US academics say their shardy blockchain will be 10X faster than Visa

I guess my original post doesn’t really discredit the main point being made which is that people aren’t aware of Butcoin’s scaling issues. I agree with that.

I do think it’s interesting that the bubble crashed once Bitcoin as a general concept was no longer really new for anyone.

https://frinkiac.com/meme/S05E10/1212894.jpg?b64lines=IEhPUC...

Censorship resistance is not a marketing spin. Its absolutely true about bitcoin! There is no central controller, no government, how can anyone stop a valid private key holder from submitting a valid signature? Sure, we could block 8333/tcp on the great firewall, but thats why we have Satellites now!! As long as you have a communication channel that can reach the Bitcoin p2p network, it cannot die.

The 'censorship resistance is marketing' attitude is spoken like a true first worlder. There are many places on this Earth where censorship resistant money is critical. There are many groups that cannot interact with the global banking system due to sanctions. Look around outside the US!

and we havent even spoken about how destructive the centralization of banking has become: https://blog.bitmex.com/thetimes/ This blog post explains very clearly how the monetary base of our economy is inflated every day due to lack of diversity in banking.

Also this does not satisfy the government/3rd party audit issue (which is important in court cases: can an independent expert verify the log in a way that nobody can subvert ?). In your proposal they can still sabotage this cooperatively, aside from the (potential) impracticality of doing that.

So what you do is this: 1) log message comes in 2) generate (public, private) key pair 3) sign log message using private key 4) sign PREVIOUS public key using private key 5) erase previous private key 6) store log message, public key and both signatures 7) goto 1

(usually some metadata, such as amounts on accounts, gets included on a regular basis. Usually there's only a very small number of actual accounts since these are exchanges between huge banks. There aren't that many huge banks, especially not in a specific exchange, in fact, mostly only 2. Even in large systems, 10000 is the biggest I've seen)

No need for connection to other party, and by on a regular basis sending one of these public keys to both parties, the integrity of the entire log is 100% guaranteed. You can also "prove" what the time was by encoding functions that are well known afterwards and widely available, but not known ahead of time (like variations in pulsar frequencies, or sunspot images. This principle is called a "natural oracle" and does not require trust. But if you can post a sunspot image of day X, that proves the message was not made before X).

Suppose you hack this system (whether actually hack it, or simply have the root credentials on hard): you cannot change past log messages without tripping the alarm (meaning both participants can verify with 100% certainty that you messed with them). You can only change log messages from that point forward (and at that point, why not just replace shit at step 1 of the process).

Note: yes, you can delete the logs entirely (but again, this trips the alarm), and yes, you can stop the log and change future messages.