Comment by nivertech
1 day ago
show me at least one so-called "bitter" example from my posts
I have been researching crypto for over a decade. And I would be glad if I was corrected if I was wrong, instead of receiving personal remarks
1 day ago
show me at least one so-called "bitter" example from my posts
I have been researching crypto for over a decade. And I would be glad if I was corrected if I was wrong, instead of receiving personal remarks
> Show a single so called “bitter” example from my posts
"crypto bros LARPing". "it’s simply an illegal/unlicensed lottery"
> And I would be happy to be corrected if I made a mistake, instead of getting personal remarks.
Sure.
> Nakamoto Consensus didn’t solved a secure scalable PBFT (Practical Byzantine Fault Tolerant) Consensus.
How could it? PBFT is an algorithm, not a problem to be solved. Bitcoin is byzantine fault tolerant though.
> Bitcoin didn’t solved a forkability and finality problems.
There's no such thing as a "forkability problem" and Bitcoin solves finality through PoW.
> And indeed Bitcoin was forked multiple times, and the solution to forks was almost always either centralized and/or social.
That's wrong. The vast majority of forks are resolved algorithmically. There were only 2 or 3 unintentional hard forks in the early days that were due to bugs. This hasn't happened since 2013.
The only real "social" aspect of Bitcoin is what value people decide to assign to the coins.
> "crypto bros LARPing"
I was at Bitcoin scene since 2011, I think that I can distinguish LARPing from the real thing. It's not me who created a dychotomy between fiat and crypto, between HODLers/coiners and noicoiners, between Traditional Finance and Crypro Finance, between CeFi and DeFi, between IPOs and ICOs, etc. Crypto always looked like a Pinoccio who want to become a "real boy".
> "it’s simply an illegal/unlicensed lottery"
yes, the PoW-based mining is litterally called a puzzle solving or a lottery. How do you call a game where everyone buys a ticket with electricity, but only one at a time wins a block reward?
> How could it? PBFT is an algorithm, not a problem to be solved. Bitcoin is byzantine fault tolerant though.
OK, BFT (not PBFT algo) is a class of problems with many proposed solutions, but none is good enough if you need scalability. Bitcoin is a partital solution under multiple constraints, even 1/3 of malicious nodes can undermine it. Internet backbone (BGP) should be trusted. Governments should allow it. etc.
> There's no such thing as a "forkability problem" and Bitcoin solves finality through PoW.
the on-chain Bitcoin transactions are never final. Everyone have their own heuristic how many blocks to count depending on the amount transacted. Protocol only defines how many blocks gamblers (miners) need to wait before they can spend their lottery winnings (block rewards).
> That's wrong. The vast majority of forks are resolved algorithmically. There were only 2 or 3 unintentional hard forks in the early days that were due to bugs. This hasn't happened since 2013.
There were many more than 2-3 both intentional and bugs, but why argue? Even 2-3 hard forks are enough to show that it's bad design. Forks should be impossible by design.
> The only real "social" aspect of Bitcoin is what value people decide to assign to the coins.
IMO there are many more social aspects here beside price discovery of UTXO records and social consensus. Bitcoin core governance, Mining centralization in China. Cypherpunks. LARPing.
> Bitcoin is a partial solution under multiple constraints, even 1/3 of malicious nodes can undermine it. Internet backbone (BGP) should be trusted. Governments should allow it. etc.
This is wrong on multiple counts. Bitcoin's security model does not assume BGP is trustworthy, nor does it rely on government permission. And the claim that 1/3 malicious nodes can undermine it misapplies BFT theory. Bitcoin doesn't use a quorum-based consensus like PBFT, so thresholds like 1/3 aren't the relevant failure mode. Instead, the attack vector is hashrate-based, and even a 51% attack doesn't let you rewrite history arbitrarily, just temporarily reorder recent blocks.
> The on-chain Bitcoin transactions are never final.
This is misleading. Bitcoin finality is probabilistic, like nearly everything in cryptography. It's final in the same sense that cryptographic signatures are unforgeable: with extremely high probability. The six-confirmation rule of thumb reflects the difficulty of deep chain reorgs which have never exceeded two blocks in practice on Bitcoin mainnet.
> There were many more than 2-3 [hard forks]... even 2-3 are enough to show it's bad design.
This conflates implementation bugs with protocol design flaws. The forks were caused by programming errors, not bad design.
> Bitcoin is a lottery.
You could argue that Bitcoin mining is because it's is probabilistic and there's a reward. But unlike a lottery, it serves an important role: securing the Bitcoin network.
Honestly, your critique reads more like cope than a technical argument.
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