Gold collapsing. Bitcoin UP.

[Zangelbert Bingledack]

Satoshi is back in full force here. Speaking at the top university in China about:

- How SPV really works, in detail

- How double SH256 enables mining to be divided into specialized fields, such as breaking mining into hashers and block orderers where you put the hashers behind the Chinese firewall and the block orderers in front of it

- How double SHA256 enables filtering of illegal content

- How data storage works economically via a mandala-network series of concentric overlays on top of the Bitcoin protocol, and paying for faster data transmission like a paid turbo button

- How micropayments (fees << $0.00001) allow for deep specialization, hypercapitalism with a much finer grained division of labor; we're talking 6 orders of magnitude deeper penetration of the system that has been the mainspring of human progress for millennia

- why Merkle trees are stupid unless you have gigabyte blocks

- and some old hat concepts for us: hashing doesn't secure, rather it's about scaling; errors in the "market for lemons" concept; cheating miners are peacocks with 18-foot tails; mistakes and cheating are profit ops for competing miners; and why the mining subsidy forces "scale fast or die"

 

[cypherdoc]

@freetrader revived again on reddit similarly meddling around BU issues. careful, you can't trust this guy:

 

[freetrader]

Thanks for publishing my position on the matter. Good job!

 

[cypherdoc]

hey @Peter R, care to comment on this real world example?

 

[cypherdoc]

please don't let this piss you off

 

[cypherdoc]

dang

 

[cypherdoc]

"offer the space and they will come"

 

[cypherdoc]

"I promise you, the market will just keep ignoring these things; until it just can't"

 

[Zarathustra]

Sooner or later it will turn out that the market is a lethargic idiot, or that we are the idiots.

 

[Zarathustra]

 

[Zarathustra]

Newly re-elected @solex has some interesting work ahead. He has to incorporate BU in some jurisdiction. He has to do accounting for every single satoshi spent over many years. And he has to figure out the tax.

He should probably show what's going on to BU members. Members should know that the 3 people controlling BU funds are hiding their spending from the membership.

If he is too lazy and doesn't work it out, he will be given an orange suit for free.

I currently consider the BU funds as stolen by @solex, @theZerg and @Peter R because they refuse to tell the membership how the funds are spent.

Omertà? Is this really true? They still refuse to provide transparency? I almost can't believe it. I always had a lot of respect for @solex, @Peter R and @theZerg.

 

[Zangelbert Bingledack]

This guy has been on fire recently.


An especially interesting claim he makes is that after tx volume far exceeds the subsidy, the blocktime becomes nearly 10 minutes for every block (almost never less than 9 minutes and almost never more than 11 minutes).

 

[Norway]

A great tool to see what the different transactions are used for:
https://trends.cash/ranking/

 

[trinoxol]

> the blocktime becomes nearly 10 minutes for every block (almost never less than 9 minutes and almost never more than 11 minutes).

Craig recently pointed out something interesting: When fee revenue dominates the block reward, miner behavior changes. The amount of fees available for a miner rises linearly over time. Directly after a block has been found it's zero. This means that miners will just power off their mining hardware for some time after a block has been found because the power cost exceeds the possible revenue.

As far as I know, Craig was the first one to point this out.

This is the kind of insight you'd expect from Satoshi... Or from someone who just deeply understands Bitcoin.

 

[cypherdoc]

>As far as I know, Craig was the first one to point this out.

No, that's not true. it was pointed out before in an academic paper.

I think mit; co authored with Narayanan, iirc.

 

[79b79aa8]

@Norway congratulations on surpassing KaChing's fundraising goal.

 

[Norway]

BCH is now down to the same tx level as Dogecoin
https://bitinfocharts.com/comparison/transactions-bch-doge.html#3m

 

[freetrader]

please don't let this piss you off

 

[Norway]

It's fun to boil the frogs from cold water. These agile and impatient creatures will not understand when it's too late.

 

[bitsko]

Im not sure who I want to see metanet.icu slack screens from more, alstair milne or freetrader.