Quote from: realr0ach on June 13, 2019, 12:13:14 AM

Quote from: Ibian on June 12, 2019, 11:43:59 PM

Quote from: realr0ach on June 12, 2019, 11:38:15 PM

Quote from: pereira4 on June 12, 2019, 11:01:53 PM

You definitely cannot create the accumulated Proof Of Work of Bitcoin within your basement, nobody can, which is why Bitcoin has value.

Fine example of the dipshit scammer slogans you see plastered over Reddit all day. The kind of bumper sticker slogan lies Andreas Antonopolous pushes. Proof of work DOES NOT CREATE value. It's sunk cost fallacy. Jesus Christ, reading this continuous stream of mindless shit from you is too much. This accumulated sunk cost fallacy also has ZERO bearing on future security.

It preserves value.

You are getting annoying. It's not like you don't know how it works.

Sunk cost fallacy does not "preserve" value. Sunk cost fallacy by definition has NO BEARING on future value. For example, if the Chicom miners band together and collude with their 70% hash power or whatever they have (I know it's at least 60% but probably higher), if you're on the minority fork with 30% or less, how has the current or past hash power "preserved" your value? It hasn't.

You're now on a minority fork that might wither away and die off. Yea, you still have your Jihan Wu tokens on the majority fork, but maybe the tokens on that fork don't even have anything to do with the Bitcoin of yesterday at all and are instead Chinese social credit score tokens with built-in chain anchor. Where is this so called "immutable" bullshit ledger again? It doesn't exist. Your chain can just be nullified by becoming an unsupported minority fork that dies. There is no Nash equilibrium in bitcoin. Arguably, no change would ever take place in the software if there was since there's no such thing as inherently 'good' code that can't have some hidden repurposed motives to it.

The schelling point is in the fact that nobody is going to support an increase on 21 million coin supply for instance, things that matter. If the chinese colluded to do such a change, they would end up with an useless token and those smart would see the opportunity to mine Bitcoin at a discount while the scammers burn money on their pretend Bitcoin, before the difficulty picks up traction again.