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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. Peter Todd‏ @peterktodd Feb 25
      • Report Tweet

      Peter Todd Retweeted Adam Back

      It's funny how utterly wrong 15-year-old was here. In saying inflation would be a problem, I was actually assuming that the double-spend problem would be solved. In reality, *that* was the problem - solve that and picking a sane inflation rate is a trivial problem.https://twitter.com/adam3us/status/1099561214915547136 …

      Peter Todd added,

      Adam Back @adam3us
      Replying to @adam3us @aronvanammers and 2 others
      thread 2001 @adam3us / @peterktodd / @halfin continues pic.twitter.com/evjO4TvQ9n
      11 replies 12 retweets 133 likes
      Show this thread
    2. Adam Back‏ @adam3us Feb 25
      • Report Tweet
      Replying to @peterktodd

      not just double-spending, no one had figured out how to limit inflation in a decentralised way in 2001 (after already 4 years of people trying to design a decentralised system based on hashcash) viz comments about inflation at the rate of moore's law or worse in the thread.

      2 replies 3 retweets 40 likes
    3. Peter Todd‏ @peterktodd Feb 25
      • Report Tweet
      Replying to @adam3us

      No: if you can prevent double-spending limiting inflation is easy. Thinking the problem was limiting inflation was just wrong.

      7 replies 0 retweets 14 likes
    4. Adam Back‏ @adam3us Feb 25
      • Report Tweet
      Replying to @peterktodd

      well the double-spending was plausibly described in multiple threads as broadcast the transactions, and have a byzantine agreement protocol to keep it to a single view several times on the list even by 1998. and in that thread ^ you're saying the remaining problem is inflation.

      1 reply 1 retweet 11 likes
    5. Adam Back‏ @adam3us Feb 25
      • Report Tweet
      Replying to @adam3us @peterktodd

      we know now that controlling inflation is possible in a decentralised way via Bitcoin's mining difficulty adjustment. but I don't think anyone figured that out before despite exploring the problem for 10years +/- b-money & bit-gold approach were not that decentralised @NickSzabo4

      3 replies 9 retweets 43 likes
    6. Nick Szabo  🔑‏ @NickSzabo4 Feb 25
      • Report Tweet
      Replying to @adam3us @peterktodd

      Making non-fungible bit gold was decentralized. Making it fungible required a ShapeShift-like exchange, which at that time would have had to have been centralized.

      2 replies 1 retweet 25 likes
    7. Peter Todd‏ @peterktodd Feb 25
      • Report Tweet
      Replying to @NickSzabo4 @adam3us

      Non-fungible Bitgold is centralized in the same sense that stocks are centralized: sure there are thousat and thousands. But each one is a centralized system.

      3 replies 0 retweets 2 likes
      Nick Szabo  🔑‏ @NickSzabo4 Feb 25
      • Report Tweet
      Replying to @peterktodd @adam3us

      How so?

      7:17 AM - 25 Feb 2019
      • 3 Likes
      • Riding Unicorns to the Moon Dorian Nakamoto Blockchain Art Exchange 🎩
      1 reply 0 retweets 3 likes
        1. New conversation
        2. Peter Todd‏ @peterktodd Feb 25
          • Report Tweet
          Replying to @NickSzabo4 @adam3us

          To avoid confusion, what do you think non-fungible Bitgold is?

          1 reply 0 retweets 1 like
        3. Adam Back‏ @adam3us Feb 25
          • Report Tweet
          Replying to @peterktodd @NickSzabo4

          I think in the bit-gold model there was proposed to be a collectible market collecting up different scarcity stamps, into standard value bundles. those specialised dealers would not be so decentralised as a market function.

          1 reply 1 retweet 6 likes
        4. Peter Todd‏ @peterktodd Feb 25
          • Report Tweet
          Replying to @adam3us @NickSzabo4

          But concretely, what prevents double spends in that model?

          1 reply 1 retweet 0 likes
        5. Adam Back‏ @adam3us Feb 25
          • Report Tweet
          Replying to @peterktodd @NickSzabo4

          byzantine agreement between servers.

          1 reply 1 retweet 8 likes
        6. Peter Todd‏ @peterktodd Feb 25
          • Report Tweet
          Replying to @adam3us @NickSzabo4

          Right, which is centralized.

          1 reply 1 retweet 4 likes
        7. Nick Szabo  🔑‏ @NickSzabo4 Feb 25
          • Report Tweet
          Replying to @peterktodd @adam3us

          That's a preposterous way to describe its flaws. It is decentralized, but in a flawed way (vulnerable to Sybil attack) which Nakamoto greatly improved upon. In any case, it was the state of the art in secure decentralization in 1998, nobody knew how to do it any better.

          1 reply 3 retweets 43 likes
        8. Peter Todd‏ @peterktodd Feb 25
          • Report Tweet
          Replying to @NickSzabo4 @adam3us

          1998 simply didn't have decentralized consensus. There's no reason to sugar coat it - it just hadn't been invented.

          3 replies 1 retweet 5 likes
        9. Adam Back‏ @adam3us Feb 25
          • Report Tweet
          Replying to @peterktodd @NickSzabo4

          you have to start somewhere. if anything I think that's the biggest under appreciated path where projects stall where they could have succeeded: fear of the good enough vs hypothetical best. good enough can be improved, and a sort-of-functioning system aids further realisations.

          5 replies 3 retweets 26 likes
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