/biz/ - Business & Finance

[Anonymous No.9419196]

How is jewcoin supposed to be "against the system" if banks and governments are the only ones who will have the computing power and resources to perform the proof of work calculations once the blockchain grows?

[Anonymous No.9419220]

>>9419196
Hey someone with a brain on this board! Wow I thought you all left to work at wall street and chat on private telegrams.

Satoshi is the NSA. Open secret. That's why butcoin is transparent. Also check out the investors in ethereum, hint there's an agency that starts with a "C" involved.

[Anonymous No.9419233]

Fuck (((BCore))) and their pajeet shills. Any shitcoin is better than this piece of garbage.

[Anonymous No.9419243]

>>9419196
That's wrong.

[Anonymous No.9419256]

>>9419220
If satoshi had been the NSA they would have picked the latest encryption instead of SHA256

[Anonymous No.9419280]

>>9419256
If an independent developer made butcoin, then yeah they would use theaters encryption. But here's a question : who developed sha256? And how likely is it that its pre broken?

[Anonymous No.9419285]

>>9419243

Any explanation why? No one is mining coins at home these days.

[Anonymous No.9419298]

>>9419196
>what is an incentive based system
how can gold be against the system when companies require government issued mining permits

[Anonymous No.9419325]

>>9419298

But here you literally depend on the big guys for your transactions to go through. That's what proof of work is. It's insane!

[Anonymous No.9419357]

>>9419325
the big guys depend on transactions
all the millions of dollars invested in mining will be for nothing if there's no adoption
miners have the least incentive to act against the usefulness of bitcoin out of any partys involved
any deliberate attack of the network is just an opportunity for smaller miners to become more profitable by acting honestly

[Anonymous No.9419367]

>>9419196
>How is jewcoin supposed to be "against the system" if banks and governments are the only ones who will have the computing power and resources to perform the proof of work calculations once the blockchain grows?

[Anonymous No.9419382]

>>9419367

Excellent post, 10/10

[Anonymous No.9419399]

>>9419357

Will smaller miners have the resources to deal with the computations fast enough so that the network can keep running efficiently?

[Anonymous No.9419418]

>>9419285
That's also wrong, but for the sake of argument let's assume an eventual equilibrium develops where it isn't; the logic still doesn't follow because the initial disturbion of coins is not the entire story.

Did you really think that we were going to move to an economic system predicated upon every sadsack who can muster the cost of basic compute hardware and clumsily stumble their way toward setting it up to mine would be the final result of the distribution of money? We all just mine badly and then hold and it moons, then we all get Lamborghinis?

That is unrealistic to the point of idiocy.
People who are market masters at proof of work will inevitably draw the largest share of the initial distribution. They will then liquidate stake to cover costs and hold stake to grow their wealth.

Those who buy from the will use the purchased instruments to coordinate free market monetary activity, or in a vertical model the miners themselves will do this, effectively being combined reserve, retail and investment banks. Those who do well in those respective spaces will flourish and those who do not will be destroyed as in all market endeavors.

The growth in wealth of the society in question subjects to genuine free market pressures with an auditable and constantly known monetary supply against which no economic agents can defect will be unparalleled in all of human history. The parasite classes who presently exist and flourish by regulatory capture of chicken in every pot politicians in order to silently plunder the wealth of nations will fail miserably to compete in the new ecosystem where their skillset is worth absolutely zero.

This is the endgame. States and central banks get the rope. Free banking takes hold. Darwinian competition on a fair playing field yields incalculable dividends for society as a whole. Everyone does whatever they are best at in the market, but economic prosperity is so widespread and abundant that cost of living tends to zero.

[Anonymous No.9419468]

>>9419382
>I don't know what Moore's law is

[Anonymous No.9419476]

>>9419399
yes it is a competition
so innovation is greatly rewarded
ownership of hashpower will be a pareto distribution which is completely natural despite what communists tell you

[Anonymous No.9419498]

>>9419418

Learn what mining is. Mining is the process of validating a transaction. You get bitcoins as a reward for doing it because mining takes resources. The problem I'm highlighting isn't about who owns all the buttcoins - it's that if the only ones who have the necessary computing power are big organisations, they can throttle transactions and own the network.

[Anonymous No.9419509]

>>9419476
>ownership of hashpower will be a pareto distribution

And this is good because?

[Anonymous No.9419521]

>>9419196

obligatory /biz/ viewing material:

https://www.youtube.com/watch?v=UYHFrf5ci_g

https://www.youtube.com/watch?v=sbD0kiTddEs

https://www.youtube.com/watch?v=tKYEQVPklLI

https://www.youtube.com/watch?v=Ug8NH67_EfE

[Anonymous No.9419541]

>>9419498
it's about incentives, there is no such thing as equal distribution of power in any competitive environment
that is part of the genius of bitcoin; that it was designed with the acknowledgement of that

>>9419509
it's neither good nor bad, it's reality. A cannonball follows a parabolic trajectory, is it better aim acknowledging the reality or aim incorrectly because you want to believe it's a social construct

[Anonymous No.9419634]

>>9419498
I run a multi megawatt mining business alone. I know what mining is. Any miners that undertook the suggested actions would invalidate their chain, and there are hundreds of competing chains all trying to offer a fair playing field with the exception of bcore, and as a result of bcore deception, it is dying, exactly as nakamoto consensus predicts that it ought

[Anonymous No.9419790]

>>9419634

OK.

[Anonymous No.9420781]

>>9419498
congrats, you just realized why bcash is a piece of shit.
mining will inevitably be more or less centralized in several big competing hubs, but we can keep them honest by having a vast network of nodes which verify the work done by the miners. if a miner does something stupid, he will find himself forked away on his own, while the rest of the network keeps working as intended.
for this reason you need non-validating nodes and you also need them to be easy and cheap to run. the larger the blocks get, the harder it becomes to do so, thus removing "the watchmen". this would centralize not only mining, but verifying, thus giving miners free reign to do whatever the fuck they want.

[Anonymous No.9420811]

>>9420781
non mining nodes have no ability to cause a fork
no amount of non mining nodes or what code they're running change the incentives for the miners

saying non mining nodes can change consensus is like saying you can change the outcome of a tennis match by watching it on tv

[Anonymous No.9420831]

>>9420811
wrong.
i can tell that youre either a paid shill here to spread disinfo, or a newfag who came here after last summer. you know how? because thats exactly what happened last summer. look up uasf.

[Anonymous No.9420842]

>>9420831
if jihan didn't choose to mine it, it wouldn't exist

[Anonymous No.9420968]

>>9420831
You're an idiot. He's completely correct. uasf accomplished zero. Before and after uasf raw segshit signalling did not change. Segwit2x pushed approval to 95 percent and then coretards pulled bait and switch just like they were expected to, and the bch contingency kicked in and assfucked them on November 12,immediately taking 90 percent of the hashpower and demonstrating what happens when the incentives for miners are contrary to coretard demands.
Non mining nodes don't "watch" miners in any meaningful way. The reason we don't mine on invalid blocks is because other miners won't mine on top of them and we circumvent hundreds of thousands of dollars having done the wrong thing. Some fuckwit raspberry pi node in mum's basement that will never process more transactions than its own price even monitors absolutely nothing.
Kill yourself you retarded corecuck fuckwit.

[Anonymous No.9421516]

>>9420968
youre an idiot, kid. fyi, i supported s2x and still advocate increasing block size, but not to 32mb or even higher. theres also a million other problems with bcash i wont get into.
>assfucked them on November 12,immediately taking 90 percent of the hashpower and demonstrating what happens when the incentives for miners are contrary to coretard demands.
i refuse to believe anyone can be this fucking retarded. are you seriously going to use hashrate percentage as an argument for bcash? then answer these questions: whats the hashrate percentage of bcash right now? how long did bcash hold higher hashrate in november (btw, it was nowhere near 90 percent, barely above 55 iirc)?
>Kill yourself you retarded corecuck fuckwit.
core can fuck off along with your master puppeteer jihan and asswipe ver.

[Anonymous No.9421546]

>>9421516
https://fork.lol/pow/retarget

time's up

[Anonymous No.9421560]

>>9421516
It was 90. Historical record. You're a fuckwit and you have no idea what you're talking about.
When the hash rate goes the same way again due to price activity unfavorable to bcore it will permanently destroy it. Enjoy your bags of frozen shit. You deserve them for your idiocy.

[Anonymous No.9421571]

>>9421546
Oh my God are you fucking kidding me, shit fuck fuck fuck it's happening fuck.

[Anonymous No.9421643]

>>9421560
you didnt answer my questions, bitch:
>whats the hashrate percentage of bcash right now?
>how long did bcash hold higher hashrate in november?
now stay on topic, or fuck off.

[Anonymous No.9421659]

>>9421546
why is the time up now, but wasnt up in apr 14, apr 28, may 5 or may 6, mr. shill? the estimated days also jumped up on those days.

[Anonymous No.9421702]

>>9421643
Yeah whatever ignore the tidal wave of pain heading in your direction right now coretard. You deserve the havoc you are about to receive. Eat it.

[Anonymous No.9421725]

>>9421659
dunno it might not be
I think this is the longest up trend yet and also we have the bch hardfork tomorrow
it will eventually happen as described here>>9421560
jihan, roger, calvin, nchain have all said they think bch is bitcoin I don't know how you can justify owning btc when the miners that secure it are publicly trashing it

[Anonymous No.9421743]

>>9421702
whats the matter, you realized you have no fucking argument? actually you do, but your argument disproves your own point, retard.
and again, i dont support core, theyre a bunch of manipulated kikes. shove your canned insults up your moms loose anus. i barely even have any btc but i sure as hell dont have any bcash scam coin.

[Anonymous No.9421752]

>>9421743
what are you invested in then?

[Anonymous No.9421784]

>>9421743
Just because you're an idiot that doesn't understand the landscape doesn't mean I'm not right. It just means you're a fucking idiot. The very fact while you're trying to big note the core hashrate while it's presently in a state to *NEVER REACH A FUCKING DIFFICULTY ADJUSTMENT AGAIN* says everything anyone needs to know about what you think. Your other questions are boring and irrelevant to that central fact and are in light of it no consequence, but for the record yeah I'm aware it was only one day at 90 percent bch hash rate.

[Anonymous No.9421792]

>>9421752
You got btfo, now fuck off.

[Anonymous No.9421804]

>>9421792
what about you is i pic related rakesh?

[Anonymous No.9421807]

>>9421725
ffs you cashies are beyond retarded. where did i say i have btc? are you incapable of anything but binary thinking? or is this just what your shilling script says?
i barely own any btc (which i use for trading alts and cashing out), i do not support core. i dont own any bcash and im even more against toxic garbage like ver, jihan and calvin.
also, the current trend is not longest, look at the fucking scale of your own graph. it not exactly linear, brainlet.
and the fairytale that kid posted has been spouted around since the hardfork happened. we had dragonslaying memes polluting biz for weeks anytime bcash got more than 20% hashrate. guess what, nothing ever happened and most likely never will.

[Anonymous No.9421835]

>>9421807
the graph is linear
good to hear your btc is on exchanges Padma, you won't get caught in the chain death spiral

[Anonymous No.9421871]

>>9421752
i dont invest ideologically, i just want to make money, so my holds change constantly. my longest and largest hold has been monero. ill admit that that one is a bit ideological though.
>>9421784
if 1 day in almost a year now is assfucking, what would you say btc did to bcash by having 90+% hashrate for almost 300 days?

[Anonymous No.9421950]

>>9421871
Nothing at all, because no matter what the bch hashrate is it does just fine with ten minutes blocks due to the fast DAA. Unlike btc, which will be killed because of its DAA.
Enjoy your bags bitch.

[Anonymous No.9422465]

>>9421950
i dont have btc bags, kid, ask your mom to read this thread so she could explain wtf were talking about here.
also, have fun with soft forks on your shitty chain with that retarded daa. oh wait, thats right, you wont have any, since development and mining is currently completely centralized. if this shitcoin will ever start rising, it will get attacked and killed.
enjoy your bags bitch.

[Anonymous No.9422514]

>>9422465