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Austin
replied 2261d
I wish the community could crowdfund you a proper education in economics, Ed. Your current understanding is so misled I'm surprised you found your way to BCH, an anarcho-cap system.
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replied 2261d
Anarcho-Capitalist system? Sorry mate, you are the one who doesn't understand it at all. Bitcoin system is neither anarchist nor capitalist. In fact PoW system uses communist principle
replied 2261d
that is asinine... proof of work is about as pure a form of capitalism that exists
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replied 2260d
Wrong.
replied 2261d
PoW is a race of efficiency; inefficient & unprofessional miners will get outcompeted out of this field & quit; this is good, money should run like a well oiled machine
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replied 2260d
Nope, PoW is system that doesn't allow anyone to get rewards without having done the work themselves first. Efficiency or competition is not a rule of the system, its individual choice
replied 2260d
`..get rewards without having done the work themselves first` this seems to imply that one can get rewarded by mining the same block again or something like that, which makes no sense
replied 2260d
No, it doesn't imply that at all. I don't how you get the idea that it does imply that.
replied 2260d
i believe you will have a clearer view of PoW if you talk in terms of what is `does allow` instead of what it `doesn't allow`... there is only one winner per block
replied 2260d
quickest gets rewarded; in a repeating game like PoW, efficiency & scaling will have a correlation with reliably being the quickest - being a professional wins the race - capitalism
replied 2257d
Yes, and that is exactly why BSV is a bad idea. ABC is improving those aspect to help scaling.
replied 2257d
imo it is a mistake to work on scaling by messing with the protocol. getting creative with the implementation of mining node is the way to go; it is single-threaded right now #facepalm
replied 2257d
a competition of different creative node-scaling implementations is what is going to bring huge-block-support; stable protocol allows paralellization of these implementations
replied 2257d
if node-devs of all implementations are busy aligning their impl with the latest protocol-changes, they aren't spending time on eliminating processing bottle-necks in the node-software
replied 2257d
a miner can run an open-souce node impl that scales the best for his setup or invest more on a proprietary impl for additional advantage
replied 2257d
though this is only really going to become a factor when the blocks get to ridiculous sizes
replied 2257d
Blocks are rewarded proportionally to amount of hashing power within the system... this works out this way long term, not short term.
replied 2257d
Only thing miner can do "faster" is have better connectivity to receive blocks quicker to start mining new block sooner (those with worse connectivity need to wait for block longer).
replied 2257d
within this whole thing, there is also a race to the biggest block support, which unfortunately is just starting
replied 2257d
This is what CSW refers to when he says miners are incentivised to invest in network and connectivity, but this is not what defines PoW principle.
replied 2257d
if miners stop continuously investing in their hardware, it will become obsolete & they will lose profitability
replied 2257d
So I'm pretty sure I understand Bitcoin's working principles quite well.
replied 2257d
And all of this has nothing to do with Capitalism. You, same as everyone else, has this fairy tale definition of Capitalism which is not true definition of it or its principles/rules.
replied 2257d
miners get rewarded according to meritocracy, that is where capitalism comes in
replied 2257d
Capitalism is private ownership of means of production, where capitalist is the ultimate ruler & extracts profits from work of its workers. Capitalism is legal systematic exploitation.
replied 2257d
...lets say i risk my money by investing it into some business venture; should i get a share of the profit based on the amount & the risk of the investment? what do you call this?
replied 2257d
...lets say i risk my money by investing it into some business venture, should i get a share of the profit based on the risk & the investment i put in? what do you call this?
replied 2256d
Its fine to want to invest into creating a business & people that HELP you achieve this, will reward you by them working & from profits you get your initial investment back & reward.
replied 2256d
What is not fine is turning this business into perpetual machine in which you no longer keep putting work & other people doing it for you, while keep taking rewards in form of profits.
replied 2256d
That is what is fundamentally wrong and flawed. This is why some capitalists get so extremely rich & when they are also psychopaths (which many are) you end up with complete corruption
replied 2256d
you end up with these extremely rich people who didn't actually earn all those rewards from their own work, who then buy out & corrupt everything, politics, media, courts, you name it.
replied 2256d
And if you think about it, who/why anyone needs or deserves to have billions while we have people in hunger and homeless? Isn't that wealth better put into helping others? It sure is.
replied 2256d
Its this psychopathic mind that these people have, which makes them shit on humanity, fund wars and make others (politicians & MSM) to lie for them to promote war so they profit more.
replied 2256d
My whole point, and I know I am correct about this, is that rewards from your own work is well deserved, but from work of others it is not.
replied 2257d
(ignore this memo bugged out)


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