CSW
Oct 13, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1602586584308500?thread_ts=1602586584.308500&cid=C5131HKFX

https://t.me/CSW_Slack/2400

You can't really answer this. When talking about how long is a piece of string. A central bank project will be able to do the basic transfer for fractions of a fraction of a cent but this is not the issue. The issue has their own internal structures.

You can print as many tokens as you want. The central bank loses no control, they gain the ability to trace money. If anything, it allows them to determine how much of their cash is overseas and how much is being used and moved. It enables them to recover lost funds and much more.

Bitcoin doesn't impact fractional reserve lending at all. I said this.

Bitcoin itself acts analogously to gold. Remember however that the US dollar or British pound also acted on the gold standard with fractional reserve banking.

Capital requirements are already monitored. This is a part of the existing banking system. The problem isn't bitcoin. Capital reserves are often held in volatile assets such as shares. If the share price goes down, the capitalisation of the bank also goes down.

This is the fallacy with bitcoin banking that people don't get. Bitcoin can be used as a currency, but it doesn't stop fractional reserve. For instance, if you're in a US dollar bank, you couldn't even have bitcoin as a reserve like some people think. The problem again is volatility. A bank cannot have a volatile asset as fluctuations are leveraged. Bitcoin is volatile, but bitcoin leveraged is many times more volatile.

Imagine, there is a 10 to 1 leverage which is not that unusual. If bitcoin exhibits a price volatility of 10%, the leveraged now makes this variation over 100% of the value. Banks can't operate that way.

Tokenised fiat on top of bitcoin can be issued exactly as it is now but we will not see corporate investment of bitcoin until the volatility is next to nothing.

without use, BTC will never achieve this

the only way to gain use is to increase the block size

yes, nobody really knows how much gold there is compared to the amount that is sold

Bitcoin is cash - it is not a replacement for money as a whole

@Ric
All these things come down to economies of scale and profit considerations.

the central bank of a country could do this for fractions of a cent per transaction but it comes down to a question of how many transactions and how much currency the bank is issuing and how much monitoring they want to implement.

CSW
Oct 13, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1602586584308500?thread_ts=1602586584.308500&cid=C5131HKFX

https://t.me/CSW_Slack/2400

CSW
Dic 23,. 2030
https://metanet-icu.slack.com/archives/C5131HKFX/p1608710744302500?thread_ts=1608710744.302500&cid=C5131HKFX

https://t.me/CSW_Slack/2402

The end will be the Japanese government filing criminal charges for false misrepresentation and fraud

Yes

BTC IS an investment contract

Started in 2017 with no use other than coin go up.

Not cash. Not a commodity and controlled by a small group of developers

CSW
Dic 23,. 2030
https://metanet-icu.slack.com/archives/C5131HKFX/p1608710744302500?thread_ts=1608710744.302500&cid=C5131HKFX

https://t.me/CSW_Slack/2402

CSW
Dic 29, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1609193907097000?thread_ts=1609193907.097000&cid=C5131HKFX

https://t.me/CSW_Slack/2404

There is no encryption in Bitcoin.

So, there is no way to stop coin being seized by Government, eg under a proceeds of crime order.

Exchanges and miners are companies

They are NOT decentralized

BTC is the SIMPLEST asset to be seized using a proceeds of crime order in human history

No blockchain operates outside law. It is a cash system and it can be hidden in SMALL amounts and that is it.

Bitcoin does not solve politics, if this is what you want, you are mislead

CSW
Dic 29, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1609193907097000?thread_ts=1609193907.097000&cid=C5131HKFX

https://t.me/CSW_Slack/2404

CSW
Dic 29, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1609258023162900?thread_ts=1609258023.162900&cid=C5131HKFX

Ray Dillinger posted this comment on Bitcoin today
Dic 29, 2020

https://twitter.com/wakgill/status/1343946053205307394

no, it isn't a failure. The problem is Ray and Hal did not want what I want

it works perfectly

it was never meant to be set up otherwise. I stated that it ends in data centres in 2008. This is the problem, everybody I've got with an inkling of wanting to work on this also has wacky ideas about what should be

it is not designed to take down governments

it is not designed to replace banking

in fact, you can't be your own bank because banks are not about giving out cash or holding it. Banks are about loans

Banks take long-term risk and balance it was short-term risk.. Cryptocurrency doesn't do this. Cash doesn't do this.

Wei - Ray wanted b-money idea 1

I wanted 2

I always stated - IT ENDS IN DATACENTRES

https://bitcointalk.org/index.php?topic=532.msg6306#msg6306

Those few nodes will be big server farms.

https://bitcointalk.org/index.php?topic=149668.msg1596879#msg1596879

And honestly

It is now too late, my version will win, and no anon coin will ever be allowed

CSW
Dic 29, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1609258023162900?thread_ts=1609258023.162900&cid=C5131HKFX

CSW
May 24, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1621836360004000?thread_ts=1621818511.492300&cid=C5131HKFX

https://t.me/CSW_Slack/2409

Vitelik is not educated in any manner either as a computer scientist or generally in life. So, why people think that he has a concept of how this all works is beyond me. The fact of the matter is that more systems are good. More access points are good. But this is not a function of one node one IP address as he seems to think. The reality is there will only ever be less than 100 nodes on bitcoin. While that may not seem much to some people, and the reality is that the majority of hash power will be held by less than five nodes at any time, the major nodes in the future as it scales will be bigger and more widely distributed.
 
Bitcoin scales horizontally. So, one of those five nodes will have tens of access points. In his cursory analysis of how the Internet works but doesn’t even really address much of that he has neglected to understand how commercial systems scale when they are able to scale horizontally. The ability to determine a node based on addressing doesn’t give him his concept of an attack as he seems to think. It is not the same as an IP address or a DNS address, nodes can watch the network across multiple access points and can have system set up that attackers don’t know about.
 
Basically, this is the sort of comment that someone who has never had any real training and information security would say. It is the sort of comment that movie hackers who haven’t formally done any risk training state all the time. It is the typical comment of the uneducated.

CSW
May 24, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1621836360004000?thread_ts=1621818511.492300&cid=C5131HKFX

https://t.me/CSW_Slack/2409

CSW
Dic 29, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1609266408180200

https://t.me/CSW_Slack/2412

yes, this was in one of the other threads and yes it ignores everything I set about bitcoin

Basically, there were two versions of b-money and the concept of CryptoCredits

CryptoCredits was the internal currency of the proposed blacknet system.

people like Tim and Wei wanted the first version

http://www.weidai.com/bmoney.txt

if you read this, you will see that there is a first and the second protocol

these are not compatible

The first protocol was designed for untraceable money. The second was discarded and never followed up because it allows for traceability, this is what was added into bitcoin to make it bitcoin.

Bitcoin was never designed to be the first protocol

I never intended it to be the first

others including Bear want to system for crypto anarchy, I do not.

and, the thing they don't seem to get is there is a dialectic between bitcoin and they are complete opposites. You cannot modify bitcoin, it only works in the format of the second protocol and this is all that I worked on to make work

the bit that was always missing was the economics of the system

the reality was they were not interested

I don't need to punish people as Wei and others believed, I simply have them as commercial entities.

they want crypto anarchy

I just created a system that uses competing companies

if you read the second protocol you'll see that it's bitcoin minus the economic incentives

https://ia600208.us.archive.org/10/items/cyphernomicon/cyphernomicon.txt

Both Hal and Bear.

And, As usual I missed this

Both of them wanted b-money protocol 1.

Both wanted, not-Bitcoin.

But, I thought Hal knew what he was doing and telling me and I listened, and was foolish enough not to trust myself.

I believed people when they told me Bitcoin was flawed

The truth, it was fine. The flaw was my willingness to listen and not to dogmatically hold onto my original concept tighter.

CSW
Dic 29, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1609266408180200

https://t.me/CSW_Slack/2412

CSW
May 26, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1622048425146700?thread_ts=1622048425.146700&cid=C5131HKFX

https://t.me/CSW_Slack/2415

1 MB block size
https://t.me/joinchat/C1SRjZeluIowZWQ0

CSW
May 27, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1622107773169900?thread_ts=1622107773.169900&cid=C5131HKFX

https://t.me/CSW_Slack/2417

CSW
May 27, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1622107773169900?thread_ts=1622107773.169900&cid=C5131HKFX

https://t.me/CSW_Slack/2417

CSW
Dic 29, 2020
https://metanet-icu.slack.com/archives/C5131HKFX/p1609268772189000

https://web.archive.org/web/20030813212058/http://www.cs.sandia.gov/HPCCIT/el_cash.html

https://t.me/CSW_Slack/2419

Recent Accomplishments:

We introduce the first electronic cash system that incorporates trustee-based tracing, while provably protecting user anonymity. This effort expands on provably anonymous electronic cash systems. Our system maintains completely provable user anonymity with the exception that, only with the cooperation of several publicly appointed trustees (e.g. key-escrow agents), the government can trace a user's spending with certainty, determining to whom the user gave his/her money and how much s/he gave. The trustees can answer the question of whether a particular payment was made by a particular user, without revealing any additional information. This allows for authorized forward and backward tracing that does not impinge on the privacy of anyone other than the parties of the one transaction in question. Some of our trustee-based tracing require no tamper-resistant hardware, and all can be implemented as either on-line or off-line systems.

Impact:

Electronic cash is a subject of great economic, political, and research importance. With advances in computer networks, in processor speed, and in databases, and with advances in note counterfeiting technology and with both individuals' and businesses' desire for remote and more convenient financial transactions, some forms of electronic cash are likely to become widespread within 5 to 10 years. Although unconditionally anonymous electronic cash systems have been proposed in the literature, governmental and financial institutions are unwilling to back a completely anonymous system. Their reasons for opposing complete untraceability have to do with the containment of user fraud and the desire to restrict the new kinds of crime that unrestricted, remotely withdrawable, and spendable electronic cash could facilitate. Because of the necessary concern over crime control, they have previously proposed systems with little or no protection for the users' privacy. Our system provides the capability required by government for crime control while maintaining privacy for all other users.

Last Updated: January 18, 1995

WWW Administration (www-admin@www.cs.sandia.gov) Peter S. Gemmell (psgemme@cs.sandia.gov)


https://web.archive.org/web/20030813212058/http://www.cs.sandia.gov/HPCCIT/el_cash.html

https://t.me/CSW_Slack/2419