Title: Add this guy to the list of names of whom Satoshi Nakamoto is. Post by: Phinnaeus Gage on September 03, 2013, 05:26:28 AM http://www.youtube.com/watch?v=U-hbxxLgpsQ
Title: Re: Add this guy to the list of names of whom Satoshi Nakamoto is. Post by: manfred on September 03, 2013, 07:55:24 AM http://iang.org/papers/ (http://iang.org/papers/) Bitcoin & Gresham's Law - the economic inevitability of Collapse This is the Conclusion written in October 2011 (which seems to be the most recent) Conclusion The security of Bitcoin relies on a single party or cartel of parties not being able to dominate the capacity for mining. Therefore Bitcoin relies on a large and diversified network of miners. Yet, the proof-of-work mechanism, the existence of free entry and no limits to honesty ensure that botnets will cause a breach of Gresham's Law: stolen electricity will drive out honest miners. Once botnets take over, criminality increases, honest users decamp and collapse follows. Hence, the requirement of diversification is broken by Bitcoin's very mechanism to make diversification work fairly: proof-of-work. Attempts to repair the design generally result in the replacement of Bitcoin with some other architectural base. The Bitcoin economy is highly vulnerable to attack. If an agent were to decide to attack Bitcoin, he has several strategies available. One could operate a mining botnet and slowly lower the Bitcoin market price by regularly selling small amounts of bitcoins with a declining price. As the honest miners are squeezed out, further manipulations of the Bitcoin system are possible. A second strategy is to pump & dump to generate volatility. Both strategies result in the honest mass market decamping for other fields. Once the market takes on the taint of criminality, the Feds are encouraged to shut it down by targeting the exchange makers; fear of criminality and the appearance of the Feds work together to cause the collapse. Title: Re: Add this guy to the list of names of whom Satoshi Nakamoto is. Post by: herzmeister on September 03, 2013, 10:13:37 AM monochrom: Ian Grigg about the Flower Currency Project (1) Tulips? ??? Ok, after watching it, actually what he proposes is like Ripple (the original from 2004), or the "Digital Coin (http://digitalcoin.info/)" proposal from "Money as Debt II" (for which there exists no proof of concept or even just a paper how it would exactly work though). Title: Re: Add this guy to the list of names of whom Satoshi Nakamoto is. Post by: herzmeister on September 03, 2013, 10:15:00 AM http://iang.org/papers/ Sounds like from AnonyMint (https://bitcointalk.org/index.php?action=profile;u=88197) Title: Re: Add this guy to the list of names of whom Satoshi Nakamoto is. Post by: b!z on September 03, 2013, 10:23:19 AM monochrom: Ian Grigg about the Flower Currency Project (1) Tulips? ??? Ok, after watching it, actually what he proposes is like Ripple (the original from 2004), or the "Digital Coin (http://digitalcoin.info/)" proposal from "Money as Debt II" (for which there exists no proof of concept or even just a paper how it would exactly work though). maybe satoshi is one of the RIpple devs :-) many smart btc devs are working for ripple, maybe 1 is satoshi in disguise. Title: Re: Add this guy to the list of names of whom Satoshi Nakamoto is. Post by: manfred on September 03, 2013, 06:06:10 PM http://iang.org/papers/ Sounds like from AnonyMint (https://bitcointalk.org/index.php?action=profile;u=88197) This is the papers page for Ian Grigg. Each of these papers has been written and circulated with some seriousness in various fora. Many have been published in some formal academic conference or journal. Sorted in most recent first.
Update from Phinnaeus Gage post below
Title: Re: Add this guy to the list of names of whom Satoshi Nakamoto is. Post by: Phinnaeus Gage on September 03, 2013, 08:08:02 PM A Universal Value Description System Ian Grigg 26 November 1997 (http://web.archive.org/web/20010107145600/http://www.iang.org/papers/universal_value.html) http://web.archive.org/web/20000902184233/http://iang.org/ Title: Re: Add this guy to the list of names of whom Satoshi Nakamoto is. Post by: waxwing on September 03, 2013, 08:53:01 PM Quote Bitcoin & Gresham's Law - the economic inevitability of Collapse I for one can't believe Satoshi would have written that paper. The argument is really quite weak - it's a bit like saying nobody will accept gold as payment because tinpot dictators in third world countries control the gold mines (and it's not really connected to Gresham's Law). Or, suppose for argument's sake that there was a group of gangsters who went around the world using their muscle to take over all the Bitcoin mining rigs by force. The activity would of course be illegal, but just for argument's sake again, suppose they could not be stopped. What impact does this have on Bitcoin users (as opposed to miners)? Nothing. Now suppose that these gangsters decided they hated Bitcoin and shut all the mining rigs down. The difficulty drops, other people around the world can mine with anything to hand as a result (I'm ignoring the nightmare scenario of *immediate* off-lining of huge hashing power - that's a different issue). What else could they do? Arguments like this: Quote One could operate a mining botnet and slowly lower the Bitcoin market price by regularly selling small amounts of bitcoins with a declining price. As the honest miners are squeezed out, further manipulations of the Bitcoin system are possible. A second strategy is to pump & dump to generate volatility. .. are patently false; Bitcoin has already experienced and continues to experience huge volatility, but that is clearly not a dealbreaker as it displays other properties making it a superior form of money. The worst thing about this analysis is it doesn't even discuss the far more important potential attack: the double spend attack. The gangsters could certainly try that.But people forget that the double spend attack is not a "network blows up scenario" or an "evil genius takes all the bitcoins" scenario either. To quote Satoshi from the whitepaper: Quote from: SN We consider the scenario of an attacker trying to generate an alternate chain faster than the honest chain. Even if this is accomplished, it does not throw the system open to arbitrary changes, such as creating value out of thin air or taking money that never belonged to the attacker. Nodes are not going to accept an invalid transaction as payment, and honest nodes will never accept a block containing them. An attacker can only try to change one of his own transactions to take back money he recently spent. The given scenario of botnets is exactly the same as that of the gangsters. This argument is weak and Satoshi already addressed it to a great extent before Bitcoin was ever released. Title: Re: Add this guy to the list of names of whom Satoshi Nakamoto is. Post by: Phinnaeus Gage on September 03, 2013, 09:03:00 PM http://en.wikipedia.org/wiki/Financial_cryptography
Quote Financial cryptography is frequently seen to have a very broad scope of application. Ian Grigg sees financial cryptography in seven layers [1], being the combination of seven distinct disciplines: cryptography, software engineering, rights, accounting, governance, value, and financial applications. Business failures can often be traced to the absence of one or more of these disciplines, or to poor application of them. This views FC as an appropriately crossdiscipline subject. Indeed, inevitably so, given that finance and cryptography are each built upon multiple disciplines. Title: Re: Add this guy to the list of names of whom Satoshi Nakamoto is. Post by: Phinnaeus Gage on September 03, 2013, 09:12:52 PM I'm waiting for this guy to weigh in: https://bitcointalk.org/index.php?action=profile;u=846
Title: Re: Add this guy to the list of names of whom Satoshi Nakamoto is. Post by: manfred on September 04, 2013, 08:04:13 AM A Universal Value Description System Ian Grigg 26 November 1997 (http://web.archive.org/web/20010107145600/http://www.iang.org/papers/universal_value.html) http://web.archive.org/web/20000902184233/http://iang.org/ It was a "Work in Progress" in the 2000 papers page and not listed on the last update of it on October-December 2011. That is the straight link http://web.archive.org/web/20010107145600/http://www.iang.org/papers/universal_value.html Meanwhile some extracts from his rants page from the time (April 2001). Quote My rants! First up, and alone until I can find the others, is a brave attack on the world of banking, derived from a discovery of the perfect MP3: rtprio(1) plays mp3s, hangs record companies, and passes death sentence on the banks I don't write too many rants, about one a year. Here's one forced by exigencies of waiting for the inevitable, as my first hurricane approached... It's Sunday and there's a hurricane coming... You had to be there! Sadly, my first ever rant is lost to prosterity, even though it was a cypherpunks-posted mini-epic, and we know that all cypherpunks posts are archived... Therein lies the tale of another rant, which, sadly, lacks that critcal element, inspiration, and, until then, Enjoy! Also Quote I wonder what it is like when my borrowers have dozens of payment systems at their disposal? Title: Re: Add this guy to the list of names of whom Satoshi Nakamoto is. Post by: manfred on September 04, 2013, 10:41:43 AM http://www.youtube.com/watch?v=U-hbxxLgpsQ The first video is from 20 May 2006, this is the phase 2 video is was uploaded on 26 Nov 2006 very interesting on 3:50Is Bitcoin phase 3? http://www.youtube.com/watch?v=SLwg6ZAmBwE . At the time he was writing Java crypto functions for the now defunct cryptix project http://www.cryptix.org/ for which Jeroen C. van Gelderen = Satoshi also wrote some code, in my opinion. Title: Re: Add this guy to the list of names of whom Satoshi Nakamoto is. Post by: herzmeister on September 04, 2013, 12:56:21 PM The first video is from 20 May 2006, this is the phase 2 video is was uploaded on 26 Nov 2006 very interesting on 3:50 Is Bitcoin phase 3? http://www.youtube.com/watch?v=SLwg6ZAmBwE . bitcoin miners need to produce moar flowerzzz |