MPeX is going to destroy the Chinese mining cartel. Watch.
The plan is to put all of us off chain on LN with centralized hubs controlled by the banksters.
MPeX . He doesn’t want us making the decisions on choosing the protocol of the blockchain.
Now it is all very clear to me. This is why he wasn’t afraid to tell the SEC to go fuck themselves. This dude is connected in high places. He probably wasn’t joking when .
After sleeping and while laying in bed upon awakening, I realized something (which if I am correct is) very important.
Readers you need to pay attention because this is the most important post you are going to read about the entire blocksize debate. This will make it all crystal clear.
When I wrote the above quoted, I didn’t realize the precise reason the bitcoin whales must defend small blocks. It apparently has nothing to do with a desire to force the non-whales to off chain transactions. Rather I have deduced that the requirement could be driven by a very specific technical reason.
So the bitcoin whales want to retain the power to remove any mining cartel that forms, because this is absolutely necessary to prevent a cartel from doing evil things such as increasing the money supply limit beyond 21 million tokens, blocking transactions from certain individuals, and other forms of non-meritorious monkey business.
The bitcoin whales simply want a meritorious money system that can’t be used to sustain the fiat debt nonsense which has turned our world into a fucking mess. This is why Mircea (alias his business MPeX) is against what he abbreviates as “USG.MIT”, which means all the fuckers running the bankrupt fiat system and their brainwashing academic institutions. So actually we are on the same side as the bitcoin whales philosophically.
The bitcoin whales retain this power because they control sufficient liquid and real cash flow generating assets such that they could cause a selloff of the tokens on the mining cartel’s fork, thus their fork would win because investors move to the fork which has more demand. The mining cartel has only illiquid sunk costs assets (the mining infrastructure) and self-referential (i.e. not real) cash flow.
Thus the bitcoin whales only need to change the PoW hash function to render the mining cartel’s ASICs useless. There is absolutely no way for the BU mining cartel to win the war of attrition. It is just economics. Think it out. MPeX and his cohorts own more than 80% of the liquid Bitcoins.
But there is one crucial detail. In order the kill off the mining cartel’s fork, it must be possible to split the tokens so they are separately spendable on the two forks. But if the mining cartel is determined that their fork will always honor the data format of the transactions of the bitcoin whale’s fork, then the only way to accomplish splitting is to spend the tokens first on the fork with the large blocks but send them with such a small transaction fee that they do not make it into any small block. Then after those are confirmed on the large block fork, respend the same tokens on the small block fork with a sufficient transaction fee. The bitcoin whales will make sure the small blocks are always full so that this strategy is available.
So that was an essential insight. The reason bitcoin whales need small blocks, is that is the only technical way they would be able to split tokens to kill off an attack by a determined mining cartel!
So it is not that the bitcoin whales subjectively desire our non-whale transactions to be off chain. They objectively have no choice, because of the technical design of Satoshi’s PoW.
I’ve been wondering why the bitcoin whales didn’t tell us this frankly, so that we would be on their side. I think the reason is it would have hindered the adoption of bitcoin, because it would make it clear there are overlords who are safeguarding bitcoin. It sort of kills the delusion of an autonomous decentralization. However, the small text below posits a solution.
I posit I have a solution to this technical problem which will meet the aims of the bitcoin whales and also keep all transactions on the blockchain. My solution gets rid of PoW. I have not yet publicly published this solution.
Btw, to profit on the upcoming scenario such that you can sell the fake bitcoin asap before its price collapses, you might think that you will need to have your BTC in a wallet (not on an exchange) and then you will need to spend your bitcoin for an altcoin or fiat making sure your transaction fee is small enough that it only goes into a large block. Then later you will need to join together with other bitcoin holders to issue a joint transaction with a high enough transaction fee to make it into a 1MB block. Because the demand will be so high that the transaction fees on 1MB blocks will likely be higher than you can pay alone. So since this is likely to drive demand for altcoins then it might just be easier to buy an altcoin now, except you won’t have a copy of the real bitcoin token and will need to trade to get back into it later. But the problem with this strategy is how do you find and execute a trade of your fake bitcoin with someone willing to give your fiat or an altcoin?
The situation of the exchanges is more complex. The exchanges must split the tokens before they can allow them to trade as split tokens (because exchanges can’t take exchange rate risk of splitting them internally if they aren’t already split on chain of the blockchain forks). So initially what the exchanges will be offering for trade is the joint token which hasn’t been split yet. But that joint token won’t allow you to arbitrage the difference in value of the fake and real forks of the token. So therefor, to trade your altcoin (or fiat) back to the real bitcoin, you will not be able to do this on an exchange when the relative price of the real bitcoin (relative to the fake bitcoin) is low, because you will only be able to trade for the joint value of the fake and real bitcoin. To maximize your gains from this coming split (i.e. trade for the real bitcoin when its price is low), you would need to trade off exchange somehow. Or mine it! The bitcoin whales will be selling their fake bitcoin for fiat for spending on mining the real bitcoin, if they can find anyone to execute a trade with. There really won’t be much incentive for the exchanges to split the tokens because the fake bitcoin will rapidly approach worthlessness.
Thus the fake Bitcoins that the mining cartel mines will be worthless. Nobody will be willing to trade for them because everybody is going to be trying to dump them. Well perhaps some fools who didn’t read my post explaining why large blocks are evil, will be willing to buy the BTU tokens and perish along with the other retards. Maybe Roger Ver will bankrupt himself in the process if isn’t reading my posts. So it won’t be too long before the mining cartel goes bankrupt since their revenue dies. And they won’t be able to come back to the real bitcoin because the PoW hash will have changed. The BU and Chinaman retards are going to be totally destroyed. There is absolutely no way the BU mining cartel can win this fight. Fugetaboutit.
Published at Sat, 25 Mar 2017 18:06:10 +0000
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By antwerpenR on 2013-10-26 15:36:22
