in the mempool is silly in practice), but if you adjust the proof of work needed to keep on track for 10 minutes per block and you know it will take exponentially more computing power with every passing block to rebuild a valid chain, then you have a reliable way to keep track of time with no way for timestamps to be faked (in a meaningful way)