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CovfefeAnon's profile
Covfefe Anon
Covfefe Anon
Covfefe Anon
@CovfefeAnon

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Covfefe Anon

@CovfefeAnon

Not to be confused with 2001 Nobel Peace Prize winner Kofi Annan. 54th Clause of the Magna Carta absolutist. Commentary from an NRx perspective.

Joined July 2017

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    1. Covfefe Anon‏ @CovfefeAnon 12 Sep 2019

      Covfefe Anon Retweeted Stephen Cole

      The idea that "miners don't rule BTC" is embedding a libertarian assumption that (can) fail in the real world. Let's examine the idea and why it usually holds but can fail under attack.https://twitter.com/sthenc/status/1172039663327952896 …

      Covfefe Anon added,

      Stephen Cole @sthenc
      Replying to @CovfefeAnon @TellYourSonThis
      Miners don't rule Bitcoin. If miners don't do their job well (i.e. create blocks that comply with the rules enforced by full nodes), then they spend a lot of money on electricity and won't get paid.
      1 reply 0 retweets 1 like
      Show this thread
    2. Covfefe Anon‏ @CovfefeAnon 12 Sep 2019

      BTC works on a proof of work system (PoW). Alice sends BTC to Bob by announcing stating that she's sending x out of her address to an address controlled by Bob and signs this with her private key. To prevent double spends, miners get involved.

      1 reply 0 retweets 0 likes
      Show this thread
    3. Covfefe Anon‏ @CovfefeAnon 12 Sep 2019

      Miners solve a math problem that's one way - a problem that's hard to solve but easy to verify that the solution is correct. If an individual miner wanted to fake a transaction he'd have to solve this problem including his fake transaction faster than the rest of the miners

      1 reply 0 retweets 1 like
      Show this thread
    4. Covfefe Anon‏ @CovfefeAnon 12 Sep 2019

      Miners accept and continue to work on the longest chain so he'd have to keep supplying new blocks until he gets enough of a lead that his chain is the one that everyone is on. One miner can't do this - ever.

      1 reply 0 retweets 0 likes
      Show this thread
    5. Covfefe Anon‏ @CovfefeAnon 12 Sep 2019

      Even if he tried to cooperate with other miners to create a fake blockchain the incentive would be to defect and mine the real blocks because any miner knows that other miners will do this. The incentive to defect is the key bit.

      1 reply 0 retweets 1 like
      Show this thread
    6. Covfefe Anon‏ @CovfefeAnon 12 Sep 2019

      This incentive fails under two circumstances: 1) The coalition controls enough hash power (so can mine blocks fast enough) 2) The coalition can enforce cooperation BOTH OF THESE CONDITIONS are met if the Chinese gvt seized the 71% of hashpower located in China

      1 reply 0 retweets 1 like
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    7. Covfefe Anon‏ @CovfefeAnon 12 Sep 2019

      States exist specifically to solve problems like this Here's the thing though - the Chinese government doesn't want to do this because they'd kill the value of BTC.

      1 reply 0 retweets 1 like
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    8. Covfefe Anon‏ @CovfefeAnon 12 Sep 2019

      "How is that different from any government ignoring property rights?" IT'S NOT! Any government can seize property in its domain and the only practical restraint them is that they kill the value of their property - a gvt that maximizes the PV of their property doesn't do that

      2 replies 0 retweets 1 like
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      Covfefe Anon‏ @CovfefeAnon 12 Sep 2019

      Western governments have been acting against their own interests for a very long time because no one owns them and they're controlled by constantly shifting hidden internal coalitions so no one cares about maximizing the PV of the enterprise

      12:19 AM - 12 Sep 2019
      • 1 Like
      • World's Greatest Dad per Capita
      1 reply 0 retweets 1 like
        1. New conversation
        2. Covfefe Anon‏ @CovfefeAnon 12 Sep 2019

          China seems to not act this way and actually respects property rights more strongly than the US Stark example in a photograph - in the US there's the Kelo decision in China this guy didn't want to sell his house when they wanted to build a highwaypic.twitter.com/7naZNFEOca

          1 reply 0 retweets 1 like
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        3. Covfefe Anon‏ @CovfefeAnon 12 Sep 2019

          That's how secure BTC is - and no more.

          1 reply 0 retweets 1 like
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        4. End of conversation

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