@tyler @Blockstream @rogerkver Long reply, please do not start replying until I say *end*. — I’m always happy to discuss. Problem is that nothing ever comes from it. You only want to talk “ethos”. Facts are simple: Blocksize increase or not. Non mining full nodes have virtually zero benefit. Proven ad nauseum.
Olivier, I tried to reach out, and proposed to meet in person pre-fork to collaboratively discuss and write notes, on the economic & tech case for bitcoin with you, @rogerkver & a few others. You suddenly stopped responding. I think you'd be a lot richer if you had gone ahead.
— Adam Back (@adam3us) January 10, 2021
More from Crypto
You are running out of time to get ahead in cryptocurrency.
You know what's coming:
🔺️ Regulation
🔺️ More shutdowns
🔺️ Banks deciding who gets to do business
It's time you got your own crypto wallet.
Don't know how? I'll show you.
/////THREAD\\\\\
METAMASK
What's metamask? It's a wallet. That you -- I mean YOU -- own.
You see, when you buy crypto through an exchange like CoinBase, you own it but only kind of.
If they get
🔺 Hacked
🔺 Shutdown
🔺 Servers crash
-- your money is STUCK.
We are gonna avoid that 👇
First thing,
Go to
https://t.co/JXAp9o5RzJ
You can download it on your computer. It's a browser extension.
Alternatively, go to the app store on your Android or iPhone. It's there too.
As part of the setup process, you will choose a password.
More importantly though...
SEED PHRASE
As you follow the setup process, you will be given a 12-word seed phrase.
WRITE. THIS. DOWN.
Take it down and guard it like the map to Davey Jones' Locker.
THESE ARE THE ONLY WAY TO RECOVER YOUR ACCOUNT.
DO NOT LOSE.
We good? Great.
Let's continue.
Once you're all setup, your MetaMask wallet is going to look something like the picture below.
See where it says Crypto Address? That's where your actual address will be.
It'll be a random arrangement of letters, numbers, etc.
Click on it to copy to your clipboard
NEXT STEP
You know what's coming:
🔺️ Regulation
🔺️ More shutdowns
🔺️ Banks deciding who gets to do business
It's time you got your own crypto wallet.
Don't know how? I'll show you.
/////THREAD\\\\\
METAMASK
What's metamask? It's a wallet. That you -- I mean YOU -- own.
You see, when you buy crypto through an exchange like CoinBase, you own it but only kind of.
If they get
🔺 Hacked
🔺 Shutdown
🔺 Servers crash
-- your money is STUCK.
We are gonna avoid that 👇

First thing,
Go to
https://t.co/JXAp9o5RzJ
You can download it on your computer. It's a browser extension.
Alternatively, go to the app store on your Android or iPhone. It's there too.
As part of the setup process, you will choose a password.
More importantly though...
SEED PHRASE
As you follow the setup process, you will be given a 12-word seed phrase.
WRITE. THIS. DOWN.
Take it down and guard it like the map to Davey Jones' Locker.
THESE ARE THE ONLY WAY TO RECOVER YOUR ACCOUNT.
DO NOT LOSE.
We good? Great.
Let's continue.

Once you're all setup, your MetaMask wallet is going to look something like the picture below.
See where it says Crypto Address? That's where your actual address will be.
It'll be a random arrangement of letters, numbers, etc.
Click on it to copy to your clipboard
NEXT STEP

"Blockchain technology is energy-intensive..." => No, it doesn't have to be.
Let's look at Proof-Of-Stake, an alternative to the energy-intensive Proof-Of-Work algorithm.
🧵🔽
1️⃣ A Quick Recap On Proof-Of-Work
A Proof-Of-Work algorithm requires miners to do a certain amount of work that is compute-intensive to gain access to a service or the right to do something. This algorithm, by design, also requires that the work done shall not ...
... be reusable for anything else than what it was performed for. This lies at the core of the security concept of a blockchain. To gain the right to append a new block to a chain and to get some currency as a reward, there is work to be done, and this work must be verifyable.
That work is a race between different miners. Many miners try to compete and to be the first to find the answer to a problem presented to them. This implies that a lot of energy is wasted as only the first correct solution is accepted.
You can find a more detailed thread on Proof-Of-Work
Let's look at Proof-Of-Stake, an alternative to the energy-intensive Proof-Of-Work algorithm.
🧵🔽
1️⃣ A Quick Recap On Proof-Of-Work
A Proof-Of-Work algorithm requires miners to do a certain amount of work that is compute-intensive to gain access to a service or the right to do something. This algorithm, by design, also requires that the work done shall not ...
... be reusable for anything else than what it was performed for. This lies at the core of the security concept of a blockchain. To gain the right to append a new block to a chain and to get some currency as a reward, there is work to be done, and this work must be verifyable.
That work is a race between different miners. Many miners try to compete and to be the first to find the answer to a problem presented to them. This implies that a lot of energy is wasted as only the first correct solution is accepted.
You can find a more detailed thread on Proof-Of-Work
Proof-Of-Work is the name of a cryptographic algorithm that is used for some blockchains when new blocks are to be appended to the chain.
— Oliver Jumpertz (@oliverjumpertz) April 3, 2021
Let's take a higher-level look at how this one works, shall we?
\U0001f9f5\U0001f53d