[ZS] BTC over 100 EUR

Sun Apr 7 22:01:48 PDT 2013

I'm thinking this won't crash anytime soon either. Unless some early-on
bitcoiner wants to check out hard. Even if that happens the recovery will
be quick enough. And why would mister early bitcoiner check out now? That'd
be stupid.

Regarding LTC/PPC/MC2:
2) memory-hard/anti-dedicated circuit algorithms:
Who are you shitting here? Right now mining is dominated by those whom
invested specifically into Bitcoin mining. That's good, they're heavily
vested exclusively in Bitcoin. Who are you helping with this? Not the
layman, he still can't compete with the pro's (that will revert to just
buying specialized PC's). Instead the botnet owner is made happy, the
botnet will do comparatively a lot better than it does now (note: this is
bad). I appreciate the notion of making coin generation more distributed,
but it is fundamentally incompatible with anonymity and therefore with
digital cash.

also 2) (numbering error caused by self-publishing) PoS (Proof of Stake)
Given 2 removed proof of work as proof of stake, we now introduce some
bullocks that will favor people that already have money through a
really nontransparent scheme. The idea being you should get money if you
have money. This PoS will cause a bloated blockchain that improves it only
through some diversity of Proof mechanisms. Additionally it promotes
hoarding coins even more than Bitcoin (and friends) already does. Did I
mention it isn't very transparent why one would want this? (don't get me
wrong, it has some interesting factors. But it just isn't a good idea to
require coin for these transactions. It's oligarchical in nature.)

3) About block rewards

Block rewards in Bitcoin are used as a trick to mint coins. Mining
incentive should switch mostly to transaction fees. Although I think too
that they can be used to affect the system positively, it is hard to make
sure it is a positive influence. It has already been extremely
controversial, even though it is so simple. Someone even went so far as to
say that not halving the block rewards causes Bitcoin to "stop being
Bitcoin".

The control over inflation given here is.. Bullshit. Again. The inflow rate
decreases 8% per bityear until after 27 (why 27?) years after which it will
be up to 1% increase or 1% decrease in inflow. Somehow the author thinks
anyone that mines (is invested or has coin) will vote to have less inflow
(thus causing said miner/coin owner to earn less next year given most
people don't mine or own a lot of coins).  Why is 1% a limit either way?
It's insignificantly small. The author also says this amounts to a
"democratic" system, whilst it is a totally elitist's vote.

There is absolutely 0 reasons to believe this is the next Bitcoin. I
predict proof of stake will never make it to the mainstream. I also predict
that whatever alternative follows Bitcoin, it will not lower the value of
Bitcoin significantly. Bitcoin will become the gold standard. Just as it
has been designed. And it fits its role because it's design is free of
additional rubbish, less is more. And less takes a lot of effort.

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Eugen* Leitl <a href="http://leitl.org">leitl</a> http://leitl.org
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