For most of this last decade, I have ignored the so-called attacks against bitcoin. I am pulling them apart at the moment and I am astounded about how stupid every one of them is. They are asinine in their childishness and unbelievably ridiculous. The concept proposed in all of them ignores economic realities and law. For any of them to have any chance of working, miners need to act without consideration of profit or revenue. On top of that, they need to forget that they act within the real-world and the law is important.
Every single attack channel that I've been delving into requires that code is law exists to the exclusion of all criminal activity. That is a world without government and without law enforcement. This is not the bitcoin I created and is not the environment I created it for.
All of the attacks come down to unregulated exchanges, bucket shops.
This is not an attack against real world merchants or even normal expenditure. There is not a single attack against bitcoin that works in these environments. What we are considering is purely and simply instant trading ability.
That is the ability for an individual to put money onto an exchange and take it back out again after flipping it into different coins or even tokens and mixing money which could even be for laundering before any suspicious activity can be reported.
This is the entirety of the attack vector that is harped on around bitcoin.
In a regulated exchange, individuals are not going to be able to double spend the exchange in the timeframe proposed for any of these attacks. Importantly, anything here is going to require money-laundering laws apply. That involves KYC.
This is the point no one seems to get, or if they do is about putting their head in the sand to ignore reality. Bitcoin works perfectly well in the real world. All of these changes, all of the manipulation has been about creating a system that works without government, without law and in a code environment where there is no reversibility, and more importantly no oversight ever.
There is not one single scenario that becomes profitable for a merchant or a miner to be associated with. More so when bitcoin scales. As bitcoin scales, all of these issues disappear.
Every one of these attacks is a home user miner attack. It's all in a small undervalued network. Every single one of these attacks requires many coins with little value. This is the nature of what they been doing in their attempt to make something that bitcoin was not designed to be.
CSW
Jun 3, 2019
https://metanet-icu.slack.com/archives/C5131HKFX/p1559587877083200?thread_ts=1559587877.083200&cid=C5131HKFX
https://t.me/CSW_Slack/2051
Every single attack channel that I've been delving into requires that code is law exists to the exclusion of all criminal activity. That is a world without government and without law enforcement. This is not the bitcoin I created and is not the environment I created it for.
All of the attacks come down to unregulated exchanges, bucket shops.
This is not an attack against real world merchants or even normal expenditure. There is not a single attack against bitcoin that works in these environments. What we are considering is purely and simply instant trading ability.
That is the ability for an individual to put money onto an exchange and take it back out again after flipping it into different coins or even tokens and mixing money which could even be for laundering before any suspicious activity can be reported.
This is the entirety of the attack vector that is harped on around bitcoin.
In a regulated exchange, individuals are not going to be able to double spend the exchange in the timeframe proposed for any of these attacks. Importantly, anything here is going to require money-laundering laws apply. That involves KYC.
This is the point no one seems to get, or if they do is about putting their head in the sand to ignore reality. Bitcoin works perfectly well in the real world. All of these changes, all of the manipulation has been about creating a system that works without government, without law and in a code environment where there is no reversibility, and more importantly no oversight ever.
There is not one single scenario that becomes profitable for a merchant or a miner to be associated with. More so when bitcoin scales. As bitcoin scales, all of these issues disappear.
Every one of these attacks is a home user miner attack. It's all in a small undervalued network. Every single one of these attacks requires many coins with little value. This is the nature of what they been doing in their attempt to make something that bitcoin was not designed to be.
CSW
Jun 3, 2019
https://metanet-icu.slack.com/archives/C5131HKFX/p1559587877083200?thread_ts=1559587877.083200&cid=C5131HKFX
https://t.me/CSW_Slack/2051
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