I'm using the term apparent because despite using the terms 'we' referring to opencoin inc multiple times, I (certainly) hope he's not actually hired by opencoin inc. Such as:
Yes, Bitcoin is premined, by Satoshi, despite the genesis block including a news string that proves the coin was not premined.
MtGox premined bitcoins because of the gox hack that bought down bitcoin's price on that exchange to $0.01 (wut)
"you -have- to construct payment networks around debt" despite the fact that Bitcoin isn't based on debt.
"Bitcoin (and other altcoin clones) don't rely on debt transfers to facilitate transactions" Oh yeah, so you have to construct payment networks around debt. Sounds legit.
"if Ripple is compromised by bad UNL hygiene we can abandon the network, and the underlying currency we have will still be in our possession" Correct.
"Whereas if Bitcoin is compromised due to a 51% attack your Bitcoins are now completely worthless." You still have your bitcoins under your 51% attack, 51% attacks just makes future transactions reorderable.
I'm not even going to approve the comment because of how retarded it is.
Topic: Apparent OpenCoin Employee Fails To Comprehend Basic Concepts Of Bitcoin (Read 486 times)
May 13, 2013, 12:35:24 AM
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