[25:25] ...by the way, how many of y’all remember Napster? You know, Napster was unstoppable, it was inevitable, until—boom! It was obliterated.
Lessons were learned from Napster and bittorrent was created which has stubbornly been resistant against shutdown. Those same lessons carried forward into the design of Bitcoin.
Thanks, but I’ve heard of Bittorrent. I was torrenting when some of the people here were in diapers. I also thought of torrents when I watched Cruz’s speech. And I think I have adequately demonstrated that
I know a thing or two about Bitcoin, its design, and its implementation. (I can even explain in great detail why Bitcoin does
not use a DHT like trackerless torrents, if anyone is curious about that.)
You cut this part from your quote:
Cruz says a few things that I find debatable; but he made some incisive points.
Near the end of his speech, Cruz warned Bitcoiners to remember Napster. Although his analogy is imprecise due to Bitcoin’s greater decentralization, it is nonetheless a good and insightful analogy. Cruz is alarmed, as I am, about Bitcoiners’ naïveté and complacency.
Please stop nitpicking and overextending analogies, as an excuse for continued naïveté and complacency.
What do you suppose would really happen to Bitcoin
globally, if the U.S. were to impose Chinese-style laws? Or even a fraction of that? For one thing, you can forget about rooting for $100k...
For one thing.I myself will continue using Bitcoin no matter what—as long as there is anyone else using Bitcoin. I have advanced technical expertise, and I am ideologically motivated to use Bitcoin regardless of its market value. How many are like me?
Following the China mining ban, what proportion of the global hashrate moved to the U.S.? How many of those miners would continue to operate under adverse regulation? Under an outright ban? In other plausible scenarios?
Bitcoin is resilient. But a major part of its resilience is in its people,
not in technology. There are no technological solutions to some problems. Complacency when the writing is on the wall is one of those problems. I am doing my part right here, right now, to try to help solve that problem.
(I see this as a part of
a multi-pronged attack to push for Bitcoin to go POS; but let’s take one thing at a time...)