1MfKwvZTcc89ZPGypu1z7upQu8LjKYvUzL
In BSV we have started moving in a direction where we replace facebook and big tech data silos with wallet app silos
In both cases it's made possible by what I call the network effect prison.
We need to correct course fast before it's too hard.
I love BSV as much as the next guy but this is nothing short of delusional. Politicians aren't going to communicate potentially sensitive information over a transparent ledger, even if it's encrypted.
Well just as an example, a system could be built on Twetch where revenue for a post can be shared based on % of proof of work attributed by other users. So you get sybil proof rating system, as well as an incentive for users to boost someone else's post.
Also, the cost of implementing proof of work can be very small. Boost and 21e8 puzzle outputs can be incorporated into a transaction for a small fraction of an existing transaction cost, meaning it wouldn't cost the service or the user very much at all.
There is nothing stopping a service from structuring incentives around the idea of boosting someone else's content.
Also, see:
Content ranking systems that use "amount earned" as a rating metric are not sybil proof. A user could potentially make multiple accounts and rate their own content. With Boost or 21e8 you can more accurately judge how much has been spent to rate content.
By itself BoostPoW doesn't give you an incentive to boost others' content. It is generally most beneficial to boost your own content, however boosting others' content could be beneficial to you in certain circumstances.
It's important to note that BoostPoW and 21e8 do not prevent users from using capital to upvote their own content, but would instead accurately show how much they payed to promote their own content since that money is not going back into their pockets.
Content ranking systems that use "amount earned" as a rating metric are not sybil proof. A user could potentially make multiple accounts and rate their own content. With Boost or 21e8 you can more accurately judge how much has been spent to rate content.
The primary purpose of the BitCoin blockchain is:
/poll [Data storage / retrieval,Time-stamping / proof]
The key difference however is that if a miner wants to prune old chain data, it doesn't prevent other miners from not pruning. Big miners will likely not prune, as the storage costs for them will be trivial compared to their electricity bill.
Who knows, maybe one day there will be a big market for on-chain data. I'm sure there are miners who will hoard everything. More power to them. But it's in most miners' self interest to prune old chain data to save money on storage and bandwidth.
To be clear: I honestly don't think "the chain" is a good replacement for conventional cloud storage. There's no clear incentive for miners to keep all this random data, and there's no clear incentive for users to pay a bunch to put their data there.
Yes, they are paying miners to include their twetch transactions in a block, but they're not paying someone to permanently store their data for them.
I'm not trying to say that there's no point in inserting arbitrary data into transactions, because it can be useful for timestamping, attestation, smart contracts, etc. I'm just saying BitCoin is not and was definitely never meant to be Megaupload 2.0.
To be clear: I honestly don't think "the chain" is a good replacement for conventional cloud storage. There's no clear incentive for miners to keep all this random data, and there's no clear incentive for users to pay a bunch to put their data there.
/pay @127 $0.50 to stay on my feed
What is the point of paying miners to insert large files directly into transactions, instead of just a hash? Is there more to it than just novelty? 2c twetches are fine, but nobody is going to pay $800 upload a 1GB video onchain for Streamanity or w/e.
doas zzz
Mastering the art of google-fu really did pay off
I’m PRETTY sure the only reason we have BTC the way it is today is because it required no action from miners. Imagine if action was required to keep the block size at 1 MB but no action to increase the block size? LOL.......
Micropayments are great. no one cares about a cent or two, but when you add them all up, you can really make a big change for the world
The killer app of micropayments is enabling business models that simply aren't possible with traditional financial systems. Twetch for example just wouldn't work with credit cards or Paypal or anything like that.
On the other hand, people who are new to bitcoin might not understand the value of their sats simply due to it being an entirely separate currency. It's easy to understand that you've 'received a cent' or 'spent a dollar'.
People will not have a frame of reference for what "a million satoshis" really means until they can easily buy something like a candy bar or a steam game with it.
I don't think the ultimate goal should be that people "don't even know they're using bitcoin". Just the opposite - I think amounts should be denominated in satoshis so that it's clear that you're sending and receiving bitcoin and not fiat.
How can we solve the cents vs. sats dilemma? I've been thinking about this a lot lately. Users could be easily confused, thinking they are actually earning dollars that can be spent anywhere, but really they're earning bitcoin that can't be spent anywhere.
4 trailing zeroes? very magical indeed!
This simplicity makes for an incredibly light system with very low overhead. It also makes it easier for me to learn how the different individual pieces of the system work together to form the system as a whole, without any unnecessary or redundant parts.
The key takeaway from this is that there are non-placebo benefits to applying the KISS philosophy to your system(s). https://en.wikipedia.org/wiki/KISS_principle
That doesn't have to mean installing a new OS, just keep your toolset as simple as possible.
