Will destroying Bitcoin by fixing it make us insanely wealthy?

[iamnotback]

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.

Re: Do miners really think destroying Bitcoin will make them rich?

If you look at the way things are going now, you might realize that miners have lost the plot. They are sabotaging the whole Bitcoin experiment, because they want to make more profit and if they cannot do this, they will attack the minority chain to achieve their goal.

Satoshi had hoped that this will never happen, but it is happening now.

...

Let's change our mindset and show these miners who makes up Bitcoin. ^grrrrrrr^

Even the mere fact that it is possible, would scare away investors. These miners has had enough power and leverage over the rest of the people using Bitcoin and I for one would welcome any change in the code to eliminate that power. These SonsAbitches are killing Bitcoin for their own profit and they want the rest of us to sit back and take it up the a$$.

They seem to forget that Bitcoin has no value, if nobody wants to buy or use it, so the power is not in their hands.

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.”

China is very big and powerful country and if it wants to take over bitcoins it would be easy for them to get some asics. So hashpower won't matter. Bitcoin must protect itselves by any means necessary.
Though I dont think that BU seriously threaten Bitcoin now.

Still complacent I see...

Re: Why Bitcoin won’t hardfork like Ethereum

Some people spread rumors around, saying that the mining industry will control Bitcoin if BU wins. This is obviously a fallacy, no one can fight against the market unless he possess more money than the market.

As if the market will have any other choice. That was a nice lie.

Now that Bitcoin is at least 51% mined from China, prepare for future regulations to be enforced on all transactions. The reference to Taiwan a subliminal warning to Westerners of their future ass kicking humiliation.

The BU mining cartel admitted it can and will 51% attack when required to.

I warned you all last year. And you all said I was spreading FUD.

When you guys are serious about decapitating the centralized power of the miners, come talk to me.

Edit: a mining cartel has an incentive to violate the 21 million coin limit. Why wouldn't they?

Satoshi designed the system to be immutable (or die, i.e. a poison pill protection).

...

Appears to me that Satoshi wanted Bitcoin to either be replaced by something better or die. Bitcoin was the pot-of-gold he put out to incentivize the free market to find a better mouse trap than he could accomplish. It was a masterful strategy.

Re: Chinese Central Bank Requiring Extreme Customer Verifications at Exchanges

https://news.bitcoin.com/chinese-central-bank-requiring-extreme-customer-verifications-at-exchanges/

I know we're talked about endless rumors and fake news of China "banning" bitcoin, but short of an absolute ban this sort of thing looks like a step in the direction we have long feared they would take. A big step.

The PBoC is apparently requiring every customer to write out how they got their bitcoin, among other things, such as explaining why they are withdrawing whenever they want to convert to fiat. Very, very intrusive stuff. The question is, how will Chinese buyers respond? Is this just business as usual when dealing with their government, or is this the sort of thing that will dry up the Chinese market for bitcoin? Or something in between?

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[mining1]

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.

[dfd1]

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

[thejaytiesto]

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)

[mining1]

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 ).

[iamnotback]

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.

[NeuroticFish]

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

It is just time.

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.

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.

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

[the_weegie]

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.

[miscreanity]

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.

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

Re: Do miners really think destroying Bitcoin will make them rich?

Even the mere fact that it is possible, would scare away investors. These miners has had enough power and leverage over the rest of the people using Bitcoin and I for one would welcome any change in the code to eliminate that power. These SonsAbitches are killing Bitcoin for their own profit and they want the rest of us to sit back and take it up the a$$.

They seem to forget that Bitcoin has no value, if nobody wants to buy or use it, so the power is not in their hands.

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.

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?

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

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.

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?

[wiked1]

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

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

[iamnotback]

Note the OP edit:

Edit: a mining cartel has an incentive to violate the 21 million coin limit. Why wouldn't they?

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

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

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

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 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:

When prices drop on everything, consumers and businesses start to pull back on spending, waiting for even lower prices.

Although in a time-cost-of-money analysis, 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 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. See the follow criticism for why deflation wouldn't work with the archaic debt-based democracies and fungible industrial age laborers and merchants:

Once begun, deflation can weaken an already tottering economy in three ways. First, because the wealthy save more of their incomes than the middle classes, a redistribution from borrowers to lenders in itself depresses spending. Second, deflation encourages people to postpone large purchases in anticipation of lower prices in the future. Third, when prices are falling, money grows in value even when it sits around a shoebox or a zero-interest checking account. Hence, pools of saving are less likely to find their way into the financial markets where they can be borrowed and spent. All of this can exacerbate an economic downturn and, in turn, generate greater deflationary pressures.

[RAJSALLIN]

Will follow this

[iamnotback]

Why the Bitcoin whales must have small blocks. This is very important. It also relates to the OP in a very important way.

[ekoice]

Wish you Good Luck

[Gilf]

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.

[xmasdobo]

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.

[iamnotback]

uasf will kick miners out if they dont behave

I already agreed in my prior post. 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.

Here is one quote from him:

I wouldn't really have even bothered with this article if there wasn't a third paragraph there, because contrary to what the stupid imagine, I don't use them for dissection material in order to hurt and humiliate them.

It's not about them, I couldn't care less about them, they're not human as far as I'm concerned. Just like I'm all in favour of butchering a million or a billion, or however many cute fluffy bunny rabbits, be it for making medicine, or cosmetics, or music out of their cries of agony, or whatever else - I'm equally in favour of torturing, mistreating and abusing the stupid in absolutely any way. That's what they're here for, after all, and if that's what gets you off by all means, who cares.

It doesn't really do anything for me, but nevertheless I will dissect them, with no regard to their own whatever bullshit, if I figure I could use the parts to teach, illuminate and instruct people about stupidity. And so here we go, check out the spots on Miscreanity's liver.

Shelby; If you would need to assess the relative seniority of me and Mircea Popescu, which criteria would you use?

Hi Risto. Please excuse my atrocious ignorance, naivete, and cluelessness w.r.t. the underworld of darkhigh finance. This is a strange new terrain for me. I feel like a child who is struggling to take his first steps without stumbling onto my face.

In particular I would really like to understand what is different if anything about your perspective/approach compared to MP's economic philosophy and assessment of the value of humanity. MP seems to think those with the most wealth should be in control of the monetary system yet he hates democracy and mass marketing because he sees those as ways of enslaving the stupid masses in a farcical, house-of-cards, debt-based economic system. Perhaps it can't be any other way? My technological approach with my attempt to find an improvement to Satoshi's design, has been to try to find a design in which nobody is in control.

So I would judge your ability to enlighten me on these issues—either in public or private communication—as the critieria.

Without publicizing any specific event, your actions indicate you are wealthy.

He wrote about you:

Assuming your the real MP what are your thoughts on the wacky Finnish 'supernode' guy?

Pretty good job.

Mircea Popescu is the owner of MPEX which is pretty much the buttcoin stock exchange, he's famous for lasting longer than most bitcoin businesses without failing and hiring an ex-spammer to do PR on bitcointalk despite her having the same level of charm and interpersonal skills as Josh.

No, actually, most recently I'm famous for fixing the price of Bitcoin back in early April, muchly humiliating Max Keiser in the process, and for leading the MtGox collapse by about two months. The rumour du jour at the Google I/O sloppy seconds conference thing they're doing currently is that in fact Gox' demise was pre-arranged and then announced privately to a secret group during my private and at the time secret conference last month.

Before that I was famous for calling various other "news" and "shocking & surprising developments" a month or two in advance, the girls are keeping a list somewhere.

I work with poor people from a third world, Spanish speaking island called "Holyoke, Massachusetts". If they have Internet, it's through their phones, because they can't afford that and a modern pc, cable Internet, or a car, etc. How the hell are they supposed to download a 10 gigabyte block chain? I guess they could give out the block chain on DVD or Blu-Ray. Ok, to use this currency, first you need a copy of every transaction anybody has ever made...

I'm pretty sure nobody involved actually cares about these guys you work with, or poor people in general. This is a little like asking "but how are the thirld worlders from Holyoke Mass going to handle their own private jets". Well... they aren't.

1) Butts don't scale up at all.
2) Because of 1, decreasing mining rewards, greed and mining being ruled by an oligopoly transaction fees will skyrocket.
3) Butts are inconvenient.
4) Butts are insecure.

Why bitcoins will ultimately go down:
2) Exchanges are run by idiots. This is where the government already intervened.
3) Everyone who uses butts is either an idiot (largest proportion), scammer or otherwise criminal and oftentimes both at the same time. This is the case because non-dumbs and people with legal transactions can easily use other services.
4) This is a long shot, but I believe in the future all transactions will have names attached to them and cash will be phased out. It's just a matter of adoption and convenience now.

Apparently you're unaware who exactly you're talking to, which is chuckle worthy. Here's a thought : at the last count I was worth something north of 3/4 million Butts. Now what ?
(Yes, your numbered list consists of nonsense, most of it self-defeating, some of it self contradictory etc. But that's neither here nor there, what's a list these days, anyone's got one.)

In the last statement quoted above, MP is referring to the fact that what the USG.MIT mass media is painting onto Bitcoin is not what Bitcoin really is. Behind the curtain are whales who are changing the world from a debt-based industrial age to a more meritocratic knowledge age. Again I more than concur with MP's logic on this facet, and I even wrote my Rise of Knowledge, Demise of [Usury] Finance essay several years before the first instance of a similar elucidation I've found from him on his blog (of course he may have had those ideas much earlier, ditto for myself).

Perhaps I don't have the same valuation of humanity as he does. I don't entirely devalue the poor. Maybe he has similar logic to mine and just isn't communicating his ideas effectively to me. Essentially my major disagreement with MP seems to revolve around the mathematical fact which MP also derived, that is essentially Taleb's anti-fragility. It seems that MP punts to a hierarchical system of control, e.g. Satoshi's PoW ledger. But what if instead we had a way to encode the laws of physics into a monetary ledger such that nobody was in control, i.e. not a winner-take-all power vacuum of non-resilience? Wouldn't that be preferred?

What do you think about the developers frequently receiving threats by bitcoiners? Or the guild and certain developers trying to push for a centralised validation services?

Bitcointalk is a collection of mostly poor, mostly uneducated, mostly bizarre folk you wouldn't have on your lawn/daughter/whatever. The various shit they do is representative of Bitcoin in the sense Jeremiah Wright is representative of xtians or Cornel West is representative of academia. Specifically about threaths... I get threatened all the time on teh Interwebs. I've never managed to care (yes I'm aware "the FBI takes internet threats very seriously", but I've never managed to care about that, either).

People will always try to push for centralised something or the other as long as they figure they'll have more market share of the centralised thing than they do now. As various failures are pushed aside to rot into irrelevance they're certain to try and find some sympathetic ear to enforce protectionist measures for them too (que Winklewhoever doods ranting about "regulation"). That topic is best served here.

In short I don't think either are suprising or important.

[Pettuh4]

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

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

[favours]

No thank you.

[iamnotback]

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?