A prominent group of Bitcoin developers are attempting a hard fork

The first round could aleady be tackled:

If you watch what happens when the data feeds add votes, it’s clear that > 50% of the network follows feed. While it’s possible JL has 50% and subscribes to multiple feeds, i think thats bringing the conspiracy theory to a high level.


I fear and hope that it’s impossible to find that out.

If somebody purchases half of the shares (actually half of the minting shares is required) that person owns half of the corporation.

Wouldn’t you agree it’s ok, that the person with half of the stake in this corporation is allowed to decide just as a distributed majority is?
That is bad in terms of centralization, but in economical terms it’s ok.

The ones who own, run the network, decide.

That much is true for Bitcoin as well.
But Bitcoin can only come to consensus at controversial topics through forks, deciding which software version to use - NSR holders can vote in more elegant ways.


-12% bitcoin price 377 usd

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The De-Throning of Bitcoin: If It Happens, This Will Be Why

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so many different opinions and approaches!
What is the truth? Who to believe?

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This also: http://hoskinsoncharles.blogspot.jp/2016/01/goodbye-mike-and-some-thoughts-about.html

Time will tell what the truth is.
Although Mike Hearns blog post made a lot of people unhappy and it might be even called a rant (albeit a quite civilized one), it might have opened the eyes of some;
opened the eyes to let them see, that Bitcoin has flaws, of which I’d call some fundamental.
This post of his was not just FUD, although uncertainty was created by it - the BTCUSD shows that.


Yes, Don’t forget also the Crypsty’s insolvency (officially). A lot of money were lost there.
It could be also a good reason for this fall.

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Maybe. Another possible reason: the stolen BTC got dumped - or are they still sitting on the address(es) where they got withdrawn to?
I’m too lazy to research that on my mobile phone :wink:

And it is quite interesting that i see a big difference since last time BTC was down.
Some coins were stable and some were up!
I think people were trying to find a safe harbor other than fiat. Cryptos in general are winners in this matter.
Sadly, we don’t have yet the capacity to provide this harbor altogether!

I really don’t think so. The theft had been conducted for over a year now.

And yet I read somewhere, that the stolen BTC haven’t been moved after the withdrawal.

Very good find.

Look at his conclusion:

In effect, we don’t have a blocksize crisis, we have a governance and philosophy crisis. And the pain will continue until this crisis has been resolved either out of some cabal gaining control of the network or by a new mechanism to decide things in a decentralized manner (See DAOs).

The final phase is to make Bitcoin a self-funding evolutionary system. There needs to be a DAO that integrates into the core protocol that provides a framework to discuss and implement BIPs as well as cover their associated costs of implementation.
Until the development of Bitcoin is free from outside corporate influences, it can be discussed in an objective and fact based way, and the stakeholders of the system are able to decide instead of a cabal of well capitalized actors, we aren’t going to gain the resilience of the crowd.
This phase is probably an innovation of the size and scale of Bitcoin itself and thus is unlikely to materialize immediately, but organically over a collection of hundreds of experiments. And like Bitcoin, it would fundamentally change the very nature of organizations, their mandate and the flow of funding.

Basically he says that the creation of a DAO that would control in a decentralized manner the direction of bitcoin’s development is necessary for protecting bitcoin from a centralizing cabal.

He also says that it would take a long time (100 experiments) to create such a mechanism.

It has been solved by Nu already.



The harder they hit cryptos, the harder cryptos will get :smile:
(if i write it correctly)

In difference to the standard fud, this was based on observations and assessments, which aren’t as false as die-hard believers might wish for.

In approximately half a year the coinbase reward in the Bitcoin network will be halved. Let’s see what that does to mining.
According to http://bitcoinclock.com/:



Blockchain is NOT suitable for high volume micropayment, as SunnyKing said, PPC is for “backbone”. Our PPC/Nu/BC community has already realized this fact, and already developed a voting system, thanks for SK and Jordan’s vision.

Watching those STUPID BTC community quarrel and farce is amusing, they are deserved.:smile:

Next step is implement the goal of “open transaction” which is in dystocia.

My brainstorm: in 2020, the signers pool consists of 10,000 signers with several level

  1. top level reputed signers: only 15, holding customers cryptos on blockchain. the transaction fee is the most expensive because large amount transaction going on here.

  2. 2nd level signers: 100, also blockchain , but cheaper transaction fee. Each customer may pick 15 out of 100 for holding his/her money.

  3. 3rd level signers: 9000, OFF chain, just holding receipt of customers, very cheap fee.Each customer may pick 15 out of 9000 for holding his/her money.

B&C Escrow function is naturally a payment system. If you know one of the biggest online store “taobao” in china, their escrow for buyer/sellers(10 years ago) has become payment system called “alipay” now.

So our B&C escrow can also be the competitor of VISA/MASTER/alipay/applepay!


Hayek said, Economics is organic not a machine.

BTC is not gold, the latter’s physics/chemical property and distribution on earth is already designed by God and that’s the reason gold stepped down from monetary throne! However, crypto is the technology leading edge and interactive with fast changing real world.

Without a proper voting mechanism, we see a farce of BTC community, they can not even reach an agreement. Fortunately we are DAC/DAO now, in future we may encounter disagreement, and even make a mistake of firing the right person just like APPLE fired Jobs in 1980s. but still much better than coma like BTC XT situation. Because an effective decision making workshop can correct errors, we are alive, an organic decentralized organization rather than a fixed/dead mechanism.

We are the real implementation of swarm by Kevin Kelly.

The great benefits reaped by the new economy in the coming decades will be due in large part to exploring and exploiting the power of decentralized and autonomous networks.
** --------Kevin Kelly in 2001**

If you are not in real time, you’re dead. Swarms need real-time communication. Living systems don’t have the luxury of waiting overnight to process an incoming signal. If they had to sleep on it, they could die in their sleep. With few exceptions, nature reacts in real time. With few exceptions, business must increasingly react in real time. High transaction costs once prohibited the instantaneous completion of thousands of tiny transactions; they were piled up instead and processed in cost-effective batches. But no longer. Why should a phone company get paid only once a month when you use the phone every day? Instead it will eventually bill for every call as the call happens, in real time. The flow of crackers off grocery shelves will be known by the cracker factory in real time. The weather in California will be instantly felt in the assembly lines of Ohio. Of course, not all information should flow everywhere; only the meaningful should be transmitted. But in the network economy only signals in real time (or close to it) are truly meaningful. Examine the speed of knowledge in your system. How can it be brought closer to real time? If this requires the cooperation of subcontractors, distant partners, and far-flung customers, so much the better.


BTW, if the prominent group of bitcoin still love POW, their hash rate will fall into hands of Chinese too, sooner or later, because this country has the advantage of producing low cost product and enduring low gross profit. And the most important thing is, its government can do anything they want within nation boundary, including controlling those miner pools. Themselves are law itself.