Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
r0ach
on 14/03/2017, 01:36:47 UTC
contentious Miner Activated Hard Fork - MAHF

less than palatable User Activated Soft Fork- UASF is less dangerous

I'm honestly tired of reading this Orwellian nonsense.  Bitcoin was clearly designed with miners controlling the protocol and forks in mind.  Instead of speaking the truth, that there's supposed to be such a large amount of individually acting miners that it's not possible for them all to collude forming a nash equilibrium, and that only win-win policies would be adopted in a non-zero game game, you instead have a failure of bitcoin decentralization where everyone who controls the entire coin can fit into one car.

ASICs and pools destroyed how bitcoin is supposed to function.  It essentially died at that point and people just pretended it didn't ever since and now it's the Chinese Paypal.  This doesn't mean "full nodes" now control bitcoin just because you don't want one car full of Chinamen to control it.  That's not how it works.  Miners will always control it or it's not actually bitcoin.  The fact is, there was a breakdown in the decentralization and Nash equilibrium of bitcoin that has to be addressed.

Decentralization may even be an insoluble problem itself, making this thing a giant fugazi no matter what you do.  I tend to believe that is the case until someone can prove me wrong.  I imagine it would take something extreme like some cutting edge cryptography to let you create decentralized captchas for mining so that it takes active user input to solve blocks - human based mining.  Using energy expenditure to find convergence was never that great of an idea in the first place when energy costs are not even close to uniform across the globe.  It was designed to centralize even without ASICs.

Why do you think I like metals?  Bitcoin is a Ponzi scheme created by *some guy.  Gold and silver are a Ponzi scheme created by *God.