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Author Topic: [2014-09-18] Bitcoin Core Developer Jeff Garzik Believes NXT is a “Scamcoin”  (Read 9704 times)
cbeast
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September 30, 2014, 02:03:23 AM
 #141

On the contrary, it's hard to convince people that Bitcoin is decentralized now after Ghash owned 51%-53% of its hashrate back in June, and probably continues to own half or more of its hashrate now disguised at other mining addresses, or do you think they switched off part of their equipment and decided they should lose on their investment? Think again.
You don't seem to understand how mining pools operate. It's possible the 51% was a statistical artifact. You also seem to think that people have expensive capital intentionally sitting idle. That may work for paper investments, but Bitcoiners work for a living. If GHash.io is indeed a super miner, then they deserve the profits they make while the rest of the world drools over their hyperinflating paper notes. Hashrate is growing exponentially. Bitcoin is becoming competitive and you ain't seen nothing yet.
It's not about 'deserving the profits'. It's about the effects and possible risks of centralization.

And, if you want to make that point, about wasting energy and resources in a competition who can burn the most energy. Which also creates a fiat leak btw: miners háve to sell coins to pay the bills.
Bitcoin is decentralized. Satoshi wrote about the incentive to attack vs. incentive to profit. Nobody has shown a way to make a 51% attack that would have any chance at profitability. All trolls do is create FUD. Even if a trillionaire decided he had so many extra billions laying around he wanted to just burn, he could buy the gear to make a 51% attack. That would be an eye opening event indeed about how important Bitcoin must be. He would be able to buy bitcoins and then double spend them. If he bought a lot of bitcoins, he would drive up the price a lot. If he wanted to double spend he would have to buy something. Anyone willing to sell something worth millions of dollars without identification is asking for trouble. After he defrauded them, they could prosecute him. If he only wanted to prove a point that Bitcoin can be 51% attacked, that would be the most expensive hurr durr in history.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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September 30, 2014, 04:08:28 AM
 #142

Bitcoin is decentralized. Satoshi wrote about the incentive to attack vs. incentive to profit. Nobody has shown a way to make a 51% attack that would have any chance at profitability. All trolls do is create FUD. Even if a trillionaire decided he had so many extra billions laying around he wanted to just burn, he could buy the gear to make a 51% attack. That would be an eye opening event indeed about how important Bitcoin must be. He would be able to buy bitcoins and then double spend them. If he bought a lot of bitcoins, he would drive up the price a lot. If he wanted to double spend he would have to buy something. Anyone willing to sell something worth millions of dollars without identification is asking for trouble. After he defrauded them, they could prosecute him. If he only wanted to prove a point that Bitcoin can be 51% attacked, that would be the most expensive hurr durr in history.

The point is not about making it unprofitable to buy 51% of hashrate to attack, nobody would do that, certainly not the would-be attackers. The point is about making it impossible to kill a crypto. The would-be attacker would have exactly that in mind - kill it off because it threatens their existence and status quo, not make a profit out of it. And that's where Bitcoin is a complete failure, as its mining operations are an easy target. Bitcoin is too small now to bother to shut it down, but rest assured, if it grows bigger, they will strike at the very core of its operations - large mining farms. However, there is a chance it will not grow bigger, and people will just migrate to more secure crypto 2.0 technologies, that run on PoS algorithms (not necessarily NXT), and which don't require vulnerable mining farms or huge waste of electricity to operate.
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September 30, 2014, 06:58:43 AM
 #143

I think ultimately every "coin" project has a right to exist and only the time can tell what is scam and what is not.

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September 30, 2014, 10:33:24 AM
 #144

 
Truth about Bitcoin is that it is highly centralized on many points :

 - very few ASIC manufacturers
 - very few pools owning 95 % of the network
 - very few ASIC farms owned by few companies
 - most giant ASIC farms are located in China
 - very few developers on Bitcoin code stopping other people from adding modification
 - very few nodes around the world (about 7K only)
 - 40% of nodes are located in USA
 - a Bitcoin foundation with selected members
 - 1 Bitcoin forum owning most of discussions

All these points has been discussed for a long time and neglected for the only argument that "it should get better with time".
Sorry to wake you up but it is only getting worse.


So if you are saying that Nxt is centralized, you must admit that Bitcoin is centralized too and that's more a problem.

I'm not starting a kid fight Bitcoin vs Nxt, this is ridiculous but there is a kid on this thread pretending to be smart, repeating the recycled same crap on and on to get attention but I think that Bitcoin have some issues that are far more important at the moment.


Here's my bag so you don't ask : Bitcoin, tenX, iexec, byteball and pepecash
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September 30, 2014, 10:54:18 AM
 #145

Bitcoin is decentralized. Satoshi wrote about the incentive to attack vs. incentive to profit. Nobody has shown a way to make a 51% attack that would have any chance at profitability. All trolls do is create FUD. Even if a trillionaire decided he had so many extra billions laying around he wanted to just burn, he could buy the gear to make a 51% attack. That would be an eye opening event indeed about how important Bitcoin must be. He would be able to buy bitcoins and then double spend them. If he bought a lot of bitcoins, he would drive up the price a lot. If he wanted to double spend he would have to buy something. Anyone willing to sell something worth millions of dollars without identification is asking for trouble. After he defrauded them, they could prosecute him. If he only wanted to prove a point that Bitcoin can be 51% attacked, that would be the most expensive hurr durr in history.

The point is not about making it unprofitable to buy 51% of hashrate to attack, nobody would do that, certainly not the would-be attackers. The point is about making it impossible to kill a crypto. The would-be attacker would have exactly that in mind - kill it off because it threatens their existence and status quo, not make a profit out of it. And that's where Bitcoin is a complete failure, as its mining operations are an easy target. Bitcoin is too small now to bother to shut it down, but rest assured, if it grows bigger, they will strike at the very core of its operations - large mining farms. However, there is a chance it will not grow bigger, and people will just migrate to more secure crypto 2.0 technologies, that run on PoS algorithms (not necessarily NXT), and which don't require vulnerable mining farms or huge waste of electricity to operate.
Of course you invent some bogeyman that wants to shut Bitcoin down. Who is that exactly? If you get to invent a supervillain, I get to make up a superhero. Your Arch Nemesis that wants to destroy freedom will be met by Captain Bitcoin! Don't you see how silly your paranoid argument sounds?

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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September 30, 2014, 11:14:46 AM
 #146

Bitcoin is decentralized. Satoshi wrote about the incentive to attack vs. incentive to profit. Nobody has shown a way to make a 51% attack that would have any chance at profitability. All trolls do is create FUD. Even if a trillionaire decided he had so many extra billions laying around he wanted to just burn, he could buy the gear to make a 51% attack. That would be an eye opening event indeed about how important Bitcoin must be. He would be able to buy bitcoins and then double spend them. If he bought a lot of bitcoins, he would drive up the price a lot. If he wanted to double spend he would have to buy something. Anyone willing to sell something worth millions of dollars without identification is asking for trouble. After he defrauded them, they could prosecute him. If he only wanted to prove a point that Bitcoin can be 51% attacked, that would be the most expensive hurr durr in history.

The point is not about making it unprofitable to buy 51% of hashrate to attack, nobody would do that, certainly not the would-be attackers. The point is about making it impossible to kill a crypto. The would-be attacker would have exactly that in mind - kill it off because it threatens their existence and status quo, not make a profit out of it. And that's where Bitcoin is a complete failure, as its mining operations are an easy target. Bitcoin is too small now to bother to shut it down, but rest assured, if it grows bigger, they will strike at the very core of its operations - large mining farms. However, there is a chance it will not grow bigger, and people will just migrate to more secure crypto 2.0 technologies, that run on PoS algorithms (not necessarily NXT), and which don't require vulnerable mining farms or huge waste of electricity to operate.
Of course you invent some bogeyman that wants to shut Bitcoin down. Who is that exactly? If you get to invent a supervillain, I get to make up a superhero. Your Arch Nemesis that wants to destroy freedom will be met by Captain Bitcoin! Don't you see how silly your paranoid argument sounds?

he isnt being paranoid.. hes dead right. everything devphp said is spot on and for what ever reason your putting it all down as paranoia and refuse to counter his argument with anything substantial and instead accuse him of being a loony paranoid person? the oligarchs of the world or banks or the best example, the ones that have the most to lose from a collapse of fiat, the FED or the US government would most certainly do everything in their power to stay in control, and if it meant sending a "terrorist" to bomb the 2-3 largest bitcoin mining farms to take it down, that wouldnt be all that difficult for them to do. i guess the americans wouldnt bomb a handful of bitcoin mines to protect the petro-dollar no? damn straight they would find a way.

you are the one that just cant let go and admit that you are wrong and that bitcoin IS flawed. the majority of people who are not bias or stupid have admitted it. i guess it will just take time for the rest to give up fighting the truth.

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September 30, 2014, 11:20:30 AM
 #147

Bitcoin is decentralized. Satoshi wrote about the incentive to attack vs. incentive to profit. Nobody has shown a way to make a 51% attack that would have any chance at profitability. All trolls do is create FUD. Even if a trillionaire decided he had so many extra billions laying around he wanted to just burn, he could buy the gear to make a 51% attack. That would be an eye opening event indeed about how important Bitcoin must be. He would be able to buy bitcoins and then double spend them. If he bought a lot of bitcoins, he would drive up the price a lot. If he wanted to double spend he would have to buy something. Anyone willing to sell something worth millions of dollars without identification is asking for trouble. After he defrauded them, they could prosecute him. If he only wanted to prove a point that Bitcoin can be 51% attacked, that would be the most expensive hurr durr in history.

The point is not about making it unprofitable to buy 51% of hashrate to attack, nobody would do that, certainly not the would-be attackers. The point is about making it impossible to kill a crypto. The would-be attacker would have exactly that in mind - kill it off because it threatens their existence and status quo, not make a profit out of it. And that's where Bitcoin is a complete failure, as its mining operations are an easy target. Bitcoin is too small now to bother to shut it down, but rest assured, if it grows bigger, they will strike at the very core of its operations - large mining farms. However, there is a chance it will not grow bigger, and people will just migrate to more secure crypto 2.0 technologies, that run on PoS algorithms (not necessarily NXT), and which don't require vulnerable mining farms or huge waste of electricity to operate.
Of course you invent some bogeyman that wants to shut Bitcoin down. Who is that exactly? If you get to invent a supervillain, I get to make up a superhero. Your Arch Nemesis that wants to destroy freedom will be met by Captain Bitcoin! Don't you see how silly your paranoid argument sounds?

he isnt being paranoid.. hes dead right. everything devphp said is spot on and for what ever reason your putting it all down as paranoia and refuse to counter his argument with anything substantial and instead accuse him of being a loony paranoid person? the oligarchs of the world or banks or the best example, the ones that have the most to lose from a collapse of fiat, the FED or the US government would most certainly do everything in their power to stay in control, and if it meant sending a "terrorist" to bomb the 2-3 largest bitcoin mining farms to take it down, that wouldnt be all that difficult for them to do. i guess the americans wouldnt bomb a handful of bitcoin mines to protect the petro-dollar no? damn straight they would find a way.

you are the one that just cant let go and admit that you are wrong and that bitcoin IS flawed. the majority of people who are not bias or stupid have admitted it. i guess it will just take time for the rest to give up fighting the truth.
Wow. You played the "T" card so soon? I guess your hand is played out.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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September 30, 2014, 11:38:00 AM
 #148

Bitcoin is decentralized. Satoshi wrote about the incentive to attack vs. incentive to profit. Nobody has shown a way to make a 51% attack that would have any chance at profitability. All trolls do is create FUD. Even if a trillionaire decided he had so many extra billions laying around he wanted to just burn, he could buy the gear to make a 51% attack. That would be an eye opening event indeed about how important Bitcoin must be. He would be able to buy bitcoins and then double spend them. If he bought a lot of bitcoins, he would drive up the price a lot. If he wanted to double spend he would have to buy something. Anyone willing to sell something worth millions of dollars without identification is asking for trouble. After he defrauded them, they could prosecute him. If he only wanted to prove a point that Bitcoin can be 51% attacked, that would be the most expensive hurr durr in history.

The point is not about making it unprofitable to buy 51% of hashrate to attack, nobody would do that, certainly not the would-be attackers. The point is about making it impossible to kill a crypto. The would-be attacker would have exactly that in mind - kill it off because it threatens their existence and status quo, not make a profit out of it. And that's where Bitcoin is a complete failure, as its mining operations are an easy target. Bitcoin is too small now to bother to shut it down, but rest assured, if it grows bigger, they will strike at the very core of its operations - large mining farms. However, there is a chance it will not grow bigger, and people will just migrate to more secure crypto 2.0 technologies, that run on PoS algorithms (not necessarily NXT), and which don't require vulnerable mining farms or huge waste of electricity to operate.
Of course you invent some bogeyman that wants to shut Bitcoin down. Who is that exactly? If you get to invent a supervillain, I get to make up a superhero. Your Arch Nemesis that wants to destroy freedom will be met by Captain Bitcoin! Don't you see how silly your paranoid argument sounds?

he isnt being paranoid.. hes dead right. everything devphp said is spot on and for what ever reason your putting it all down as paranoia and refuse to counter his argument with anything substantial and instead accuse him of being a loony paranoid person? the oligarchs of the world or banks or the best example, the ones that have the most to lose from a collapse of fiat, the FED or the US government would most certainly do everything in their power to stay in control, and if it meant sending a "terrorist" to bomb the 2-3 largest bitcoin mining farms to take it down, that wouldnt be all that difficult for them to do. i guess the americans wouldnt bomb a handful of bitcoin mines to protect the petro-dollar no? damn straight they would find a way.

you are the one that just cant let go and admit that you are wrong and that bitcoin IS flawed. the majority of people who are not bias or stupid have admitted it. i guess it will just take time for the rest to give up fighting the truth.
Wow. You played the "T" card so soon? I guess your hand is played out.

it seems you are the one who has played and lost every hand.  Roll Eyes

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September 30, 2014, 11:44:30 AM
 #149

Bitcoin is decentralized. Satoshi wrote about the incentive to attack vs. incentive to profit. Nobody has shown a way to make a 51% attack that would have any chance at profitability. All trolls do is create FUD. Even if a trillionaire decided he had so many extra billions laying around he wanted to just burn, he could buy the gear to make a 51% attack. That would be an eye opening event indeed about how important Bitcoin must be. He would be able to buy bitcoins and then double spend them. If he bought a lot of bitcoins, he would drive up the price a lot. If he wanted to double spend he would have to buy something. Anyone willing to sell something worth millions of dollars without identification is asking for trouble. After he defrauded them, they could prosecute him. If he only wanted to prove a point that Bitcoin can be 51% attacked, that would be the most expensive hurr durr in history.

The point is not about making it unprofitable to buy 51% of hashrate to attack, nobody would do that, certainly not the would-be attackers. The point is about making it impossible to kill a crypto. The would-be attacker would have exactly that in mind - kill it off because it threatens their existence and status quo, not make a profit out of it. And that's where Bitcoin is a complete failure, as its mining operations are an easy target. Bitcoin is too small now to bother to shut it down, but rest assured, if it grows bigger, they will strike at the very core of its operations - large mining farms. However, there is a chance it will not grow bigger, and people will just migrate to more secure crypto 2.0 technologies, that run on PoS algorithms (not necessarily NXT), and which don't require vulnerable mining farms or huge waste of electricity to operate.
Of course you invent some bogeyman that wants to shut Bitcoin down. Who is that exactly? If you get to invent a supervillain, I get to make up a superhero. Your Arch Nemesis that wants to destroy freedom will be met by Captain Bitcoin! Don't you see how silly your paranoid argument sounds?

he isnt being paranoid.. hes dead right. everything devphp said is spot on and for what ever reason your putting it all down as paranoia and refuse to counter his argument with anything substantial and instead accuse him of being a loony paranoid person? the oligarchs of the world or banks or the best example, the ones that have the most to lose from a collapse of fiat, the FED or the US government would most certainly do everything in their power to stay in control, and if it meant sending a "terrorist" to bomb the 2-3 largest bitcoin mining farms to take it down, that wouldnt be all that difficult for them to do. i guess the americans wouldnt bomb a handful of bitcoin mines to protect the petro-dollar no? damn straight they would find a way.

you are the one that just cant let go and admit that you are wrong and that bitcoin IS flawed. the majority of people who are not bias or stupid have admitted it. i guess it will just take time for the rest to give up fighting the truth.
Wow. You played the "T" card so soon? I guess your hand is played out.

it seems you are the one who has played and lost every hand.  Roll Eyes
Nice burn dood.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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September 30, 2014, 05:39:02 PM
 #150

http://cointelegraph.com/news/112643/the-mystery-of-the-missing-1000000-nxt

Any comment Jeff?
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September 30, 2014, 07:13:32 PM
 #151

Maybe Jeff and Josh met at a bipolar disorder anonymous meeting.

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October 01, 2014, 02:56:26 AM
 #152

Maybe Jeff and Josh met at a bipolar disorder anonymous meeting.
Nobody in the Bitcoin community has impuned Jeff's character.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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October 02, 2014, 06:07:34 PM
 #153

OFFER OF UP TO 20 BTC FOR INFO ON JL777

https://bitcointalk.org/index.php?topic=806495.0

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October 02, 2014, 07:35:11 PM
 #154


OFFER OF UP TO 20 BTC FOR INFO ON JL777

https://bitcointalk.org/index.php?topic=806495.0

Hilarious popcorn-thread  Grin
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October 02, 2014, 08:30:10 PM
 #155

Maybe Jeff and Josh met at a bipolar disorder anonymous meeting.
Nobody in the Bitcoin community has impuned Jeff's character.

I have. His hatred towards NXT is blind and childish.

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October 02, 2014, 08:59:02 PM
 #156


Truth about Bitcoin is that it is highly centralized on many points :

 - very few ASIC manufacturers
 - very few pools owning 95 % of the network
 - very few ASIC farms owned by few companies
 - most giant ASIC farms are located in China
 - very few developers on Bitcoin code stopping other people from adding modification
 - very few nodes around the world (about 7K only)
 - 40% of nodes are located in USA
 - a Bitcoin foundation with selected members
 - 1 Bitcoin forum owning most of discussions

All these points has been discussed for a long time and neglected for the only argument that "it should get better with time".
Sorry to wake you up but it is only getting worse.


So if you are saying that Nxt is centralized, you must admit that Bitcoin is centralized too and that's more a problem.

I'm not starting a kid fight Bitcoin vs Nxt, this is ridiculous but there is a kid on this thread pretending to be smart, repeating the recycled same crap on and on to get attention but I think that Bitcoin have some issues that are far more important at the moment.



Cebtralized means one agreeing party!
With bitcoin this is not the case ,, there is a concensis in running the bitcoin network , but the owners of asics can be in IRAN , ISRAEL , RUSSIA , USA so this means realdezentralized control , blocking any form of abuse by one single party...
https://blockchain.info/pools tels evrything , NXT is centraly controled , and is as "save" as fiat , witch has an everage of 27 years.....
http://georgewashington2.blogspot.nl/2011/08/average-life-expectancy-for-fiat.html
the power of bitcoin is in the fact that is is a concensus between enemys.....


, CHINA , islamtic state , and others...



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October 02, 2014, 09:04:35 PM
 #157

NXT is centraly controled

Do you have proof of that?

Sort of like this:

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October 02, 2014, 11:16:50 PM
 #158

NXT is centraly controled

Do you have proof of that?

Sort of like this:



this never heppend!!! Smiley

https://blockchain.info/pools are the REAL stats.....

just one of the lies lagacy would come with!!! sorry!
LMAO..... https://www.youtube.com/watch?v=_LRRA1tBIS8
so please dont come up with a senario that is not feasible even with a 51% situation.
1 you need to control all the miners GHASH.io is just relaying.
2 if you want control to reverse transactions etc , its not very feasible because you can make more money with mining and blocking a evil chain is very easy.
things that cant be fixed in the centralized NXT protocol.....



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October 03, 2014, 07:07:13 AM
 #159

NXT is centraly controled

You are wrong and it seems that you are not very well informed about Nxt.

If Nxt is "centrally controlled" how could it be that after the big Bter theft, the proposed rollback of the blockchain, which the Nxt chief developer supported with a special release of the client, never happened? The Nxt miners ("forgers") voted against it! So Nxt is really a decentralized system!

Follow me on twitter for the latest news on bitcoin and altcoins and I'll follow you back the same day!
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October 03, 2014, 08:07:02 AM
 #160


The Nxt miners ("forgers") voted against it!

Even better, there was no (centralized) 'vote' Smiley
Most forgers just didn't start forging on the alternate fork (?)
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