Nostr Web Client

A lot of this sounds like crypto influencer stuff.

There can only be one **_secure_** POW chain. The one with the highest hash rate is secure ; all others can and do suffer reorg attacks. This is because miners can mine any coin based on POW, and if you control enough hash power, you can rewrite some of a chain - that allows them to double spend. This happens all the time.... And it is theft. Only bitcoin is secure against theft.

that's only true within a given PoW algorithm

No. Miners switch between algorithms automatically, as they pick the mos tprofitable coin to mine.

lol that's not how asics work

Why are we talking? You obviously don't know anything.

an application-specific integrated circuit is customized for a particular use, in this case a single PoW algorithm

You are wasting my time.

Absolutely nostr:nprofile1qqsykh4lg3nkfcesv3x5zc5jf2r2w0z3wvycewcqmv9xjzcfwqr2prsppemhxue69uhkummn9ekx7mp0qyg8wumn8ghj7mn0wd68ytnddakj7qgewaehxw309anhymm4wpeju6r6wfjrzdpe9e3k7mf0c4u979 ASIC stands for application specific integrated Circuit. It is a node with one job. Bitcoin runs on Secure Hash Algorithm 2 or SHA2. That's the algorithm specific to bitcoin, so an ASIC that runs on SHA2 will only solve problems on that network. Litecoin ASICS use the Scrypt algorithm so a Litecoin miner will not work on the bitcoin network. That said, DOGE also runs on Scrypt, so you can run a Scrypt ASIC on either the DOGE network or the Litecoin network, but not on the bitcoin network.

with the way DOGE is merge mined with LTC, I think Scrypt ASICs mine both chains simultaneously

Good points about 51% attacks and hash rate. This happened with Ethereum Classic ETC. Keep in mind, mining rigs are specific to protocols. This can be problematic if one pool grows too large and hijacks the hash rate. Is BTC too big to fail? I don't know. What will the future hold with AI server farms and quantum computing? BTC is safe now, but what about 10 years from now?

ben 10mo ago

If bitcoin can be transacted instantly over lighting then there is no need for these other coins that try to rewrite the wheel.

Your basis on investing in those coins is that they are “undervalued”. But they have no purpose. Bitcoin has more hash rate and is more secure. It has guaranteed global liquidity. Good luck finding a buyer when the crypto bear market starts.

There’s no maybe on doge inflation. It will inflate and for the value to keep increasing, you need an insane amount of capital pouring in.

Let’s say litecoin is exactly like bitcoin with its scarcity and POW. We already have a successful bitcoin so the only benefit of litecoin is that the cost of low - therefore there’s no benefit at all.

You can speculate on these coins but you will end of with more fiat, not more bitcoin.

https://www.investopedia.com/terms/l/lightning-network.asp#:~:text=Key%20Takeaways,until%20they%20are%20done%20transacting.

Keep in mind lightning transactions are off chain. It solves the problem of slow transactions, but it is off chain. Nobody in their right mind will put all their sats in their lightning wallet.

I'm sure you own gold silver and copper. Each has a different use case and value in their own right. I think there is room in the greater POW community for alternatives, and currently they rise and fall with the bitcoin tide. Will that always be the case? Active wallets paint an interesting picture. We are so early in this game. If there are only ~1 million daily active BTC wallets. What happens when there are billion? Stay humble and stack sats.

Bitcoin is king and I'm a firm believer in its value, but it's not perfect. For example, it does not have a privacy component like the anonymity of cash transactions, natively it is slow to transact, and adoption as money is in conception (not even in infancy yet). Keep an open mind this is just getting started.

ben 10mo ago

I wonder if that chart tracks bitcoin over lighting. It would paint a different story of bitcoin dominance. I’d rather have a 2nd layer chain on bitcoin than a completely different chain.

I welcome other POW chains but they will all fail because miners and users will gravitate to the dominant chain.

Nostr is proof that bitcoin works as a money right now. Slow to transact on the base layer is a feature to guarantee open audit from any user on the network. Lack of privacy is to guarantee that bitcoins rules are secure. Privacy tools can be built on bitcoin.

I’m a maxi so I’m going to argue for bitcoin. It just doesn’t make sense to me that we would have a flawlessly working system and then try to diversify into lesser options.