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Author Topic: Blockchain = Powerful Tool for Keynesian Monetary Policy  (Read 11434 times)
cunicula (OP)
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November 25, 2012, 09:29:00 AM
 #161


I meant best in a way that included the network effect, not in a moral or technical sense. Substitute 'most effective' there. On a side note, I think you're not realizing that a 51% attack like you describe would be a simple denial of service from all of the current software clients perspective. The user experience WOULD be disrupted and users would have to choose what to do if anything. The no-op choice would be have unspendable coins.

Not necessarily. Ultimately, the users just have to attach larger fees to their txns. This won't be unusual at all. Remember the plan is to jack up fees progressively as the block reward falls. It is not a disruptive change if the fee increases somewhat more rapidly than the initial plan.  A wise monopolist would introduce his fees gradually. He might even allow no-fee txns at first and just increase their delay in entering blocks over time. There is no need for any discontinuity from the end users' perspective.

Anyways, if there was still block reward you can just start by not screwing with fees at all and simply expropriating other miners. This does not affect users in any way, but could be highly profitable.

Compare these changes to finding a new client to download and starting to use coins that are not accepted anywhere.

Finally, you are still ignoring that attacks are not harmful to users under PoS. This perhaps even more important than the fact that PoS makes attacks more expensive to pull off. (Of course the two facts are related)
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November 25, 2012, 09:46:11 PM
 #162

You referred to me having some vague but wicked Keynesian plan. This is baseless speculation. My plans are explicit and public (see wiki). They are not Keynesian plans. Read them. Your speculations are completely unjustifiable. If you don't want to hear 'random remarks' about what my plans are, then do not spread false rumors.
First of all, look at the title of this thread, which you wrote yourself. Second of all, you made several comments in the past where you said that this or that person need to be forced to behave this or that way. You bitch all the time about "libertarians". This type of thinking permeates through your anti-libertarian pro-statist ramblings.

Even though I consider myself an anti-statist, I typically go at great lengths to not formulate my arguments in a way that their validity depends on the hatred of the state.

Many of your arguments, however, fail on this neutrality. Their validity pre-supposes that the activities of the state are economically beneficial or at least ethically permissible. Your very first sentence in this thread is

Recall that the purpose of money printing is to encourage or discourage spending.

This is keynesian pseudoscience, akin to the argument that the purpose of blood letting is to cure disease.

Similarly, your last paragraph in the original post

I am kind of confused why we still operate with dollars. Central bankers should start issuing dollars and euros this way. Or they could just adopt bitcoin. It would make their lives so much simpler.

indicates that you approve of this.

You (Peter) completely destroyed cunicula and his FUD here.  Well done.
lonelyminer (Peter Šurda)
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November 27, 2012, 07:11:53 AM
 #163

If there is a good rule like this, why wait until the attack occurs to introduce it?
You're absolutely right. This should be implemented sooner rather than later.

I think the answer is that there is no known rule besides full centralization. If there was one, we would be working on it already.
I already presented one possible rule: follow the market equilibrium and reject blocks that deviate too much. And what makes you think noone is working on it?
cunicula (OP)
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November 27, 2012, 07:25:59 AM
 #164

I think the answer is that there is no known rule besides full centralization. If there was one, we would be working on it already.
I already presented one possible rule: follow the market equilibrium and reject blocks that deviate too much. And what makes you think noone is working on it?
Link to evidence that work is being done on this topic. It is not trivial to estimate market equilibrium.

Otherwise, explain how secrecy helps to improve the quality of this work. Or, if secrecy doesn't help with quality, explain how secrecy helps the author to achieve some other aim.

If not, then I think it's reasonable to assume that said work doesn't exist as of now. I also doubt that such highly doubt that such work will exist in the future.
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