Thursday, December 26, 2019

The Bitcoin FUD in this sub is ironic when you actually look at Satoshi's REAL vision

People like to nitpick the white paper as if that's Satoshi's vision however they don't mention the actual quotes from Satoshi himself 2 years after the Whitepaper.

One of the main FUDs this sub likes to talk about is LN as if Satoshi didn't want this to be created. WRONG.
Satoshi said this in 2010 - "The design outlines a lightweight client that does not need the full block chain. In the design PDF it's called Simplified Payment Verification. The lightweight client can send and receive transactions, it just can't generate blocks. It does not need to trust a node to verify payments, it can still verify them itself. The lightweight client is not implemented yet, but the plan is to implement it when it's needed. For now, everyone just runs a full network node." If you don't see how this is the LN that Satoshi anticipated than you might be delusional.

To further digress on that a bit - "I anticipate there will never be more than 100K nodes, probably less. It will reach an equilibrium where it's not worth it for more nodes to join in. The rest will be lightweight clients, which could be millions." He already knew most people will be using the second layer.

The second biggest FUD would be the block size. The 'satoshivision' fan boys claim that it was apart of Satoshi's vision to not bring out innovation and stick to the bitcoin core client and increase it's blocksize when needed however this is also wrong.
-"The threshold can easily be changed in the future. We can decide to increase it when the time comes. It's a good idea to keep it lower as a circuit breaker and increase it as needed. If we hit the threshold now, it would almost certainly be some kind of flood and not actual use. Keeping the threshold lower would help limit the amount of wasted disk space in that event." Anyone with common sense would acknowledge that the 2017 bull run was just a FLOOD like satoshi mentioned. And it literally was, anyone who was here would recall the Bitcoin network was under heavy attacks and was being spammed by thousands of penny transactions. During all of this drama is when the 'satoshivision fan boys' started coming out trying to call a flipenning. If you don't see how this was a fraudulent attempt to take over, than again you might be delusional. Bitcoin block size did increase by very little but just like satoshi's actual vision, it's been kept low because we don't actually need to increase it. Best to work on innovation than to take the easy route and only increase if ACTUALLY needed and not just because floods are happening.

The 3rd major FUD attacks on Bitcoin in this sub is based on the mining. People in this sub really think China will overtake the network which is another delusion.
-"The incentive may help encourage nodes to stay honest. If a greedy attacker is able to assemble more CPU proof-of-worker than all the honest nodes, he would have to choose between using it to defraud people by stealing back his payments, or using it to generate new coins. He ought to find it more profitable to play by the rules, such rules that favour him with more new coins than everyone else combined, than to undermine the system and the validity of his own wealth." China would never try to overtake the network. It literally makes no sense. China is about greed and this kind of attack would lose A LOT of money. Not only that, but even if overtaking the network you still can't do anything really! You can't steal anybodies coins. The most you can do is buy something online and than overtake the network so you can double spend and essentially get your money back even though you used it. But you cannot touch anybody's wallets so again it makes zero sense to believe China would ever attempt something like this which makes no sense. All China wants is more money. They will continue to grow there farms essentially making bitcoin stronger.

To digress a bit further - "There would be many smaller zombie farms that are not big enough to overproof-of-worker the network, and they could still make money by generating bitcoins. The smaller farms are then the "honest nodes". (I need a better term than "honest") The more smaller farms resort to generating bitcoins, the higher the bar gets to overproof-of-worker the network, making larger farms also too small to overproof-of-worker it so that they may as well generate bitcoins too. According to the "long tail" theory, the small, medium and merely large farms put together should add up to a lot more than the biggest zombie farm."

"Even if a bad guy does overproof-of-worker the network, it's not like he's instantly rich. All he can accomplish is to take back money he himself spent, like bouncing a check. To exploit it, he would have to buy something from a merchant, wait till it ships, then overproof-of-worker the network and try to take his money back. I don't think he could make as much money trying to pull a carding scheme like that as he could by generating bitcoins. With a zombie farm that big, he could generate more bitcoins than everyone else combined."

Most of the FUDers here are just moonboys who think they will get BIG profits short term. Be realistic assholes, Bitcoin is a 5-10 year investment. Yeah that's years. This FUD won't be relevant in 5-10 years and it's still not even relevant today when you take into consideration the bigger picture of bitcoins development.


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