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What people need to understand.
It is more important for the concept of bitcoin that I developed to be understood than anything else to survive. Over time, BTC will go the way of eGold and eCash. The reason being the same reasons each of those failed. There is no more decentralisation in BTC than there is in a recent small IPO. In fact, Facebook has over a thousand times more decentralisation than BTC will ever achieve. This is what people fail to understand; decentralisation is not the distribution of power or control.
Bitcoin is not about your keys. Your keys in reference to the private keys and that are associated with certain types of locking scripts are equivalent to the key to a safe deposit box.
Bitcoin is a series of tokens.
It is not an account, each individual digital token is a separate item. Each individual Satoshi is a token. Those tokens are put together in an envelope that is referred to as a UTXO. That is locked in the virtual safe-deposit box in a massively large wall full of safe-deposit boxes.
The safe-deposit box number is the equivalent of the identifier for the public address or public key associated with most locking scripts. This information can be used to hold multiple envelopes that I referred to above as the UTXO’s. Each envelope holds a series of tokens. Thus, the safe-deposit box can be used multiple times. Reusing the safe-deposit box means that people can view you going to it, and you lose privacy. There are around ten with eighty zeros possible safe-deposit boxes that all have multiple means of being accessed. Note, collisions always exist between locking scripts, but finding those collisions is infeasible. For instance, they could be a 3 of 3 locking script that matches a single hash puzzle locking script and has the same hash but finding that is an infeasible exercise.
Bitcoin tokens are never lost. As a result, the system always has the same number of tokens as when it was first created. Tokens can be replaced. This can be done in a variety of ways as the ledger is updated. Remember, the decentralisation in any Blockchain is never more than the decentralisation in a small listed firm. In fact, like all of these, a few entities on the board choose the direction of the system. There is no possible way to change how that works in a Blockchain system with you using PoS or any other hybrid.
If you lose your keys, it is the equivalent of losing your keys to a safe deposit box. You can gain access to the safe-deposit box, but that cost money, time and effort. For example, if your safe-deposit box contains five dollars and you lose the keys, and the cost of regaining access to the keys is $5000, it is very unlikely that you will try and regain access unless you are completely insane.
Bitcoin is not encrypted, and it cannot be made to be encrypted. The system was designed this way to differ from previous digital cash and digital currency systems, making it a digital or electronic cash system and not Cryptocurrency.
Lightning is an attempt at a Cryptocurrency, but the problem is that it’s built on top of bitcoin, and the system within bitcoin can be repointed, and the tokens can be moved to new safe-deposit boxes. Doing this breaks lightning. This is not a problem with bitcoin but rather a problem with lightning that they don’t want to admit, and their answer is to lie about how bitcoin functions.
Lost tokens don’t break the system. What they do is require people to keep records for large amounts of tokens. The cost to miners and the implementation of changes such as those three court orders to regain access will preclude the use of recovery for small amounts and leave it to those with large addresses. This is because bitcoin is designed to be cash, and cash is not designed to be a system that you have billions of dollars sitting in a room.
CSW
Sep 21, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1632211154383800?thread_ts=1632211154.383800&cid=C5131HKFX
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https://t.me/CSW_Slack/3023
What people need to understand.
It is more important for the concept of bitcoin that I developed to be understood than anything else to survive. Over time, BTC will go the way of eGold and eCash. The reason being the same reasons each of those failed. There is no more decentralisation in BTC than there is in a recent small IPO. In fact, Facebook has over a thousand times more decentralisation than BTC will ever achieve. This is what people fail to understand; decentralisation is not the distribution of power or control.
Bitcoin is not about your keys. Your keys in reference to the private keys and that are associated with certain types of locking scripts are equivalent to the key to a safe deposit box.
Bitcoin is a series of tokens.
It is not an account, each individual digital token is a separate item. Each individual Satoshi is a token. Those tokens are put together in an envelope that is referred to as a UTXO. That is locked in the virtual safe-deposit box in a massively large wall full of safe-deposit boxes.
The safe-deposit box number is the equivalent of the identifier for the public address or public key associated with most locking scripts. This information can be used to hold multiple envelopes that I referred to above as the UTXO’s. Each envelope holds a series of tokens. Thus, the safe-deposit box can be used multiple times. Reusing the safe-deposit box means that people can view you going to it, and you lose privacy. There are around ten with eighty zeros possible safe-deposit boxes that all have multiple means of being accessed. Note, collisions always exist between locking scripts, but finding those collisions is infeasible. For instance, they could be a 3 of 3 locking script that matches a single hash puzzle locking script and has the same hash but finding that is an infeasible exercise.
Bitcoin tokens are never lost. As a result, the system always has the same number of tokens as when it was first created. Tokens can be replaced. This can be done in a variety of ways as the ledger is updated. Remember, the decentralisation in any Blockchain is never more than the decentralisation in a small listed firm. In fact, like all of these, a few entities on the board choose the direction of the system. There is no possible way to change how that works in a Blockchain system with you using PoS or any other hybrid.
If you lose your keys, it is the equivalent of losing your keys to a safe deposit box. You can gain access to the safe-deposit box, but that cost money, time and effort. For example, if your safe-deposit box contains five dollars and you lose the keys, and the cost of regaining access to the keys is $5000, it is very unlikely that you will try and regain access unless you are completely insane.
Bitcoin is not encrypted, and it cannot be made to be encrypted. The system was designed this way to differ from previous digital cash and digital currency systems, making it a digital or electronic cash system and not Cryptocurrency.
Lightning is an attempt at a Cryptocurrency, but the problem is that it’s built on top of bitcoin, and the system within bitcoin can be repointed, and the tokens can be moved to new safe-deposit boxes. Doing this breaks lightning. This is not a problem with bitcoin but rather a problem with lightning that they don’t want to admit, and their answer is to lie about how bitcoin functions.
Lost tokens don’t break the system. What they do is require people to keep records for large amounts of tokens. The cost to miners and the implementation of changes such as those three court orders to regain access will preclude the use of recovery for small amounts and leave it to those with large addresses. This is because bitcoin is designed to be cash, and cash is not designed to be a system that you have billions of dollars sitting in a room.
CSW
Sep 21, 2021
https://metanet-icu.slack.com/archives/C5131HKFX/p1632211154383800?thread_ts=1632211154.383800&cid=C5131HKFX
1/2
https://t.me/CSW_Slack/3023
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