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Sk8eM dUb
2347d
My biggest takeaway from Thursday's meetup was the feeling that this movement is still in it's infancy. If you understand PoW you're in the tiniest minority. Perhaps less than 10,000 people on Earth really get it.
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what is it about PoW that is so confronting?
Sk8eM dUb
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I think that it has a transcendent Truth to it. Something that reveals the human condition. The truth hurts like hell and we think killing the messenger will make it go away.
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the rentier society has a strong grip on people,
(IMO) that's why the get rich quick virus spread so quickly.
Sk8eM dUb
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The master traders at the biggest banking firms understand psychology and mass marketing(brainwashing/mind control) better than Satoshi did.
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what if the mass marketing brainwashers got caught in their own loop?
Satoshi factored in a difficult adjustment algorithm,

2nd decade, time to adjust to difficulty presented.
Sk8eM dUb
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I'd love to think that this was "all part of the plan" but to be hones I think Bitcoin was more of a "here goes nothing".
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no question it was unleashed with an approach something like that,
knowing it would adjust to difficulties?
definitely to challenge the mass marketers, which (I think) are trapped.
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Sk8eM dUb
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Right, even if one little country starts using this stuff as their actual currency it'll have enough velocity to take over the world.
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Would like to hear your understanding of PoW. I don’t want to be part of the not less then 10,000.
Sk8eM dUb
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The Narrative is - running one's own node is essential to Bitcoin's decentralization. The truth is literally the opposite. Nodes having power allows a single entity to attack via fakes
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Sk8eM dUb
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If dummy nodes were given power there would be an easy attack vector for a centralized entity. This is what happened with segwit. Attackers stuffed the ballot box. That's "democracy"
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Sk8eM dUb
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A node must contribute work, not just hold a copy of the blockchain. No work = no power. Dummy nodes can be faked on the cheap so they should be ignored.
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How will the power of mining nodes change once all the Bitcoin has been mined? Also, how will the power of mining nodes transform as the block reward becomes less and less?
Sk8eM dUb
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If there's not enough transaction activity on-chain generating many small fees in balance with frictionless value exchange utility etc. Bitcoin will die.
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So as the block reward lessens the miners will seek profit from trx. fees. If the trx. fees do not make them a great enough profit to justify running the machinery then game over.
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Sk8eM dUb
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Exactly. Massive world wide adoption or bust.
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Would u say then. that this is why companies like CoinGeek & nChain are advocating for 0-fee trxs. in order to maybe lure in new users and spark more on-chain activity. Prep. 4 future.
Sk8eM dUb
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It's also why the banking cartel has Blockstream and armies of trolls shilling(and price pumping) for bad solutions and attacking CoinGeek, nChain and bitcoin.com. No adoption = death
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Sk8eM dUb
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That's THE reason they're doing it. Bitcoin is like a living organism. Earliest growth stages need to go well or it'll never make it to a thriving adulthood. It's not a honey badger.
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a living organism that is still a baby, it needs to connect with the environment... feel its way if you like. Be received so it can grow.
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If they really wanted to make BTC win by merit they'd clear 0 fee tx's.
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PoW reading rabbit hole: https://bit.ly/2MScE1F, https://bit.ly/2yzRwdx, https://bit.ly/2lu61Gx, https://bit.ly/2lryH2J - Game theory behind it all is interesting, & def not a science
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