The Bank of International Settlement (BIS), sometimes dubbed the „Central Bank of the Central Bank“, released a paper about the „Doomsday Economy of Bitcoin.“ It claims that Bitcoin can‘t be secure longterm; in the future transactions will need months to reach a state of finality.
The paper has some weaknesses – it misses important details, plays up hypothesis as facts, isolates mathematics from the economic and legal context – but it states an enlightening thesis: A transaction can only be considered final, when the cost for a miner to double spend it (by mining a hidden alternative chain) is higher than the amount it sent. With this thesis the BIS reformulates Satoshi‘s security assumptions in economic terms.
You can argue about a lot of details and the mechanism of double spending. But let‘s take the number of the BIS paper, pretending it was entirely true: To be considered finalized after six blocks the mining reward for each block must be 8.3 percent of the amount sent. If yo...
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A financial bubble means that for an asset like Bitcoin the use as a store of value grows exponentially. The rules of math determine that this can‘t happen sustainable and that it reaches with a pace, that must seem surprisingly for human minds, the point where it is „too high.“ From here the use as a store of value decreases constrainingly. The bullmarket has become a bearmarket. To get out of it, to enspark another turn toward raising prices, there needs to be a growth in the use of the function which underlies the asset. For Bitcoin this is the p2p e-cash system.
Many technologists fail to understand this interrelation, because they ignore the ecosystem, which carries the growth of the use, or are only able to regard it as the source of an extrinsic effect on the technology, which has to be assessed by and for itself. Seen from a technical point of view, a growing use of Bitcoin causes negative effects. It makes it harder to predict the behavior of the p2p network and to guarant...
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A financial bubble means that for an asset like Bitcoin the use as a store of value grows exponentially. The rules of math determine that this can‘t happen sustainable and that it reaches with a pace, that must seem surprisingly for human minds, the point where it is „too high.“ From here the use as a store of value decreases constrainingly. The bullmarket has become a bearmarket. To get out of it, to enspark another turn toward raising prices, there needs to be a growth in the use of the function which underlies the asset. For Bitcoin this is the p2p e-cash system. 1/8
I miss notifications on memo. On twitter the first thing I click are usually my notifications, to know about answers, likes, retweets, new followers and so on ... Here I have to fetch it from my profile-page?
Is txhighway broken? It is empty, while TxStreet is full with passangers ...
Had my first Graphene Propagation. Compression 96%, while xthin has an average of 57%. Not sure if this says anything, but definitely worth further observations.
About CSW: The BCH community does good to reject his lies, attacks and unsolved promises. But it does extremely bad rejecting idea b/c they had contact with CSW's mouth. That's dumb.
Craig Wright threatens to sue Scronty. "I am the onliest legit Satoshi-Pretender. Please, Police, catch' em!". Nobody knows, b/c CSW blocked everybody on twitter.
Is it possible to block somebody on Memo?
Would it be desirable? At least it means that CSW could use Memo :)
Running the new Bitcoin Unlimited Cash Node!
tend to do. Which makes BTC not full Bitcoin, but only part of it /8
so there is no income, and no tax. This is what German tax authorities /7
from Bitcoin, like a spin off or a stock split, it did not create value /5
has to be fully taxed as an income. However, if BCH splitted value away /4
If the fork created something new, with new value, BCH is an altcoin and /2
German Tax Authorities decide if BCH is an altcoin or part of Bitcoin /1
Can Memo support import of yours backup seed? Would be awesome!
Wow, this is amazing. Seems like a decentralized twitter, on a first look.
