Re: [bitcoin-dev] Your Gmaxwell exchange

From: Allen Piscitello <allen.piscitello@gmail•com>
To: Monarch <monarch@cock•li>
Cc: bitcoin-dev@lists•linuxfoundation.org
Subject: Re: [bitcoin-dev] Your Gmaxwell exchange
Date: Mon, 31 Aug 2015 16:24:13 -0500	[thread overview]
Message-ID: <CAJfRnm4kwHkBLUUOmfzViUwsdAf3LYSTruvHw9+-RbgxSMHLRg@mail.gmail.com> (raw)
In-Reply-To: <e786da226b8e9cfaad335454b299ffd5@cock.li>

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Even so, decentralization is a means to an end - not an end-goal.  It is
essential for Bitcoin to be a useful alternative, of course.

On Mon, Aug 31, 2015 at 3:48 PM, Monarch via bitcoin-dev <
bitcoin-dev@lists•linuxfoundation.org> wrote:

> On 2015-08-31 20:27, Justus Ranvier wrote:
>
>> You don't understand what value proof of work provides, or what features
>> differentiate good money from poor money, and you can't make a
>> defensible statement of Bitcoin's value proposition.
>>
>> Because you can't do these things, you assume nobody else can do them
>> either and therefore the only way for Bitcoin to survive is to sweep the
>> problem under the rug and distract users with a word that means nothing
>> (and therefore means whatever the observer wants it to mean).
>>
>> This is not a strategy that can be successful in the long term.
>>
>
>
> Proof of work is probabilistic transaction ordering (and timestamping
> by extension), the only perceivable value in it is that it is
> decentralized. If you don't have that set as a requirement there are
> plenty of companies around who will act as a time stamping notary for
> you, just as there are many cloud services around to host the SQL-
> based Bitcoin replacement.
>
>
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