Ninjastic
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Re: Bitcoin XT - Officially #REKT (also goes for BIP101 fraud)
by
knight22
on 30/08/2015, 04:59:37 UTC
Quote from: iCEBREAKER on August 30, 2015, 04:55:59 AM
Quote from: knight22 on August 30, 2015, 03:39:51 AM
Quote from: iCEBREAKER on August 30, 2015, 03:31:14 AM
Quote from: VeritasSapere on August 28, 2015, 10:19:59 PM
This is a political problem and not a technical one.

Great insight on this point by Peter Todd:

https://twitter.com/petertoddbtc/status/634808169978462208



And what is the point of keeping the blockchain so decentralized it is not even useful for no one? Who will run a node of a useless blockchain? If most transactions are driven off chain, will transaction fees will be enough to ensure strong enough security? I seriously doubt it.

Here is your answer; please note your questions indulge in the fallacy of petitio principii.

Quote
The true value that Bitcoin brings to the table is not "everyone gets to write into the holy ledger", it is instead "everyone gets to benefit from sane and non-inflationary financial instutions whose sanity and honesty are ensured by the holy blockchain".
-davout

It doesn't address my questions at ALL. If only big institutions can use the blockchain, so what's the point of keeping it decentralized that much? Who will be running a node for a bunch of banks? It does not make any sense.