not only are all sorts of altcoin Sidescams going to bolt themselves onto the Bitcoin MC as shown by Truthcoin but as odalv has shown even Silk Road 4.0. How do you explain that to the Feds?
I sincerely hope this was a joke. A very bad one at that. again, no substance or imagination from you!: You can also create SilkRoad 3.0 SC.
Edit:
Web site will be only used to keep offers. (it will not hold pKyes).
This SC can use Cryptonote 2.0 protocol(as Monero uses) and decentralized miners will provide 2wp.
Edit2:
Architecture
<bitcoin>
<crypto-noteSC> - decentralized network btc <-1:1 2wp-> scBTC
<scBTC - asset>
<scDrug - asset>
<silkRoadSC-1 /> - hidden centralized server -1 same as Merger
<silkRoadSC-2 /> - new hidden centralized server if #1 fails
</crypto-noteSC>
</bitcoin>
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Truthcoin, sounds great, who doesn't want truth?
Lotsa folks don't. As they say, "The truth will set you free", so basically anyone who does not want some other group to be 'set free'. (I didn't realize that this was a biblical quote until just now. Whatever the case, it's a good one.) Maybe we should include those that don't want to be free themselves, because they are afraid of the responsibility. Conclusion: Truthcoin will fail.  My comment wasn't about 'truthcoin' which I neither know nor care about. It was about 'truth'. If 'truthcoin' is verifiable in implementation ('truth'), my gut sense is that it's probably at least a neutral thing and possibly a good one. Obviously I would have a vastly better feel for it than 'gut sense' before I took an position (in either a monetary or propaganda sense.) so herein lies the problem. to computer scientists, the truth is either a set of 1's or 0's, ie, yes's or no's. the longer you've lived the more you realize that the "truth" really is a matter of "opinion". this is why brg444 says flat out, "they (Bitcoiners) won't do that" (meaning speculate). an ordinary Bitcoiner may conclude that TC is true merely b/c it offers reward miles (or whatever) even tho they may be pegged at 2TC:1scBTC. Truthcoin will sell it to them as "you'll wanna keep them in TC for immediate usage", may even offer a little interest, or sell the "Ethereum, Bitshares, CP all wrapped up into one!" point being, they'll say "anything" to keep the value stored in TC. problem being, mass ordinary Bitcoiner's of the future probably won't have the ability to distinguish, or even care about Sound Money and they will do it. the reason we're having such a intense debate in the first place is b/c i believe the fundamental assertion of the whitepaper is flawed; that being the currency unit (BTC) can be separated from its blockchain (MC). |
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pedantic bullshit
I am disappointed how clueless you still are about sidechains value proposition. do you even realize how most of recent posts have degenerated to personal attacks? it shows your desperation. but i'm glad you showed up shadow. while you were away, i just scored 40pts, on my way to 55. you can't guard me. oh, and btw, help me generate at least another 100,000 plus views for my platform. you're doing a great job. |
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and you don't understand money.
for BTC to increase in value, ppl have to use BTC. not a derivative of BTC, like TC. scBTC as conceptualized by the geeks has a chance to do that if it can keep away speculators from doing BTC-->scBTC-->TC. but who realistically thinks they can stop this train? i don't. i believe Odalv, there's going to be billions of these schemes, some legit, but most illegit just like we have with altcoins today. SC's doesn't prevent this process as it was advertised; instead it enhances it as it can be advertised logarithmically now as "Bitcoin: Sidechain-enabled!". altcoin devs are going to bring the biggest straw they can to jam thru the 2wp to suck as much value as they can out of the Bitcoin mainchain MC.
this diagram says volumes. TC is going to bolt itself onto Bitcoin and sell itself as Bitcoin:
- snip - image inserted apparently for spam reasons -
bullshitof course you fail to bring any actual arguments. but might i remind everyone here of how badly the core devs have misunderstood altcoins. why should we expect it to be different this time?: Seen this yet? https://download.wpsoftware.net/bitcoin/alts.pdfOf course, “developing your own cryptosystem” is the purview of only cranks and researchers, so it was reasonably assumed that none of these “altcoins”, as they were called, could ever be plausibly presented for public use.
Boy, were we ever wrong on that one.
...
If you are, or are planning to, develop and release an “altcoin” to the public, this document reminds you that you are playing with fire. This sort of behavior was cute on sci.crypt, a community populated mainly by cryptographic experts where there was no risk that your charlatanism would be mistaken for anything legitimate, and where there was no ability to store value in your scheme anyway.
...
The Bitcoin community differs in both those respects. Your crankery is not cute. You are not a cryptographer, and yet are releasing a homebrew cryptosystem, misrepresenting your own qualifications, and encouraging others to store value in your creation. These actions are incompetent, dishonest and reprehensibly dangerous.
lol. That's Andrew Poelstra's "A Treatise on Altcoins". He's even harsher than many of us in this thread! He's also listed as an author on the sidechains whitepaper. |
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You seem to fundamentally miss the meaning of 'paper' in your critical comment. As I've always argued, Bitcoin and gold are close cousins. If a 'rewards program' offered me 'points' in the form of flecks of gold that I could keep physically in my pocket, that would be the equivalent of a properly implemented Bitcoin-backed corporate currency. Bitcoin makes such a thing technically possible. Of course many entities will try to pull a fast one and pretend to offer the real deal with various mechanisms to 'paper over' the lie. This will probably be somewhat effective in certain cases for a while, but I believe that the open legacy of distributed crypto-currencies will prevail and it will be a challenge to promulgate such games. Anyway, I'm totally in favor of corporate (and government) Bitcoin-backed solutions, and will use them for a vast majority of my transactions if possible. The privacy feature that I'll be giving away when I do so is simply not important to me in most of my activities; the absence of counter-party risk is much more important. Further, any Bitcoin-backed solution is going to live or die on the global confidence in Bitcoin itself. If Bitcoin is subverted that vanishes which provides incentive to maintain the credibility of Bitcoin. and you don't understand money. for BTC to increase in value, ppl have to use BTC. not a derivative of BTC, like TC. scBTC as conceptualized by the geeks has a chance to do that if it can keep away speculators from doing BTC-->scBTC-->TC. but who realistically thinks they can stop this train? i don't. i believe Odalv, there's going to be billions of these schemes, some legit, but most illegit just like we have with altcoins today. SC's doesn't prevent this process as it was advertised; instead it enhances it as it can be advertised logarithmically now as " BitcoinTruthcoin: Sidechain-enabled!". altcoin devs are going to bring the biggest straw they can to jam thru the 2wp to suck as much value as they can out of the Bitcoin mainchain MC. this diagram says volumes. TC is going to bolt itself onto Bitcoin and sell itself as Bitcoin:  |
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The result is that the sidecoin usage can reach some level due to added functionality, but the lower liquidity, which should normally give it a lower value, will, with the pegging presumption, give it a lower usage. Some sidecoins will exist because they are practical, but they will not take off.
that's not necessarily true. all the SC has to do is establish its own liquidity thru on SC trading. looky here, we have our first willing participant who will trade their scBTC for TC (Truthcoin!): not only are all sorts of altcoin Sidescams going to bolt themselves onto the Bitcoin MC as shown by Truthcoin but as odalv has shown even Silk Road 4.0. How do you explain that to the Feds?
Why do you think Truthcoin is a scam? I would love to see a decentralized prediction market. and once the SC has users, more & more miners will follow to mine not only tx fees from scBTC & TC, but to harvest TC block rewards. |
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>>> Yes. See Jack Liu and Truthcoin if you want the truth, dammit. Who is that Jack and where to look  Please, point me there ! |
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The grownups are happy, because their share of the cake is worth more.
this part isn't even necessarily right. if your own kids were the ones who ate some bad cake and ended up dying, are you necessarily happier or better off as a result of it? actually, let me sharpen that a bit: if your own kids were the ones who ate some bad cake and ended up dying, are you necessarily happier or better off simply b/c you no longer have to give them their inheritance? edit: no answers from the twisted f*cks. |
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Look at volume..low.....back to$340 on Monday
look back at the bottom, 10/05 & 10/06, high volume |
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The grownups are happy, because their share of the cake is worth more.
this part isn't even necessarily right. if your own kids were the ones who ate some bad cake and ended up dying, are you necessarily happier or better off as a result of it? |
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half-jokingly: oh! I think I got why cypher and other seem to be opposed to sidechains: they can be viewed a bit like rehypthecation of assets, like paper gold!
Yes. See Jack Liu and Truthcoin if you want the truth, dammit. |
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I still don't understand why the core devs would be interested in sidechains. What were they thinking really?
SC's are as much a political move as they are a misconceived attempt to improve the system. As much as brg444 tried to deny that this isn't an attempt to kill altcoins, it is a fact as I and Melbustus documented. Political moves designed to eliminate competition by changing the rules (which are what source code changes to benefit your own for profit company are), as we well know from history, often have the exact opposite affect from what is intended. |
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Altcoin devs, corporations, gift card issuers, reward point schemes, banks, gvts are rummaging around their kitchens right now in glee trying to find the biggest straw they can which they plan to jam through the 2wp and suck through as hard as they can. Truthcoin if you want the truth, dammit!  |
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Beat me to it! You gotta just say it like it is, this will be the equivalent of paper bitcoin. |
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Érdogan, for purposes of discussion, "sidecoin" should mean altcoin produced de novo by SC. scBTC should mean what's created from BTC via the 2wp.
I don't agree. Those words are not in the paper, and a coin that is not backed by a bitcoin can not be a part of the peg, and is totally uninteresting. Edit: The sidechain inventors did not use the word sidecoin, because in their imagination, it is a bitcoin that moves around in the sidechain, which is wrong. The invention of scBTC was from the foggy mind of brg444, I believe. Correct but that is how brg444 and i, and I hope everyone else, has been using the terms for the last 200 pages. We have to standardize our language. |
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10 USD jump, just after my sidechain thrashing, now I know how it feels to be Haruhiko Kuroda.  That's because you haven't been assigned a shadow defender. You're wide open to shoot the 3's.  |
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Érdogan, for purposes of discussion, "sidecoin" should mean altcoin produced de novo by SC. scBTC should mean what's created from BTC via the 2wp.
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That's funny, I was reading that page before but only for technical details and didn't read the end of that post. In that case, wouldn't miners just decide not to merge mine those coins? No, they can be expected to mm Truthcoin for block rewards and tx fees related to scBTC and Truthcoin out of greed. But not long term greed if it would destroy btc. Also mm leave a coin open to attack like when Luke Jr. killed Coiledcoin. So the coin could be killed in the early days due to a 51%. The other reason they might mm or direct mine Truthcoin is out of ignorance. Not everyone has got this figured out you know. Just look at the disagreements we"re having here on what's happening. |
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