Nenolod, the guy that wants to prove Bitcoin doesn't work.

[wobber]

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.

[Insti]

what is the issue?

[wobber]

what is the issue?

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

[sirius]

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.

[juengasa]

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.

[dwdollar]

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

Probably the son of a [paper] banker.  Or some other powerful interest that will be hurt by a disruptive technology.

[teff]

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).

[d1337r]

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.

[sirius]

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:

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.

[Some Mouse]

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]

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.

[The Madhatter]

Satoshi, could you explain this security safeguard? Is this an undocumented feature of the Bitcoin client or something?

[Some Mouse]

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]

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.

[dwdollar]

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

[SmokeTooMuch]

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 ...

[BitcoinFX]

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 

[Anonymous]

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?

[SmokeTooMuch]

http://twitter.com/nenolod

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 ?

[Anonymous]

http://twitter.com/nenolod

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?