Quote from: WeedToker420 on January 05, 2017, 12:16:10 AM

Quote from: bathrobehero on January 04, 2017, 04:26:08 PM

Quote from: iamnotback on November 16, 2016, 02:42:08 AM

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.

Considering how stupid that statement is, I highly doubt the answer is yes.

Did he actually say that? Huh

What a stupid cunt.

Quote from: kaijialex on January 25, 2017, 06:49:33 PM

Quote from: iamnotback on November 16, 2016, 02:42:08 AM

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.

Are you serious? No electricity because miners won't have access to cash!!

Quote from: iamnotback on January 04, 2017, 05:00:40 PM

I was referring to Jim Rickards' prediction that the elite will shut down the financial system for a period of time. I am saying that if that period of time is of sufficient duration that BTC can't be exchanged for fiat to pay for electricity, then mining farms have to shut down.

If the world is in such a chaos that the entire world financial system can be shut down and no one can move any fiat for some period of time, then proof-of-work miners can also be affected because they have bills to pay.

Whereas, a proof-of-stake system would not be so affected because it doesn't require consumption of an external resource. We might argue that such chaos would also shut down the entire Internet, but I tend to think the Internet is much more global, resilient and diverse than a few mining farms in China.

So please enlighten us as to which of us is stupid?

Quote from: iamnotback on March 01, 2017, 02:54:51 PM

Quote from: HadiHussain on March 01, 2017, 02:53:10 PM

I didn't take the time to read all 16 pages, but regarding the financial elite turning off financial transfers in a doomsday scenario, thus forcing miners to turn off their machines, why wouldn't the electric provider accept Bitcoin or litecoin as payment for their service?

I'd rather not focus on that upthread diversion. It wasn't a particularly strong point. That is not the main problem with Bitcoin.

The intended point was simply that if we didn't have to rely on PoW (and its numerous disadvantages), it would be better (assuming all of PoW's positive attributes were retained).

Well, well, after all this time, @iamnotbacks highly ridiculed claim actually has some merit:

Quote from: Hyperme.sh on October 07, 2017, 03:03:57 AM

Re: Why hasn't any government stopped Bitcoin?

There is another very important factoid that I only recently realized.

The AML regulations which are spreading all over the world due to the terrorism theme the Zionists have foisted on the world (as explained in great detail in the videos I linked for all you to watch and keep plodding yall to watch), make it illegal for miners to sell virtual currencies except on an AML regulated exchange (which of course the Zionists will control with their control over the regulators). You may not legally sell mined BTC to a private party or P2P. You can spend it on goods & services, but a mining operation cant survive by spending its BTC, as it needs cash flow to pay electricity and upgrade mining hardware.

Thus you can clearly see that the Zionists are employing the nation-state laws to give themselves an eventual monopoly on who can mine Bitcoin. This is in addition to the ASICBOOST thing which I already explained upthread leverages the patent law of nation-states to give the Zionists a 30% electrical efficiency advantage.

They planned this out exquisitely.

Quote from: iamnotback on February 28, 2017, 01:25:35 PM

The high IQ¹ genius Nicholas Taleb will publish his blogs to the blogging platform with the most readers, the best tools, and also the one that is the most antifragile (and a blockchain controlled by whales doesn't qualify as antifragile).

Sadly I think I recently read that he invested in Medium.