I see I’m not doing any work today, so rest day. Watching YouTube day.
@prologic@we.loveprivacy.club I configured a DragonFlyBSD backup server recently on a https://www.kimsufi.com/en-ie/dedicated-servers/ 5€ dedicated server. 2 TB of disk space for 5€ a month, very good offer. Now I have to configure some cli Bitcoin and Monero wallets on that server, but monerod is hogging all my CPU! It’s weird that cyptocurrency is supposed to be decentralized and there we are keeping our money in centralized locations like FTX or Binance.
@prologic@twtxt.net Centralized because of the mining process, right?
but you are essentially centralizing the storage of transactions, the so-called block chain, ledger, onto infrastructure and computers that aren’t yours or in your control.
Which exactly are those computers? Isn’t the blockchain distributed and stored on each individual node?
@abucci@anthony.buc.ci I was talking more about political and financial decentralization, as in no institution to regulate it, but the discussion derailed to technical decentralization. The idea of an institution that can allow you or prevent you from withdrawing money for instance, like Binance or FTX.
@abucci@anthony.buc.ci I’m saying that this were the original ideas of cryptocurrency. Having no central institution to regulate it, like central banks or a central place that has controle over your money. The cryptocurrency industry has collapsed exactly because people “invested” in an centralized exchange and hedge fund like FTX. Exactly what I’m saying, this is not a cryptocurrency issue, but just fraud.
How is an institition different from a few powerful players that control >50% of the network? 🤔
I can’t say I understand completely how cryptocurrency, works, I wasn’t interested in the subject until recently but this is what they say: https://www.coindesk.com/learn/what-is-a-51-attack/
A 51% attack, however, is theoretically limited in the amount of disruption it can cause. While the attacker could trigger the double-spending problem, they cannot reverse others’ transactions on the network or prevent users from broadcasting their transactions to the network. Additionally, a 51% attack is incapable of creating new assets, stealing assets from unrelated parties or altering the functionality of block rewards.
This is not verified by me personally and and the source is a crypto exchange.
Love it or hate it, institutionalized fiat currency has value because the issuing country has people with guns who will drag you off to a metal box if you don’t use the currency in the intended ways (unless you’re super rich I guess).
Yes, 100% agree on this!
The cryptocurrency industry collapsed because the idea at its core is a Ponzi scheme. It doesn’t matter how you implement the Ponzi scheme in software. The only way to accrue value is to bring in more people who are willing to pay more money for the currency than what you paid for it. That’s the literal definition of a Ponzi scheme and is inherently unstable (it crashes the moment the of rate of incoming new users slows down).
That’s the problem, people saw cryptocurrencies as way to make money quick (classic money making problem), it’s not that the idea of cryptocurrency is a Ponzi scheme, is that people are using it to engineer Ponzi schemes or do fraud with it as they do with fiat money.
The only way to accrue value is to bring in more people who are willing to pay more money for the currency than what you paid for it.
Crypto increases or decreases in value just as any other good (or currency), based on demand, you can do Ponzi schemes with potatoes, you can’t say potates at their core are Ponzi scheme.
institutionalized fiat currency has value because the issuing country has people with guns who will drag you off to a metal box if you don’t use the currency in the intended ways (unless you’re super rich I guess).
And cypto’s value is that it’s a currency outside the (at least the digital) reach of a countries institutions. No institution can give an order to block your transactions! Even if you’re bank account is blocked, you can still trade with crypto! That’s at least one of the reasons it has value!
@prologic@twtxt.net I understand crypto is an implementation of the blockchain, distributed legder, if that’s what you mean. I may use the terms as if they were same thing. Where do you think the confusion is?
That is not a value. I have absolutely no need or desire for that, nor do the vast majority of people. People avoiding accountability from their community might view it as such.
You can never tell for sure, that’s where crypto’s values lies in.
I have no doubt a lot of crypto transactions have been made with the West sanctions and all. That’s value!
You’re literally trying to say that if your community has decided that you should not have access to certain funds, you should be empowered to thwart that decision.
Yes, because it’s YOUR money!
Banks can’t legally decide that you no longer have access to your funds. You have a right to those funds that is protected by law. Legal authorities in some cases can restrict your access to your funds, but there is a reason and purpose to that, and in theory that reason and purpose is protection of the community. Yes I know I’m being simplistic, but the alternative is to take the extreme libertarian view that these institutions are all broken and hostile beyond hope, we should resist them at all costs, everyone else be damned.
You’re going to extremes now, I’m saying there MAY BE SOME situations when if would be a could idea to have some money outside of the institution control.
Get a bunch of cash, bonds, and prepaid debit cards and bury it all in your backyard. That’s far better.
I believe that in those kind of situations is better to have your cash in digital form rather than in any kind of physical form, not sure if prepaid cards can’t be blocked.
well, fuck Russia lol. Crypto should burn if only to deny those genocidal pricks access to money.
What if the balance of power would change? What if you would be affected?
@abucci@anthony.buc.ci How can it be blocked?
@adi@twtxt.net what are you talking about?
Please quote, I don’t understand on what reply you’re asking the question.
@abucci@anthony.buc.ci how? Monero + tor or i2p. Try and block that.
@abucci@anthony.buc.ci I understand, but also understand that time is of maximum importance in those situations.
@abucci@anthony.buc.ci anyone can run a exit node. Show me a case where a hidden service was taken over without regular investigation etc.
The biggest darknet markets where taken down due to misconfigurations or mistakes leading them to leak IP and such , not because tor is compromised or that some agency ran a exit node.
A hidden service’s traffic never goes through a exit node, only passes through middle nodes and everything stays encrypted.
@abucci@anthony.buc.ci exit nodes and tor traffic that is contained within tor network is two separate things. And I do know what I’m talking about. I ran a exit node for a long time, rented vps in sweden, police raided there, then came at my door the next morning because someone sent angela merkel a threatening email through my exit node. Blocking exit nodes does not shut down hidden services because hidden service traffic never leaves the tor network.
@abucci@anthony.buc.ci and a lot of advancement has happened since 2015..
This sounds like a scary event and I’m sorry that it happened to you.
No reason to be afraid of law enforcement! People are people!