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Tuesday, February 28, 2017

Bitcoin conspiracy

What if a few people like Ver or Gavin realized that if Bitcoin ever actually looked like it was going to succeed the banking industry would spend billions of dollars to stamp it out or that rapid adoption could actually be very bad for society and mankind as a whole?

In either of these cases, Bitcoin would have to constantly look like it was on the brink of failure even though adoption was increasing. This would serve to slow adoption to a manageable rate as well as keep the corrupt banking and fiat system from bothering to get involved until too late.

How would I do this? First, you have to keep the actual conspiracy small otherwise the jig is up. But then how do you get co-conspirators who aren't actually co-conspirators? Make it about something else, a competing client. OK, great. But you really need to stop people from actually wanting the client. How do I do that? Easy, I will make it complete shit and a totally obvious guarantee of failure to anyone technical. Uh oh, they will just dismiss me out of hand and continue on their way! What will I do?

FUD. LIES. PROPO. FUD. LIES. PROPO.

Damn, all this costs money. I don't want to lose all my coins. I know, I'll use this system to make money on altcoins! That way I can continue funding my conspiracy to pretend to want Bitcoin Unlimited while I really want to slowly advance Core.

While none of this is likely true, I like to think it is, I sleep better at night this way.

Quantum computers are threat to Bitcoin?

What to do if Bitcoin's cryptography seemed like it would be broken in a few years because of quantum computers?

Some people said we should upgrade to a quantum proof encryption algorithm but do nothing else, and once the crypto eventually gets broken, anyone with money in non-quantum proof addresses will simply have it stolen, leaving potentially millions of bitcoin in the hands of one thief.

Theymos argued that this would be a systemic risk to Bitcoin, and it would be better to give people a few years to send coins to a quantum proof address, and then freeze all unprotected coins assuming they were lost. From the victims perspective this is about the same as having the coins stolen, but it would be far safer for the ecosystem as a whole.

Saturday, February 25, 2017

Your money is already just numbers in somebody's computer, the only question you have to ask yourself, whosе computer?

A lot of people struggle to understand bitcoin, because it's "digital", without recognizing the simple fact that nearly all money today is digital. Virtually all of our money today is just numbers stored in a database on someone else's computer.

However, there are important distinctions between having your money represented on a computer owned by a bank or stored on a tens of thousands of computers worldwide in a cryptographically secured peer-to-peer network.

Your digital money at a bank can be frozen, stolen, blocked, hacked, and devalued. You cannot do anything with your digital money stored at a bank without permission from the bank that controls it and under the scrutiny and whim of the state. Your funds can be blocked, confiscated and, most certainly, tracked and reported to the government.

Your digital funds on the blockchain suffer from none of these issues, with the only legitimate concern being that the value can fluctuate substantially on a daily basis.

This works out to a simple cost/benefit calculation for your personal risk tolerance.

Savings in bitcoin are likely, on average, to increase in value over time. Savings in fiat are 100℅ guaranteed by design to be worth less over time.

I just thought I would share this as a gentle reminder any time someone claims bitcoin isn't "real" because it's just numbers on a computer.

People which not use bitcoin don't avoid it because it's digital, we all know this - they're already using digital money all the time. They avoid it because they don't trust it, and they trust banks. Who can blame them, really - they've never had a problem with their bank, they have no idea how bitcoin works and the only evidence they can understand to show that it's not a complete scam, is that it hasn't collapsed in 7 years.

These people also believe that the money in their bank account is their property. It's not. The bank owes you the money. If they refuse to give it to you, they're not technically stealing, they're just in debt.

Also, money are form of debt. You exchange something of value for a token. Later you exchange the token for something if value. The token is a debt owed to you, by the community that has agreed to use the token. There is an implicit or explicit promise to honor the token debt and their is an accompanying possibility of default. This applies to all kinds of money, including bitcoin.

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