1. | No ICOs: ICOs enable insiders to buy from themselves, creating a non-free market distribution of the money supply, thus manipulating all the market parameters and effects creating a controlled, non-free market. https://bitcointalk.org/index.php?topic=1524111.msg15340159#msg15340159 https://bitcointalk.org/index.php?topic=1413819.msg15343686#msg15343686 |
2. | No (Satoshi) Proof-of-work: Proof-of-work concentrates the money supply, economic profits, and control to the mining farms (esp. those with electricity subsidies). Meet your new central bank masters, the mining cartel. Permissionless, trustless attributes are lost, e.g. forks are possible. Since all the debasement ends up with the rich via mining, the system has no countervailing mechanism to recirculate the money supply to prevent it from losing its attribute as a unit-of-exchange for the broad public. Proof-of-work launches provide no funding for the core developers, unless they are accomplished with premine, instamine, stealthmine, or non-optimized proof-of-work function deceptions. https://bitcointalk.org/index.php?topic=1524286.msg15342314#msg15342314 |
3. | No Proof-of-Stake: The brutality-of-the-majority (aka democracy) applies. Permissionless, trustless attributes are lost, e.g. forks are possible. No changes of the ICO token distribution share can be accomplished via mining, thus the system has no countervailing mechanism to recirculate the money supply to prevent it from losing its attribute as a unit-of-exchange for the broad public. |
4. | No governance: Foundations and governance are just bringing the brutality-of-the-majority (aka democracy) to what should be permissionless, trustless. If democracy was going to save us, why has it never done so in 6000 years. https://bitcointalk.org/index.php?topic=1524286.msg15352261#msg15352261 |
5. | No forks: no one, not even miner's should have the brutality-of-the-majority power to break the Nash equilibrium and vote on a fork: https://bitcointalk.org/index.php?topic=1520678.msg15335354#msg15335354 https://bitcointalk.org/index.php?topic=1516067.msg15285558#msg15285558 |
6. | No Marginable Exchanges: https://bitcointalk.org/index.php?topic=1526067.msg15363845#msg15363845 |