If all miners already have a copy of (nearly) all transactions and they only need to confirm that, then that is indeed very low entropy. For example it doesn't allow for any network disruption hiccups. When all-for-one-and-one-for-all (Communism, low entropy) have to agree on (nearly) everything then oligarchies naturally form into that power vacuum.

Again you are asking small miners to have connectivity, memory, and processing power to listen all transactions or trust a proxy (pool) to do it for them.

This worsens centralization egregiously when moving to micropayments scale.

Some have stated Bitcoin can never work for micropayments scale, so if that is not the goal, and if pools are an acceptable outcome, then this IBLT method probably suffices for scaling Bitcoin within that low entropy paradigm and the potential Sybil attacks on pools.

I guess it is because I am looking at this from the perspective of my (conceptual) solution which makes orthogonal what must be centralized from what can be decentralized, and thus achieves an overall provable decentralization (no Sybil attack possible, no low entropy power vacuum, transactions can't be unspent by orphaned chains, etc) and micropayments scaling.

Agreed IBLT can be shown to work in such a low entropy constraint (all-for-one and very limited headroom scaling), which was the point of my comment. Thus afaics, Rusty has not refuted my comment (don't know if he was trying to).

IBLT doesn't alleviate the advantage w.r.t. higher orphan rate for larger pools with better connectivity (if the smaller miner can't listen to all micropayment transactions any way) which ameliorates cypherdoc's retort against one of my threat vectors. Again if Bitcoin isn't going to scale, then fine you can use IBLT up to Visa scale perhaps. But realize Visa was for brick and mortar industrial age and we are headed towards millions and billions of transactions per second in the knowledge age.

Some of you mention side-chains, but it doesn't matter where you put the chain, you just have to solve the fundamental design issue else you've just sugarcoated more centralization (e.g. you'll end up with a few behemoths such as Coinbase, Circle, Paypal, Facebook, etc processing the micropayments offchain).

I suppose any way you head off into the maze, you will always end up back at my solution.

I will quote this into the Economic Devastation thread. Thanks.

How did you notice? Do you have any links?

e: germany generic govt 10y yield

Yet another escalation in the international War on Cash:
https://www.cryptocoinsnews.com/denmark-central-bank-stop-printing-money-shops-can-refuse-accept-notes-coins/

You can't keep  it down

Interesting gold price movement.

It is often interesting, it has been resisting but when it will go up aggressively, the US bubble game will be over.

Goldbugs make me want to vomit. Gold is a bystander and has no impact on the US bubble game. It will get interesting to me at $850. It will go high because of the general rush into private assets as the global sovereign debt collapse gets underway. But it is not the lever driving the default of the bubble. Sheesh maybe a $trillion market cap versus $250+ trillion in global net worth.

Cripes I remember arguing with you guys when Bitcoin was $600 the first time and saying it would go to $300. Then I said headed to $150 when it bounced the second time to $600. Now I say it is going below $150 and you again will think I am incorrect. How many times do I have to be correct before I get some respect?

Was my exact timing call on the movements of silver not correct?

http://www.marketoracle.co.uk/Article23786.html

I was writing about and expounding on Exter since 2005. You are preaching to someone who knows all your tricks because I used to be a silverbug.

Exter's pyramid will only be correct if we go into a lights out Dark Age, because if everything moves to gold, it won't stop there and then society moves to food as money. Strong moves into gold (as a hedge against government) only last for a few years. Severe moves into gold are when capital goes into hiding and society collapses entirely F.U.B.A.R..

Society will much prefer to be managed from a NWO top-down system than move to total collapse. The coming chaos is by design to beingbring the detractors to their knees and to gain the social will to adopt the one-world reserve compromise.

Armstrong opened my eyes to reality.