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mircea_popescu: totally ruins the "anglotards can think" theory. if they could think this'd be the #1 think they'd be on the lookout for.
mircea_popescu: i can scarcely see how could there be more of that, but ok.
mircea_popescu: a more perfect union, eh. well, plato'd be happy at least.
mircea_popescu: now, the objection can of course be raised that "what guarantees do i have someone will marry me", to which the answer is of course both none and fuck you. it works if you work it, as the expression goes.
mircea_popescu: the storing node chose by the victorious miner to do its prepwork gets whatever they agreed upon.
mircea_popescu: 'tx is paid for all nodes for a million blocks, while creator pays once and miner rakes in the cake << consider, if it costs 10 bux to store a kb for 1mn blocks, and it costs 20000 bux to mine a block and there's 2k txn to the block, then it can be said the split is even.
mircea_popescu: not last word in any sense, not in general nor on its own topic. but still, prerequisite. first step sorta thing
mircea_popescu: it's a step towards closing market as discussed above.
mircea_popescu: as large as mining farms, or larger. or i guess less large - by an adjustable factor.
mircea_popescu: but the idea is that it does force the presence of LARGE node infrastructure.
mircea_popescu: deeply unfungible, like people, these txn. 15yo can't fuck 5yo.
mircea_popescu: of course, with this scheme we also lose bitcoin mixing, which is the true problem.
mircea_popescu: it is no better in any sense that matters than pantsuit mcclinton clown.
mircea_popescu: you understand this, yes ? currently the blockchain is an inexistent object the world depends upon.
mircea_popescu: well it will also turn the blockchain into a tenable from an untenable proposition.
mircea_popescu: none of these are "permanent" to the 1mn block standard.
mircea_popescu: people have no problem using milk, or for that matter glass. or silicone chips.
mircea_popescu: 1mn blocks, it should be pointed out, aka 10mn minutes, is a long time.
mircea_popescu: there'll be up to 1bn coins in the system at all points after the millionth block, and everyone can price their holdings according to blocktime, and all is well.
mircea_popescu: but the correct trb-i might just as well end up this situation where block reward is 1mn bitcoin, and it dies within 1mn blocks. so all mining does is produce ~ a lease ~ on a chunk of bitcoin. and the value of old bitcoin is monotonically decreasing over their lifetime.
☟︎☟︎ mircea_popescu: now, there is a lot of merit to danielpbarron 's observation -- all that is, must die. but yes, there's also a lot of merit to the contrary alf view -- the whole fucking point here is that we're flirting with immortality, innit now.
mircea_popescu: this marries us to an infinite object. which then creates problems, as discussed.
mircea_popescu: "block 53 produced a 50 bitcoin mining reward. where is it today ?" "uhhh" "sit down."
mircea_popescu: no, lose in the sense of, "we no longer need to store tx Z because reasons
mircea_popescu: which makes "pruned" blockchain entirely useless for any purpose (other than "convincingly" to a standard that's not actually convincing pretend to be you know, done homework)
mircea_popescu: the problem with "expiring txn", as fundamentally and intuitively sound as it seems, is that if you lose the relation to the original coinbase, you lost everything.
mircea_popescu: this will necessarily mean that the woman does not own her body, in some sense and to some degree, when discussing cunts ; and that i don't know what the fuck unpleasantry, when discussing bitcoin.
mircea_popescu: so : maybe there can be a way to organize the whole scheme so that the cost of a txn in terms of node is balanced out with the cost of the txn in terms of user ; and miner.
mircea_popescu: it's how the us set itself up the bomb, through "morality", also ; and why as it is dying, that relaxes.
mircea_popescu: and this is what "when trade stops war starts" fundamentally means : all items WILL be priced. if they can not be priced through a market, they will be priced through a war. which is why whores are the exact mechanism through which war is avoided : in pricingtheir cunt on the market, they avoid the need to have their cunts priced at the point of the sword.
mircea_popescu: nobody, and consequently... they aren't. but this isn't a market, it's a war.
mircea_popescu: who will provide the dying empire so the young brits of 1990 can be as cool as the brits of 1790 ?
mircea_popescu: such systems do not exist outside of a simulation, take for instance the issue of piracy ; or its exact equivalent, "trade".
mircea_popescu: for instance eulora, all items that exist can be priced on the basis of other items that exist ; there are no items outside of this scheme. makes eulora a perfect system.
mircea_popescu: asciilifeform a market is closed in this sense when all the externalities can be priced.
mircea_popescu: this is in direct relation to our discussion re how bitcoin fragmentation kills bitcoin anyway.
mircea_popescu: it's not so far clear that there can't exist a sensible, and protocol-explicit method to close a market around the fundamental problem of uxto
mircea_popescu: whereas the blockchain will grow and grow and grow, and with it the aggregate cost of handling that one txn will be infinite.
mircea_popescu: however much it cost, fifty or fifty billion, a txn will cost a number.
mircea_popescu: because what is must be a certain way, whereas what isn't yet can be any way whatsoever.
mircea_popescu: no matter how expensive a transaction that is is, the bulk of things to come will overcome it.
mircea_popescu: danielpbarron the problem is that whatever a bar may be placed in front of people, it must be finite. whereas the flow of time is infinite.
mircea_popescu: the solution to this problem is still what it was last we discussed it : make the nodes responsible for the txn they convey to you.
mircea_popescu: asciilifeform this is not directly obvious. anyone may publish any bullshit they want, and i spend 0 cycles not reading it.
mircea_popescu: shinohai tell the little bitch to stop being so fucking poor.
mircea_popescu: well, it'd be ~same as the large easter island items, you know ? "immutable object"
mircea_popescu: people'd just keep track of the previous outputs like so many tradestones.
mircea_popescu: bitcoin reduced to coinbase (ie, newly minted coins) spending only.
mircea_popescu: currently, in order to create a txn you must mine it (calculate some hashes), worth about 1/10^20 of a block or so.
mircea_popescu: yes. if it increases the tx mining standard to the point it's = the block mining standard, you coupled issuance and expense.
mircea_popescu: currently, blocks issue money and txn spend money. and their decoupling, having nodes "mined" to a hard standard while txn are ALSO mined to a much weaker standard, is sensible.
mircea_popescu: this is a truth of the same level of, "a ship needn't carry a shipyard"
mircea_popescu: the function of spending money can not be equal to, and has to be decoupoled from, the function of issuing money.
mircea_popescu: anyway. mined-txn is impractical because of a very practical impedance mismatch, which for historical reason we'll render as "not everyone can be a bank".
mircea_popescu: please don't tell me you aim to reimplement jfs in btc ;/ way the fuck cheaper to just use one.
mircea_popescu: us and mexico both aimed to supplant the silver standard coin of china.
mircea_popescu: asciilifeform the piece needn't be found as such. a large portion of the us-mexico conflict of the 1980s was over silver. which was good money in china.
mircea_popescu: asciilifeform the problem is the dirty reads. if you queue the writes what do you do with the reads ?
mircea_popescu: and in a few years they'd be happy to have one random middle class indian shot in kansas. and so on. "the general public" fills the available crevices, no more.
mircea_popescu: "radicalized" progressives ? hurr durr. they'd be HAPPY to have reaganomics now.