I am speaking on behalf of TPTB_need_war aka
AnonyMint,
who is quoted in the OP, because he is
currently banned for 9 more days due to calling theymos and gmaxwell out on their censorship of
a potential technical back door in Bitcoin. There is a simpler explanation of
Satoshi's obviously intentional technical error. It is obviously intentional because it was quite well known by 2009 that the HMAC formulation is more secure yet Satoshi used the more suspect double hashing everywhere in BitCON.
I will be editing this post and adding answers and rebuttals to the various incorrect posts that litter this thread. Please check back and read this post, because I will not be posting again in this thread, and instead I will edit this post to add new information as others continue to make posts that need to be refuted.
Please quote my post because the mods will probably delete it and ban me again."Blockstream implementing their SegWit soft fork Trojan Horse"
Lmao this guy is losing it. The blockstream FUDsters know no limits on their nonsense. The trojan horse was the Bitcoin XT, then Bitcoin Classic hard fork attempts, not segregated witness, segwit is actual advance in scaling Bitcoin. Whatever, it's a waste of time dealing with this shit.
Segregrated Witness is not the problem. The problem is that Blockstream is sneaking in a new soft fork versioning protocol at the same time. This new versioning protocol when combined with collusion with China's oligarchy control over mining, will insure together the elite can change the protocol of Bitcoin at-will any time. Why do you think Blockstream has received $70+ million in investor funding from the financial community. Blockstream has no viable way to make a profit. The company exists as a way to take control over Bitcoin. Note that Classic and XT didn't really solve the centralization problem either, but at least they didn't hand soft fork versioning control to the devil.
They will send their propaganda machine here to discredit me. They always do that. Then they ban me. They don't want you to know the truth. I don't care anymore. You fools are doomed. This is my last post on this matter. I have other programming work to do. It is up to you fools to get organized and stop being useless eaters and cattle for the elite. I can lead you to water, but I can't teach your dumb asses to drink. I tried to teach, but I get drowned out by the trolls and propaganda who are hired to keep the truth from you.
Instead of a tinfoil hat, I swear the guy has an entire tinfoil skull. The sky is perpetually falling every day and it's always Armageddon forever. A healthy dose of skepticism is fair enough, but don't take it to extreme, bordeline-crackpot, levels.
Bitcoin is just fine.
First they came for the Socialists, and I did not speak out—
Because I was not a Socialist.
Then they came for the Trade Unionists, and I did not speak out—
Because I was not a Trade Unionist.
Then they came for the Jews, and I did not speak out—
Because I was not a Jew.
Then they came for me—and there was no one left to speak for me.
So how many years from now china will own 98 % of mining power
??
Here is
a link to the cryptocoinnews.com article and also an estimate follows in the linked thread. Realize that is just one former cattle farmer who currently mines 50 of the 1200
BTC per day and he plans to increase that to 200
BTC of the 600 mined per day after the halving. Just one cattle farmer will be mining 30% of Bitcoin.
Why would they do anything detrimental to Bitcoin? It would hurt them more than anyone financially.
With an oligarchy in control of the mining, they can choose to increase transaction fees to the maximum the market can bear, not the competitive rate for transaction fees. They could also work together with Blockstream to increase the 21 million coin limit, so they can earn more coins. None of this would hurt Bitcoin, because obviously none of you care. You will suck BitCon's cock because you think it is a "better gold" as Satoshi advertised it to you in the white paper.
Additionally these mega mining farms in China don't attain their loans and nearly free electricity without returning favors to the elite who are in charge. In effect, this means Bitcoin has become just another fiat system. They can KYC identification requirements on it the future and pretty much do what ever they want. And you will lick their balls because you have no other choice. Don't tell me you will switch coins, because no other coin will have the adoption and mining security.
I find it really hilarious how you think you are supporting something that will change the world in a better way, yet it is just more of the same oligarch controlled BS that we've always had.
how is that centralised? there's over a billion chinese
It is rather good for Bitcoin, if a lot of people in China have some bitcoins
A billion aren't mining, only a few very well connected few. An oligarchy is taking form. The coins are only going to a few oligarchs
why they should destroy their own business? 51% will never happen, with their cheap electricity they are earning a shitload of money...
They want to maximize their profit and be in control of their destiny.
Most of these Chinese mining firms are pools, so like most pools that are extremely big, if they get too big, miners will hop to a different one.
It isn't just the pools that are the problem, but that the mining farms are large and concentrating the 51+% amongst a few oligarchs. This will only grow more centralized over time, because TPTB_need_war explained in his technical analysis, that profitable proof-of-work always accrues over time to maximum economies-of-scale. There are several reasons for that including propagation advantages of being the first to win more blocks, so don't waste hashrate mining on the wrong fork for a short period, which over time gradually depletes the other miners of relative profits. It is more complex than that. You need to read his entire analysis to understand.
I don't care if China controls most of the mining market, if people do care about that, they can purchase the mining power and start mining.
That is an incorrect understanding. As I explained above, the mining hashrate economically accrues to those miners with the greatest economies-of-scale. No one can buy mining equipment to offset that, because the miners in China are ostensibly getting nearly free electricity and nearly 0% interest loans. It is a corruption charged to the collective. Don't you understand how Communism works? We have this system now in the West too. Capitalism is dead. Long live Marxism!
I really don't care because I agree with you and many of us still don't sell our Bitcoins because if it goes mainstream in China or even a little popular, we'll be all rich/millionaires. The whole idealistic anarco utopia many still think Bitcoin is long dead, that's why Ethereum and other cool projects are emerging (even if they end up having the same fate eventually).
Look to be straightforward BTC hasn't been destroyed yet. It is very much living. I would suggest you to not worry about China and mining and focus on making profit with this system now.
Exactly. You guys don't care whether Bitcoin ends up as a totalitarian digital hell. You only care about making a profit hell or highwater, come what may.
So if China owns a large portion of the system, we're doomed? But what if bitcoins are centralized in America or in Europe? It's going to be an entire story, right? I mean, once again western power has an influence to this point.
Why are you building a strawman argument to deflect the debate away from the important issue. Obviously it doesn't matter where the oligarchy on mining is located. The only thing that matters is that profitable proof-of-work will always end up entirely centralized.
TPTB_need_war has explained why this is the case because he an expert on the economics and technology, despite what some trolls might want to mislead you to believe.
BTC will do right when there will be decentralized exchangers.
And that will only happen because of
my work to fix the jamming problem that plagued all DE designs. The trolls want to ridicule me, and I don't yet get the recognition. But that is okay. I just want you to know the truth.
.... with their cheap electricity they are earning a shitload of money...
What you mean is they're stealing a shitload of money.
Taxpayer money converted into electricity by government-owned power utility.
Electricity converted into bitcoin and bitcoin into privatized money by miners.
In China bitcoin mining is essentially just a channel to steal tax money. The fact that it hasn't been forced to shut down or use non-subsidized electricity by now is probably evidence that someone is taking bribes. (What a surprise! That NEVER happens in China!
)
Finally someone with a brain stem! Congrats!
Yeah it is more of charging the expenses to the collective and keeping the profits for themselves. Same as the banksters did with the bailouts.
$1 million of your investor money every day going to those fat cats. And circulating back around as $70 million in grease money for Blockstream to rape you with.
Like the Capitalist West have been doing for years? The Chinese took a opportunity when they saw it and they used it... How can you blame them?
Yeah why care if the banksters keep the profits and charge the bailouts to the people. Love that Communist/Fascism, don't you?
well good for them if they are able to steal unfair and legal scam from government, called tax
Yeah it was great when the banksters stole the bailouts from the government! Excellent logic.
Good to see you want BitCON to be all about stealing. Nice world you want to promote.
Personally I'd be more worried if the hashrate was under NSA's jurisdiction.
Chinese miners have acted OK so far
You haven't studied the history of oligarchies. They can only act one way. Give it a little time. The collusion is taking form. By the time, you realize it, it will be too late to do anything about it or to change. Bitcoin will be too well established by that time, just like fiat is now. You will bend over and take in your ass, because you didn't think it was a problem when I told you and then when you realize you will have no more choice nor options to pursue.
