What's wrong with Bitcoin, and can it be improved?

Wouldn’t a high MAID valuation pre-launch draw in a large number of farmers, and combined with with a bit of a sell-off, balance things out somewhat?

Again, key is bringing in the data.

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Who is going? Perhaps we can go pitch our alternative and tell them “What’s wrong with Bitcoin” :joy:

Honestly though… I am considering, anyone else?

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The network does not care about price, but quantity it needs to pay out to store data. So if coins were worth $0.00000001 or $10Million it would make no difference.

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Hmm … yes, I get that … I guess I just don’t understand @mav 's attack vector idea. Was assuming that higher price means malicious nodes are more motivated to join as cost of attack would be lower. But I’m probably missing something.

In any case with no farming algo cemented yet … nothing to see here.

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I suspect that assumes no micropayments? @mav perhaps I am misrepresenting your work here?

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I assumed it was due to the size of the balance the section was holding for rewards? Therefore if each token is worth lots, there need to be lots of sections to spread them out over. This is with the assumption that elders could collude to hand out large rewards to themselves or some such?

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Yes, gd point, so how wealthy a section was!

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Another reason for forcing or incentivizing small vault size at the beginning.

By the way what is the current aproach to vault size? I remember it was debated, but not the oucome. Is it limited/accounted for, or not yet?

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One thing that I haven’t seen mentioned yet is Bitcoin’s ability to remove a store of value premium from assets like gold and real estate. Solving real estate affordability would be worth a lot of energy.
https://twitter.com/100trillionUSD/status/1216029182020538370?s=19

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This is addressed by slashing.

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Thanks, I’ll have a read tomorrow. Does it completely resolve all PoS issues with no side effects or are compromises made?

I always show people this video when they say you cannot buy anything with crypto.

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Strike Is Bringing The Lightning Network To More Than 200 Countries completely disrupting cross border payments forever

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At the risk of re-igniting this discussion about value I feel the need to make an additional point. And that is that many people are confusing a wild speculation for a store of value. How many people look at Bitcoin as a way to get rich? As a speculation it has been really profitable and will likely continue to do so for a while. Probably much longer than its detractors think. But how big a market cap is stable? $2T? $10T? My prediction is that sometime in the next few years the Bitcoin market cap tops out and the absolutely massive speculative premium it has enjoyed goes away. Many people will sell to protect their profits and then to protect their capital investment and it’s game over. Where will the long-term price settle then? I have a feeling at that point people will want to move on to the “next thing” to make money and not settle for a simple “store of value”. Hopefully the Safe Network!

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The comparison between gold and Bitcoin has it limitations of course. Cryptocurrency etc. is new technology that can change (improve) much more then gold(mining). But that also makes it less predictable. Will it be Bitcoin(in name only), or another cryptocurrency or technology, for instance? Or maybe a better question: when, not if, will Bitcoin become irrelevant: 2, 20 or 200 years?

You also can only physically (like gold) mine what is in the ground (limited amount / choice of chemical elements or material), but virtually (like Bitcoin) you can create something new, ‘out of thin air’ to mine.

And concerning VHS vs Betamax: ok VHS ‘won’ over Betamax. But VHS also ‘lost’ after 30 years or so to newer, better technologies.

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Yes, @Traktion has it right; the described attack assumes any unrewarded coins reside in a wallet controlled by the elders of each section.

This mode of security is going to be used for the next testnet, but I really doubt that model of security will survive into the real network.

It’s not really related to micropayments. It’s more about how much do elders control and how do we make sure it isn’t so much they’re motivated to do something damaging.

The rest of this topic about improving bitcoin is too big for me to wade into, sorry!

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I think the main complaint is that “the rich get richer”, although that is not so different in PoW. Also that since exchanges hold so many coins, having them staking can be a bit centralizing.

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Realistically, it’s not nearly as accepted as this video would like to indicate … but it’s growing. Plus you can get debit visa cards like wirex that allow you to store value in crypto.

That said … why would you want to spend your crypto!! We are in the middle of a bull run! Spend your crappy fiat first!

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This family has travelled extensively using Bitcoin. After 4 years they probably have way more fiat value left from their leftover Bitcoin

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After 4 years of spending it, they probably wish they hadn’t!

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