Spank me daddy 
I've actually been around nearly as long as your account by the looks of it. A matter of weeks difference on registration dates.
I've never contributed to a shitcoin. A buddy did create a shitcoin before and I mined a few thousand of them for lawlz. It doesn't take much technical knowledge to compile the tens of dozens of shitcoin sources out there today.
I've minted several block myself historically
I've actually been around nearly as long as your account by the looks of it. A matter of weeks difference on registration dates.
I've never contributed to a shitcoin. A buddy did create a shitcoin before and I mined a few thousand of them for lawlz. It doesn't take much technical knowledge to compile the tens of dozens of shitcoin sources out there today.
I've minted several block myself historically
Wow. You were a miner. Impressive. Too bad you didn't learn anything that whole time. Oh what happened to your old account? I am sure you didn't lose it as a result of anything unsavory right? Sure making coins is easy, but managing them is not. Neither is taking a low cap coin and bringing its market cap up to 10 million dollars. Also the coin protocol I managed, Infinitecoin, was literally cloned and re-branded as Doge, later they added inflation. So just maybe I know a tad about how blockchain works, the protocols, and how mining works considering I was responsible for balancing the network. It was also the #3 most popular coin in China for a while BTW, but that's easy right?
However please do tell me more about how mining made you an expert in blockchain technology.
I remember at one point in time, I was 0.3% of the whole mining network.
Well clearly you have all the solutions and we should just do what you say right? I am certain there are absolutely no dynamics in the PoW system that you don't understand now are there?
Nope. There are multiple problems that remain unsolved. Even by me.
If it were just about capital, it'd be switched to proof-of-stake instead of proof-of-work.
Well clearly you have all the solutions and we should just do what you say right? I am certain there are absolutely no dynamics in the PoW system that you don't understand now are there?
Nope. There are multiple problems that remain unsolved. Even by me.
I never mentioned anything about flaws in the PoW system, I was pointing out the gaps in your understanding if you think capital is the only reason to use PoS over PoW. This also shows a fundamental ignorance of basic economic principals such as inflation.
Rather than being trolling in your comments, why not argue logically? I was playing as a victim, I was explaining what BTC actually is.
If you have arguments with proof-of-work or proof-of-capacity or have problems following the abstraction logic, be clear in the articulation of that instead of just posting trollish responses.
If you have arguments with proof-of-work or proof-of-capacity or have problems following the abstraction logic, be clear in the articulation of that instead of just posting trollish responses.
I have been arguing logically, you just don't like the fact that I totally dismantled your premise, therefore your only option in the lack of any argument is to claim I am trolling and ignoring logic.
You have no technical merit and you don't back up your logic with reasoning or technical details. Your obvious misunderstandings of the implementation of bitcoin have become pretty apparent. Perhaps you should give the whitepaper one more read over before commenting further in the relationship to socialism.
It's rather short; https://bitcoin.org/bitcoin.pdf
Particularly this section:
Quote
The proof-of-work also solves the problem of determining representation in majority decision
making. If the majority were based on one-IP-address-one-vote, it could be subverted by anyone
able to allocate many IPs. Proof-of-work is essentially one-CPU-one-vote. The majority
decision is represented by the longest chain, which has the greatest proof-of-work effort invested
in it. If a majority of CPU power is controlled by honest nodes, the honest chain will grow the
fastest and outpace any competing chains. To modify a past block, an attacker would have to
redo the proof-of-work of the block and all blocks after it and then catch up with and surpass the
work of the honest nodes. We will show later that the probability of a slower attacker catching up
diminishes exponentially as subsequent blocks are added.
making. If the majority were based on one-IP-address-one-vote, it could be subverted by anyone
able to allocate many IPs. Proof-of-work is essentially one-CPU-one-vote. The majority
decision is represented by the longest chain, which has the greatest proof-of-work effort invested
in it. If a majority of CPU power is controlled by honest nodes, the honest chain will grow the
fastest and outpace any competing chains. To modify a past block, an attacker would have to
redo the proof-of-work of the block and all blocks after it and then catch up with and surpass the
work of the honest nodes. We will show later that the probability of a slower attacker catching up
diminishes exponentially as subsequent blocks are added.
Uh huh. So far you have demonstrated you don't really understand PoW or PoS systems, or even basic economics, but I have no merit. Ya. Ok.
BTW reading that excerpt over and over... not seeing even the slightest hint of Socialism in there. As I explained before the capital does the work in the blockchain (the miners), and the more capital you have the more votes you have. Bitcoin is a system of mutually beneficial greed, AKA Capitalism. Satoshi goes over this in great detail. The only way you get Socialism out of that is if you live in a delusional fantasy land where everything just is what you say it is because you believe it, facts be damned.