#pest | 2024-01-22

http://logs.bitdash.io/pest/2024-01-20#1031867 << unlikely that anyone's aboutta repeat the bch/et al escapade -- unless they can 'fix' the 'bug' where folx are able to dump the shitcoin in trade for actual coin

12:31

Logged on 2024-01-20 17:15:49 billymg: http://logs.bitdash.io/pest/2024-01-19#1031864 << oh neat, miners are gonna airdrop bidencoin for us to dump? keep me posted

12:32

http://logs.bitdash.io/pest/2024-01-20#1031869 << imho is elementarily, by definition, tru that it undermines decentralization. can debate 'how much', 'what's the practical effect', but not 'whether'

12:32

Logged on 2024-01-20 17:20:53 signpost: definitely the case that mining is a heavy industry now, not something an individual can meaningfully do. whether that undermines decentralization is an open question, though indisputably having more mining participants means more decentralization.

12:34

http://logs.bitdash.io/pest/2024-01-20#1031871 << afaik no serious operator has yet even threatened to defect on e.g. segshit. so whoknows what other atrocity reich may be able to 'soft'-force 'consensus' for

12:34

Logged on 2024-01-20 17:23:23 signpost: (and at least the energy resources necessary to mine reside in multiple orwell-scale empires who have reason to defect on the matter of excluding transactions from blocks)

12:35

segshit went in and still sits because was a) ultimately +ev for the miners (moar tx fee) and b) there's no inexpensive way to set it on fire a la bch

12:44

consider for instance: instead (or even in addition) to dumping coin on the market to dampen exchrate, reich starts sending a 'phree' coin to erry miner who mines a block containing only 'kosher' tx. they've enuff to do this for 20y at least.

12:45

no bans/firing squads/paid stoolies/etc req'd. 0 meaningful 'resist', 'the market'(tm)(r) will be doing their work for'em.

12:48

('kosher' could mean anyffin at all, from 'not features any of these 11 we-think-putin-wallet addrs' to 'goes from Officially-registered to Officially-registered addr' to whatever)

12:49

http://logs.bitdash.io/pest/2024-01-20#1031873 << if he actually though this (have link to where said?) it then aint clear to asciilifeform why he bothered to get involved

12:49

Logged on 2024-01-20 17:24:34 signpost: (though if hal finney was in fact satoshi, he did see a day where bitcoin would only be held and transacted by banks, iirc, so there's reason for doubt)

12:49

seems like an admission of defeat prior to any shots

12:50

*thought this

12:50

https://bitcointalk.org/index.php?topic=2500.msg34211#msg34211

12:50

signpost: ty

12:50

contrary to satoshi's "digital cash" indeed

12:50

well, contrary to views espoused by a handle called satoshi

12:51

could be same guy and he changed his mind, could be finney came in with his own opinions

12:52

the 'digital cash' thing was arguably an elementary arithmetic fail tho (given as errybody is stuck storing all tx 4evah, yer stuck with a reasonable limit as to their volume that is far below 'erry cup of tea')

12:55

this was 1 of the key lulz in the bch story -- 'megablocks' would've given 'running a noad costs 5+figs/$/mo' -- hence why reich pushed megablox -- without remotely coming close to 'pay for erry tea cup with coin'

13:02

at any rate, the 'only banks' 'dystopia' arguably is already here. i.e. some large % of all coin is in lizard hands; and there's afaik ~no actual coin-denominated commerce b/w humans.

13:06

most tx, asciilifeform suspects, already for long time has been 'human -> gox', and there it tends to stay

13:14

1 interesting item -- cost of tx was even recently far too small, to the point that reich has organized a 2017-style 'stress test' (just like prev. go around, using shitcoins that feature liquishit storage in btc tx )

13:15

some of'em -- only spam mempool, and in fact cost the spammers nuffin; some -- actually mineable tx

13:16

all of this coupled with a rerun of 2017 'see, it's far too crowded, wouldntcha like an alt that's moar of 'electric cash'(tm) !'

13:23

to date, reich continues to succeed in making actual use of btc just painful enuff so that primary use continues to be 'hodl'.

13:24