03-08-2020, 03:47 PM
Governments CAN kill Bitcoin- they just don't care (for now)
<!-- SC_OFF --><div class="md"><p>I understand that my opinion is probably an unpopular one, so I expect a ton of downvotes.</p> <p>Let's imagine a perfect scenario- everyone knows for Bitcoin, volume is high, people are spending it and/ or stacking sats. Now, this is <strong>not</strong> a good thing for govs, reasons were mentioned thousands of times on the internet so I will not bother about mentioning all of that again. How to kill Bitcoin, you may ask? Declare it illegal, start the propaganda machine, prosecute people who are mining or using it, shut down mining farms under the accusation of supporting the system that is used by criminals- add a bit of human trafficking, drug dealing and money laundering to the headlines to make it look justifiable in the eyes of average Joe. After all of that, hashing power will probably go to 20% of what is now. Next step, seize the ASICS and conduct a 51% attack. Congrats, no more BTC. You may say that your rights are hurt, but CCP (Communist Party of China) doesn't give a fuck.</p> <p>There is a cryptocurrency that could survive a "mass extinction" of that kind. It's called <a href="https://idena.io/">Idena</a> and it's <strong>truly</strong> unstoppable. It's using a novel protocol called "Proof of Person". In order to mine it, you must prove (validate) that you are actually a human being, all <strong>without</strong> 3rd party or personally identifiable documents (aka KYC). How to prove that you're actually a human being? Currently, validation days happen a few times a month, and validations start at the same time all over the globe- New York is at 9:30AM, Berlin is at 3:30PM and Sydney is at 11:30PM. Validations involve solving a user-made flips- they are captchas that are impossible to solve by machines- because they involve abstract thinking and emotions, which only humans have. Incentive to make flips is simple- to validate on next validation day you must make 3 flips which will be randomly distributed to other users on the next validation day. Idena introduces sybil resistance by limiting the time of validations, you can validate yourself on one node, it's almost impossible for one person to have two nodes. All mining rewards are split equally to every miner, so there is no concentration of hashing power, mining farms are impossible and stopping/ censoring is <strong>impossible</strong> because Idena can work on any 64bit OS- Windows, Linux, MacOS and even Raspberry Pi- Computing power is irrelevant and it will be irrelevant forever! To stop Idena, governments must ban computers, from all people who are running this most decentralized and democratic currency on the globe! Sounds like an impossible task to me.</p> </div><!-- SC_ON --> Kind Regards R
<!-- SC_OFF --><div class="md"><p>I understand that my opinion is probably an unpopular one, so I expect a ton of downvotes.</p> <p>Let's imagine a perfect scenario- everyone knows for Bitcoin, volume is high, people are spending it and/ or stacking sats. Now, this is <strong>not</strong> a good thing for govs, reasons were mentioned thousands of times on the internet so I will not bother about mentioning all of that again. How to kill Bitcoin, you may ask? Declare it illegal, start the propaganda machine, prosecute people who are mining or using it, shut down mining farms under the accusation of supporting the system that is used by criminals- add a bit of human trafficking, drug dealing and money laundering to the headlines to make it look justifiable in the eyes of average Joe. After all of that, hashing power will probably go to 20% of what is now. Next step, seize the ASICS and conduct a 51% attack. Congrats, no more BTC. You may say that your rights are hurt, but CCP (Communist Party of China) doesn't give a fuck.</p> <p>There is a cryptocurrency that could survive a "mass extinction" of that kind. It's called <a href="https://idena.io/">Idena</a> and it's <strong>truly</strong> unstoppable. It's using a novel protocol called "Proof of Person". In order to mine it, you must prove (validate) that you are actually a human being, all <strong>without</strong> 3rd party or personally identifiable documents (aka KYC). How to prove that you're actually a human being? Currently, validation days happen a few times a month, and validations start at the same time all over the globe- New York is at 9:30AM, Berlin is at 3:30PM and Sydney is at 11:30PM. Validations involve solving a user-made flips- they are captchas that are impossible to solve by machines- because they involve abstract thinking and emotions, which only humans have. Incentive to make flips is simple- to validate on next validation day you must make 3 flips which will be randomly distributed to other users on the next validation day. Idena introduces sybil resistance by limiting the time of validations, you can validate yourself on one node, it's almost impossible for one person to have two nodes. All mining rewards are split equally to every miner, so there is no concentration of hashing power, mining farms are impossible and stopping/ censoring is <strong>impossible</strong> because Idena can work on any 64bit OS- Windows, Linux, MacOS and even Raspberry Pi- Computing power is irrelevant and it will be irrelevant forever! To stop Idena, governments must ban computers, from all people who are running this most decentralized and democratic currency on the globe! Sounds like an impossible task to me.</p> </div><!-- SC_ON --> Kind Regards R