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CONSENSUAL NOT POLITICAL
1 0 S E P T E M B E R 2 0 1 7
CONSENSUAL NOT POLITICAL
1 0 S E P T E M B E R 2 0 1 7
“ I C A N ’ T M I N E , I T ’ S T O O C E N T R A L I Z E D . ”J U S T L E T T H AT S I N K I N .
E R I C VO S K U I L• Libbitcoin Developer (4 years)
• Investor/Advisor (10 years)
• Microsoft Architect (3 years)
• Entrepreneur (18 years)
• Traveler (65 countries)
• USN Fighter Pilot (10 years)
• Martial Artist (25 years)
• Anarcho-Capitalist (25 years)
• Computer Scientist (36 years)
https://github.com/evoskuil
https://twitter.com/evoskuil
https://linkedin.com/in/evoskuil
L I B B I T C O I N
Cross Platform C++ Developer Toolkit
• libbitcoin (system)
• libbitcoin-blockchain
• libbitcoin-build
• libbitcoin-client
• libbitcoin-consensus
• libbitcoin-database
• libbitcoin-explorer
• libbitcoin-network
• libbitcoin-node
• libbitcoin-protocol
• libbitcoin-server
B I T C O I N E X P L O R E R
Command Line Tool
• Wallet (17)
• Key Encryption (9)
• Stealth (5)
• Messaging (2)
• Transaction (9)
• Online (16)
• Encoding (13)
• Hash (6)
• Math (8)
B I T C O I N S E RV E R
Full Node and Query Server
B R E A K I N GB R O K E NB I T C O I NK N O W YO U R E N E M Y A N D K N O W YO U R S E L F
R I S K S H A R I N G P R I N C I P L EP EO P L E S E C U R E B I T C O I N .
R I S K S H A R I N G P R I N C I P L EP EO P L E S E C U R E B I T C O I N .
A X I O M O F R E S I S TA N C EB I T C O I N C A N F E N D O F F T H E S TAT E .
H E A R N E R R O R“ S TAT E S C A N N OT B A N P O P U L A R T H I N G S .”
E X E C U T I V E
O R D E R 6 1 0 2
“Executive Order 6102 required all
persons to deliver on or before May
1, 1933, all but a small amount of gold
coin, gold bullion, and gold certificates
owned by them to the Federal
Reserve, in exchange for $20.67 per
troy ounce… thereafter raised to
$35.00… The resulting profit
[seigniorage]… funded the Exchange
Stabilization Fund... This price
remained in effect until August 15,
1971 [when it went to infinity]…
parties could again include so-called
gold clauses in contracts formed after
1977.”
- Wikipedia
IT WAS NEVER REALLY ABOUT THE FORKS AT ALL.
THREAT MODEL
Perception Reality
B A L A N C E O F P O W E R FA L L A C Y“ M I N I N G I S H O S T I L E TO M E R C H A N T S .”
I M P O T E N T M I N I N G FA L L A C Y“ M I N I N G H A S N O P OW E R .”
I M P O T E N T M I N I N G FA L L A C Y“ M I N I N G H A S N O P OW E R .”
P R O O F O F W O R K FA L L A C Y“ I N C A S E O F AT TA C K , S H O OT S E L F.”
PROOF OF WORK FALLACY
• Buyers can always obsolete specialized equipment by abandoning its product (not unique).
• There is no reason that existing miners would exit, it is common for businesses to rebuild.
• New miners will likely make the same decisions, as they are in the same business.
• Larger miners are disproportionately more profitable and therefore better capitalized.
• Smaller miners operate closer to the margin and will fail as larger miners retool.
• Experienced miners have an inherent advantage, and therefore greater access to capital.
• If the state is attacking, its co-opted miners will continue at a declining energy cost.
• Future miners must insure against a similar event, increasing the cost of hash power.
• The economy ends up with higher fees, the same problem miners and greater centralization.
• It’s not a “nuclear option” it’s a suicide attack.
I N D I V I D U A LS M U S T M I N E .O R O B V I O U S LY I T W I L L B E C E N T R A L I Z E D.
SUMMARY
PERCEPTION
• Miners and merchants are adversarial.
• Mining is controlled by the economy.
• Miners cannot afford to attack.
• Bitcoin is defenseless against the state.
• States cannot ban popular things.
• A PoW change mitigates pooling.
• Authoritarian tx ordering is sufficient.
• Crypto secures Bitcoin.
REALITY
• Miners and merchants are trading partners.
• Miner and economic powers are orthogonal.
• Miners are not the threat.
• Bitcoin must defend against the state.
• States prefer to ban popular things.
• A PoW change exacerbates pooling.
• Resistance to authority is Bitcoin’s innovation.
• People secure Bitcoin.
QUESTIONS