0 sats \ 5 replies \ @fiatjaf OP 12 Sep 2022 \ parent \ on: Truthcoin as a spacechain bitcoin
It is weird that the reason you're offering for it not working is the reason the idea was proposed in the first place.
What you're saying is the same as saying: "Bitcoin doesn't work because you can't have electronic money that doesn't have a central entity issuing it and preventing double-spends."
It is weird that the reason you're offering for it not working is the reason the idea was proposed in the first place.
It's not weird at all when you realize that """truth""" coin does not actually solve the problem it set out to in the first place, in fact it only worsens it.
What you're saying is the same as saying: "Bitcoin doesn't work because you can't have electronic money that doesn't have a central entity issuing it and preventing double-spends."
That's not what I'm saying at all, and it's not even comparable to a proof-of-work system like bitcoin.
"""truth""" coin is literally just rigged gambling with proof-of-stake oracles. It does not actually solve any real-world problem. To the extent that it functions, it is essentially a conspiracy plot to defraud the rest of democratic society.
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Now about it being just gambling, I am interested in your arguments on why prediction markets are not a good mechanism to revolutionize the emergence and diffusion of knowledge in society.
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When the referee is allowed to gamble in his own game, that is a recipie for match-fixing.
Truthcoin is not a prediction market about world events, it is a prediction market about how Votecoiners will report world events.
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Yes, I know.
But there are a lot of incentives working to make votecoiners report world events accurately, and I believe these incentives work very well. Your job is to point out how they do not work.
If the supply of votecoins is spreaded among multiple individuals it will work, can you agree with me on this? No individual is motivated to report wrong, since they won't change the final result and will lose part of their votecoins.
Agreed?
Now if someone tries to buy the entire votecoin supply, see my other answer.
C'mon, give me some arguments!
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I don't think you understood the idea behind votecoins.
You think someone will buy all the votecoins and then vote to win all bets?
First: once someone does the chain is expected to die, so all votecoins become instantly worthless.
Second, in the original Truthcoin paper there is a safeguard mechanism in which all betters are expected to vote with their bitcoins. That will certainly be activated in case of a massive attack, so the attacker doesn't even get the bitcoins and loses all his votecoins.
If they try to make small attacks by voting just some small markets wrong this will still cause votecoins to lose most of their value.
So this is not expected to happen at all, it goes against all incentives.
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