Re: -- The Riddle of the Twin Brothers - Who Were, Are and Will Rule the World!
Great post. I've always felt the same way, there is no such thing as a trustless or permissionless chain. No anonymity or decentralization either. Just varying degrees which can and will be easily altered with time/adoption.
But you can't blame blockstream, the anarchists and libertarians, who probably make up 90% of crypto were sold on this pipe dream and will have a meltdown if they're woken up abruptly.
That said, I don't agree with your latter points about sidechains, although I'm not a techie. Counterfeiting won't be possible without being easily and instantly caught and tracked infinitely easier than with fiat. So that is a moot point. And they will not use offchain - at least not for the 7.4 billion monkeys, that would defeat the whole purpose of the block and chain protocol.
As for fractional reserve banking: DUH!!!
How many lies are people gonna actually eat? All of these things were fairly common sense unless one was gullible or delusional. You didn't even need to understand the tech, just the way of the world and human nature. Even now there have been multiple large scale cases of fractional reserve banking using Bitcoin. Call it the nature of the beast, or the natural regression of things. It's simply gonna happen and no muppet is gonna stop it.
Blockstream has the best crypto coders in the world, and for all you know they're secretly working with Satoshi, so whatever they come up with will go mainstream and it will be completely secure and counterfeit proof.
Enjoy the sidechain show; I know I will.
FYI: Personal Pet Peeve
Blockstream guys are a bunch of dumb asses. IMO
All coins are permissioned, None are permissionless.
FYI2:
Locking BTC up onchain, does not actually move the BTC onto a side chain, that is just stupidity on their part.
Also offchain or sidechains both hold the potential to introduce counterfeiting & fractional reserve systems into crypto.
(Onchain transactions can not be counterfeit and they can not run fractional reserves with it onchain, which is why offchain/sidechain is just the banking scum worming their way into crypto.)
Blockstream guys are a bunch of dumb asses. IMO
All coins are permissioned, None are permissionless.
Here is why PoW is Permissioned, ( mined on a CPU or ASIC)
Facts
Permissions Required to generate a PoW Block if you Mine it
1. Permission from the ASICS seller , to buy their ASIC.
2. Permission from your local Govenment to allow the ASIC to be shipped to you.
3 Permission from the Electric Company to power your ASIC.
4. Permission from the Mining pool you have to join because group mining is your only shot
5. Permission from your ISP , so you have internet access to attempt to mine it.
6. Permission from the original programmer thru the Open Source License granted so you can run the software.
If you pay someone else to mine it , You need their permission and acceptance of your currency.
Permissions Required if you just buy it. (Same for PoW & PoS)
1. Permission from the Exchange
2. Permission from the Seller
Free Faucet (Same for PoW & PoS)
1. Permission from the one running the faucet
Hopefully we can put that falsehood permissioned verses permissionless to rest , because nothing peeves me more that hearing the same lie more than once.
There are No Permissionless systems in crypto.
Facts
Permissions Required to generate a PoW Block if you Mine it
1. Permission from the ASICS seller , to buy their ASIC.
2. Permission from your local Govenment to allow the ASIC to be shipped to you.
3 Permission from the Electric Company to power your ASIC.
4. Permission from the Mining pool you have to join because group mining is your only shot
5. Permission from your ISP , so you have internet access to attempt to mine it.
6. Permission from the original programmer thru the Open Source License granted so you can run the software.
If you pay someone else to mine it , You need their permission and acceptance of your currency.
Permissions Required if you just buy it. (Same for PoW & PoS)
1. Permission from the Exchange
2. Permission from the Seller
Free Faucet (Same for PoW & PoS)
1. Permission from the one running the faucet
Hopefully we can put that falsehood permissioned verses permissionless to rest , because nothing peeves me more that hearing the same lie more than once.
There are No Permissionless systems in crypto.
FYI2:
Locking BTC up onchain, does not actually move the BTC onto a side chain, that is just stupidity on their part.
Also offchain or sidechains both hold the potential to introduce counterfeiting & fractional reserve systems into crypto.
(Onchain transactions can not be counterfeit and they can not run fractional reserves with it onchain, which is why offchain/sidechain is just the banking scum worming their way into crypto.)