Quote from: r0ach on July 05, 2016, 06:05:22 AM

Quote from: PorkUsher on July 05, 2016, 02:31:48 AM

Quote from: r0ach on July 05, 2016, 02:15:44 AM

You could delete the entire tax system and IRS, and transaction fees would be your tax that gets transported back to the govt.

If you ever made enough money to file a tax return in your life, you'd understand why that also makes zero sense.

It's called a consumption tax you buffoon (or in this case, more of a commerce tax). I did not invent the consumption tax idea, but it's been floated as a replacement by many. If you don't feel a consumption tax would work, take it up with whoever invented the idea.

While consumption tax works just fine with fiat (that's what sales tax is), consumption tax is not income tax. Which is what you would file tax returns for if you actually made any money, and what the grownups at IRS deal with when they come to work.
Since Common Body of Tax Law is somewhat more complicated than collecting flat consumption tax, replacing IRS with tx fees makes as much sense as replacing our transport infrastructure with a pogo stick.
I'm trying to use small words you may actually understand.

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Quote from: r0ach on July 05, 2016, 01:00:41 AM

Any recursive, closed loop system (PoS) is not a decentralized currency

While sounding smart to idiots, that actually makes zero sense.
1.Any closed-loop system is recursive, pretty much by definition. A system without recursion, i.e. one in which the input state is fully independent of its output state, is called an open-loop system.
2. PoS coins are less centralized than Bitcoin, which is mined by a handful of guys in China.
Now, what were you trying to say? This time, say it in words you actually understand.

Completely wrong. Nothing in the blockchain actually solves the Byzantine generals problem, so the only way confirmations are useful at all (1 is completely arbitrary and meaningless) is the fact that they're unbounded, while cost to attack is high and can't be done over an extended time. This means your open entropy system tends to trend towards some form of objective state of consensus when the block validators can't really be monopolized over an extended period of time, while your recursive systems can just go into permanent preemption at any second, making them completely useless.

The fact that they utilize interest on top of that to force them into perma-centralization is also fail. Miners come and go. Interest garnering slumlords whose take is always vastly higher than overhead are forever.

Any other comments from your freshly created banking shill and/or Israeli intelligence account that should know far better than to try and screw with me by now? Hows your Ethereum scamcoin doing that you attempted to hijack Bitcoin with? Yea, that's what I thought. Enjoy your millions of dollars in losses.

None of the above is relevant to either of the two points which I have raised. Even if it did make sense, which it doesn't.
All kidding aside, stop trying to sound all grown up, figure out what you're trying to say, and try to say it without using a bunch of buzzwords that you read on reddit/stormfront/zerohedge & liked the sound of. K?

PorkUsher

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