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RE: HF21 Recommendation: Raising Custom JSON Limit

in #hf216 years ago

I respect your right to feel that way, however, the key value add of Bitcoin and all blockchains is asset possession. Your argument for soft consensus is actually the same argument Peter Schiff makes for why he thinks Bitcoin has no value.

Schiff argues that gold is better than bitcoins in every way. This is because to him the soft consensus of validation that he owns the gold is enough.

This is in contrast to the "Not Your Keys, Not Your Bitcoin" argument. The argument for Bitcoin's value is that possession is crucial. Stocks, bonds, and commodities like gold and silver are not ever in your possesion even when you have a note that verifies that it belongs to you. Corporations still have many ways to get out of giving you the asset and/or the value of that asset.

The whole case being made by Bitcoiners and Etherians is that if you do not have full possession of your asset it isn't really yours. This becomes evidentally so in international business dealing wherein your ability to punish overseas businesses for misbehavior below the $20,000 range becomes quite difficult and rarely worthwhile.

Soft consensus is merely evidence of right to something. The problem with that is at the highest levels we see that evidence to a right is not enough. When Germany wanted to repatriate their gold the US Reserve bank indicated that it would take 7 years. That's ridiculous, if it was there it should not have taken so long. Clearly, possession is essential at all levels.

Now, if you need validation for a fairly non-valuable item then it is fine. No body cares about a receipt for a donut, but its good for it to be censorship-resistant in case someone claims that you walked out without paying. Soft consensus is great for accounting purposes, but for storing valuables like NFTs its not such a great thing.

Here's a perfect example of how validation is not enough. When MagicDice did their exit-scam, there was a mountain of evidence that MagicDice owed its players tokens/dividends. The Steem blockchain has transaction details full of validation of those players rights. Still, they got jack all.

Why is validation of ownership rights on the Steem blockchain not enough for the victims of MagicDice? Because if its not your keys, its not your bitcoin... Possession is everything.