Topic: Do you think "iamnotback" really has the" Bitcoin killer"? - page 47. (Read 79952 times)

I'm not challenging you to anything but that statement was stupid.

If the financial system would magically shut down, don't you think crypto would be much more appreciated?

Sure, some hobby miners would stop and the difficulty might drop some but the majority of mining would definitely not stop at all.

With current prices and assuming all miners sell as soon as they can it costs just over 2 million USD per day to "run" the network (which also includes miner's profit). On a global scale even in a chaos scenario where miners couldn't sell off easily, I don't think that's much especially since it would help the financial situation greatly.

Not to mention there were presumably long streches of time where miners mined speculatively because current prices were unfavorable. I have no doubt serious miners could weather some pretty long storms.

And we're also practically flying towards cheap renewable energy so PoW in general becomes less of an issue every day.

I don't think so : an altcoin, whatever his technology may be will never defeat Bitcoin, because to elect the best crypto-currency, we look at how many people use it. No altcoin will ever surpass Bitcoin because the average people absolutely don't care about the internal problems, and I do not see any internal problem as of today. The branding is whatever matters the most, and good luck defeating Bitcoin's branding ! Most of the people that know some economical things knew about Bitcoin, but absolutely none about things like Ethereum or Litecoin. Good luck releasing something that beats Bitcoin on all the points, which is basically impossible if you conduct an IPO or an ICO.

Yeah pretty much..
And did he leave ? Look at his account name LOL
He made a grand farewell then uhhh...

But he was quoted above saying early 2017 so get your wallets ready to buy his ICO guys.
I warned you all lots he will unleash his own.. while he FUD's all the others of course.

Off hand i am skeptical he has time to code the worlds best crypto coin considering how much time he spends in the politics section spouting off crazy ass conspiracy theories.

So i dunno is Bitcointalk going to release that new forum ?
When i signed up here mid 2013 i was told back then theymos had already gotten over a million dollars in Bitcoin and that was sub $50 Bitcoin times..
Still waiting now aren't we ?
Why do i mention that ?

Well.. the site here has been laggy all the time on & off.. even now as i hit reply.
Hey theymos all those guys paying for Donator or VIP status should fund a few more servers to get this shit a little less laggy

I have no idea. I took a week off during the holidays to work on my health (voracious daily exercise such as full court basketball with tongue hanging on the ground with 20 years olds since my son arrived).

And I am headed to Singapore next week to see gut specialists. My son loaned me his laptop (that is how broke I am), so I will be working in the hotel during the trip (and yes I will carry my laptop with me at all times and so don't think you will be able to steal it and get early access).

As in most things software related, especially considering my performance past years has not been speedy Gonzales given the illness, expect everything to take far much longer than one dreams.

So I think this thread is premature and it is my fault for opening my big mouth too soon.

I am doing a complete review of my paper and re-read it from start to finish. So I can make sure I have all the issues loaded holistically in my mind. Then I will make the definitive conclusion about any weaknesses in my design.

I know I have something unique and I want to write down clearly any weaknesses. There is nothing that is absolutely perfect, but I am reasonably sure I am bringing something very unique and different. And I think I have solved the scaling, instant transaction, and decentralization issues at least we can say with a viable experiment worth trying.

In the paper, I analyze many other systems such as PoW, (D)PoS, dPoW, Byteball, Iota, Casper, Tendermint, Intel's Proof of Elapsed Time, Trusted Execution Environments, etc, etc.. I lay it all out starting from fundamental explanations of the FLP impossibility result and a taxonomy of work arounds of which there are two main categories: probabilistic, asymptotic and Byzantine agreement. Then I put all the systems into that taxonomy and relate my design to it.

I wrote the white paper as way to organize all my extraneous thoughts into one document. So it is intended to be educational for others and organizational for myself.

It is pulling into one document much of the research and papers that have applied to blockchains.

I am still hoping to add some discussion of proof-of-space, and proof-of-retrievability and those related projects such as Storj, Sia, MaidSafe, etc.

I think he has been  proven correct a few times before. So if he says he think he has then there is a good chance.

I will be investing in his project.

It is not a myth. It is already posted at a popular Git repository host. All the commits edit history since I started writing it in November are there to be reviewed when it is opened to the public.

Currently 30,013 words with 205 cited references. I am not completely satisfied with the document yet. It is a very long document that has undergone a lot of edits and needs more polishing. The paper attempts to explain a very complex topic and so the paper at this point is a spaghetti because topics are cross-referenced all over the paper to each other. But the necessary concepts are already all there as of December.

I'll throw in a few bucks just to get him to shut up with his Armstrong bullshit, maybe he'll get busy coding instead of spouting nonsense all day long.

Eagerly awaiting the mythical whitepaper solving all our problems. Of course I remain skeptic, if something sounds too good to be true it usually is.

With that said I'm hopeful and I'm sure there is some insight and improvements to be had. I'm waiting eagerly to read the whitepaper and possibly invest in the coin when (if?) it's ready.

I was referring to Jim Rickards' prediction that the elite will shut down the financial system for a period of time. I am saying that if that period of time is of sufficient duration that BTC can't be exchanged for fiat to pay for electricity, then mining farms have to shut down.

If the world is in such a chaos that the entire world financial system can be shut down and no one can move any fiat for some period of time, then proof-of-work miners can also be affected because they have bills to pay.

Whereas, a proof-of-stake system would not be so affected because it doesn't require consumption of an external resource. We might argue that such chaos would also shut down the entire Internet, but I tend to think the Internet is much more global, resilient and diverse than a few mining farms in China.

So please enlighten us as to which of us is stupid?

bathrobehero, are you challenging me to an intellectual contest? Do you really think you can challenge me intellectually?

don't know if he has the bitcoin killer but i will throw in a few bucks in whatever shelby comes up with....

he's fucking nuts enough that it will either succeed or burn spectacularly but it's a gamble that I am willing to take.

Considering how stupid that statement is, I highly doubt the answer is yes.

Edit: 17/03/2019

Thread closed because of iamnotback's request. He has had to quit developing due health problems. I hope he takes a long vacation and gets better and comes back someday or at least still posts some altcoin critique and bitcoin/economics articles from time to time, they are valued.

For now this is it and im closing the thread.































































As we know, bitcoin has the problem of making us choose between

1) A network that has conservative blocks in order to stay decentralized (so nodes can be run by common folk instead of big pockets, corporations and whatnot, which would be fatal for the network) + a secondary layer on top like LN to facilitate fast velocity, cheap transactions then wrapping them up on the decentralized network, but making on-chain transactions expensive and slow for those that want to use it. (This is the best we have now)

2) A network with big blocks, that is centralized at its core, since the blocks are too big for common folk to host nodes = centralization of nodes spiral begins and it ends up as centralized as mining is nowadays.

Option number 2 is out of the question, which is why Bitcoin XT, Bitcoin Unlimited etc have been failures that get next to no support. Bitcoin Core with conservative blocksize increases (devs and all experts say they its best to increase the blocksize after segwit so we will get 2MB after segwit) + LN is the best we got. All other methods have been proven to be smoke and mirrors. Unrealistic and deceiving solutions.

Now we have this "iamnotback" guy that has been saying to be sitting under a solution that would allow for fast, cheap, onchain and big volume transactions while delivering bitcoin tier security all within the same package. I personally don't believe it, since he would be sitting under a goldmine, and we all would be rich by investing like 10 bucks. Im sure that if he really releases a whitepaper, experts will find out flaws, there will be some sort of tradeoff and we will still be left with the option 1) as the best we have and Bitcoin will remain king, but the guy seems smart and im not a coder so i'll wait to see what happens, I will give him a fair chance.

So what do you think? is this guy trolling us? he has delusions of grandeur? or he is a true genius that will make us all rich?