Topic: **PUBLIC ALERT** Change with process of "mining" BTC or it WILL fail. (Read 6560 times)

Watch this its 10 little mins.

https://www.youtube.com/watch?v=eAZAmQXvB7I

You get are getting much closer to getting it. The value of the coin is set by what it is redeemable for but would fluctuate against your actual ability or perceived ability to redeem them. If you over issue, your coins might trade at a discount because of the risk premium. 

It is called an opinion. 

Ok, I think I understand you better now. You are more thinking of a plurality of coins issued by individuals and backed by their personal credibility. More of a credit system? I can see a role for something like that. I origionally thought you were proposing a bitcoin like coin that has a central authority to hand them out. With many such coins representing individuals, are their valued based on the demand for your credibility? So that a scammer type has little chance of finding buyers vs. a good guy. ?

 I think I get it.

Mining consolidation is bothersome to be sure, but I'm not excessively concerned about it as long as the transfer mechanisms remain in tact.  This because in a worst-case scenario where miners attack the system (highly likely for deeply invested entities under judicial duress) it would not be impossible for Bitcoin to adapt.  The threat of this happening would probably be enough to make it not be attempted.

On the other hand, if Bitcoin tries to support the world's exchange economies it will certainly grow to the point where it is fairly unfeasible for any but the same sorts of highly invested interest to support the transfer functions as well.  That is to say, the whole ball of wax.  Gavin's proposal to make bitcoin growth exponential pretty much guarantees that this will happen eventually.  And people basing their propensity to hold BTC on future value (the smart ones) will need to factor this in.  I certainly will be.

Sidechains could solve the problem by allowing Bitcoin to be the value basis for a world-wide exchange economy while preserving the Bitcoin core in a form where it could be realistically supported by semi-individuals.  Attempts to attack the solution from the top down (by attacking individual sidechains) would be a futile whack-a-mole adventure.  Hopefully.

I'll mention again that at a rate of 7 TPS or something in this general ballpark it would be very difficult to quash traffic even if one had complete control of the global internet infrastructure and was leveraging deep packet filtering and the like.  The farther we stray from these kinds of traffic rates, the more difficult it becomes to slip through the various inevitable cracks which wold exist even in a highly controlled system.

You can only trust to Escrow with as much Bitcoins as it is not likely (economical) for the Escrow to scam you instead (and just the Escrow risking loosing trust)

But some trades might require more trust than any Escrow can provide, no?

There are lots of people with lots of trust and trade requires trust so it is really just a matter of who to trust.

Maybe because he was wrong in this:


You need a lot of trust to issue credit to others, or your credit is worth nothing.

Money Power In You
E.C Riegel, Private Enterprise Money, 1944

Amen. It seems Riegel got inspired by Satoshi whitepaper

Under the proposed system anyone with the ability to produce something of value to other people could issue their own coins. If you can back a coin you can issue a coin people can choose if they want to accept it or not. If you dont have credibility people are unlikely to take your credit.

watch this.. https://www.youtube.com/watch?v=XyWfUqEyIZc     
There is a full proposal outlined here http://www.moneyasdebt.net/  ,the system I am talking about was not developed by me but Paul grignon. I am just a rabid supporter of it.


quote by E.C. Riegel

"There is a treasure buried in your consciousness. If you will dig it up from the debris of superstition and fear that covers it you will gain a freedom and self-mastery that will lift your life to a higher plane. This is the money power in you.

The power to create money with which to purchase wealth, health and happiness actually lies dormant within you. You have thought of the money power as something remote from you and beyond your grasp. You have dreamed of the good you could and would do if you had money power. You have blamed others for not accomplishing this good. You have blamed them for evil economic and political conditions; for unemployment, for poverty, for crime, for war.

It is quite logical to blame these maladies upon the malfunction of the money power, but you have not suspected that the money power resides in you and because of your failure to exert it the world is afflicted with miseries. You have the power; you have the responsibility. The power and responsibility to banish poverty, unemployment, insecurity, misery and war rests entirely with you.

You, in cooperation with other intelligent persons, can drive economic and political evils further and further from the area of your life and ultimately they may be driven from the face of the earth. You can do this by the money power in you, expressed first in your own prosperity and happiness, and radiating to others. You can do it and you must do it. There is no power outside of you that can bring these blessings to you.

Petitioning the Government is like writing to Santa Claus. You need no laws — there is a law, a natural law that governs your money power. You need no government aid. You need only cooperation with and from persons who, like you, have resolved to exert the money power inherent in us all. This power in each of us needs only the recognition and respect of our fellows to spring forth and exert its blessings.

We need not petition Congress and we need not waste time to denounce bankers, for they can neither help nor hinder our natural right to extend credit to each other, and this is the perfect basis for a money system."

I meant the coins in the system you outlined. My concern with any system that issues coins is that the issuer has total control over that process. They can issue them or not issue them to whom ever they like. The fact that bitcoin solves the problem of distributing coins by rewarding anyone willing to strengthen the network is brilliant.
I just don't trust a system that requires people I don't know to do the right thing, especially when there is an incentive to do the wrong thing. Nobody decides who I can buy bitcoins from. Nor can anyone tell another peer that they can't try for a block reward.  Who decides in an issued coin system?

Anybody can start hashing, hashing is not restricted to anybody. If you cry you cant be profitable because of the power company wanting so much per KWh, it is not Bitcoin fault

Very nice point their, i support you mate. 

Who says so? You? Who are you to say what should people get from mining or not?

So now your just paid bank shill, right? Or how can I interpret when you saying Bitcoin is going nowhere, there should be coin issued by trusted party ?

Coin issued by trusted party - it is the fiat scheme if you didnot noticed.

bitcoin is the shittiest, smelliest noggin of poop on the planet!

I gave and sold off all my coins 10 months ago. I am not in it for personal gain and no longer support bitcoin or the scarcity model for currency.

Pascal's Scams

http://unenumerated.blogspot.com/2012/07/pascals-scams-ii.html?m=1

Funny, I was thinking pretty much the same thing reading the thread.