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.
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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.
Observe that there are high market cap cryptocurrencies today that are based on Sybil-vulnerable Byzantine consensus. I am certainly not recommending them over Bitcoin, but it is an approach that, while inferior to Nakamoto Consensus, is far better than nothing.
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Can you please help me understand "Sybil-vulnerable Byzantine consensus"? What is the nature of the consensus if it's Sybil vulnerable? What kind of consensus can be had when you can't know if your peers are forged identities? What is the potential use case for such a network?
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first you need to a defined set of participants. if that's automated it becomes sybil vulnerable, and then if the sybil attacker controls > 1/3 of nodes, it becomes an insecure agreement protocol.
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So it has to be manually peered, and then it would be okay in theory?
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Lamport's Byzantine Generals Problem came with a solution and caveat that if the attacker controls > 1/3 of the nodes the honest players can't reach agreement. If there isn't a natural definition of who is a participant, you end up with sybil pretending to be many participants.
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Lots of the stuff coming out of MIT and researchers these days is that Nakamoto Consensus is actually pretty terrible. Thoughts?
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It's academic. No one has succeeded to do anything to improve Bitcoin fundamental design yet.
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Personally, I did find Algorand a bit compelling, though PoS in nature. Matthiew Niemerg and others had been criticising Nakamoto Consensus, especially those that are trying to make a better BFT solution. However, of course, nothing has been proven to actually be better.
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Mind you certainly not suggesting that something as silly as EOS or other projects is better.
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The REAL trillion dollar question: Y isn't difficulty adjustment an advanced form of Ponzi scheme which serves to artificially goose the price of bitcoin higher in a momentum short-squeezy kinda way? Would be #1 question for Satoshi.
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