Quote from: r0ach on July 28, 2014, 04:40:33 AM

I think Anonymint is a little too demanding or perfectionist in terms of coin/protocol specifications, such as zero transaction fees, but here's my current reasons for why I can't really support Bitcoin or Monero, which is a Bitcoin derivative:

Cross posted from: The BTC price is too high for it's current security model

https://bitcointalk.org/index.php?topic=710107.0

Quote from: r0ach on July 28, 2014, 03:55:08 AM

The current Bitcoin model is already an obvious failure while people walk around in a delusional state pretending it isn't. It's advertised as requiring "no trusted 3rd parties", yet the entire thing relies on them in the form of a small number of mining pools for block verification. Since Bitcoin never solved the "no trusted 3rd parties" dilemma, it's time to admit that and actually come up with a solution, most likely assign a performance metric to regulate those parties (i.e. PoS with reputation variable).

Unless every single iota of Bitcoin dev manpower is redirected towards the solitary goal of getting rid of mining pools, they're operating under the textbook definition of insanity.

The model itself may not be a failure... It can be viewed as merely in a temporary stage of development.

Perhaps it is not possible to reach a trustless system without first going through this phase (needing to trust some 3rd parties, whether nodes/miners etc). The reason for this is because the scale of adoption (critical mass of the system) needed to be self sustaining cannot be achieved with a trustless system starting from scratch: It never reaches exponential growth for lack of trust.