• 154 Posts
  • 959 Comments
Joined 2 years ago
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Cake day: March 2nd, 2023

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  • The network was built to adjust

    Then why doesn’t it adjust to avoid negative social and environmental effects? Probalby because it’s not possible to adjust bitcoin’s algorithm, only some parameters, and because miners don’t have enough intensive to abandon bitcoin for something less destructive.

    My understanding is it’s not possible to modify nor fix bitcoin’s core algorithm, which include the difficulty and consensus logic.

    A hard fork is possible, which means leaving the bitcoin network and setting up an alternative (hopefully better) network with a different algorithm.


  • Likely bad coding or bad database design.

    Best practice is to avoid using email as primary key in the user database, instead use an internal ID, so that an email change can happen without touching the primary key.

    Your reply made me think of an alternative to deleting accounts : replace personal information to use a pseudonym and a throwaway email, remove everything that can be removed.

    That would help once the badly coded website get hacked or its database get leaked.





  • Thanks for the refresher. I’m aware of the basics, but assumed the difficulty measured by the number of zeros could only increase. Apparently difficulty can decrease, and I’ve read it’s expected to decrease very soon to keep the system running a while longer.

    Bitcoin’s creator was smart enough to design a system that automatically adjust to remain profitable for several years without intervention, but not smart enough to foresee social and environmental costs.

    It’s a good example that illustrate why automated systems shouldn’t be left running unsupervised, even if it’s designed by the best minds with the best of intentions.


  • The headline isn’t accurate as usual, but isn’t completely wrong either. Anyway, the article you’ve quoted is more informative than the one I posted, so thanks for that quote.

    We’re at a point where it’s no longer profitable for individual miners, even if we ignore externalities like the cost we’re collectively paying due to pollution and carbon emissions.

    Mining require increasing amount of energy and resources as time pass, so unless there’s a radical change in bitcoin’s algorithm or unless energy becomes free, we should expect mining to get non-profitable in more and more situations.













  • Individuls earning more than €250,000 a year and couples with a joint income of more than €500,000 will this year pay a minimum 20% income tax

    My understanding is that it’s not a new tax, but a 20% minimum income tax for high earners. It’s a limit on how much income tax optimisation high earners can do.

    Given the income tax rate in France, and a quick calculation, a single person earning €250000 should have a base income tax rate of ~35%. This is without any tax rebate, without any tax optimization.

    So high earners who aren’t doing lots of tax optimisation should already have an incoming tax that’s higher than 20%.