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Author Topic: Nenolod, the guy that wants to prove Bitcoin doesn't work.  (Read 25863 times)
wobber
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July 17, 2010, 01:21:16 PM
 #1

So this guy has about 1000 cores generating bitcoins. About 10% of the total amount fo BTC.
His name is William Pitock aka Nenolod http://twitter.com/nenolod

What do you think? If he cannot prove the system isn't sustainable, he wins, because he will have lots of bitcoins.
If he does, we all loose.

I hope he will post here, as we discuss HIS ACTIONS and not HIS PERSON.
Also, I hope he will pay me 31337 bitcoins at this address 1EZdM6HBRn4BQNa2Bqcyh47fQWYFS5Ujr3
so I can prove him he's wrong.

Please discuss the issue.

If you hate me, you can spam me here: 19wdQNKjnATkgXvpzmSrkSYhJtuJWb8mKs
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Insti
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July 17, 2010, 01:35:31 PM
 #2

what is the issue?
wobber
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July 17, 2010, 01:38:01 PM
 #3

what is the issue?

He hoards massive amounts of BTC only to create inflation later by putting them into circuit.

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sirius
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July 17, 2010, 02:20:38 PM
 #4

Now that the network is still relatively small, he can create swings in the proof-of-work difficulty and to some extent in BTC price if he sells his coins in large quantities. Nothing too serious, I think.

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July 17, 2010, 02:46:52 PM
 #5

Hi, i'm new from a week. My question is.. where i can see the cost of generation of new coin? i suppose that with people with 1000 cores, we will need more time for get new coins.

bye bye
Juan.
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July 17, 2010, 03:06:18 PM
 #6

How much money is he wasting to tie up 1000 cores? I'd love to have that kind of disposable income to prove my point Smiley

Probably the son of a [paper] banker.  Or some other powerful interest that will be hurt by a disruptive technology.
teff
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July 17, 2010, 03:17:15 PM
 #7

nope, hes the Technology Director at SystemInPlace http://www.linkedin.com/in/nenolod Appears to be a hosting company http://www.linkedin.com/companies/system-in-place.

I would guess that if he doesn't manage to break the market, he will find something useful to do with it that will benefit him and probably bitcoin as a whole (though maybe not all individual users of bitcoin).
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July 17, 2010, 03:33:41 PM
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I wonder how much he spends for using these 1000 cores... Because the price of bitcoins you get is NOT much larger than price you have to pay to generate them.

My BC: 1FA57SXagJUq7zhnk5kTQMQmWSE3eBVbMr
sirius
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July 17, 2010, 04:00:29 PM
 #9

Nenolod, you're welcome to join this forum or #bitcoin-dev on Freenode. It would be interesting to have a chat with you.

BTW, Nenolod writes on Twitter:
Quote
bitcoinexchange: demolished - 84,732 BTC / 1500 EUR profit (for 50,000 BTC) looooooooooooooooool.

He hasn't sold anything at BitcoinExchange.com and the service is down just for technical maintenance. Should be up today or tomorrow. Maybe he meant that 1500 € was the rate for the 84,732 BTC he supposedly has.

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Some Mouse
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July 17, 2010, 04:28:05 PM
 #10

If he was generating one block per minute before the difficulty increase that would mean he is actually representing more than 50% of bitcoin's CPU power. Actually, rather nearly all of it.
satoshi
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July 17, 2010, 04:56:06 PM
 #11

0.3.2 has some security safeguards to lock in the block chain up to this point and limit the damage a little if someone gets 50%.

But if someone has 50%+ of the CPU power and malicious intent, they can prove what it already says in the design document.
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July 17, 2010, 05:12:18 PM
 #12

Satoshi, could you explain this security safeguard? Is this an undocumented feature of the Bitcoin client or something?
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July 17, 2010, 05:56:06 PM
 #13

It looks like the generation rate dropped to about half about six hours ago.

Some of the things he mentions are a bit suspicious. Generating 207... then 913 coins. The former could be explained by selling a random number, the latter... In addition, a thousand cores on Amazon EC2 instances is not so cheap as to make it economical even if he prepaid for the nodes.
d1337r
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July 17, 2010, 06:19:52 PM
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Well, yeah. Even at the usual difficulty level generating coins is NOT so profitable, and at the harder one, it is just pure waste of real money.

My BC: 1FA57SXagJUq7zhnk5kTQMQmWSE3eBVbMr
dwdollar
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July 17, 2010, 07:22:47 PM
 #15

Maybe he's trying to cause panic selling through rumor and hearsay.  Wouldn't be the first time someone's tried.
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July 17, 2010, 07:49:57 PM
 #16

I can't see whats malicious about his actions.
Hording bitcoins and selling them later to create inflation ?
So ? Wow, inflation, that's definitely something a free market can't handle ...

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July 17, 2010, 09:59:52 PM
 #17

Nenolod is a highly talented individual, coder and open source developer according to http://nenolod.net/about/ where he indicates he has "highly functional autism."

With the up most respect I welcome his 'actions' to openly challenge Bitcoin. As the technical director of http://www.systeminplace.net/ he certainly has the processing power to back-up the claims.

I cannot imagine that a founding member of http://atheme.org/ has malicious intent against Bitcoin. I'm sure Nenolod is just 'testing' Bitcoin and will find a good use for all those Bitcoins !


~ Anyone who destroys 'money' in the name of art or otherwise will always regret it...

See: K Foundation Burn a Million Quid - http://en.wikipedia.org/wiki/K_Foundation_Burn_a_Million_Quid  Cry

I was a very early Bitcoin adopter - I mined and sold over 12,500+ BTC before they reached just a few cents! I bought a slice of a rather famous Pizza!? and donated 500 BTC to the first Bitcoin Faucet. Got a bit lost along the way... logged out 2010... logged back in 2013... I did 'find' around 25 BTC (in old wallets and sites), which is better than none! <> BBR - CBX - CURE - DASHEMCGAP - GRC - LTC - MINT - NMC - NuBits - PPC - SLM - START - XPM - <> This is not investment advice! <>
Anonymous
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July 17, 2010, 11:16:45 PM
 #18

Maybe he's trying to cause panic selling through rumor and hearsay.  Wouldn't be the first time someone's tried.

Cause a panic or a problem and then take advantage of the confusion to push through your agenda...


hmmmmm...where have I heard that before? Wink
SmokeTooMuch
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July 18, 2010, 01:31:43 AM
 #19

http://twitter.com/nenolod
Quote
bitcoinexchange: demolished - 84,732 BTC / 1500 EUR profit (for 50,000 BTC) looooooooooooooooool.
11:34 AM Jul 15th via web

I'm curious about that. Is this why bitcoinexchange.com is down ?

Date Registered: 2009-12-10 | I'm using GPG, pm me for my public key. | Bitcoin on Reddit: https://www.reddit.com/r/btc
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Anonymous
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July 18, 2010, 01:37:53 AM
 #20

http://twitter.com/nenolod
Quote
bitcoinexchange: demolished - 84,732 BTC / 1500 EUR profit (for 50,000 BTC) looooooooooooooooool.
11:34 AM Jul 15th via web

I'm curious about that. Is this why bitcoinexchange.com is down ?

He probably exchanged more bitcoins than the exchange has cash reserves ....

I thought there was a daily limit on the amount of bitcoins you could exchange at one time?
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