1/2
We'll assume the constant call for 100,000 USD BTC. Except I'm going to be realistic and have this so that we increment in real terms. Reality is that it won't even get that. If you start looking at the calculations, the halving means that they are going to need $20 fees or more for every transaction. It never becomes viable.
and of course this is the problem that they don't understand. Digital gold for $20 is not valid or viable outside of crime and that will be killed it's already criminally illegal
alternatively, BSV can make this up by offeringfees as long as they make the value above
and this is what scaling does do it
the more we scale, the cheaper it gets and the more money miners earn
what they really don't understand is that there is only US$5 trillion worth of cash on the entire planet. You cannot take broad money
broad money means $80 trillion
the problem with broad money is that it includes debt loans checks all sorts of things
for broad money, we include all the fractional reserve exchanges et cetera
so the result is that you can do a calculation based on the amount of narrow money and assume that if all of bitcoin goes into circulation, which it won't, that we can get a maximum price
that will be $5 trillion divided by 21 million coins
the reality is that our close ceiling is even lower than that. In the next 10 years, bitcoin will not replace all global money. To do that, it first of all needs to be the only form of crypto. It would need to replace all government systems. It won't
the reality is we could expect ideal world with out course sucking things up to by 2030 get to 1/3 of global money. Let's rounded up to 2 trillion worth of total value for bitcoin and round up the number of mine bitcoins to 20 million
that gives you a maximum value of $100,000 per bitcoin.
To achieve that, bitcoin needs to be 33% of global cash
to do this, it needs transaction volume
it will need terabyte blocks
the problem that they keep overlooking is that people need to use and hold
M0
the problem that they have with bitcoin as M1 and above is that this makes the assumption that nothing other than bitcoin exists
there are exchanges and shorts that allow you to have more than loans but the problem is that these act as inflationary systems and actually decrease the price
for $1 million bitcoin, every single transaction on earth will need to go through bitcoin in some way. This will require petabyte size transactions
even to get to 100 K without transaction volume, just as digital gold, bitcoin will need to have gigabyte blocks
this is just the moving on and off exchanges
not even use
Nobody seems to actually do the calculations. For bitcoin to be worth 100 K, it needs to be a $2 trillion vibrant economy. If it has no real velocity or use, that is only 3k second as in CoreCoin level, there is no way it can get too 100 K without manipulation.
The just isn't enough value on this planet to move into bitcoin. Something needs to be taken away from it. Bitcoin isn't creating that much value as anything other than money. If you're saying it's a story of value, then you're taking away from another store of value. Medium of exchange, you're taking from another medium of exchange. As something new, as with metanet that is of value creation. So there's no money coming into existence and hence there is this huge Ponzi on paper with CoreCoin.
no, core cannot use lightning as a substitute
llightning will still require the transactions are stored and if you understand financial economics you will start to see that all that is is a fractional reserve system
more importantly, lightning acts as an MSB
every node is going to have to be registered and the overheads are huge
yes in the next year will expect a major takedown
CSW
May 16, 2019
https://metanet-icu.slack.com/archives/C5131HKFX/p1558010921479100?thread_ts=1558010921.479100&cid=C5131HKFX
1/2
https://t.me/CSW_Slack/2693
We'll assume the constant call for 100,000 USD BTC. Except I'm going to be realistic and have this so that we increment in real terms. Reality is that it won't even get that. If you start looking at the calculations, the halving means that they are going to need $20 fees or more for every transaction. It never becomes viable.
and of course this is the problem that they don't understand. Digital gold for $20 is not valid or viable outside of crime and that will be killed it's already criminally illegal
alternatively, BSV can make this up by offeringfees as long as they make the value above
and this is what scaling does do it
the more we scale, the cheaper it gets and the more money miners earn
what they really don't understand is that there is only US$5 trillion worth of cash on the entire planet. You cannot take broad money
broad money means $80 trillion
the problem with broad money is that it includes debt loans checks all sorts of things
for broad money, we include all the fractional reserve exchanges et cetera
so the result is that you can do a calculation based on the amount of narrow money and assume that if all of bitcoin goes into circulation, which it won't, that we can get a maximum price
that will be $5 trillion divided by 21 million coins
the reality is that our close ceiling is even lower than that. In the next 10 years, bitcoin will not replace all global money. To do that, it first of all needs to be the only form of crypto. It would need to replace all government systems. It won't
the reality is we could expect ideal world with out course sucking things up to by 2030 get to 1/3 of global money. Let's rounded up to 2 trillion worth of total value for bitcoin and round up the number of mine bitcoins to 20 million
that gives you a maximum value of $100,000 per bitcoin.
To achieve that, bitcoin needs to be 33% of global cash
to do this, it needs transaction volume
it will need terabyte blocks
the problem that they keep overlooking is that people need to use and hold
M0
the problem that they have with bitcoin as M1 and above is that this makes the assumption that nothing other than bitcoin exists
there are exchanges and shorts that allow you to have more than loans but the problem is that these act as inflationary systems and actually decrease the price
for $1 million bitcoin, every single transaction on earth will need to go through bitcoin in some way. This will require petabyte size transactions
even to get to 100 K without transaction volume, just as digital gold, bitcoin will need to have gigabyte blocks
this is just the moving on and off exchanges
not even use
Nobody seems to actually do the calculations. For bitcoin to be worth 100 K, it needs to be a $2 trillion vibrant economy. If it has no real velocity or use, that is only 3k second as in CoreCoin level, there is no way it can get too 100 K without manipulation.
The just isn't enough value on this planet to move into bitcoin. Something needs to be taken away from it. Bitcoin isn't creating that much value as anything other than money. If you're saying it's a story of value, then you're taking away from another store of value. Medium of exchange, you're taking from another medium of exchange. As something new, as with metanet that is of value creation. So there's no money coming into existence and hence there is this huge Ponzi on paper with CoreCoin.
no, core cannot use lightning as a substitute
llightning will still require the transactions are stored and if you understand financial economics you will start to see that all that is is a fractional reserve system
more importantly, lightning acts as an MSB
every node is going to have to be registered and the overheads are huge
yes in the next year will expect a major takedown
CSW
May 16, 2019
https://metanet-icu.slack.com/archives/C5131HKFX/p1558010921479100?thread_ts=1558010921.479100&cid=C5131HKFX
1/2
https://t.me/CSW_Slack/2693
Telegram
CSW - Slack Channel
CSW
May 16, 2019
https://metanet-icu.slack.com/archives/C5131HKFX/p1558010921479100?thread_ts=1558010921.479100&cid=C5131HKFX
1/2
https://t.me/CSW_Slack/2693
May 16, 2019
https://metanet-icu.slack.com/archives/C5131HKFX/p1558010921479100?thread_ts=1558010921.479100&cid=C5131HKFX
1/2
https://t.me/CSW_Slack/2693
2/2
They will not have a 51% attack - that again is the CORE BS
The only attack is a double spend.
And law
The 51% attack is a CORE Coin attack
Fixed protocol - no attack
Empty blocks - cost billions to run
You have sunk costs - but you still have incremental costs
And... law
They will need to spend billions to do a real attack
There is NO 51% attack
The attack is ONLY a double spend and that is law. If you do this, you are easily blocked by other miners and also law
In china... a long time in a dank prison
There are blocks
Even a block every hour is a block
That is a TX attack - with no cap, there is not TX attack
CSW
May 16, 2019
https://metanet-icu.slack.com/archives/C5131HKFX/p1558014525017100?thread_ts=1558010921.479100&cid=C5131HKFX
2/2
https://t.me/CSW_Slack/2697
They will not have a 51% attack - that again is the CORE BS
The only attack is a double spend.
And law
The 51% attack is a CORE Coin attack
Fixed protocol - no attack
Empty blocks - cost billions to run
You have sunk costs - but you still have incremental costs
And... law
They will need to spend billions to do a real attack
There is NO 51% attack
The attack is ONLY a double spend and that is law. If you do this, you are easily blocked by other miners and also law
In china... a long time in a dank prison
There are blocks
Even a block every hour is a block
That is a TX attack - with no cap, there is not TX attack
CSW
May 16, 2019
https://metanet-icu.slack.com/archives/C5131HKFX/p1558014525017100?thread_ts=1558010921.479100&cid=C5131HKFX
2/2
https://t.me/CSW_Slack/2697
Telegram
CSW - Slack Channel
CSW
May 16, 2019
https://metanet-icu.slack.com/archives/C5131HKFX/p1558014525017100?thread_ts=1558010921.479100&cid=C5131HKFX
2/2
https://t.me/CSW_Slack/2697
May 16, 2019
https://metanet-icu.slack.com/archives/C5131HKFX/p1558014525017100?thread_ts=1558010921.479100&cid=C5131HKFX
2/2
https://t.me/CSW_Slack/2697
A Little-Known ‘Back Door’ Trick for Boosting Your Roth Contributions https://www.wsj.com/articles/a-little-known-back-door-trick-for-boosting-your-roth-contributions-11625848733
jul 10, 2021
jul 10, 2021
For Craig’s post https://craigwright.net/blog/bitcoin-blockchain-tech/bitcoin-was-never-designed-to-be-censorship-resistant/, the following paragraph:
Bitcoin does not use any encryption. If you want to do a no-everything build of OpenSSL to exclude encryption routines, a few patches are required. (OpenSSL v0.9.8h).
What does this mean actually? Any suggestions?
https://t.me/CSW_Slack/2703
Bitcoin does not use any encryption. If you want to do a no-everything build of OpenSSL to exclude encryption routines, a few patches are required. (OpenSSL v0.9.8h).
What does this mean actually? Any suggestions?
https://t.me/CSW_Slack/2703
craigwright.net
Bitcoin Was Never Designed To Be Censorship-Resistant
Thing to remember.
Ponzi ended up broke
CSW
Jul 15, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1626312915494300?thread_ts=1626312915.494300&cid=C5131HKFX
https://t.me/CSW_Slack/2705
Ponzi ended up broke
CSW
Jul 15, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1626312915494300?thread_ts=1626312915.494300&cid=C5131HKFX
https://t.me/CSW_Slack/2705
I will state this here again. I am completely sick of this completely utterly scanty bullshit.
https://medium.com/@moatnetwork/moat-the-next-generation-in-bitcoin-158ef0a169e
There is no mining problem to be solved. There is no decentralisation problem to be solved. Bitcoin is about competition not some egalitarian socialist want to be Communist bullshit about complete equality and everybody running a node. When I said that bitcoin ends in data centres, it was by design. No, the moat bullshit listed above does not solve anything it just creates a whole the problems and it is not happening.
This form of complete utter crap is not going to occur on my network. There is no changing bitcoin it is set in stone. There is no taking it and running with your bloody coin scams and if people start trying it they will find that I bury them so deep in bloody litigation that their grandchildren will be paying it off. The coin isn’t broken, mining isn’t broken, proof of work is designed in the system the way it’s meant to be and it doesn’t need fixing.
members of pools don't mine
members of pools are not nodes
that crap has to die
the reality is that if you are a member of a pool you are little more than a person selling electricity second hand
pool members do not help mine, they do not help run a node, they do not help secure anything let alone bitcoin
BitCoinis not in the hands of the users and it's not meant to be
it is not a decentralised voting system and the users don't vote
Nor are they meant to
it is not supposed to change
here is the thing, it's not about whether you like the initial set of rules that I implemented, if you don't like them I don't give a shit
the fact of the matter is I implemented these and set them so they don't change and that's it
no user interaction, no voting and it's not supposed to be about a democracy
it is fixed
users do not vote on gold
if you have a gold bar you don't vote that today it will have 80 protons instead of 79
the tokens in this project are in a legal security. They are unregistered and as a result they aree breaching the law
more importantly, this is never going to be successful, they are misleading potential investors, this is a complete utter con job
a token sale is merely a form of raising capital. that requires the payment of tax, it requires the registration of securities, and when you are doing more than a million or so in raising as these guys are it requires an IPO
you can do a crowd source for a small amount, generally up to one and 1/2 million
this is not such a small system
there is a reason that this happens and it is to stop scammy con jobs from rippping off investors
The thing that they don't seem to understand is that bitcoin can be seized and redistributed. In time they will learn this because I will make sure that every single token issued against BSV can be recovered.
That is, every single BSV and this will be recoverable and they will have nothing. As I've noted, if you're buying goods and services legally, between acts as money but equally, the legal aspects of it apply. If you're buying a five dollar coffee, it is completely permanent.. If you're making a $10,000 securities transaction, expect to have all of the AML and expect that government can interact and intervene
The answer is LAW
They are not solving anything. The mining is about validation and time ordering.
That is screwed up when too many nodes are in the system
Build on.
Stop trying to change it
CSW
Jul 15, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1626345276001700?thread_ts=1626345276.001700&cid=C5131HKFX
https://t.me/CSW_Slack/2706
https://medium.com/@moatnetwork/moat-the-next-generation-in-bitcoin-158ef0a169e
There is no mining problem to be solved. There is no decentralisation problem to be solved. Bitcoin is about competition not some egalitarian socialist want to be Communist bullshit about complete equality and everybody running a node. When I said that bitcoin ends in data centres, it was by design. No, the moat bullshit listed above does not solve anything it just creates a whole the problems and it is not happening.
This form of complete utter crap is not going to occur on my network. There is no changing bitcoin it is set in stone. There is no taking it and running with your bloody coin scams and if people start trying it they will find that I bury them so deep in bloody litigation that their grandchildren will be paying it off. The coin isn’t broken, mining isn’t broken, proof of work is designed in the system the way it’s meant to be and it doesn’t need fixing.
members of pools don't mine
members of pools are not nodes
that crap has to die
the reality is that if you are a member of a pool you are little more than a person selling electricity second hand
pool members do not help mine, they do not help run a node, they do not help secure anything let alone bitcoin
BitCoinis not in the hands of the users and it's not meant to be
it is not a decentralised voting system and the users don't vote
Nor are they meant to
it is not supposed to change
here is the thing, it's not about whether you like the initial set of rules that I implemented, if you don't like them I don't give a shit
the fact of the matter is I implemented these and set them so they don't change and that's it
no user interaction, no voting and it's not supposed to be about a democracy
it is fixed
users do not vote on gold
if you have a gold bar you don't vote that today it will have 80 protons instead of 79
the tokens in this project are in a legal security. They are unregistered and as a result they aree breaching the law
more importantly, this is never going to be successful, they are misleading potential investors, this is a complete utter con job
a token sale is merely a form of raising capital. that requires the payment of tax, it requires the registration of securities, and when you are doing more than a million or so in raising as these guys are it requires an IPO
you can do a crowd source for a small amount, generally up to one and 1/2 million
this is not such a small system
there is a reason that this happens and it is to stop scammy con jobs from rippping off investors
The thing that they don't seem to understand is that bitcoin can be seized and redistributed. In time they will learn this because I will make sure that every single token issued against BSV can be recovered.
That is, every single BSV and this will be recoverable and they will have nothing. As I've noted, if you're buying goods and services legally, between acts as money but equally, the legal aspects of it apply. If you're buying a five dollar coffee, it is completely permanent.. If you're making a $10,000 securities transaction, expect to have all of the AML and expect that government can interact and intervene
The answer is LAW
They are not solving anything. The mining is about validation and time ordering.
That is screwed up when too many nodes are in the system
Build on.
Stop trying to change it
CSW
Jul 15, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1626345276001700?thread_ts=1626345276.001700&cid=C5131HKFX
https://t.me/CSW_Slack/2706
Medium
Moat — the Next Generation in Bitcoin
We propose a decentralized, on-chain mining pool for truly-unbounded, general-purpose computation on Bitcoin as envisioned by Satoshi…
I left the management bitcoin once. I did that with the simple notion that nobody would change my bloody protocol. I won't make that mistake again. As much as I have other things that I would like to do, I won't be leaving the management of ensuring bitcoin stays set until it is too big to be changed.
So, the simple fact of the matter is that you're not getting rid of me, these people are not getting rid of me and I will not and I emphasise not allow changes to my damn protocol
I don't really care what you want to do
the simple fact of the matter is if you need to change my protocol or fuck around with it
the answer is too fuck off
CSW
Jul 15, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1626346763010600?thread_ts=1626346763.010600&cid=C5131HKFX
https://t.me/CSW_Slack/2708
So, the simple fact of the matter is that you're not getting rid of me, these people are not getting rid of me and I will not and I emphasise not allow changes to my damn protocol
I don't really care what you want to do
the simple fact of the matter is if you need to change my protocol or fuck around with it
the answer is too fuck off
CSW
Jul 15, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1626346763010600?thread_ts=1626346763.010600&cid=C5131HKFX
https://t.me/CSW_Slack/2708
Telegram
CSW - Slack Channel
CSW
Jul 15, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1626346763010600?thread_ts=1626346763.010600&cid=C5131HKFX
https://t.me/CSW_Slack/2708
Jul 15, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1626346763010600?thread_ts=1626346763.010600&cid=C5131HKFX
https://t.me/CSW_Slack/2708