Comments by "p11" (@porky1118) on "Globalism, Dystopia u0026 Crypto ｜ Luke Smith on Monero Magazine" video.

  1. 1. Dero already is Monero+Ethereum 2. A decentral crypto currency doesn't need to have turing complete smart contracts
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  2. 6:00 Yeah, that's a pretty stupid mindset. Science can not tell us what to do. It can only tell something about the reality and how to do something.
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  3. There's also one huge argument against Monero, probably the most important, and I don't think, it has been solved yet. Since Monero doesn't require specialized hardware and just allows the usage of regular computers, attacking Monero would be rather cheap. There are a lot of companies and governments who already have computers, so if just one huge company, or maybe a few, try to attack Monero, it would totally work. It wouldn't be a huge cost. You could even buy more hardware if necessary. You could still resell the hardware. In Bitcoin on the other hand, if you buy a lot of hardware just to destroy Bitcoin, all the hardware will be useless after Bitcoin is dead. You can't use it for other things or resell it. But now after writing it out in my own words, I don't really believe in it. You can't kill a network through computation power. The only thing you can do is a so called "51% attack", which basically only allows you to do double spends. And as long as you stop computing, the network will start running again. Someone would have to run devices constantly. That's true for both Bitcoin AND Monero. And they always lose money from running the network this way. As soon as they stop attacking the network, the regular miners might come back. And in the future mining will only be worth it if the energy used for it basically costs nothing or less because you can't use it for anything else. So even governments and companies would need to have a lot of free energy to be slightly profitable. Else they will run out of money very quickly.
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  4.  @remsee1608  I'm not fine if I don't transact with that party. Everything that has been spent would be reverted if their privately mined chain gets longer. (I'm still not sure if the longest chain rule is really that useful. Maybe an additional rule for not reverting blocks older than a day, even if another chain gets longer, would help?) Censorship might be a problem, but that's not only true for 50+% attacks.
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  5.  @remsee1608  I always thought, the chain length is about the number of blocks. And the number of blocks in a specific time depends on computation power, not on the number of random transactions. And even if it's about the memory, can't you just fill a block with random data? Or transactions between two of your own accounts?
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  6.  @remsee1608  You don't have to rewrite the entire history. You just need to rewrite the time, where you spent something. When you spent a huge amount yesterday, you only need to rewrite the history starting from yesterday.
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