Topic: Gold collapsing. Bitcoin UP. - page 261. (Read 2032248 times)

Here's a great example, in which Frap.doc doesn't even bother trying to substantiate his wacky, vaguely senile assertion that the bank bailouts Satoshi singularly cited in Genesis had something to do with Visa/Paypal:

Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model. Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for non-reversible services.

The steady addition of a constant of amount of new coins is analogous to gold miners expending resources to add gold to circulation.

"banks" were used as a broad term to encompass Visa/Paypal

ftfy

"A decentralized payment system must not depend on a single person's companies decisions from financial conflicts, even especially if this person company is a composes 2 core developers and 3 commiters. Hard constants and magic numbers in the code deter the system's evolution and therefore should be eliminated (or at least be cut down to the minimum). Every crucial limit (like max block size or min fee amount) should be re-calculated based on the system's previous state. Therefore, it always changes adaptively and independently, allowing the network to develop on it's own.
CryptoNote has the following parameters which adjust automatically for each new block:
1) Difficulty. The general idea of our algorithm is to sum all the work that nodes have performed during the last 720 blocks and divide it by the time they have spent to accomplish it. The measure of the work is the corresponding difficulty value for each of the blocks. The time is calculated as follows: sort all the 720 timestamps and cut-off 20% of the outliers. The range of the rest 600 values is the time which was spent for 80% of the corresponding blocks.
2) Max block size. Let MN be the median value of the last N blocks sizes. Then the "hard-limit" for the size of accepting blocks is 2*MN. It averts blockchain bloating but still allows the limit to slowly grow with the time if necessary. Transaction size does not need to be limited explicitly. It is bounded by the size of the block."

blah, blah, blah from the Monero pumper.  btw, i see you cleaned up your sig to hide that fact  

If Satoshi had seen 1MB blocks as being absolutely critical to achieving the goals of the project, similar to the fixed distribution in terms of importance, why not act or write in a way that emphasized that? In fact, he acted and wrote as though the blocksize would absolutely be variable over the time vs technological capability curve. 

blah, blah, blah from the Monero pumper.  btw, i see you cleaned up your sig to hide that fact 

Poppycock.  Provably false demonstrably wrong poppycock.

The Genesis Block contains the Holy Text as follows:


The Times article cited does not mention Visa/Paypal as being among the banks on the brink of receiving from the Chancellor a second bailout:

What are you, some kind of mafia enforcer?

Are you're saying that if anyone dares to question the #bitcoin-wizards they'll send their sockpuppets around to vandalize conversations as retaliation?

"banks" were used as a broad term to encompass Visa/Paypal

    Billions may be needed as lending squeeze tightens
     
    Alistair Darling has been forced to consider a second bailout for banks as the lending drought worsens.
     
    The Chancellor will decide within weeks whether to pump billions more into the economy as evidence mounts that the £37 billion part-nationalisation last year has failed to keep credit flowing. Options include cash injections, offering banks cheaper state guarantees to raise money privately or buying up “toxic assets”, The Times has learnt.
     
    The Bank of England revealed yesterday that, despite intense pressure, the banks curbed lending in the final quarter of last year and plan even tighter restrictions in the coming months. Its findings will alarm the Treasury.
     
    The Bank is expected to take yet more aggressive action this week by cutting the base rate from its current level of 2 per cent. Doing so would reduce the cost of borrowing but have little effect on the availability of loans.
     
    Whitehall sources said that ministers planned to “keep the banks on the boil” but accepted that they need more help to restore lending levels. Formally, the Treasury plans to focus on state-backed gurantees to encourage private finance, but a number of interventions are on the table, including further injections of taxpayers’ cash.
     
    Under one option, a “bad bank” would be created to dispose of bad debts. The Treasury would take bad loans off the hands of troubled banks, perhaps swapping them for government bonds. The toxic assets, blamed for poisoning the financial system, would be parked in a state vehicle or “bad bank” that would manage them and attempt to dispose of them while “detoxifying” the main-stream banking system.
     
    The idea would mirror the initial proposal by Henry Paulson, the US Treasury Secretary, to underpin the American banking system by buying up toxic assets. The idea was abandoned, ironically, when Mr Paulson decided to follow Britain’s plan of injecting cash directly into troubled banks.
     
    Mr Darling, Gordon Brown and Lord Mandelson, the Business Secretary, are expected to take the final decision on what extra help to give the banks by the end of the month.
     
    The banks have taken much of the heat for the economy’s woes. But ministers are said increasingly to accept that attacking the banks will not by itself transform a situation that is jeopardising Britain’s economic prospects.
     
    Insiders point out that Mr Darling’s criticism of mortgage lenders has softened in recent weeks.
     
    After the Bank of England’s radical cuts in interest rates over the past two months, the focus at the Treasury has shifted away from mortgage lending to the pressure being put on businesses by the scarcity of loans, which is emerging as the bigger economic danger.
     
    Richard Lambert, the Director-General of the CBI, said yesterday: “The Government is going to have to do more to restore credit flows across the economy.”
     
    He said that the car industry was especially vulnerable: “Without access to credit or loan guarantees on commercial terms, this vital part of the economy will incur lasting damage.”
     
    The scale of the lending drought was highlighted as separate Bank figures showed that the number of new home loans approved plunged to a record low in November. Only 27,000 mortgages for house purchase were approved by banks and building societies, down from a revised 31,000 in October. It is the lowest level since the Bank began collecting data in 1999. The Bank’s quarterly credit conditions survey showed that banks restricted access to loans of all kinds by companies and consumers in the past quarter, and that they plan to tighten the screws more in this quarter.
     
    Halifax reported that the price of the average house fell by more than £100 a day last year. Its quarterly figures showed that the average house ended the year down in price by £37,178, or 16.2 per cent.
     
    PRESSING THEIR POINT
     
    “The single most pressing challenge to economic policy is to get the banking system to get lending in any normal sense”Mervyn King, Governor of the Bank of England, Nov 26
     
    “They are close to cutting off their noses to spite their faces”
    Lord Mandelson, Business Secretary, accuses the banks of being too conservative, Nov 30
     
    “The banks have to understand that we have put substantial sums of public money in to support them. They, in turn, need to play their part”
    Alistair Darling, Dec 10
     
    “Quite clearly a lot more needs to be done”
    Alistair Darling, Dec 15
     
    January 3, 2009
    Francis Elliott, Deputy Political Editor, and Gary Duncan, Economics Editor

The Genesis Block mentions bailouts for TBTF banks.  It does not mention Visa or Paypal.

Also I do not like the leaderless paradigm of Monero. I don't believe that is how innovative design in open source gets done. Open source is superior at refining existing things (e.g. Cryptonote), but it usually sucks at radical innovation. For that, you need a leader. And leaders don't work for free. They work for equity in the creation of their babies.

it's not "with me".  it's with Gavin.  yes, i trust Gavin way more than the other financially conflicted Blockstream devs. 

i'm not the one who came up with the block size increase idea.  it's a recommendation from the only guy who could have got us here since Satoshi turned over the reins to him.  guys like gmax and luke were causing trouble long before this issue became a debate.

Hi guise, how's the slow-mo trainwreck going in here? everyone happy? good  

Notice how it went off the rails when you started crappin all over the devs?

Try to keep it in your trousers, remember who's piloting this plane, who's the passengers and stop trying to grab the stick, KK? Ta, tally ho.