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Discussion in 'The Kruse Longevity Center' started by Jack Kruse, Jan 13, 2021.

  1. Jack Kruse

    Jack Kruse Administrator

  2. Jack Kruse

    Jack Kruse Administrator

    Why do I remain bearish in ETHER?

    How much do you know about Turing incompleteness?



    There was recently a 2021 hack of 650 million on ETH. The first one was in 2017 called the DAO hack and it causes the ETHER hard fork = ETHEREUM CLASSIC

    Why do these hacks keep happening?
    In computer science, there’s a concept of a Turing complete machine. A Turing complete machine is able to do everything that a modern computer can do from a mathematical standpoint. This is powerful because that means you can do a lot with it, especially when it is paired with a blockchain and a programming language.

    What it also does, unfortunately, is introduce an infinite and unknown amount of attack vectors, which are potential ways that the system can be hacked. Combine this with a team of developers who fail to implement a robust set of test suites to make sure that the known attack vectors are handled and you get the ridiculous meltdown we are currently witnessing.

    Something you should also know is that while you can’t prevent bad programmers from programming bad code, Ethereum has a duty to produce its smart contracting language in a way that mitigates these sorts of potential attack vectors. That would be great if there were people actually working on the core development of Solidity.

    Turing Incompleteness
    For complicated applications that run on independent computers, Turing completeness works great. If the system crashes, you just have to reboot it. Because these systems are generally private, you can create permissioning and swath off huge potential attack points and limit how people use your app.

    In the blockchain, everything is public. The original Turing complete systems don’t really work well when you have everyone smashing everything all over the place. When a newbie programmer can trip over a wire and cause a $150,000,000 crash, you know something is wrong.

    That’s why Turing incompleteness is the way in which we need to go. Not only is it safer, but the types of applications we’ve seen on the Ethereum blockchain thus far do not require Turing completeness and it has only done more damage than good. Most contracts right now are for crowdfunding and moving assets. Why are we supporting a system that does so much more?

    It is because the marketing of ETH was in calling it world computer. The truth is, if it was one it would be a poor one because of the attack vectors this allows.

    Programmers since 2017 have realized they need to permission themselves out of the system and only allow very specific operations to occur. It may not be a ‘true computer’ but that doesn’t matter. Unless your money is made in the world computer marketing arena. Crypto users just want to be able to do certain things on the blockchain and in public. ETHER does not seem to realize this limitation.
    John Schumacher likes this.
  3. ND Hauf

    ND Hauf Pleb

  4. Jack Kruse

    Jack Kruse Administrator

    gensler has eth bulls worried.
    GavinH and John Schumacher like this.
  5. ND Hauf

    ND Hauf Pleb

    $400 Billion dollar asset manager walks back commitment to ETH exposer. New report out states they are allocating up 5% of assets in their $164mm commodity fund to BITCOIN ONLY.

    Original filing language below followed by updated news feed.

    Per the Original filing

    "Neuberger Berman Commodity Strategy Fund’s (the “Fund”) investment strategy will permit actively managed exposure to cryptocurrency investments and digital assets through (i) cryptocurrency derivatives, such as bitcoin futures and ether futures, and (ii) investments in bitcoin trusts and exchange-traded funds to gain indirect exposure to bitcoin."

    GavinH likes this.
  6. Jack Kruse

    Jack Kruse Administrator

    Proof of work by energy consumption (volcano) isn't a drawback. It is a common misunderstanding, but it's actually the only way we know of to distribute and secure p2p electronic cash. pow is what keeps bitcoin decentralized, permissionless, trust-minimized, all desirable features for a global, neutral monetary asset.

    Proof of Work:
    - Objective consensus
    - Unforgeable costliness
    - Exogenous security source
    - Permissionless

    Proof of Stake:
    - Subjective consensus
    - Forgeable costliness
    - Endogenous security source
    - Permissioned
    JanSz, GavinH and John Schumacher like this.
  7. Jack Kruse

    Jack Kruse Administrator

    USA: Pondering a trillion-dollar coin to use as an accounting trick. El Salvador: Harnessing volcano energy to produce Bitcoin\. What's more honest?

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