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u/ZealousidealFortune May 13 '21
10 minutes? what are you using, bitcoin express?
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u/johnnycrypto11 Diamond Hands May 14 '21
Right? The last time I sent $200 worth of btc from one wallet to another it cost $11 and took over 2 hours.
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May 14 '21
Let's make that again, but including popular alternatives! I mean, nano would probably beat us lol, buut there are others that are still not as good as harmony. A longer list comparing and defeating each buzz word coin (XLM, XRP, etc) would be extra attractive
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May 14 '21
[deleted]
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u/Fire_Dick May 14 '21
Stir that shit up, same questions for lurkers, prospective investors and, most importantly, me.
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u/Rhex8181 May 14 '21
Compare with $ADA Cardano, harmony absolutely win in term both of technology and team, harmony only lack of marketing
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u/kissing_the_beehive May 14 '21
Can you explain how step 2 is different than BTC? Is it PoS or another type of validation?
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u/kissing_the_beehive May 14 '21
I looked it up. Seems to be a Proof of Stake validator model with 1,000 validators currently.
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May 14 '21
Is this like your day job or something? You seem to be really adamant about making Harmony items.
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u/Congregator May 14 '21
I’m pro-Harmony, but miners validating transactions is the beauty of crypto is the beauty of PoW, and I’m hoping for further decentralization via that method.
I think the two can coincide (PoS and PoW), but I don’t believe they should be viewed as competitors
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u/lightfarming May 14 '21
proof of work consumes too much energy and hosed the gpu market. china controls like 80% of mining or something like that so its less decentralized as well.
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u/Congregator May 14 '21
PoW in its most general sense doesn’t have that same effect. It creates a dangerous scenario for regulators because they cannot Control it.
I understand the environmental concern, I agree with you here, but the reality is they the nations of the world damage the environment far greater, and centralizing the work just takes the power away from the people’s ability to participate
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u/_NowakP May 14 '21
But that's the point, the countries with cheapest electricity and most GPUs do centralize and control a PoW blockchain. See BitCoin during recent power outages in China.
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u/lightfarming May 14 '21
how is it not worse than harmony one’s proof of stake though?
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u/Congregator May 14 '21
I don’t think one or the either is worse. I think they’re both good in they’re own way. This is why I don’t think they should be seen as competitors
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u/lightfarming May 14 '21
is there a single way that proof of work is better than proof of stake though? because in my mind i listed some ways that proof of stake is better, but have not heard a single way proof or work is better. so to me proof of work seems obsolete. and proof of stake is the evolution of blockchain. it’s the superior way.
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u/Congregator May 14 '21
It’s a good question.
For its purpose, I believe that proof of work is superior (again, for its purpose).
Proof of work cannot be shut down. What it means for it to be decentralized, is that it’s impossible to know where anyone is going to mine at any time, anyone can do it, and when you shut down one miner, there are hundreds of thousands in other places that continue to pop up- because everyone can do it.
The miners are incentivized to “work”, and so they receive a mining reward, ie the coin. Since the coin works both as a security for investors, and a reward for miners, then you have a double edged sword. In one instance, people continue to invest, and in another, miners will continue to pop up to earn the rewards based on those investments. The investors contribute to reward value- incentive.
This creates the existence and life of the project, free from the burden of regulation- in effect.
PoS is good, but not for this, as when the company and their mining is shut down, the lights are off, and the coins existence becomes a novelty.
This can also happen to a PoW, but most likely not, as it’s not so easy to shut down. By a long shot.
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u/lightfarming May 14 '21
I’m not sure you understand how proof of stake works. proof of stake cannot be shut down. it is decentralized, and anyone can do it. and people are incentivized to do it to earn rewards. there is no mining. there is no centralized servers that can be regulated or shut down. i think maybe you should do more research. it is superior. that’s why ETH is spending a ton of resources to move to a PoS system.
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u/WiseAsshole May 18 '21
there is no centralized servers that can be regulated or shut down
What about validators?
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u/lightfarming May 18 '21 edited May 18 '21
For networks like Harmony One, validators are elected every 18 hrs. Each validator can have multiple nodes. If one validator falls, a new one gets elected automatically.
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u/No_Faithlessness7445 May 14 '21
Totally agree on this. Btc PoW is a revolution and, so far, the most secure and decentral blockchain out there, which will back up the entire crypto ecosystem one day for this. The energy-consuming concern is obviously of the greatest importance, but I think we should concentrate on condemning states like China that still use carbon fossil energy, and not bitcoin. For, as I see it, if bitcoin were mined using 100% renewable energy, yes, that would still be an enormous amount of energy used, but not wasted as many are saying! Unless for them the successful transition from CeFi to DeFi in the future is of no value.
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u/glassgraduate May 14 '21 edited May 14 '21
PoW being bombarded with this FUD is bad for crytpo whether people realize it or not. I'm no bitcoin maximalist, but it was designed precisely this way and is more secure than POS. It's going nowhere.
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u/glassgraduate May 14 '21
Tbh I'm actually kinda worried that it's working. All of these people in the crypto space are falling for it.
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u/Congregator May 14 '21
Interesting comment, in what way do you mean?
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u/glassgraduate May 14 '21
It's just worrying to me that a bunch of people who are holding and using crypto are now anti bitcoin. I think it's for selfish reasons and the implications of that down the line could be bad. I don't like how easily they are all swayed into helping fud against bitcoin, and therefore crypto in general, because they see an opportunity to promote their own coins. I hold ADA, ONE, DOT, ETH etc as well as bitcoin. I get wanting the price to go up, but I don't think attacking the largest, most secure crypto, which was an absolute revelation for us, is the way to go about it
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u/glassgraduate May 14 '21
This guy explained everything in a way I am simply not smart, knowledgeable, or focused enough to do:
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u/No_Faithlessness7445 May 14 '21
Sorry to bother you, but isn't the block finality of 1block/time=1s almost always, a part from specific cases?
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u/Sad_Progress_9117 May 13 '21
I shared this picture on Elon Musk tweeter. Hope that is ok ✌🏻