Topic: Will destroying Bitcoin by fixing it make us insanely wealthy? (Read 24193 times)

i've been told since forever that in order for something to have value, you need to exchange it for other value

i am trying to understand your goal here, please kindly bare with me
here is my currently simple brain could understand thus far..

1. you are going to create a new coin
2. it will be based on the blockchain terms
3. it will be decentralized (mainly to prevent double spending attacks), and the consensus / block creation will not depends on "fiat buying power"?

"fiat buying power" means the power an entity able to purchase something for adding block to the chain:
1) POW consensus: gpus, asics, cpus, hdds, rams
2) POS consensus: The coins it self
3) Tendermint consensus: the voting is basically measured by entity power to buy a "node"

yes you may have a breakthrough and answer for those "centralized by fiat power" consensus system,
but will the value of this new coin trully make the developer/early adopters insanely wealthy?
if anyone could make that coin basicly without exchanging what they are currently having, what would become the coin value other than early adopters initial speculations?

There are some decent example altcoins that exist, however I can't remember exactly how all of it works for sure and it is something related to the existence of a wallet containing a verified balance within in, and somehow it compounds and those with money get more of it.

Not happening anytime soon. Considering the community is split between Segwit and BU, and neither or those have majority support, don't expect for anything like this to go anywhere.

Possible, but unlikely.

The most widely-discussed plan for BU to start mining blocks larger than 1MB is the following ordered sequence:

1) achieve 75% mining dominance;
2) maintain that 75% or better dominance for a full difficulty retargeting period;
3) wait another difficulty retargeting period for others to upgrade to a cliant that does not fall down when faced with larger blocks;
4) only then fork.

With 75% dominance, and assuming 2MB blocks, many more transactions can be processed each day on the BU fork (~250,000/day to ~375,000/day), and fees would drop.

The legacy fork, at 25% mining capability (max) would see its transaction capability drop from ~250,000/day to ~62,500/day. Competition to get transactions included in the few blocks that do get mined will cause fees to skyrocket.

Miners on the BU fork will see BTC/day from subsidy drop by 25%, but miners on the legacy fork will see BTC/day drop by 75%. This will likely cause miners to further abandon the legacy fork, thereby slowing the legacy chain even further, and speeding the BU chain up even more.

This condition will persist for a full difficulty retargeting period, which will be lengthened on each chain. The BU chain would be slowed down for about 20 days, and the core chain would be slowed down for at least 8 weeks - proportionally more depending on number of miners who switch from legacy to BU.

And what would be the likely consequences?

The net result is likely that the legacy chain will likely die off for all but an obstinate 1%. Accordingly, BU would likely end up being thought of as 'the Bitcoin' at the end of this process.

The good news is that for any coin you hold in Bitcoin before the fork, you will have one Bitcoin on each fork after the split. Accordingly, while one chain atrophies to insignificance, you will still hold as many Bitcoin on the victorious chain.

If this all plays out as above, it is likely that the value of the BU fork -- within days of the fork -- will be though of as merely Bitcoin, and valued at only slightly less than Bitcoin before the fork. The legacy chain would be essentially worthless. And now, with the transaction throughput hard-cap removed, transactions/day will go up, fees will go down, Bitcoin will be able to fulfill use cases that have been driven away, and Bitcoin's price will climb rapidly.

Personal finance resource PFhub has suggested Bitcoin Unlimited is planning a 51 percent attack, which could see Bitcoin lose half its value.
source -: https://cointelegraph.com/news/bitcoin-unlimited-51-percent-attack-could-cut-price-in-half-investor-blog

Is this possible?

Any ETA?

My thoughts exactly. I don't know how you're going to avoid people cheating the system but if you've somehow figured outa  bulletproof way then I'm all for this. Do you have a name yet or shall we just call this Coin X?

Bitcoin was brand new crypto but now we got other crypto's evolutions to take as reference points.

So lets say your coin can get DASH's current $584,635,605 marketcap.

DASH was around 0.0012 in Mar 1 according to:

https://coinmarketcap.com/currencies/dash/#charts

(first data is from February, but let's make it more realistic and let's say you get in 15 days after the coin gets listed in an exchange)

If you bought 1 BTC worth of DASH at around 0.0012 you would get = 833.4 DASH

At current DASH price (0.078) we are looking at around 64.9 BTC. That's some legit gains for 1 BTC investment.

Now do the same with ETH's marketcap... those are some serious numbers.

And if it reaches BTC marketcap... then we can fuck hookers in the moon.

Of course the coin is not even out yet so lets not get too excited.

Very important discussion is taking place about this.

Why do the Chinese over fish and kill dolphins and whales and kill Rhinos for their horns? Do you think they care about this whole experiment? There are some countries and China are one of them, that would destroy natural resources without blinking twice.

http://news.nationalgeographic.com/2016/08/wildlife-south-china-sea-overfishing-threatens-collapse/

The Chinese will suck Bitcoin dry and leave when it fails. Bitcoin is just one more commodity that are being ruthlessly exploited for profits.

Sorry if this sounds harsh, but you can look at several other examples where Chinese are involved. Examples :
Seahorses / Abalone ....................................... and the list goes on and on. ^grrrrrrrrr^

Edit : If OP could develop a alternative that cannot be exploited by anyone, I would support that cause.

Maybe this miners that want to destroy bitcoin is a bunch of people paid by the Chinese government not the majority of miners.
Im sure the majority of miners wants the best for their business which is bitcoin. In the end they all to make profit why would they destroy something that will be profitable in the present and future?

I've been following your threads for several years, and a lot of the technical stuff is over my head obviously, but I get the gist of it I think. Learned a ton from your discussions and really appreciate that! I gotta say I'm excited to get in on your project as an early adopter, accumulate a nice holding and become insanely wealthy.

I'm a long time hodler of BTC as well and still believe it's heading much higher, but of course if Bitcoin is ultimately doomed as you claim, then we haven't got a choice and you must do it for the benefit of the world.

They say when you're poor you stress about not having money, but they also say that once you've got money you stress about keeping it!

I think you're advice about hedging at this point is reasonable, although I don't see many alts as being a hedge (more like risk since latest price increases). Perhaps LTC considering that it's been between $3 - $4 for close to 2 years and didn't have a recent pump. I don't see much upside, but the point is preservation and it does have m.cap and volume.

I prefer bitnet as well.

That is an important point.

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Selfie taken at age ~52.

Having a selfie as avatar does not give you credit nor maturity and wouldn't legitimize your opinion, what are you talking about? you contradict your statement in the title, destroying and fixing? have you ever had $1B or even more if not less and then come here to talk about fixing/destroying.
What I think miners will never interrupt their own money printing process and not even miners can control what will happen to bitcoin.
Bitcoin is already centralized by exchanges, they're the ones steering the market and if they say that they'll not list/accept/trade/recognize BU if they hard fork the chain then BU will not do it, so you should turn your focus on exchanges and stop blaming developers at both sides.

Obviously the guy who sold a pizza for 10,000 BTC would argue that it is difficult to predict the future.

$10 / 10,000 = $0.001 per BTC and now $1000 per BTC (aka $10 million for the 10,000 BTC). But who would've known at the time.

That was before it was common knowledge that blockchain tokens have real world value.

Normally the only way someone makes those million-times gains is by being surprised. If there is no surprise then there is a lot of competition.

Unless perhaps you are true believer like Roger Ver. But now look how Roger Ver's incompetence and lack of foresight is causing him to maybe end up destroying his BTC (although he probably did well on his Dash pump).

Seriously I can't even predict the outcome of my own work. I am just a true believer like Roger Ver, but at least I (afaics) have a higher level of technical competence than him (which probably isn't saying much, lol).

I think the more salient and objective question is, "Is the Nash Ideal Money small block model of Bitcoin going to become widely adopted and will it preclude any other blockchain design from doing so?"

And the follow on question if that answer is "No", thus is "Is there any other design for a blockchain what will become very widely used in the world?".

Many groups and people are trying to answer those questions.

I have some very specific reasons to prefer my work, but I am not going to enumerate them here. This thread is in the wrong discussion forum for that. I started this thread as a wakeup call on the risks and opportunities ahead, but I will not start a discussion about specifics of altcoins in the Bitcoin Discussion sub-forum.

okay lets say you got this

lets say you are the next satoshi nakamoto


if I buy 1 btc worth of ur coin in day one can I get rich?

I decided to post once more before I leave the Bitcoin Discussion forum to go focus head-in-sand on my work:

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ICOs are destroying our chance to change the world:

I don't know it that option, choosing any thing that you have offered could make bitcoins users insanely wealthy. It sounds like a good dream and in theory everything is possible but in real life I'm not such an optimist. The time to become extremly rich with bitcoin have passed away.

JUST DO IT ALREADY..