Realistic attack on Bitcoin: High fee spam transactions

Say 1000 small transactions fit per block (for the sake of argument)
If you can expend $20,000 per 10 minutes ($2.8mn per day) you can set the price floor on bitcoin transactions at $20.
For $14mn/day you can put it up to $100.

Solution: Rank transactions based on not only fee-per-byte but also coin-days-destroyed so that shuffling money from one pocket to the other (i.e. spam) is more expensive than ordinary usage.

@cjd@pkteerium.xyz You could also not use a inherently expensive and badly-designed cryptoscams.

What's your preferred store of value ?

@cjd@pkteerium.xyz Any currency backed by gold.

"backed by gold" means it's fractional reserve = #NYKNYC

Gold in your possession IS a good answer, but it is awkward to deal with. Bitcoin has really impressive monetary properties (can be cheaply transferred anywhere, represented as a sequence of words which can be memorized, etc). Also if you're buying up gold, you're buying it from bankers which is kind of a bitter pill...

Actually "backed by gold" is the worst kind of fractional reserve, because eventually when enough people take possession, the currency will inevitably collapse like a dodgy crypto exchange.

@cjd@pkteerium.xyz #Bitcoin's only impressive monetary property is how unregulated it is, with all the downsides you can imagine.

Bitcoin transfers are all but cheap, it's possibly the least efficient means of handling currency we've ever known. The existing fiat currency systems are bad, but they're nowhere near as horrid when it comes to efficiency as Bitcoin.

As for currency exchanges, yes, it does happen frequently that cryptocurrency exchanges fail in comically astronomical ways. I guess that's what you get in an unregulated system which promotes heavy abuse of everything you can get for a scrap of money.

@tyil @cjd bitcoin is not really unregulated, every on and off ramp is fully aml/kyc'd, there is a huge bitcoin surveillance industry and they monitor and blacklist addresses. The dark web has stopped using bitcoin because it has fallen victim to regulatory capture. It sucks. Monero is what retards think bitcoin is.

I like Monero. The only thing that I could possibly say against it is that they hardfork the chain, and we all know from Ethereum that when hard forking is considered acceptable, anyone can propose their stupid ideas and potentially gain traction.

One thing about Bitcoin which is really excellent is that hard forking is considered "unthinkable". Monero is cash, Bitcoin is savings.

BTW: PKT, my project, had exactly 1 hard fork, 6 months into its existence (early 2020) because I got the PoW wrong and it wasn't actually bandwidth hard.

Monero is going to be blacklisted eventually, it’s practically guaranteed.

Where ?

The same way that exchanges blacklist tornado cash transactions.

@tyil @bot @tyil @cjd @demitasse One of these days I'm going to buy some BTC from someone I know IRL completely P2P without using an exchange, and then use that to buy XMR using Bisq.
I'd like to see the UKgov censor that.

You’ll probably just end up on a list since monero is only used to buy drugs and cp.

@bot @tyil @Hyolobrika @cjd @demitasse but that's all of crypto. Gambling muddied the waters

At least you can buy domain names and pay for your vpn with bitcoin, I guess. But yeah, crypto was destined to be a casino since it isn’t actually useful.

@tyil @bot @yangwenli @tyil @cjd @demitasse with Monero you can rent VPSs, donate to fedi instances, buy coffee, donate to open source projects, among other things