Bitcoin Forum

I have a "blockchain" (aka hash chain) consensus design which eliminates PoW, is not nothing-at-stake (i.e. is not PoS nor Tendermint's Byzantine agreement) which puts the users of the system back in charge. It eliminates the waste of electricity and it remains decentralized regardless the level of whale concentration of the token supply.

It is ultimately deflationary (i.e. the money supply shrinks later) so that is even better for investors than the 21 million coins limit.

I am going to STFU and finish implementing this system. Just want to let y'all know that the mining cartel is (actually both of the opposing cartels are) going to lose and we (and that can include you the reader) are going to become insanely wealthy while solving the problem that Satoshi didn't.



I know you guys want to fight back and win. I know you aren't willing to give China Inc. control over our Internet.

Blockchains are about more than just payments. Let's make it so.

I'll be shipping this technology with unlimited TPS scaling and instant (sub-second) block confirmations.

It will not be an ICO. The distribution will be mined by the users without any PoW.

It is just time.

Feel free to give me any feedback in the comment section below. Are you with me on this if I deliver the goods and it is all verified to be legit?

I just want to know if you guys are ready or not. Then I'll leave you alone so I can go code it finally. Or are you Bitcoin maximalists going to continue to try to stay with a brand name that has an insoluble consensus paradigm? (Note I have wanted and continue to want Bitcoin to remain viable, so that doesn't change but reality is reality)

I'll also appreciate my edification about any dangers of doing this and other information which might be helpful for me to gauge the landscape that lies in front of me.

I'll presume good developers will come join and help. They can earn a lot of money for doing so.

The Art of War by Sun Tzu

“Appear weak when you are strong, and strong when you are weak.”
“The supreme art of war is to subdue the enemy without fighting.”

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Still complacent I see...



Edit: a mining cartel has an incentive to violate the 21 million coin limit (https://bitcointalk.org/index.php?topic=1841038.msg18318846#msg18318846). Why wouldn't they?

Any project is welcome to rival existing ones because competition is extremely important. Do not forget the stagnation days when names mentioned and wallet releases were considered pump& dump reasons. Most bitcoiners still don't understand why ethereum is increasing in value because they were sold the motto bitcoin is digital gold and their narrow mindset will transform them into bagholders. Something similar to what LTC is today, nobody cares about ltc, nobody is using it, but chinese asic miners have a place to dump their worthless coins. Because the bagholders find it hard to sell their tokens at a 50-90% value loss.

Do it, show them all!
Just be sure you not coding it on javascript or any other meme language.

As you know, I am willing to give you a fair chance, since you have been here for years and seem to be onto something. Of course, the natural skeptic on me and also the experience of seeing endless scams in the altcoin world by people that claim to have the next big thing makes me wait to see the code and how experts react to it before I get excited about being an early adopter and future multi millionaire of the "next bitcoin", I think this is understandable specially for someone that isn't an experienced coder so aren't 99% of people so we can't simply sit back and read the code, we will have to rely on peer reviews from trusted coders.

About BTC going south... well, in my case that wouldn't be good. How im supposed to invest in your project if I lose my money? my entire portfolio is on BTC right now because BTC is the best way to buy into any other project in this field (problem is, no other project is really worth risking BTC at thus far). Yeah ETH is considered as a short term hedge, but ultimately ETH doesn't solve any of the fundamental BTC problems and has added risks so I don't have confidence in moving there.

I don't want to go into fiat, because as soon as I do, i'll get raped by taxes and not only that, but the added risk of account confiscation since more and more banks are blocking transactions linked to bitcoin.

To be frank this is a clusterfuck since I've got this decent 5 figure wealth in bitcoin which is not much but for me is a lot, and I don't know what to do with it. Nothing feels safe, and even under the storm of the Jihan Wu hard fork attack, bitcoin still feels like the safest option since the possibility that ultimately there is no HF is also real (or BUcoin getting instadumped and BTC recovering quickly by all the people that has been dreaming about getting in the bitcoin train cheap jumping in aka FOMO)

BTC is extremely risky at this point. Worst case 0$, best case 1300-1500$ usd. But the scaling problems and the impossibility to implement them (segwit, LN) will still remain, for the same reasons they haven't been already implemented.

Crypto world is changing, aiming to become and being a flawed payment system is still not enough and BTC brand is fading. And a project for each specific use other than payment systems won't work either ( see namecoin, soon to be wiped out by ENS on ethereum ).

Also my post can be interpreted as an attempt to influence Core and BU to compromise and stop messing up the nice rally we had going. Although I am fairly certain they don't take a post like this seriously. Refer the "Art of War" quotes in the OP.

@thejaytiesto, I like skepticism and smart people who verify before jumping (that's usually necessary for survival from the top of tall things). I hope you've hedged your BTC but not to fiat, so that you can take advantage of any rise overall in cryptos (thus you must hedge by buying an alt).

I don't intend too post much in this thread. I'll be reading. Technical replies will happen else where.

I'm not sure how can this be made to not be abused (single user mining 10k addresses, VPN, whatever), I hope that your design handles that.



Good luck with that. While I still hope myself for a good compromise, somehow I believe that they are past that point :(

You've been about this forum a lot longer than I have and I'll be honest your knowledge of all things crypto is way above mine. So while I'd be cautious of anyone making any sort of claim as to the bitcoin killer, you do generally provide evidence for anything you say, and your posts are more than just FUD and hype (certinaly can't think of an instance of you hyping anything).

You certainly seem convinced you can do this so given there's no ico, and no premine and I can get on board on day 1, yeah, I'll say (tentatively) I'm in. I'd want to see an actual product with a clear roadmap before getting started though.

A deflationary, perpetually-divisible unit is exactly what's necessary for both hodlers and adopters. Ripple had an interesting take.



From my observation, a shrinking percentage of Bitcoin users understand how the system works. If government points and says "approved" to Bitcoin, it won't matter what the miners have done. They (either faction) will have handed the world over to bankers and lawyers on a silver platter.


Rhetorical question? That's like asking whether an investor is on-board if a deal makes sense...


My biggest question so far: what is the extent of intergration/interoperability with external platforms and services, not just blockchains? I'm assuming that's the focus on developers for apps, but do they need to recreate functionality or can data be utilized from existing sources? I think leveraging what exists is critical.

Is there a minimum viable participation level necessary to keep the system functioning? One node, a hundred, etc?

I like this & as I am a feeble and pathetic loser it helps my self esteem.

Note the OP edit:


I presume it is of interest to reply here on the deflationary point.


Some argue that deflationary is bad because the capitalist can just sit on their capital and not invest it. But the capitalist who is investing doesn't want the ecosystem growth to be siphoned off (http://btcbase.org/log/2014-12-11#951028) to who ever is receiving the minted coins. And the capitalist is competing against their cohorts who invest and amplify their relative gains. We must distinguish between a consistent and low-level of deflation from a debt-deflation Minsky Moment implosion:


Although in a time-cost-of-money analysis (http://bitcoin.stackexchange.com/questions/1899/if-the-economy-was-based-on-bitcoin-how-would-someone-go-about-getting-a-loan), loans are hypothetically viable in deflation, with a decentralized blockchain then loans can't be backstopped by a central bank with a senioriage monopoly thus making loans unscalable to the large economies-of-scale indebtedness of our current fateful juncture in history. So funding would shift more to investment and crowdfunding, which I think is (https://bitcointalk.org/index.php?topic=1837136.msg18302362#msg18302362) precisely where our knowledge age economy is headed.

I think it is important to understand that deflation just doesn't work in an economy of fungible workers, but that economy is archaic and going away (https://bitcointalk.org/index.php?topic=1837136.msg18302362#msg18302362). See the follow criticism for why deflation wouldn't work with the archaic debt-based democracies and fungible industrial age laborers and merchants:

Will follow this

Why the Bitcoin whales must have small blocks (https://bitcointalk.org/index.php?topic=1837136.msg18329865#msg18329865). This is very important. It also relates to the OP in a very important way.

Wish you Good Luck

I'm just shocked by such statements. Is it really the same to people that it will be with bitcoin or maybe they are not interested in how the financial situation can improve in the future due to the growth of the bitcoin price. Incredible. Everyone talks about the collapse of bitcoins. But this is stupid.

you are giving people fake hopes of getting rich with your coin when you didn't even release a whitepaper. come back when you have functional software. if you make us rich then you are a legend if not you will dissapoint after all this talk so get to work.

i think you cant beat bitcoin, bitcoin too strong. bitcoin will recover from this, uasf will kick miners out if they dont behave. uasf serve as a way to put pressure on miners.

bitcoin still best coin, best system, best network effect, best everything. good luck trying to beat it.

I already agreed in my prior post (https://bitcointalk.org/index.php?topic=1840706.msg18330175#msg18330175). And are you satisfied with the UASF being in centralized control?

Do you know who is the $billionaire leader of (or leading spokesman for his cohort whales who comprise) the actual "UASF" (i.e. the economic majority)?

http://trilema.com/2015/if-you-go-on-a-bitcoin-fork-irrespective-which-scammer-proposes-it-you-will-lose-your-bitcoins/

Here is more about him (https://bitcointalk.org/index.php?topic=1837136.msg18332467#msg18332467).

Here is one quote from him:

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Yeah we challenge you to do it and let's see the outcome of your work.

No thank you.

Newbie's without a known history and reputation are ignored. You joined BCT today.

Maybe you need some experience before your views will stabilize. We've been around here for several years and prolly have more knowledge about the issues.

Your feedback was more or less vacuous. You did not supply any reasoning. One Newbie's vote is reflective/indicative of what reality?

its easy to pick on other system's weak points

the truth is, bitcoin is 7+ years old and counting

power is supposed to be on constant tension

satoshi designed bitcoin so we dont have to trust the generals (miners)

we have come up with UASF within bitcoin itself, we can kick generals ass, the chinese cartel cant go around doing whatever they want without consequences and they know it

this is resulting in some miners backpeddling and supporting segwit, price going up already and alts dumping for btc

the system is working

again: lets see if you can do better with your coin

all systems have weak points, yours will be no different

lets see if your system can be on the spotlight for 5+ years without collapsing

easier said than done

if you can make me rich off a 1k investment like early 2009 investors in bitcoin i will eat my words

but i doubt you can get this done to create a new black swan and create a legendary investing opportunity like bitcoin was

satoshis come every 100 years or so

i dont believe you figured every bitcoin weakness out and have a coin that will make us all rich

im always unlucky so its imposible that i become rich

Many obese fat flippers will invest for this idea alone.Some of these lard ass whale types still have over 10k stacks of bitcoin they bought at 25 cents just waiting for anonymint to stand out from behind the curtain and expose his big bits blocks bytes or whatever.This could be a groundfloor opportunity for us muppets and noobs to make a whole bitcoin some day and with 1 whole bitcoin I will be able to buy the dumpster I squat in. :)

How does mining without POW work?

JUST DO IT ALREADY..

I don't know it that option, choosing any thing that you have offered could make bitcoins users insanely wealthy. It sounds like a good dream and in theory everything is possible but in real life I'm not such an optimist. The time to become extremly rich with bitcoin have passed away.

I decided to post once more before I leave the Bitcoin Discussion forum to go focus head-in-sand on my work:

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ICOs are destroying our chance to change the world:

okay lets say you got this

lets say you are the next satoshi nakamoto


if I buy 1 btc worth of ur coin in day one can I get rich?

Obviously the guy who sold a pizza for 10,000 BTC would argue that it is difficult to predict the future.

$10 / 10,000 = $0.001 per BTC and now $1000 per BTC (aka $10 million for the 10,000 BTC). But who would've known at the time.

That was before it was common knowledge that blockchain tokens have real world value.

Normally the only way someone makes those million-times gains is by being surprised. If there is no surprise then there is a lot of competition.

Unless perhaps you are true believer like Roger Ver. But now look how Roger Ver's incompetence and lack of foresight is causing him to maybe end up destroying his BTC (although he probably did well on his Dash pump).

Seriously I can't even predict the outcome of my own work. I am just a true believer like Roger Ver, but at least I (afaics) have a higher level of technical competence than him (which probably isn't saying much, lol).

I think the more salient and objective question is, "Is the Nash Ideal Money small block model of Bitcoin going to become widely adopted and will it preclude any other blockchain design from doing so?"

And the follow on question if that answer is "No", thus is "Is there any other design for a blockchain what will become very widely used in the world?".

Many groups and people are trying to answer those questions.

I have some very specific reasons to prefer my work, but I am not going to enumerate them here. This thread is in the wrong discussion forum for that. I started this thread as a wakeup call on the risks and opportunities ahead, but I will not start a discussion about specifics of altcoins in the Bitcoin Discussion sub-forum.

Having a selfie as avatar does not give you credit nor maturity and wouldn't legitimize your opinion, what are you talking about? you contradict your statement in the title, destroying and fixing? have you ever had $1B or even more if not less and then come here to talk about fixing/destroying.
What I think miners will never interrupt their own money printing process and not even miners can control what will happen to bitcoin.
Bitcoin is already centralized by exchanges, they're the ones steering the market and if they say that they'll not list/accept/trade/recognize BU if they hard fork the chain then BU will not do it, so you should turn your focus on exchanges and stop blaming developers at both sides.

That is an important point.

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Selfie taken at age ~52.

I've been following your threads for several years, and a lot of the technical stuff is over my head obviously, but I get the gist of it I think. Learned a ton from your discussions and really appreciate that! I gotta say I'm excited to get in on your project as an early adopter, accumulate a nice holding and become insanely wealthy. ;)

I'm a long time hodler of BTC as well and still believe it's heading much higher, but of course if Bitcoin is ultimately doomed as you claim, then we haven't got a choice and you must do it for the benefit of the world.

They say when you're poor you stress about not having money, but they also say that once you've got money you stress about keeping it!

I think you're advice about hedging at this point is reasonable, although I don't see many alts as being a hedge (more like risk since latest price increases). Perhaps LTC considering that it's been between $3 - $4 for close to 2 years and didn't have a recent pump. I don't see much upside, but the point is preservation and it does have m.cap and volume.

I prefer bitnet as well.

Maybe this miners that want to destroy bitcoin is a bunch of people paid by the Chinese government not the majority of miners.
Im sure the majority of miners wants the best for their business which is bitcoin. In the end they all to make profit why would they destroy something that will be profitable in the present and future?

Why do the Chinese over fish and kill dolphins and whales and kill Rhinos for their horns? Do you think they care about this whole experiment? There are some countries and China are one of them, that would destroy natural resources without blinking twice.

http://news.nationalgeographic.com/2016/08/wildlife-south-china-sea-overfishing-threatens-collapse/

The Chinese will suck Bitcoin dry and leave when it fails. Bitcoin is just one more commodity that are being ruthlessly exploited for profits.

Sorry if this sounds harsh, but you can look at several other examples where Chinese are involved. Examples :
Seahorses / Abalone ....................................... and the list goes on and on. ^grrrrrrrrr^

Edit : If OP could develop a alternative that cannot be exploited by anyone, I would support that cause.

Very important discussion (https://bitcointalk.org/index.php?topic=1837136.msg18387193#msg18387193) is taking place about this.

Bitcoin was brand new crypto but now we got other crypto's evolutions to take as reference points.

So lets say your coin can get DASH's current $584,635,605 marketcap.

DASH was around 0.0012 in Mar 1 according to:

https://coinmarketcap.com/currencies/dash/#charts

(first data is from February, but let's make it more realistic and let's say you get in 15 days after the coin gets listed in an exchange)

If you bought 1 BTC worth of DASH at around 0.0012 you would get = 833.4 DASH

At current DASH price (0.078) we are looking at around 64.9 BTC. That's some legit gains for 1 BTC investment.

Now do the same with ETH's marketcap... those are some serious numbers.

And if it reaches BTC marketcap... then we can fuck hookers in the moon.

Of course the coin is not even out yet so lets not get too excited.

My thoughts exactly. I don't know how you're going to avoid people cheating the system but if you've somehow figured outa  bulletproof way then I'm all for this. Do you have a name yet or shall we just call this Coin X?

Any ETA?

Personal finance resource PFhub has suggested Bitcoin Unlimited is planning a 51 percent attack, which could see Bitcoin lose half its value.
source -: https://cointelegraph.com/news/bitcoin-unlimited-51-percent-attack-could-cut-price-in-half-investor-blog

Is this possible?

Possible, but unlikely.

The most widely-discussed plan for BU to start mining blocks larger than 1MB is the following ordered sequence:

1) achieve 75% mining dominance;
2) maintain that 75% or better dominance for a full difficulty retargeting period;
3) wait another difficulty retargeting period for others to upgrade to a cliant that does not fall down when faced with larger blocks;
4) only then fork.

With 75% dominance, and assuming 2MB blocks, many more transactions can be processed each day on the BU fork (~250,000/day to ~375,000/day), and fees would drop.

The legacy fork, at 25% mining capability (max) would see its transaction capability drop from ~250,000/day to ~62,500/day. Competition to get transactions included in the few blocks that do get mined will cause fees to skyrocket.

Miners on the BU fork will see BTC/day from subsidy drop by 25%, but miners on the legacy fork will see BTC/day drop by 75%. This will likely cause miners to further abandon the legacy fork, thereby slowing the legacy chain even further, and speeding the BU chain up even more.

This condition will persist for a full difficulty retargeting period, which will be lengthened on each chain. The BU chain would be slowed down for about 20 days, and the core chain would be slowed down for at least 8 weeks - proportionally more depending on number of miners who switch from legacy to BU.

And what would be the likely consequences?

The net result is likely that the legacy chain will likely die off for all but an obstinate 1%. Accordingly, BU would likely end up being thought of as 'the Bitcoin' at the end of this process.

The good news is that for any coin you hold in Bitcoin before the fork, you will have one Bitcoin on each fork after the split. Accordingly, while one chain atrophies to insignificance, you will still hold as many Bitcoin on the victorious chain.

If this all plays out as above, it is likely that the value of the BU fork -- within days of the fork -- will be though of as merely Bitcoin, and valued at only slightly less than Bitcoin before the fork. The legacy chain would be essentially worthless. And now, with the transaction throughput hard-cap removed, transactions/day will go up, fees will go down, Bitcoin will be able to fulfill use cases that have been driven away, and Bitcoin's price will climb rapidly.

There are some decent example altcoins that exist, however I can't remember exactly how all of it works for sure and it is something related to the existence of a wallet containing a verified balance within in, and somehow it compounds and those with money get more of it.

Not happening anytime soon. Considering the community is split between Segwit and BU, and neither or those have majority support, don't expect for anything like this to go anywhere.

i've been told since forever that in order for something to have value, you need to exchange it for other value

i am trying to understand your goal here, please kindly bare with me
here is my currently simple brain could understand thus far..

1. you are going to create a new coin
2. it will be based on the blockchain terms
3. it will be decentralized (mainly to prevent double spending attacks), and the consensus / block creation will not depends on "fiat buying power"?

"fiat buying power" means the power an entity able to purchase something for adding block to the chain:
1) POW consensus: gpus, asics, cpus, hdds, rams
2) POS consensus: The coins it self
3) Tendermint consensus: the voting is basically measured by entity power to buy a "node"

yes you may have a breakthrough and answer for those "centralized by fiat power" consensus system,
but will the value of this new coin trully make the developer/early adopters insanely wealthy?
if anyone could make that coin basicly without exchanging what they are currently having, what would become the coin value other than early adopters initial speculations?

I wrote something in private that I wanted to share, so I decided to stick it here.

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You could exchange your knowledge for tokens (https://bitcointalk.org/index.php?topic=1837136.msg18479266#msg18479266).

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That is why we need an altcoin wherein the hodlers aren't speculating. They are using the tokens for something in which they have no desire to speculate with them.

With that wide base of transaction use which doesn't care about the exchange value, the manipulators will not be able to have much impact.

As I said, I have some ideas about how to make whales impotent. Traders won't like it, but long-term HODLers are going to love it, because it is deflationary, which is even better than Bitcoin (i.e. the coin supply will shrink forever never reaching 0).

That is my altcoin project, BitNet.


The databases on the Internet are centralized, e.g. Facebook's DB, Reddit's DB, Bitcointalk's DB, Stackexchange's DB.

All of them must die. Will be replaced with open blockchain.