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NickSzabo4's profile
Nick Szabo 🔑
Nick Szabo 🔑
Nick Szabo  🔑
@NickSzabo4

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Nick Szabo  🔑

@NickSzabo4

Blockchain, cryptocurrency, and smart contracts pioneer. (RT/Fav/Follow does not imply endorsement). Blog: http://unenumerated.blogspot.com 

Joined June 2014

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    1. Eric Wall IS RIGHT‏ @ercwl 1 Dec 2018
      • Report Tweet

      It will never stop being funny that while most coins furiously debate PoW vs. PoS decentralization metrics or whether the marginal cost of staking will mimic the cost of mining, one coin just went "Uhm what? Burning energy? Staking? We just use a list lol." - and that coin is #2.

      15 replies 63 retweets 340 likes
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    2. BitMEX Research‏ @BitMEXResearch 2 Dec 2018
      • Report Tweet
      Replying to @ercwl

      "The list" method is far "better" than PoW or PoS, many PoW advocates do not doubt that. Its just not unique when compared to traditional electronic financial architecture.

      2 replies 0 retweets 29 likes
    3. Giacomo Zucco [I identify as a -e^iπ vampire]‏ @giacomozucco 2 Dec 2018
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      Replying to @BitMEXResearch @ercwl

      +1. And not censorship resistant at all.

      2 replies 0 retweets 24 likes
    4. Eric Wall IS RIGHT‏ @ercwl 2 Dec 2018
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      Replying to @giacomozucco @BitMEXResearch

      The XRP argument is that censorship is detectable in practice and community suspicion of offending validators would lead to UNL removal. Through this lens I would say XRP faces a UNL coordination challenge, but not necessarily a censorship challenge.

      5 replies 0 retweets 5 likes
      Nick Szabo  🔑‏ @NickSzabo4 2 Dec 2018
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      Replying to @ercwl @giacomozucco @BitMEXResearch

      If so they are again grossly abusing the term "community". Most communities (as a group of people who actually regularly communicate with each other) aren't much restrained when it comes to censoring transactions in their favor against those of people outside their community.

      3:45 PM - 2 Dec 2018
      • 1 Retweet
      • 19 Likes
      • Web Enterprises OmniEdge dn2k ⚡ JPK ABE Global George Adams Mr.Hodl🌕🍿 Giacomo Zucco [I identify as a -e^iπ vampire] Robert Seyfert 🏄‍♂️ 🤘
      4 replies 1 retweet 19 likes
        1. New conversation
        2. Nick Szabo  🔑‏ @NickSzabo4 2 Dec 2018
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          Replying to @NickSzabo4 @ercwl and

          Bitcoin both (a) makes it very difficult to censor (requiring a risky and expensive fork among disparate miner and node stakeholders), and (b) backs that up with a strong ideology of immutability. XRP AFAIK falls far short on both these counts.

          5 replies 12 retweets 72 likes
        3. Eric Wall IS RIGHT‏ @ercwl 2 Dec 2018
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          Replying to @NickSzabo4 @giacomozucco @BitMEXResearch

          Yes, and I think the Ethereum DAO hardfork (ETH censoring the DAO hacker, ETC choosing not to) highlights that censorship is at its core a concern resolved by ideology & coordination and not technology.

          3 replies 2 retweets 11 likes
        4. Eric Wall IS RIGHT‏ @ercwl 2 Dec 2018
          • Report Tweet
          Replying to @ercwl @NickSzabo4 and

          Eric Wall IS RIGHT Retweeted Eric Wall IS RIGHT

          Arguably the BTC community has the strongest immutability preference, but I would really be interested to hear how far reaching you think this should be. Specifically, I think this poll question (rescuing a >1M BTC Liquid federation) is a good litmus test.https://twitter.com/ercwl/status/1051861849422143488?s=19 …

          Eric Wall IS RIGHT added,

          Eric Wall IS RIGHT @ercwl
          While I have no reason to expect that anything should go wrong with the contract, it still begs the question: if the contract held, say ~14% of all BTC in circulation (2.4M BTC) same as the ETH DAO, and a bug would freeze the funds in the contract. What would you do?
          Show this thread
          3 replies 0 retweets 0 likes
        5. Prof. Hash‏ @hashamadeus 2 Dec 2018
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          Replying to @ercwl @NickSzabo4 and

          If the Liquid sidechain is somehow broken and new blocks are not signed for a period of time (4 weeks i think), then the timelock expires and BTC is restored.

          1 reply 0 retweets 1 like
        6. Eric Wall IS RIGHT‏ @ercwl 2 Dec 2018
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          Replying to @hashamadeus @NickSzabo4 and

          Yes, but the poll is about the case where there's a bug preventing that.

          2 replies 0 retweets 0 likes
        7. 2 more replies
        1. NT  ☣‏ @CryptoN_T 2 Dec 2018
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          Replying to @NickSzabo4 @ercwl and

          It's okay to use the term "shitcoin" nick 😂

          0 replies 0 retweets 3 likes
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        1. Matt Hamilton‏ @HammerToe 2 Dec 2018
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          Replying to @NickSzabo4 @ercwl and

          If the majority wanted censorship then censorship would occur. That is true for any decentralised system as there is no authority that can prevent the will of the majority.

          0 replies 0 retweets 1 like
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        1. Matt Hamilton‏ @HammerToe 2 Dec 2018
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          Replying to @NickSzabo4 @ercwl and

          Also what do you mean ‘abuse of the term community’?

          0 replies 0 retweets 0 likes
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