Topic: [SHOCK] Core dev and Blockstream employee tells bitcoin users to use fiat! - page 2. (Read 6040 times)

Some altcoin will take the throne if bitcoin doesn't change. Things change... deal with it or be pushed out of the way.  Pigs get slaughtered.

It's not buzzwording when all Bitcoin media and community centers echo the same thing.

You have the /r/bitcoin, and many people on this forum saying the same thing. Either they are horribly mis-informed, or this is really the route Bitcoin, as in the community wants to take.

Either way if this is what will happen, fine ,I respect the community's decision. But I won't care if it will go south. In my opinion, people should just vote with the dollar, if you don't like something, leave.


It's like if people are so stupid that if you dangle a carrot before them and drive them into the abyss, then there isn't really much you can expect from a community like this.

I thought an open minded community would be more resistant to dogmatism, but I was wrong. Humans are stupid let's face it. And I don't like to hang around closed minded people.

It doesn't matter, if they have all their coins in one wallet or 10000, annual interest always remains the same.

If you had three wallets, one holds 80 coins, the other two 10 and you had an interest of 1% pa, after one year one wallet would be 88 and the other two 11. Thats the same interest as if you had 100 coins in one: 10 coins interest pa. You just wasted more energy (to run three pie instead of 1) and money (to buy 3 pie instead of just one).

It's not insecure but it's not properly decentralized either. It's just totally stupid to do when there are better ways that don't need some contortions to get it running.

And calling the whole thing "mine" is already bullshit. There is no mining. Coins are not mined. Mining means you dig up dirt to get valuable raw goods out of it, or in a virtual world, you find your "ore" (coins) in a mess of complicated mathematical algorithms, that you do some work to actually calculate something valuable for the network. But that doesn't happen. "Mining" in the crypto world is more like a quiz show where the one who pushes the button first and has the correct answer get's rewarded points on his account by the quizzmaster (or jury in this kind, which is the network) for his efford and luck in being the first one who got a correct number in a lottery.

But with calling it "mining" the normie world (who don't know how PoW works) actually thinks that coins are (and need to be) produced. That there is a complicated mathematical algorithm that creates coins, which is not the case.

Creating a block for the chain is actually something a modern computer can do in seconds. You just need some kind of mechanism to select that one node that's authorized to do so. This is either by wasting energy (Proof of Work) or pure random with proving ownership of coins (Proof of Stake), or even with proving that someone burned some values (Proof of Burn) or was online for a certain amount of time (Proof of Uptime) or has the correct private key (Proof of Authority) and so on, the possibilities are endless.

But PoS in this regard is more honest and also more logical, since it doesn't seperate between those that use the network and those that maintain it.

The raspberry pi farm wasn't very adequate. What would be the most realistic example of such abuse?

i have seen many many varients of the PoS methodology (yep there are more than 1) and each of them can be abused by those with certain resources.

You wake up. U don't have computer knowledge enough to see that Bitcoin is better suited as store of value than cash.
It CAN'T scale well enough while keeping it secure and decentralised. So digital gold with lighting network extension is a way to go.

yes i have.

but you comparing bitcoin to gold is just mis-understanding bitcoins benefits to gold. and why gold on its own has its own unique benefits.
if you take away bitcoins utility of being spendable. and just turn it into a reserve.. it becomes no better than 42coin

Because i see here many ppl that like a coffee money can i ask a question?
Has anyone of you buy a coffee in his life with gold?

Sorry mate, you been the one who didn't understand how PoS works, and you want to teach us about security concepts in PoS and PoW?

i think alot of people are missing the point of the chain work security of PoW and are only fighting for PoS purely for a basement dweller dream of being rich from using one laptop.

sorry guys but no matter what feasible method you can come up with to try to bring it back down to basement dweller each user wins.... will within weeks be so-opted/corrupted so that big guns grab the best 'luck' 'chance'.

the reason why no one is doing so already with PoS is because 99% of PoS coins ar crapcoins so there is no motivation for people to game the system even if there are many know 'attack vectors' to do it


if you brush aside the financial sharing... and look at the technicals of network secrity of the immutible data.
the security of PoW 'chainwork' is more secure than PoS.

the only argument for PoS seems to be around 'sharing' the pie of reward.. which as i say.. give it a few weeks of any coin that has good value.. would get co-opted in weeks..

even 'realbitcoin' admits as much by how NXT forms 'pools'

i think alot of people are missing the point of the chain work security of PoW

Yeah that's how it works. It's simple, elegant and best of all, it's a closed system. Nobody is dumping on anyone, well I guess the stakers are dumping on the non-stakers but considering staking has a negligible initial and operational cost that really is their own fault. 

facepalm

but in a PoS system where it randomly selects certain addresses that have atleast X coin
the big-guns can ensure they have many addresses with the minimum funds required and also the majority of nodes to ensure they get 'picked' often.

The whole point of PoS is to let the coins (not the wallets) determine the consensus weight.

Yes, bigger wallets would be an issue if a PoS coin isn't dispersed properly (through premines or ICO's), but if PoS had the wallet distribution of say, Bitcoin, you'd need the share of ENTIRE top 1600 wallets to get to 51% network weight. Good luck with that.

what?
The amount of wallets don't change the total weight you have on the network. You also could run them in x VirtualBoxes and still earn the same amount of interest. Your "control" doesn't change by the number of wallets you run but only by the amount of coins you own.