Elaboration on why I am so confident the SegWit booty will be taken as donations by Bitcoin miners
I'm having trouble visualizing how the transactions embedded in the blockchain (splitting the 3's from the 1's in the hashed strings) can be split off without violating the hashes against previous UTXO's.
The Satoshi v0.5.3 protocol views those P2SH addresses as scripts without any public key (i.e. no signature required to spend them), so they can be spent by anyone. Essentially SegWit transactions as interpreted by the Satoshi protocol, before Core unilaterally decided to softfork the protocol, to be transactions sent to some script that has no protection against anyone spending them. So currently the miners who are following the Core protocol softfork wouldn’t allow those SegWit outputs to be spent by anyone. I actually forgot the precise technical details, but I assure you that last year I checked it in detail. Thus when the Satoshi v0.5.3 miners decide to force Core to fork-off, they will start spending those to themselves when they win a block and the Core miners will fork-off and the Satoshi miners will not fork off. Everyone likes to claim that there are no Satoshi miners, but that is because they’re idiots who do not understand economics.
If I could see it in code, I think this would make more sense to me.
I had a thread on bitcointalk.org that explained the technical points in detail but the mod @mprep deleted everything. Gregory Maxwell, Theymos, and Core supporters collude to hide the truth from everyone.
Will there simply be two competing histories and one that becomes worthless?
Correct. Everyone who has their BTC stored in addresses that begin with 1 will receive a free airdrop of Core tokens when Core is forced to fuck-off (ahem I mean fork-off, lol), in addition to their Satoshi BTC tokens. So then they can sell those Core shitcoins to buy moar real Satoshi BTC. Those who ignorantly hodl their “BTC” in addresses that begin with 3 will have their Satoshi protocol BTC taken by the miners and they will only keep their soon-to-be-worthless Core shitcoins.
The miners who received a booty for mining the Satoshi chain will of course not sell their booty to buy more Core shitcoins because then they would fight against the validity of the Satoshi chain and potentially devalue the booty.
Not familiar enough with how the segwit data being off chain could be used to spend.
Don’t conflate the above with the Lightning Networks flaw I pointed out. Separate issues.
SegWit is achieved on-chain by using P2SH to encode the public key that owns the output. But Satoshi’s protocol just sees those as a hash that lacks any public key to protect against spending. So they're spendable by anyone. I actually forgot the precise details, but I assure you that last year I checked it in detail.
Here's a list of the top most wealthy bitcoin addresses. The top five are all Segwit addresses and only 3 are of the original header on chain type.
That could be meaningless, put there to trick people. Because the miner that will taking those large outputs may be the one who owns the outputs. Easy to fool people in the cryptocurrency arena because people do not consider all the technological possibilities.
At what point does it make mathematical sense to seize the "pay to anyone" segwit?
Did you not read my explanation of the economics in my prior post? I wrote:
Contrary to conventional and popular thought, the taking of the SegWit donations and kicking off the idiot snowflakes who believe cryptocurrency is a democracy, will actually increase the valuation of Bitcoin or at least not interfere with its S/F valuation march higher. Reason being that minions will be kicked off of Bitcoin anyway. And enriching the miners means more energy expended on mining, which in the S/F valuation model means a faster rise in the market cap and price. Thus all the value that was perceived to be in Bitcoin Core will be sucked into Bitcoin sending Core towards 0 and Bitcoin up even faster.
Is there some sort of game theoretical Schelling point around which miners could coordinate?
Yeah I already wrote that when a significant amount of hashrate starts accepting the “pay to anyone” donations, then every rational miner is going to want to participate. Who wants to be the last one out of the door when the music stops playing for Core? Who wants to be mining on a chain that gives them tokens that will be worthless? Who wants to forsake the opportunity to earn massive profits by partaking of the donations booty?
Seems to me that in the short term that such a massive theft would crash the price of bitcoin in the short term as many will panic not understanding what is going on and flee the marketplace. These things have happened in the past (Mt Gox, DAO hack of ETH, etc) and the result crashed the price each time.
Those who will panic will be those who did not know what was going to happen and thus did not keep their BTC stored in addresses that start with 1. And thus they will only have Core tokens to sell. So yes you are correct that Core will plummet in price, whilst Bitcoin rises in price.
The strong hands will be holding Bitcoin and the free airdropped Core. The weak hands will be holding only their Core shitcoins.
A move of claiming only the top 20 segwit addresses alone right now would exceed the number of bitcoin stolen from Mt Gox. (>850,000 BTC).
Now you made me even more sure it’s going to happen. 😈
Let that “pay to anyone” donations booty pile up even larger and larger.
Maybe this will be what causes Bitcoin to rocket to $1 million in 2020 as McAfee expects.
If such an attack happens, then soon afterwards might be the cheapest bitcoin available causing a quick rush to buy in.
Only cheap for Core shitcoins, which is not what we want.
Hard to keep a secret like this for long (if your theory is correct).
I had several huge threads about this on bitcointalk.org. I was shouting and shouting. Nobody wants to listen. They prefer to think they know it all. Hehe.
Speaking of this, I am confident that Satoshi expected this outcome and designed for it. I think Blockstream was funded because those who created Bitcoin want this to happen. See Bitcoin is a means for bringing about the world government, because the nations and unemployed masses will turn against Bitcoin. But they will need 666 control to attempt to stop Bitcoin, not realizing that the global elite who control their nations are the same ones who created and unleashed Bitcoin. The 666 system will then be used to enslave them and never to actually stop Bitcoin, which the elite will own most of.
So the massive donations that kick all the “social consensus” idiots and Lightning Network users off of BTC, because they will only have Core shitcoins after that, will be another way to make the masses bitter and hate Bitcoin.
By disenfranchising the majority by playing on their ignorance, their idiotic belief in the nonsense of democracy, their belief that off-chain Lightning Networks will work out, and their belief that their vote and their existence is actually worth anything non-meritoriously.
Imagine now that all that BTC that was taken as donations will then be tainted as being “stolen funds” in the minds of snowflake idiots who think the governments must protect them against such imagined theft (when in fact the reality is they were sending transactions to the network that can be spent by anyone and allowed themselves to be fooled into thinking Core has any legitimacy). Yet you can imagine that some governments may actually try to trace those donated BTC and place capital control restrictions on such tainted BTC. This is yet another way the $trillionaires global elite can destroy the other lowly millionaires who want to transact and hodl BTC.
This is why I was writing in #7 and #8 in my prior two comment posts about the importance of making mining more accessible. And also to try to actually make a transactional cryptocurrency that will not kick most of the population off-chain to trustless systems. Because if we could get a billion people to actually use and be vested in cryptocurrency, then the masses would demand that cryptocurrency be not taxed and instead be treated as a currency by the nations. So then instead of banksters winning with their plan to make Bitcoin exclusive and a tool of the 666, we would win and put that wound of the forehead of the Beast as stated in Revelation. Well who knows, the masses are so easy to fool into accepting taxes that they think will only apply to the wealthy, which in fact only apply to them in the end.
RE: Secrets of Bitcoin’s Dystopian Valuation Model