Twitter cuts (#85)

There’s one more, but I don’t get what’s happening in the final phrase:

(“Anything less is just a policy decision to honor IOUs”? I’ve asked him.)

1 thought on “Twitter cuts (#85)

  1. Last sentence is confusing, but in relation to first tweet:

    “for bitcoin to be bearer requires the blockchain to be censor resistant, otherwise ownership is an IOU from whoever controls the chain.”

    Potentially it means anything less is a policy decision to “cede to” or give into assets not being completely owned by their holder- assets retain a portion of IOU status, “hounoring” IOUs then means chain owner implicitly must allow asset holders access to their assets “hounoring” this implicit structural agreement.

    But in terms of “Virtual Private Chains” and ledgers in the plural it is clear that
    publicly audited, proof of work hardened unforgeable bearer tokens do not need to be on THE blockchain of bitcoin.

    But does this imply a critique of proof of stake (goal of Ethereum) or is it just not being engaged?

    As stated by Vitalik Buterin the second best argument against proof of work is this photo of a panel where on stage the presenters represented approximately 90% of the Bitcoin hashing power.

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