Will destroying Bitcoin by fixing it make us insanely wealthy?

[xmasdobo]

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 UASF?

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.

its easy to pick on other system's weak points

the truth is, bitcoin is 7+ years old and counting

power is supposed to be on constant tension

satoshi designed bitcoin so we dont have to trust the generals (miners)

we have come up with UASF within bitcoin itself, we can kick generals ass, the chinese cartel cant go around doing whatever they want without consequences and they know it

this is resulting in some miners backpeddling and supporting segwit, price going up already and alts dumping for btc

the system is working

again: lets see if you can do better with your coin

all systems have weak points, yours will be no different

lets see if your system can be on the spotlight for 5+ years without collapsing

easier said than done

if you can make me rich off a 1k investment like early 2009 investors in bitcoin i will eat my words

but i doubt you can get this done to create a new black swan and create a legendary investing opportunity like bitcoin was

satoshis come every 100 years or so

i dont believe you figured every bitcoin weakness out and have a coin that will make us all rich

im always unlucky so its imposible that i become rich

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[wiked1]

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.

Many obese fat flippers will invest for this idea alone.Some of these lard ass whale types still have over 10k stacks of bitcoin they bought at 25 cents just waiting for anonymint to stand out from behind the curtain and expose his big bits blocks bytes or whatever.This could be a groundfloor opportunity for us muppets and noobs to make a whole bitcoin some day and with 1 whole bitcoin I will be able to buy the dumpster I squat in.

[gadsden76]

How does mining without POW work?

[Geraldo]

JUST DO IT ALREADY..

[BingoDog]

I don't know it that option, choosing any thing that you have offered could make bitcoins users insanely wealthy. It sounds like a good dream and in theory everything is possible but in real life I'm not such an optimist. The time to become extremly rich with bitcoin have passed away.

[iamnotback]

I decided to post once more before I leave the Bitcoin Discussion forum to go focus head-in-sand on my work:

The problem is that there is no such future for an investor regardless of longterm.  If bitcoin is to move in the direction of an optimal medium of exchange then eventually it will need to peel away from its digital gold quality as an inflation hedge.  There will be pressure to devalue it.  The reason there is little adoption of bitcoin right now is the steady increase in value encourages savings and not spending, its NOT because of the block-size problem.

The belief that you can raise the transaction per second to create a better investment for yourself is assbackwards thinking by people who don't have the ability to think beyond 1 level.

I am going to throw you another curve ball. What if the amount spent on transactions is very tiny compared to the savings piled into investment, but the economic value of those transactions is orders-of-magnitude more valuable than the investment in the tokens. This is very possible. Observe me show you how it is done with my project OpenShare.

ICOs are destroying our chance to change the world:

...

Given ICOs, no one wants to work for real adoption any more. Everyone wants to cash out with some hype and BS. Its all speculation and no real world accomplishment. I am here to do real world work.

[young going rich nigga]

okay lets say you got this

lets say you are the next satoshi nakamoto


if I buy 1 btc worth of ur coin in day one can I get rich?

[iamnotback]

if I buy 1 btc worth of ur coin in day one can I get rich?

Obviously the guy who sold a pizza for 10,000 BTC would argue that it is difficult to predict the future.

$10 / 10,000 = $0.001 per BTC and now $1000 per BTC (aka $10 million for the 10,000 BTC). But who would've known at the time.

That was before it was common knowledge that blockchain tokens have real world value.

Normally the only way someone makes those million-times gains is by being surprised. If there is no surprise then there is a lot of competition.

Unless perhaps you are true believer like Roger Ver. But now look how Roger Ver's incompetence and lack of foresight is causing him to maybe end up destroying his BTC (although he probably did well on his Dash pump).

Seriously I can't even predict the outcome of my own work. I am just a true believer like Roger Ver, but at least I (afaics) have a higher level of technical competence than him (which probably isn't saying much, lol).

I think the more salient and objective question is, "Is the Nash Ideal Money small block model of Bitcoin going to become widely adopted and will it preclude any other blockchain design from doing so?"

And the follow on question if that answer is "No", thus is "Is there any other design for a blockchain what will become very widely used in the world?".

Many groups and people are trying to answer those questions.

I have some very specific reasons to prefer my work, but I am not going to enumerate them here. This thread is in the wrong discussion forum for that. I started this thread as a wakeup call on the risks and opportunities ahead, but I will not start a discussion about specifics of altcoins in the Bitcoin Discussion sub-forum.

[ImHash]

Having a selfie as avatar does not give you credit nor maturity and wouldn't legitimize your opinion, what are you talking about? you contradict your statement in the title, destroying and fixing? have you ever had $1B or even more if not less and then come here to talk about fixing/destroying.
What I think miners will never interrupt their own money printing process and not even miners can control what will happen to bitcoin.
Bitcoin is already centralized by exchanges, they're the ones steering the market and if they say that they'll not list/accept/trade/recognize BU if they hard fork the chain then BU will not do it, so you should turn your focus on exchanges and stop blaming developers at both sides.

[iamnotback]

Bitcoin is already centralized by exchanges, they're the ones steering the market

That is an important point.

Re: What cryptocurrency is solving the scaling problem?

I've always wondered this about certain coins. For example, I pretty much never see congestion on DOGE, LTC, and ETH/ETC. Is it a function of being underused, or have they actually solved the traffic issue?

Most of those coins never leave the exchanges.

In other words, they have no adoption use case at all. They can be destroyed overnight by an attack on exchanges (by an inside attack, hacker, or regulatory crackdown such as from the SEC for those which sold ICOs).

nor maturity

Selfie taken at age ~52.

[btcbug]

I've been following your threads for several years, and a lot of the technical stuff is over my head obviously, but I get the gist of it I think. Learned a ton from your discussions and really appreciate that! I gotta say I'm excited to get in on your project as an early adopter, accumulate a nice holding and become insanely wealthy.

I'm a long time hodler of BTC as well and still believe it's heading much higher, but of course if Bitcoin is ultimately doomed as you claim, then we haven't got a choice and you must do it for the benefit of the world.

They say when you're poor you stress about not having money, but they also say that once you've got money you stress about keeping it!

I think you're advice about hedging at this point is reasonable, although I don't see many alts as being a hedge (more like risk since latest price increases). Perhaps LTC considering that it's been between $3 - $4 for close to 2 years and didn't have a recent pump. I don't see much upside, but the point is preservation and it does have m.cap and volume.

I prefer bitnet as well.

[Sadlife]

Maybe this miners that want to destroy bitcoin is a bunch of people paid by the Chinese government not the majority of miners.
Im sure the majority of miners wants the best for their business which is bitcoin. In the end they all to make profit why would they destroy something that will be profitable in the present and future?

[Kakmakr]

Maybe this miners that want to destroy bitcoin is a bunch of people paid by the Chinese government not the majority of miners.
Im sure the majority of miners wants the best for their business which is bitcoin. In the end they all to make profit why would they destroy something that will be profitable in the present and future?

Why do the Chinese over fish and kill dolphins and whales and kill Rhinos for their horns? Do you think they care about this whole experiment? There are some countries and China are one of them, that would destroy natural resources without blinking twice.

http://news.nationalgeographic.com/2016/08/wildlife-south-china-sea-overfishing-threatens-collapse/

The Chinese will suck Bitcoin dry and leave when it fails. Bitcoin is just one more commodity that are being ruthlessly exploited for profits.

Sorry if this sounds harsh, but you can look at several other examples where Chinese are involved. Examples :
Seahorses / Abalone ....................................... and the list goes on and on. ^grrrrrrrrr^

Edit : If OP could develop a alternative that cannot be exploited by anyone, I would support that cause.

[iamnotback]

...but of course if Bitcoin is ultimately doomed as you claim, then we haven't got a choice and you must do it for the benefit of the world.

...I think you're advice about hedging at this point is reasonable, although I don't see many alts as being a hedge...

Very important discussion is taking place about this.

[thejaytiesto]

if I buy 1 btc worth of ur coin in day one can I get rich?

Obviously the guy who sold a pizza for 10,000 BTC would argue that it is difficult to predict the future.

$10 / 10,000 = $0.001 per BTC and now $1000 per BTC (aka $10 million for the 10,000 BTC). But who would've known at the time.

That was before it was common knowledge that blockchain tokens have real world value.

Normally the only way someone makes those million-times gains is by being surprised. If there is no surprise then there is a lot of competition.

Unless perhaps you are true believer like Roger Ver. But now look how Roger Ver's incompetence and lack of foresight is causing him to maybe end up destroying his BTC (although he probably did well on his Dash pump).

Seriously I can't even predict the outcome of my own work. I am just a true believer like Roger Ver, but at least I (afaics) have a higher level of technical competence than him (which probably isn't saying much, lol).

I think the more salient and objective question is, "Is the Nash Ideal Money small block model of Bitcoin going to become widely adopted and will it preclude any other blockchain design from doing so?"

And the follow on question if that answer is "No", thus is "Is there any other design for a blockchain what will become very widely used in the world?".

Many groups and people are trying to answer those questions.

I have some very specific reasons to prefer my work, but I am not going to enumerate them here. This thread is in the wrong discussion forum for that. I started this thread as a wakeup call on the risks and opportunities ahead, but I will not start a discussion about specifics of altcoins in the Bitcoin Discussion sub-forum.

Bitcoin was brand new crypto but now we got other crypto's evolutions to take as reference points.

So lets say your coin can get DASH's current $584,635,605 marketcap.

DASH was around 0.0012 in Mar 1 according to:

https://coinmarketcap.com/currencies/dash/#charts

(first data is from February, but let's make it more realistic and let's say you get in 15 days after the coin gets listed in an exchange)

If you bought 1 BTC worth of DASH at around 0.0012 you would get = 833.4 DASH

At current DASH price (0.078) we are looking at around 64.9 BTC. That's some legit gains for 1 BTC investment.

Now do the same with ETH's marketcap... those are some serious numbers.

And if it reaches BTC marketcap... then we can fuck hookers in the moon.

Of course the coin is not even out yet so lets not get too excited.

[U2]

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

My thoughts exactly. I don't know how you're going to avoid people cheating the system but if you've somehow figured outa  bulletproof way then I'm all for this. Do you have a name yet or shall we just call this Coin X?

[Geraldo]

Any ETA?

[Kenia.Blodgett@yahoo.com]

Personal finance resource PFhub has suggested Bitcoin Unlimited is planning a 51 percent attack, which could see Bitcoin lose half its value.
source -: https://cointelegraph.com/news/bitcoin-unlimited-51-percent-attack-could-cut-price-in-half-investor-blog

Is this possible?

[jbreher]

Personal finance resource PFhub has suggested Bitcoin Unlimited is planning a 51 percent attack, which could see Bitcoin lose half its value.
source -: https://cointelegraph.com/news/bitcoin-unlimited-51-percent-attack-could-cut-price-in-half-investor-blog

Is this possible?

Possible, but unlikely.

The most widely-discussed plan for BU to start mining blocks larger than 1MB is the following ordered sequence:

1) achieve 75% mining dominance;
2) maintain that 75% or better dominance for a full difficulty retargeting period;
3) wait another difficulty retargeting period for others to upgrade to a cliant that does not fall down when faced with larger blocks;
4) only then fork.

With 75% dominance, and assuming 2MB blocks, many more transactions can be processed each day on the BU fork (~250,000/day to ~375,000/day), and fees would drop.

The legacy fork, at 25% mining capability (max) would see its transaction capability drop from ~250,000/day to ~62,500/day. Competition to get transactions included in the few blocks that do get mined will cause fees to skyrocket.

Miners on the BU fork will see BTC/day from subsidy drop by 25%, but miners on the legacy fork will see BTC/day drop by 75%. This will likely cause miners to further abandon the legacy fork, thereby slowing the legacy chain even further, and speeding the BU chain up even more.

This condition will persist for a full difficulty retargeting period, which will be lengthened on each chain. The BU chain would be slowed down for about 20 days, and the core chain would be slowed down for at least 8 weeks - proportionally more depending on number of miners who switch from legacy to BU.

And what would be the likely consequences?

The net result is likely that the legacy chain will likely die off for all but an obstinate 1%. Accordingly, BU would likely end up being thought of as 'the Bitcoin' at the end of this process.

The good news is that for any coin you hold in Bitcoin before the fork, you will have one Bitcoin on each fork after the split. Accordingly, while one chain atrophies to insignificance, you will still hold as many Bitcoin on the victorious chain.

If this all plays out as above, it is likely that the value of the BU fork -- within days of the fork -- will be though of as merely Bitcoin, and valued at only slightly less than Bitcoin before the fork. The legacy chain would be essentially worthless. And now, with the transaction throughput hard-cap removed, transactions/day will go up, fees will go down, Bitcoin will be able to fulfill use cases that have been driven away, and Bitcoin's price will climb rapidly.

[Yakamoto]

How does mining without POW work?

There are some decent example altcoins that exist, however I can't remember exactly how all of it works for sure and it is something related to the existence of a wallet containing a verified balance within in, and somehow it compounds and those with money get more of it.

JUST DO IT ALREADY..

Any ETA?

Not happening anytime soon. Considering the community is split between Segwit and BU, and neither or those have majority support, don't expect for anything like this to go anywhere.