Ӿ - Michael ⚡️
Ӿ - Michael ⚡️ 11 minutes reading from Bitcoin Cash

Why ICOs Can’t Beat Fiat, or Solve Bitcoin?

Genuine question (please reply and share!) for supporters of BCH, LTC, BSV, XRP, or any other cryptocurrency focused on "digital cash" on the base layer:

Why not Nano?

By every objective measurement, Nano is simply superior

🧵 1/25

Nano is FASTER

0.3-0.7 second FULL confirmation (not 0-conf)

Every millisecond makes a massive difference at scale

Production services can't wait an hour, a few minutes, or even a few seconds for full confirmation

Nano's the fastest I'm currently aware of

2/25

Nano is FEELESS

Not "cheaper", but ZERO fees

Again, every millionth of a cent makes a massive difference at scale, for micro- and nano-transactions, and for people whose weekly salary is measured in cents

Who are we to decide what value Ӿ0.000001 is to someone else?

3/25

Nano is more democratic

Every single Nano user contributes to the even distribution of power over consensus by delegating voting weight to representatives

In PoW systems, only those who can afford expensive mining hardware contribute to the delegation of hashrate to pools

4/25

Nano is more decentralized

Nano has a Nakamoto Coefficient of 10, meaning it would take a min of 10 entities to collude or become compromised in order to carry out a >50% attack

For comparison, BTC has a NC of 2, meaning it would take only 2 entities

5/25

Nano is *proactively* decentralized and secure

Most cryptocurrencies rely on *reactive* decentralization in response to an attack, insisting that miners/stakers will change pools if their pool becomes compromised ...

6/25

Through the complete omission of monetary rewards that benefit from economies of scale, Nano incentivizes both users and representatives to distribute power over consensus as equally as possible, providing *proactive* decentralization and security ...

7/25

Nano users are incentivized to delegate voting weight to the smallest representatives, as opposed to the largest, most profitable pools, as in mining and staking systems

8/25

Nano is more scalable

Nano has no arbitrary protocol throughput limitations due to block size, block time, etc

Nano's throughput is limited only by the hardware of nodes and the speed of information/light

9/25

Nano is harder money

Nano has a fixed supply with ZERO debasement due to supply inflation

10/25

Nano: the hardest and only known fixed supply commodity in existence

Nano is more secure

Nano's "Open Representative Voting" consensus protocol provides instant *deterministic* finality

This means that transactions can never be reversed, no matter how much voting weight any attacker could acquire ...

11/25

By contrast, Nakamoto Consensus (PoW) systems provide *probabilistic* finality

This means that there's always a chance transactions could be reversed. This chance diminishes with time, but never ceases to exist ...

12/25

In addition, Nano uses decentralized block production

Users/clients are responsible for creating signed transaction blocks and broadcasting them to the network, rather than this being centralized to miners or validators ...

13/25

This means that even in a >50% (actually >67% for Nano) attack scenario, the attacker would only be able to modify transactions for accounts which they own the private keys to

Whereas in PoW systems, centralized block production means the attacker could modify ANY account

14/25

Nano is more equitable

Elimination of monetary rewards also inherently means elimination of rent-seeking middle-men and redistribution of wealth from users to the wealthiest miners/stakers

15/25

So... what is it?

If you've considered all the above, and still prefer to advocate for something other than Nano, I'm genuinely curious as to why.

16/25

Is it the lack of proof of work?

PoW doesn't provide any direct security benefit

It's just for leader selection and competition over the block reward to control the rate of issuance

Nano solves both problems with leaderless consensus and zero issuance

17/25

Is it that you think PoW is more resilient to >50% attacks than PoS or Nano's ORV?

Is it that you're skeptical that the network can operate without monetary rewards for node operators?

18/25

If these are your concerns, I cover them in great detail in the same article I referenced before

19/25

Nano: the hardest and only known fixed supply commodity in existence

Is it the "lack" of smart contracts?

If a single network attempts to provide both value transfer and decentralized apps, value transfer will be significantly deprioritized over time, losing the battle for network resources (compute, memory, storage, & bandwidth) to dApps

20/25

Is it the disadvantage in network effect or adoption?

If you believe that any "better" technology can overcome BTC's lead, then there's no reason to believe that something significantly better can't ...

21/25

In the same way, if you believe that any monetary network can overcome fiat's lead, then it'll likely be the most optimal solution, not something objectively suboptimal

22/25

Is it concern over distribution or an ICO?

Nano had the fairest distribution of any crypto I've seen

It was distributed to the community for free according to time they spent solving captchas

In contrast, PoW & PoS systems distribute according to capital investment

23/25

In our quest for the ultimate monetary foundation to power a global economy, we must strive to achieve max optimization and efficiency

So far, Nano provides that better than anything else I've seen, but I'll be happy to learn about and support anything that outperforms it

24/25

Imagine the combined power of all of these communities focused on digital cash, if we all just embraced advancement and the most optimal current solution.

So far, the most optimal solution is Nano.

25/25

@kzKallisti This one.

ᗰIᑕᕼᗩEᒪ on Twitter

@kzKallisti So, am I correct in concluding that your reasons for supporting BCH over Nano are that

- you feel PoW is necessary? - Nano is not yet sufficiently "time-tested"?

@kzKallisti Point still stands. There's no potential reversal of blocks in Nano's ORV.

@kzKallisti How can you argue against free distribution according to personal time spent solving captchas?

And how can you argue against the incentives with the existence of tens of thousands of non-mining nodes?

@kzKallisti With Nano, issuance was initially restricted via "proof of human work", and is no longer possible at all.

This is what makes Nano the hardest known commodity in existence.

This post is based on this twitter thread.

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