Category: Bitcoin
Bitcoin Won’t Hardfork Any Time Soon
Saturday June 25, 2016
Bitcoin has never hardforked, may not hardfork this decade, or even next decade. This realization has made a lot of people angry, including former captains of Bitcoin industry loudly vocalizing their desire to see a hard fork, that recklessly changes the Bitcoin consensus rules.
The hard fork missile crisis has developed into a hard fork cold war, with a false dilemma. Predictably, consumers began to revolt, against an unclear threat. The block size debate began, and those playing Bitcoin politician vocalized only on this issue – citing it as the most critically needed upgrade.
Mainstream discussions of disincentivizing centralizing factors in Bitcoin have started to become completely ignored, or seen as non-issues. Any hard fork that could achieve near unanimous consensus would require these issues to be addressed, solved, and deployed.
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The Coinbase Implosion Timer
Thursday June 23, 2016
The early sphere of Bitcoin attracted harmful venture capitalists. When you look at the early drama timeline most individuals and “companies” that raised Bitcoin capital ended up losing it – an unacceptable liability. Coinbase was the first company to take a different approach, raising fiat capital as Bitcoin venture capital is a greater liability, than raising fiat capital. I mean what’s the worst that happens if you lose fiat capital? They just print more of it.
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Bitcoin in Wakanda
Tuesday June 21, 2016
I often hear underbanked Africans as a citation for increasing the block size limit in Bitcoin. It is claimed they won’t be able to purchase their goods at the local bazaar in a retail fashion, which usually isn’t how many tribes in the so-called third world tend to barter. After much thought, it seems the system as designed and functioning can still highly empower the underbanked tribes in the remote areas of Africa. In fact it is possible the transfer of wealth Bitcoin could potentiate, would facilitate a never before seen era of prosperity in a land that was raped by 19th century imperialism.
I will attempt to break up the fallacies utilized as pseudo-arguments to increase the block size in relation to the third world, as most of these arguments completely ignore, or even deny the existence of imperialism in Africa during the 19th and 20th centuries.
Buterin As FED Chairman
Friday June 17, 2016
A frightening thought huh? This very well may become the case for Ether huffers. Earlier today, The DAO was hacked, and is still under attack as its funds are drained by a malicious entity. This is the result of idiots trusting in a smart contract that could have bugs in it. Just as people do not read paper contracts before signing them, it seems no DAO investor fully read or tested the code composing the organization’s smart contract. Followers of The Most Serene Republic are likely recalling the “mega-thread”TM on the failures of open source software.
The DAO exists as a smart contract on the Ethereum blockchain, however it is vulnerable to recursive split commands. The attacker used this vector of vulnerability to siphon off Ether into a sub-DAO they fully control. After a 27-day window, inherited from the parent contract, the attacker can then begin withdrawing ether. Ironically, this exploit is a direct result of Buterin wanting an blockchain with a Turing complete scripting language.
“Zim hacked the DAO! You have to believe me!”