Topic: Gold collapsing. Bitcoin UP. - page 700. (Read 2032265 times)

Yes we know.  It is the validation of a proof that is EXTERNALLY CREATED.  The Validation and the Proof are coming from the same source, a trusted source until the crypto gets this evaluation.  There are a lot of C operations there, and a lot of math.

I'm comfortable that the core devs that are jumping ship have vetted it to their satisfaction, but then they also have an economic incentive to be satisfied with it as well.

My argumented has never been that "we should just do it". I have presented a case why it is dangerous for security concerns and integrity of the Bitcoin ledger to concede ALL of the processing of different transactions types to federation/oracles.

:-)  This proof will create user who want exit from SC. Bitcoin miner only verifies this proof. If other user on SC will see it it not valid proof then he can provide valid (with more PoW).

What is the proof provider that the SPV is verifying?

Why are we even discussing SNARKs anyway? They are only but a long shot. SPVProof does not require the use of SNARKs.

Is there another?


You are underestimating the accomplishment of SNARKs.  It took a very large array of expensive computers, a few years of dedicated time by some of the smartest minds in cryptography, some luck and a lot of dedication and persistence.  A large grant from the EU.  And a very deep, and very specialized mathematics background.

It is pretty a similar set of requirements for starting another Google.  And I think Blockstream may well be the next Google.  If I were Google, I'd have bought them already.

the way i see it, adding the spvp to source forever alters Bitcoins property of Sound Money.  i would no longer view it as a SOV.  

as it currently stands, you want outsiders to either pay hard cash to buy BTC's to get a seat at the table or trade something of value for BTC.  by introducing an offramp spvp, these same outsiders also may have figured out that Bitcoin is broken and instead of buying in, they will simply bolt onto Bitcoin via the spvp offering some speculative asset to trade into and just wait.  eventually, once everyone figures out that there's a leak in the system they will start moving out in droves into all manner of speculative assets and SC's

it's like a barn full of cattle.  they feel perfectly safe and secure while the barn door is closed.  the wolves outside have no way of getting in except for scaling the side of the barn to an open upstairs window.  the cost is high for the wolves cuz they might fall and kill themselves.  instead, someone throws the front door wide open.  initially nothing happens and an occasional cattle glances over at the open door and figures the owner will close it back up to protect them.  eventually they figure out the door isn't closing.  instead of the wolves rushing thru the front door, they decide to just wait outside and pick off every single cattle that comes storming out with time.

SC word situation (with spvp)
 - these same outsiders also may have figured out that Bitcoin is broken and instead of buying in, they will simply bolt onto Bitcoin via the spvp offering some speculative

 

You are really arguing Blockstream will be the only one building sidechains on top of SPVproof !?

Blockstream has no code per say, they will write some for clients but SPVproof code is open source.

What's to stop Vitalik and the gang or Peter Todd and the crew from creating Blockstream2-3 when they realise that Blockstream business model is viable and is in fact the future of Bitcoin development.

It institutionalized this trust of a particular company into the protocol.
Or do you think that people should just not use Side Chains?

There should be a better way of doing this.  Maybe that is the federated system?   In the first instance SPV is federated too, and it may always be, there may never be another Blockstream after all.

Which code is open?  You mean Bitcoin code, Not Blockstream's, right?

At this time there is no competition.
It is not likely that there will be any competition soon, if ever.
Adding SPV is really only for Blockstream.

Do you know the complexity of setting up a proof system for which these verifications are made?  Look into it.  It is a major effort taking some of the best minds many years and a LOT of computational power.