Satoshi Takes The Kids To School

In today's edition of YIYL, (You Invest, You Lose), I'm going to be a little cheeky and make an appeal to authority. I think we all know by now who Satoshi Nakamoto is or was but very few people did only a select few ever got to engage with this person or persons, but they were open about their opinions and shared them for all to see.

So if you had the opportunity to ask Satoshi what he thought of your shitcoin, what do you think he would say?

DPOS isn't Satoshis bag

If you're new to this blogging platform, then you probably don't know much about Scam Larimer and his litany of failed projects Bitshares, STEEM, EOS and I am sure he will be dropping some dookie on us eventually, fourth times the charm right?

He was one of the early guys that got into bitcoin and even had direct correspondence with satoshi. As you can see below, despite all satoshis writings and critiques of ideas you will notice that these same failed experiments will continue to perpetuate into the future.

https://twitter.com/maxkeiser/status/1554927948704223232/photo/1

Prior to bitcoin, governments had a monopoly on money which is a really profitable business to be in, when you are the money creator all you need is to convince people that it is valuable and you profit.

If I picked up stones in my yard and painted them green and convinced people it's money I give it to people, they give me labour or trade their goods, services or other money for it I am profiting because my cost basis is near zero to scale it.

The only thing I need to do is continue to find more suckers to exchange my stone money for real goods and services or a more liquid money.

That is the altcoin game.

Niche money makes no sense

But tokens aren't money, they are a whole new thing, well if you're not money you're a security an investment contract of some sort, which I believe all tokens are apart from bitcoin. Every token is created today.

Let's take my stones for example, if people handed me money for my stones and I said eventually you can return your stones to me, for increased value in the future or sell it to others who believe that, that's an investment contract.

Satoshi knew that knew it was an attack vector which is why proof of work is so important, there was no exchange no premise, you booted up your laptop run the software, and received coins for committing transactions to the chain.

There was no promise of reward in purchasing power, just in bitcoin, what bitcoin is worth today had nothing to do with those securing the network back then.

Blockchains hosting external data make no sense

To use a blockchain or timechain and keep it running with integrity it needs to be a self contained system, it cannot run nor rely on the input of external data. In bitcoin you only have a ledger of bitcoin transactions that are kept up to date by mining and the proof of work protocol that anyone can participate in while its all verified by nodes that anyone can run.

In shitcoin land, people think they can take this concept and apply it to anything, shipping records, medical records, stablecoins, NFTs, text. Anything you put on a blockchain that is not native to it, can and will be compromised for the right price.

I am putting text on this chain, guess what I can lie my ass off, same goes for any other type of external information, since no one has solved the oracle problem, you're introducing trust into the system.

Regulation is coming

I am no fan of the government, and I am not calling for regulation but when shitcoiners keep creating projects that blow up and lose normies money, you're going to get the government's attention. Shitcoiners and normies will cry foul, they will beg for the government to come in and "Stop the bad actors"

So really it's your own crowd attacking you, why would bitcoiners give a shit? They're too busy with bitcoin. And when governments do come for your unregulated securities, if it can be regulated it will, that's not FUD that's reality.

Have you read satoshi?

A lot of people I speak to today about bitcoin and shitcoins have no clue who satoshi was, or bothered to read his writings which I think is a shame, a lot of the debates people have today he cleared up on those forums as he worked on bitcoin.

I am often amazed at how many people think they're smarter than Satoshi, but never bothered to engage or debunk his arguments.

Have your say

What do you good people of HIVE think?

So have at it my Jessies! If you don't have something to comment, "I am a Jessie."

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