Weaving Is A Better Metaphor for Bitcoin, Instead of Mining

odolvlobo

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Quote from: franky1 on April 18, 2014, 01:46:30 PM

Quote from: odolvlobo on April 18, 2014, 01:07:22 PM

The block reward is a temporary bootstrap.

if i employed you for 3 months, that would be considered temporary.. if i employed you for 120+ years, would you call that temporary?
for everyone living today, blockrewards are a permanent feature. as every single one of use will never see a day when rewards are not part of bitcoin.
i would say bitcoin rewards in our grand childrens future, will be temporary..

Transaction fees currently average about 0.1 BTC per block and the block reward will be less than 0.1 BTC per block in about 30 years. Of course, a rising exchange rate will put downward pressure on transaction fees, but they will still dominate the block reward in less than 120 years.

franky1

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Quote from: odolvlobo on April 18, 2014, 01:07:22 PM

The block reward is a temporary bootstrap.

if i employed you for 3 months, that would be considered temporary.. if i employed you for 120+ years, would you call that temporary?

for everyone living today, blockrewards are a permanent feature. as every single one of use will never see a day when rewards are not part of bitcoin.

i would say bitcoin rewards in our grand childrens future, will be temporary..

odolvlobo

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Quote from: Dogtanian on April 18, 2014, 09:15:31 AM

I think Mining is still much more better. It's easier to misunderstand for people too.

FTFY

The block reward is a temporary bootstrap. At some point there will no longer be a block reward and people will have to go to history books to understand why it is called "mining".

zimmah

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it's probably a better metaphor but too late to change it i guess and also it sounds less cool.

MarketNeutral

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Should I buy an ASIC?

Dogtanian

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I think Mining is still much more better. It's easier to understand for people too.

MarketNeutral

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Rubixing. That's some food for thought!

franky1

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better metaphor

Rubixing

taking small segmants (tx data) verifying the colours match together (tx taint) and solving a puzzle to form a complete block

bountygiver

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Quote from: davidorban on April 16, 2014, 10:29:10 AM

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I like the thought process that went into this, unfortunately it's missing that one thing, block rewards.
Weavers weaving to make cash...doesn't have that "mining for gold" aspect that Bitcoin mining has.

Yes, you are right. And as every metaphor, it can't be perfect, otherwise it'd be the thing, rather than a representation of, a stand-in for the thing...

But also, the rewards are a temporary feature of the Bitcoin network. In only a 126 years there will be no rewards directly generated from weaving, and just as other activities, instead of magically paying for itself, it will be rewarded by those who value it.

In the case of bitcoin transactions on the network these will be the fees. People will pay to have their thread woven into the tapestry of the transactions.

There's still rewards, they are called transaction fees.
And they pay ALOT if worldwide adaptation is achieved.

wachtwoord

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Bow we know why Satoshi is so quiet. He, like sleeping beauty, cut himself on the spinning wheel Wink

franky1

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weaving a chain of transactions to show the whole history of bitcoin.

whats next using this weave to predict fture fraudsters to kill off before they mess with bitcoin, and then learning how to bend the path of a bullet?

analogy: the movie 'wanted'

davidorban

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Quote

I like the thought process that went into this, unfortunately it's missing that one thing, block rewards.
Weavers weaving to make cash...doesn't have that "mining for gold" aspect that Bitcoin mining has.

Yes, you are right. And as every metaphor, it can't be perfect, otherwise it'd be the thing, rather than a representation of, a stand-in for the thing...

But also, the rewards are a temporary feature of the Bitcoin network. In only a 126 years there will be no rewards directly generated from weaving, and just as other activities, instead of magically paying for itself, it will be rewarded by those who value it.

In the case of bitcoin transactions on the network these will be the fees. People will pay to have their thread woven into the tapestry of the transactions.

Beliathon

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https://youtu.be/PZm8TTLR2NU

Best thread on the forums at the moment. Grin

ChuckBuck

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better everyday ♥

I like the thought process that went into this, unfortunately it's missing that one thing, block rewards.

Weavers weaving to make cash...doesn't have that "mining for gold" aspect that Bitcoin mining has.

MarketNeutral

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Satoshi weaving the genesis block.....
http://www.williamson-labs.com/images/sage-memory-drum-1154.jpg

MarketNeutral

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I was weaving bitcoin blocks using the latest 8-bit PunchCardMiner, but the reader got stuck on a lace card.

How do I fix this? Do I have to reset my memory drum?

In terms of weaving, when I first learned of bitcoin, there was another currency around at the time called loom.

https://bitcointalksearch.org/topic/loom-currency-what-is-it-2349

http://p2pfoundation.net/Loom

https://loom.cc/

Broseph Stalin

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This man speaks the truth.
Behold, my new bitcoin ~~miner~~ weaver:

ljudotina

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So i'm weaving.....my grand grand mother would be proud....

davidorban

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Quote

It's a well thought out idea, deserving of at least one reply.

Thanks for the positive reply Wink

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meh.

And for the neutral-tending-to-negative one Grin

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It might, but there is no way a name change for mining will be widely accepted.

Yes, I agree: if it gets picked up, it won't replace the mining terminology, even if it is better. That is path dependency for you!

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I guess string theory is kinda mixed in there somewhere Undecided

It isn't, but you are probably right, I should have "weaved" it in! Wink

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Well... I just dont know.. "What did you say you did again?" "Im a Bitcoin weaver.... I weave Bitcoins"

Good point. Do you think that mining is macho and admirable, while weaving is to be looked down upon?
"I strengthen the global tapestry of financial transactions. The computers? Think about weaving, that's what they do, only with numbers, not with textile fibers."

sorryforthat

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Well... I just dont know.. "What did you say you did again?" "Im a Bitcoin weaver.... I weave Bitcoins"

Topic: Weaving Is A Better Metaphor for Bitcoin, Instead of Mining (Read 1717 times)