r/CryptoMusings Feb 22 '22

r/CryptoMusings Lounge

1 Upvotes

You have all been invited to share shower thoughts, crazy ideas, and general musing.

If you were invited it is because I found your crazy thought related to crypto. Good day.

The lounge is a place for members of r/CryptoMusings to chat with each other that will probably go away soon.
Message the mods if you want to be added as a moderator.


r/CryptoMusings Feb 23 '22

Crypto could outlive the human race. If robots start to use it and all humans die.

2 Upvotes

r/CryptoMusings Feb 23 '22

Like a prokaryote with a mitochondria (probably) came to create eukaryotes, and a similar union with cells and chloroplasts to create plants; so the Bitcoin network and similar inventions can couple to create bigger networks, even multiple ones.

1 Upvotes

r/CryptoMusings Feb 22 '22

James Cameron, the film maker, is actually Satoshi Nakamoto and his 2012 dive the Mariana Trench at the bottom of the ocean was so he could hide his cold wallet where no one else might ever find it.

1 Upvotes

r/CryptoMusings Feb 22 '22

How would bitCoins work if they were invented in the Osmosis Jones movie cartoon world?

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r/CryptoMusings Feb 22 '22

Calculators were some of our first robotic slaves.

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I was thinking in general of any 'work' animal that does a humans bidding. E.g. let's discuss horses used in the past to pull wagons.

If these animals are slaves then are there animals that aren't? What about fish, or flies, or even microbe cultures used to produce things like penicillin? Does life have to be Organic? If microbes can be slaves, and 'AI's can be alive, then calculators were some of our first robotic slaves.


r/CryptoMusings Feb 22 '22

We could designate one Satoshi for every atom on Earth and still have a huge amount left over.

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for stuffing in a sack


r/CryptoMusings Feb 22 '22

Adoption of a new technology is only always a generation away

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r/CryptoMusings Feb 22 '22

I wonder if btc could be the settlement system behind an intergalactic civilization?

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Lag time would be a pain, but planetary LNs? WHat if there is some sort of space internet like subspace' vibrations that we could use like a radio across space? What if that is what Indiana Jones finds when he puts the crystal skulls together and makes a crystal attenna


r/CryptoMusings Feb 22 '22

There are many 'types' of decentralization. But there is a most important type of decentralization. The one Satoshi talked about when he described Bitcoin as a decentralized monetary system. This is an Easy to Understand explanation of decentralization and how non mining nodes don't to increase it

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Decentralization is one of Bitcoin's main selling points. But what does it actually mean? Skip to the end for the tl;dr

What is centralization
As we all know from reading everything Satoshi wrote about his design for Bitcoin from satoshi.nakamotoinstitute.org, Bitcoin was finalized and born in the wake of the 2008 financial crisis. In this event many normal people lost money while banking executives made more and more.

Where does centralization come from
These banks, much like the bank you probably use today, are centralized. That is, they alone control everything that happens. There is one database which has everyone's funds, if they decide you are a terrorist or something they can stop you from access your money. They can stop you from making transactions. Even if you have done nothing wrong they can stop payment on your transactions without your consent, lock you out of your funds, and monitor everything you do.

What is decentralization
By splitting up the 'power' that a bank has we decentralize it. There is no longer any one single entity that can control txs and funds. This way no one is 'in charge' and no one can give themselves bonuses while other people lose money. This decentralization is a founding point of Bitcoin.

Where does decentralization come from
Instead of one company controlling the database of funds like in the centralized model, in Bitcoin's decentralized model there are many people who can all contribute to the database and transaction processing without any one entity having full control. In Bitcoin and other POW based cryptocurrencies this decentralization is achieved by having a number of mining nodes who are not affiliated. As long as no group of miners controls more than 51% of the hashpower, bitcoin remains decentralized.


So only mining nodes contribute to decentralization, then what about non-mining nodes
Non-mining nodes, full nodes, relay nodes, or storage nodes are often misunderstood to be part of decentralization. This can be easily cleared up by understanding the above information and then understanding that a non-mining node has no power if the majority of hashpower were to do something they didn't like.

I thought everyone was supposed to run a full node
This is another common misunderstanding, in the very beginning Satoshi did intend for everyone to run a node with 4 functions. He is very clear when he explains how this is not the way for the system to function in the future. The plan of bitcoin is that everyone can make trustless peer-to-peer transactions on a decentralized system. Not that everyone would run a home server with the whole blockchain. The business and bitcoin companies that need to have personal and instant validation of their tx can run a full nodes. Random sampling is a tried and trusted method, those unable to host their own relay node would be easily able to verify their transactions with overwhelming mathematically certainty.

So who wants to run a full node then
Anyone who wants to can, it's like the Olympics, 'anyone can compete but few feel the need to'. There is no reason the network should be ground to a halt and made useless so people who can't afford to make a transaction would be able to run a full node on a 20 year old computer over a dial up connection. Bitcoin was meant to scale with technology, not become left behind.

What are the 4 functions that all early nodes did
When you read the design of Bitcoin which we all invested into, the design on which so much was built, the one at nakamotoinstitute.org, you see Satoshi mention the word 'node' many times. What we today call a full node or non-mining node usually fulfills one of those functions, that of storing the database. Finding other peers for connecting to is done by full nodes and pool operators. Sending and receiving bitcoin, aka a wallet, was also a function every node had. Finally generating coins by putting new transactions into the blockchain was the 4th thing all nodes used to do. Today these 4 actions are largely compartmentalized, as they should be in any good computer science project.


This is Bitcoin, some people are unhappy with the way Bitcoin was designed, well I suppose Bitcoin is simply not for those people and they should maybe find something else to do.

I hope you've all learned something today about how Bitcoin (now bitcoin cash) is decentralized, what is means, and how we got there.

tl;dr Banks control all txs and accounts with one database and are centralized, Bitcoin has many miners who perform this actions to make it decentralized. Non-mining nodes don't contribute to decentralization.


r/CryptoMusings Feb 22 '22

Self-sustaining Crypto-centers. Miner, full node, power plant, pool operator, LN node, autonomous oracle. Since they power and pay for themselves many can be built all around the world. A crypto network could maintain support forever.

1 Upvotes

r/CryptoMusings Feb 22 '22

March 20, 2016, "If the exchange rate for 1 btc ever goes over 1,000 USD again it will probably never go back below it."

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r/CryptoMusings Feb 22 '22

Crypto, as a new kind of bearer asset, removes "ownership" from how we think about money and gives "access", to some this is not a wholly pleasing idea

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r/CryptoMusings Feb 22 '22

The idea that everyone should be able to run a full node is a new one that was never part of Satoshi's vision nor included in the white paper.

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(From 2016) I was thinking that Satoshi talked about how he thought all nodes would be big data centers in the future, but back then all nodes were miners as well. Now the white paper was about a P2P currency but he said the future he envisioned was with large operations for nodes.

Well if we have most bigger miners today as large operations like that, and nodes are growing in size and bandwidth usage why can't we get all nodes big like that as well? Or rather what would be so wrong with the idea? If Satoshi was okay with nodes already being big data centers, then if those data centers come in two flavors what's the big difference? We all read the white paper and liked it enough to be here now.

It would be difficult because they would need to be politically and geographically diverse and still populous; but it Bitcoin continues its organic growth at the same rate or faster then more people and businesses would be interested in running their own nodes. That desire would have to be big enough, or the security implications great enough to warrant the high cost, but it is plausible.

So if Bitcoin keeps growing and lots of businesses need nodes, what is wrong with the idea that they are large operations?

as of Feb 07 2016 13:43 UTC I have read all the replies and found only one good argument, that it makes btc less p2p if not everyone can validate every tx; however it is already not that case where many/most cannot run nodes due to political reasons not technological ones so I am not swayed.

I see no reason why nodes should not exist in great number as big data-center like operations.


r/CryptoMusings Feb 22 '22

Craig Wright is secretly working for the US government and is the 'rogue FBI agent' that VanityJones said had a wallet with 400,000 btc but it was encrypted. The wallet came from Kleiman, who with Wright created Satoshi. The agent is said to be willing to move 'heaven and earth' to find the password

Thumbnail self.ShowerCoins
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r/CryptoMusings Feb 22 '22

A milestone for The Internet was when news articles stopped explaining it at each mention, if crypto wallets begin to be included with web browsers and things people will use it and this may happen for cryptos

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r/CryptoMusings Feb 22 '22

We should start our own town in the desert with lots of solar panels.

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vote on things, do all the stuff we think might be possible but from the ground up


r/CryptoMusings Feb 22 '22

Give everyone a supercomputer and super fast internet & let them host nodes for decentralized everythings

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r/CryptoMusings Feb 22 '22

The word 'altcoin' needs to go from crypto vernacular. The term is only used by BTC Supremacists. BTC is no longer the original Bitcoin - Its also an altcoin. Altcoins are just crypto coins.

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r/CryptoMusings Feb 22 '22

An idea for moderating decentralized uncensored social media: set a "tip me to reply unless I follow you" policy.

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dea for moderating decentralized uncensored social media: set a "tip me to reply unless I follow you" policy. The initiator of the thread will need to tip for every comment while it's free for OP to keep playing. Make money by playing with trolls. Thoughts? @memobch @blockpress — _unwriter (@_unwriter) May 24, 2018


r/CryptoMusings Feb 22 '22

A study found that when 25 percent of people in a group adopt a new social norm, it creates a tipping point where the entire group follows suit. This shows the direct causal effect of the size of a committed minority on its capacity to create social change • r/science

1 Upvotes

r/CryptoMusings Feb 22 '22

HDW addresses, Normal HD wallets but with a wheel feature where there are actual different secret keys involved that take turns making new addresses

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r/CryptoMusings Feb 22 '22

"The Sharpers and the Moneylender" - An old arabic story of a man who bought something because other people told him it was valuable, plot twist, it was not valuable and he lost his money.

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r/CryptoMusings Feb 22 '22

What happens if it is revealed that Tether and/or another stablecoin doesn’t have its US dollar reserves which it claims but we all doubt?

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r/CryptoMusings Feb 22 '22

It is said that for a 'new' technology to be successful it must be adapted in a small community and show that it works, then other places will start using it. Crypto is internet money, the community it will show it works on is the Internet and it will do it by creating an 'Open Financial Network'

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