Edit: 17/03/2019
Thread closed because of iamnotback's request. He has had to quit developing due health problems. I hope he takes a long vacation and gets better and comes back someday or at least still posts some altcoin critique and bitcoin/economics articles from time to time, they are valued.
For now this is it and im closing the thread.
In the Econ. Total. thread I mention a little about The Road to Ruin, the brand-new book by Jim Rickards. I just started. I will have lots more to write about it as I explore his ideas.
Of interest is that many of his ideas, so far anyway, parallel Armstrong's ideas.
He is saying that ~2018ish when the defaults go bezerk, the central banks will be trapped, and the global elite will close the financial system, so that the elites can buy up all the distressed corporations and assets, before they reopen the financial system.
Hard assets will preserve wealth long-term but they won't be liquid during that period:
https://bitcointalk.org/index.php?topic=1665943.msg16749910#msg16749910THAT would be the acid-test of a new crypto: whether the black market guys would accept it.
I disagree. I am not here in crypto-land to create black markets. I am here to create a mainstream market of billions of people using crypto-currency.
For liquidity, you are going to need crypto-currency. And that is why you need crypto-currency with billions of users for massive liquidity. Bitcoin isn't going to get us there fast enough.
That is why I will release the "Bitcoin killer" early 2017.Proof-of-work coins such as Bitcoin, Monero, and Zcash will lose all their security in the coming crisis, because miners won't be able to exchange BTC for fiat to pay their electricity.
As we know, bitcoin has the problem of making us choose between
1) A network that has conservative blocks in order to stay decentralized (so nodes can be run by common folk instead of big pockets, corporations and whatnot, which would be fatal for the network) + a secondary layer on top like LN to facilitate fast velocity, cheap transactions then wrapping them up on the decentralized network, but making on-chain transactions expensive and slow for those that want to use it. (This is the best we have now)
2) A network with big blocks, that is centralized at its core, since the blocks are too big for common folk to host nodes = centralization of nodes spiral begins and it ends up as centralized as mining is nowadays.
Option number 2 is out of the question, which is why Bitcoin XT, Bitcoin Unlimited etc have been failures that get next to no support. Bitcoin Core with conservative blocksize increases (devs and all experts say they its best to increase the blocksize after segwit so we will get 2MB after segwit) + LN is the best we got. All other methods have been proven to be smoke and mirrors. Unrealistic and deceiving solutions.
Now we have this "iamnotback" guy that has been saying to be sitting under a solution that would allow for fast, cheap, onchain and big volume transactions while delivering bitcoin tier security all within the same package. I personally don't believe it, since he would be sitting under a goldmine, and we all would be rich by investing like 10 bucks. Im sure that if he really releases a whitepaper, experts will find out flaws, there will be some sort of tradeoff and we will still be left with the option 1) as the best we have and Bitcoin will remain king, but the guy seems smart and im not a coder so i'll wait to see what happens, I will give him a fair chance.
So what do you think? is this guy trolling us? he has delusions of grandeur? or he is a true genius that will make us all rich?