Post
Topic
Board Speculation
Re: Gold collapsing. Bitcoin UP.
by
cypherdoc
on 01/01/2015, 17:58:42 UTC
Adam,

1. in the WP, you mentioned that it is possible that if a SC became popular enough, then Bitcoiners might have to move all their BTC to the SC.  what about those who don't get the memo?  this question is similar to the big debate we had a couple years ago about harvesting apparent "un-used" addresses.  that was obviously shot down real quick in that there is no way to ever be sure exactly that the true owner was dead or had lost the privkey.

2. philosopically, do you see Bitcoin as Money or as an economic "system" for trading assets of all types?

3. what real difference is there in forcing more transparency (as we are now doing with Merkle root audits, regulation, better VC funded exchanges) on 3rd party merchants vs. using SC's where supposedly we will be able to view the source code to ensure no backdoors (only a select few can do that)?  i would argue that the former is no different than the real mechanisms we have today and therefore not experimental or as risky to the degree you're wanting to construct via an unprecedented and untested 2wp.  i say risky b/c i am still not convinced that separating the BTC unit from its native blockchain (MC) is a safe economic thing to do.  its not safe b/c it requires all sorts of new assumptions/requirements such as no bugs in the spvp itself, 100% MM of the SC to be simply "as safe", no bugs or backdoors in the SC code written by all the unscrupulous altcoin devs that you despise of which only a few in the Bitcoin community will be able to vet via inspection of their code.  i expect hundreds of SC's to pop up as a result of your proposal and you yourself said that there are really only a few in the community who could or would take the time to vet potentially malicious code.  given this proliferation, if i'm right, how can honest devs ever keep up with this?

4. given that most of the real world already views a fixed supply of any currency as a liability, what feedback effects do you think a continuous destruction of scBTC from failed SC's will have on Bitcoin itself?  please just don't say "it will only make our BTC go up!"  i think the answer needs to acknowledge that it might be that the market views that negatively as a hopeless downward spiraling deflationary currency that continuously damages the merchant economy by encouraging hoarding.  in this sense, i am drawing parallels to gold being a fairly fixed supply that for the most part nevers decreases.