Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

Do you even understand Bitcoin? If you want proof-by-proxy then either go to Barrycoin or Jihancoin.

Oh, i understand Bitcoin very well. Bitcoin relies on a consensus-mechanism called "Proof of Work" and as such it's the miners that effectively decide what happens. You don't like it? OK, but what other consensus-mechanism do you propose? "Proof of Node"? "Proof of Reddit Account"?

You see you are right that Bitcoin means NO backdoor decisions, yes. But then you should also understand that in the Bitcoin ecosystem it's PoW that decides and nothing else.

And who decides if the PoW is valid?

Learn Bitcoin mate. How do miners at the moment decide which block is valid and which isn't? It's the same principle that sorts out doublespends or any other malicious block. Majority of PoW decides what Bitcoin-block is correct and which isn't.

sigh. just listen to Lauda. I suspect you're not a shill but just a bit too egoistical to back down when you've been outsmarted. We need people like you, but it'd handy if you weren't relatively clueless about how this all works.