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Author Topic: [OPEN LETTER] to Thomas Nasakioto  (Read 2889 times)
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August 20, 2011, 09:20:49 AM
 #21

I think he has put quite some thoughts into Bitcoin. I think with some good activities, which show good will to the community, Ixcoin could get success.
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August 20, 2011, 09:21:06 AM
 #22

Okay, let's turn this around. To the degree you have placed any faith in bitcoin, you have done something like hiring a coder to run the FED. To me, this is analogous to hiring Bernanke to write the code for bitcoin. Here, everyone would be outraged by the latter, but not the former. Why? Because the people here are largely coders. 

Well, no, that's not quite the issue. The issue is that any product, invention, etc, in order to be trustworthy, must be created by one or more people such that the collective skills encompass everything needed for the project.

I take issue with Thomas not being a programmer not because I am a coder, but because we are talking about a product that is software. An economist running the Fed is fine. A coder creating a crypto currency is fine, if and only if the coder also knows enough about economics to create a viable monetary policy.

I was recently approached for some circuit design work, and the project is partially power conversion, and partly digital/logic. I'm experienced with logic circuitry, but not with power handling. I thus am not doing the work by myself but am picking up someone who knows more about power circuitry than I do to assist. The resulting circuit will be fine, because all required skills are represented by the creators. The last circuit I was paid to design I did myself, because it was purely TTL-style logic functionality and I don't need help with that.

Thomas may or may not understand monetary policy, however, because we are talking about a product which is in large part software, and usable almost exclusively with computers, a degree of programming and computer skill is required for faith in the end product. Thomas, by his method of generating his personal profit pile, has proven that whether or not he understands currency, he does not understand the mechanics of the currency he released.

I wouldn't give a flying fuck if Thomas was a professional mime, as long as he could both code and understand advanced economics. Whether or not he understands advanced economics? I honestly don't know, nor do I claim to. The information I can directly observe does not say either way. I won't accuse him of not understanding economics because I have no basis whatsoever to make such an accusation. I do, however, have a strong basis to accuse him of not understanding programming, and I do have a strong basis to accuse him of not understanding how ixcoins function. If he was a brilliant programmer but I had strong evidence to show he didn't understand economics, my conclusion would be the same:

Ixcoins is not a product we can rely on because the creator lacks the necessary skills and knowledge and has proven this.

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August 20, 2011, 09:43:56 AM
 #23

I think he has put quite some thoughts into Bitcoin. I think with some good activities, which show good will to the community, Ixcoin could get success.

What good activities do you speak of?

Bounties for ixcoins?

$500 advertising via the bitcoin conference?

Premining 580k coins and not being willing to disperse them into the community showing good faith?

Attacking i0coin via trolls on the bitcoin forum?

I'm curious to know how ixcoins will be successful when it purely is a copy-cat of bitcoin with nothing of value changed in the source code.

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August 20, 2011, 09:54:41 AM
 #24

I think he has put quite some thoughts into Bitcoin. I think with some good activities, which show good will to the community, Ixcoin could get success.

What good activities do you speak of?

Bounties for ixcoins?


The idea of reserving a large amount of money to bribe people to provide services that benefit currency users is excellent.

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August 20, 2011, 11:41:40 AM
 #25

I think he has put quite some thoughts into Bitcoin. I think with some good activities, which show good will to the community, Ixcoin could get success.

What good activities do you speak of?

Bounties for ixcoins?


The idea of reserving a large amount of money to bribe people to provide services that benefit currency users is excellent.

Currency which has no proven value yeah lol

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August 20, 2011, 01:01:43 PM
 #26

I think he has put quite some thoughts into Bitcoin. I think with some good activities, which show good will to the community, Ixcoin could get success.

What good activities do you speak of?

Bounties for ixcoins?


The idea of reserving a large amount of money to bribe people to provide services that benefit currency users is excellent.

Currency which has no proven value yeah lol

Your point is?

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August 20, 2011, 06:08:21 PM
 #27

I think he has put quite some thoughts into Bitcoin. I think with some good activities, which show good will to the community, Ixcoin could get success.

What good activities do you speak of?

Bounties for ixcoins?


The idea of reserving a large amount of money to bribe people to provide services that benefit currency users is excellent.

Currency which has no proven value yeah lol

Your point is?

That is has no value. Are you blind?

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August 20, 2011, 07:33:58 PM
 #28

https://bitcointalk.org/index.php?topic=37333.msg458441#msg458441

What does your post have to do with the fact that if Satoshi owns any amount as significant as the Ixcoin owner does (which is very probable), he could equally crash the market on his whim? How is the situation any different?
Are you incapable of reading or are you just not willing? As jackjack said, it is only true that Satoshi owns 1.5 million bitcoins if he was the only one mining in 2009. So why do you link to the very post he was referring to, where the assumption is made that Satoshi "and friends" were the only ones mining in 2009, when there is in fact no proof that this is the case, nor is it particularly likely?

Please, try to read, comprehend and THINK for yourself before making these ridiculous claims.
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August 20, 2011, 09:20:51 PM
 #29

Are you incapable of reading or are you just not willing?
No, are you?

https://bitcointalk.org/index.php?topic=37333.msg458441#msg458441

What does your post have to do with the fact that if Satoshi owns any amount as significant as the Ixcoin owner does (which is very probable), he could equally crash the market on his whim? How is the situation any different?

Who cares if it’s 1.5 million or 500k BTC? Also, there’s at least one known individual who owns 375k BTC, so he could probably crash the market the same way the Ixcoin creator could: https://bitcointalk.org/index.php?topic=6825.msg101096#msg101096

I just think it’s hypocrisy for not wanting to use a currency because someone could crash it but continuing to use Bitcoin. If your actual problem is that he pre-mined them and not how they are actually distributed, then say so.

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
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August 20, 2011, 09:33:10 PM
 #30

Are you incapable of reading or are you just not willing?
No, are you?

https://bitcointalk.org/index.php?topic=37333.msg458441#msg458441

What does your post have to do with the fact that if Satoshi owns any amount as significant as the Ixcoin owner does (which is very probable), he could equally crash the market on his whim? How is the situation any different?

Who cares if it’s 1.5 million or 500k BTC? Also, there’s at least one known individual who owns 375k BTC, so he could probably crash the market the same way the Ixcoin creator could: https://bitcointalk.org/index.php?topic=6825.msg101096#msg101096

I just think it’s hypocrisy for not wanting to use a currency because someone could crash it but continuing to use Bitcoin. If your actual problem is that he pre-mined them and not how they are actually distributed, then say so.

Just watch ixcoins die...

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August 21, 2011, 12:03:04 AM
 #31

Just watch ixcoins die...

I think the bots have already established a rough 2:1 parity between I0coin and Ixcoin, as it should be.  So if Ixcoin goes to 0, then I0coins will be worth 2x that.

Moral of the story: Be careful what you wish for.

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August 21, 2011, 01:35:51 AM
 #32

Just watch ixcoins die...

I think the bots have already established a rough 2:1 parity between I0coin and Ixcoin, as it should be.  So if Ixcoin goes to 0, then I0coins will be worth 2x that.

Moral of the story: Be careful what you wish for.

REALITY: I never wished for anything.

EDIT: How SHOULD it be 2:1? There are 3 times more ixcoins than i0coins in existence.

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August 21, 2011, 01:56:22 AM
 #33

1 Ixcoin block = 96 coins
1 I0coin block = 48 coins

Both have the same total coins cap; hence a ratio of 2:1.

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August 21, 2011, 09:33:51 AM
 #34

1 Ixcoin block = 96 coins
1 I0coin block = 48 coins

Both have the same total coins cap; hence a ratio of 2:1.

That has nothing to do with the current supply though. Remember Thomas premined like 6000 blocks.

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