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Nenolod, the guy that wants to prove Bitcoin doesn't work.

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So this guy has about 1000 cores generating bitcoins. About 10% of the total amount fo BTC.
His name is William Pitock aka Nenolod http://twitter.com/nenolod

What do you think? If he cannot prove the system isn't sustainable, he wins, because he will have lots of bitcoins.
If he does, we all loose.

I hope he will post here, as we discuss HIS ACTIONS and not HIS PERSON.
Also, I hope he will pay me 31337 bitcoins at this address 1EZdM6HBRn4BQNa2Bqcyh47fQWYFS5Ujr3
so I can prove him he's wrong.

Please discuss the issue.
what is the issue?
what is the issue?

He hoards massive amounts of BTC only to create inflation later by putting them into circuit.
Now that the network is still relatively small, he can create swings in the proof-of-work difficulty and to some extent in BTC price if he sells his coins in large quantities. Nothing too serious, I think.
Hi, i'm new from a week. My question is.. where i can see the cost of generation of new coin? i suppose that with people with 1000 cores, we will need more time for get new coins.

bye bye
Juan.
How much money is he wasting to tie up 1000 cores? I'd love to have that kind of disposable income to prove my point Smiley

Probably the son of a [paper] banker.  Or some other powerful interest that will be hurt by a disruptive technology.
nope, hes the Technology Director at SystemInPlace http://www.linkedin.com/in/nenolod Appears to be a hosting company http://www.linkedin.com/companies/system-in-place.

I would guess that if he doesn't manage to break the market, he will find something useful to do with it that will benefit him and probably bitcoin as a whole (though maybe not all individual users of bitcoin).
I wonder how much he spends for using these 1000 cores... Because the price of bitcoins you get is NOT much larger than price you have to pay to generate them.
Nenolod, you're welcome to join this forum or #bitcoin-dev on Freenode. It would be interesting to have a chat with you.

BTW, Nenolod writes on Twitter:
Quote
bitcoinexchange: demolished - 84,732 BTC / 1500 EUR profit (for 50,000 BTC) looooooooooooooooool.

He hasn't sold anything at BitcoinExchange.com and the service is down just for technical maintenance. Should be up today or tomorrow. Maybe he meant that 1500 \u0080 was the rate for the 84,732 BTC he supposedly has.
If he was generating one block per minute before the difficulty increase that would mean he is actually representing more than 50% of bitcoin's CPU power. Actually, rather nearly all of it.
0.3.2 has some security safeguards to lock in the block chain up to this point and limit the damage a little if someone gets 50%.

But if someone has 50%+ of the CPU power and malicious intent, they can prove what it already says in the design document.
Satoshi, could you explain this security safeguard? Is this an undocumented feature of the Bitcoin client or something?
It looks like the generation rate dropped to about half about six hours ago.

Some of the things he mentions are a bit suspicious. Generating 207... then 913 coins. The former could be explained by selling a random number, the latter... In addition, a thousand cores on Amazon EC2 instances is not so cheap as to make it economical even if he prepaid for the nodes.
Well, yeah. Even at the usual difficulty level generating coins is NOT so profitable, and at the harder one, it is just pure waste of real money.
Maybe he's trying to cause panic selling through rumor and hearsay.  Wouldn't be the first time someone's tried.
I can't see whats malicious about his actions.
Hording bitcoins and selling them later to create inflation ?
So ? Wow, inflation, that's definitely something a free market can't handle ...
Nenolod is a highly talented individual, coder and open source developer according to http://nenolod.net/about/ where he indicates he has "highly functional autism."

With the up most respect I welcome his 'actions' to openly challenge Bitcoin. As the technical director of http://www.systeminplace.net/ he certainly has the processing power to back-up the claims.

I cannot imagine that a founding member of http://atheme.org/ has malicious intent against Bitcoin. I'm sure Nenolod is just 'testing' Bitcoin and will find a good use for all those Bitcoins !


~ Anyone who destroys 'money' in the name of art or otherwise will always regret it...

See: K Foundation Burn a Million Quid - http://en.wikipedia.org/wiki/K_Foundation_Burn_a_Million_Quid  Cry
Maybe he's trying to cause panic selling through rumor and hearsay.  Wouldn't be the first time someone's tried.

Cause a panic or a problem and then take advantage of the confusion to push through your agenda...


hmmmmm...where have I heard that before? Wink
http://twitter.com/nenolod
Quote
bitcoinexchange: demolished - 84,732 BTC / 1500 EUR profit (for 50,000 BTC) looooooooooooooooool.
11:34 AM Jul 15th via web

I'm curious about that. Is this why bitcoinexchange.com is down ?
http://twitter.com/nenolod
Quote
bitcoinexchange: demolished - 84,732 BTC / 1500 EUR profit (for 50,000 BTC) looooooooooooooooool.
11:34 AM Jul 15th via web

I'm curious about that. Is this why bitcoinexchange.com is down ?

He probably exchanged more bitcoins than the exchange has cash reserves ....

I thought there was a daily limit on the amount of bitcoins you could exchange at one time?
bitcoin exchange has been down for a while.  I don't think it has anything to do with him.
Quote
as expected, bitcoin difficulty cranked up to 181.5. this basically takes the little man out of the equasion...

I am really worried about this....
I'm not.  It will adjust downward again once he takes his node offline.
Bitcoin is not about generating coins and sell them for money.
Bitcoin is about trading and people should start seeing it this way.
Of course it`s nice to get some "free" coins by generating them yourself but if that's all what bitcoin is to you, you should start questioning whether bitcoin is the right thing for you.
Hmm... think I'll rent a few servers too for easy money...
http://twitter.com/nenolod
Quote
bitcoinexchange: demolished - 84,732 BTC / 1500 EUR profit (for 50,000 BTC) looooooooooooooooool.
11:34 AM Jul 15th via web

I'm curious about that. Is this why bitcoinexchange.com is down ?

BTW, Nenolod writes on Twitter:
Quote
bitcoinexchange: demolished - 84,732 BTC / 1500 EUR profit (for 50,000 BTC) looooooooooooooooool.

He hasn't sold anything at BitcoinExchange.com and the service is down just for technical maintenance. Should be up today or tomorrow. Maybe he meant that 1500 \u0080 was the rate for the 84,732 BTC he supposedly has.
Hmm... think I'll rent a few servers too for easy money...

You actually found servers to rent at a price to make this profitable?
His stated goal of bankrupting the exchanges is where I think his basic mistake is.  I don't think he realizes that bitcoinmarket is not an exchange in the same way bitcoinexchange is.  It's a market place and if he sells enough bitcoins to exhaust the current demand he will make the price go down, for a while, but he won't be making any real difference.  He will make himself some money, but he seems to be doing so at the expense of his server clients, which is pretty poor business practices and I hope it is pointed out to them.
Bitcoin is not about generating coins and sell them for money.
Bitcoin is about trading and people should start seeing it this way.
Of course it`s nice to get some "free" coins by generating them yourself but if that's all what bitcoin is to you, you should start questioning whether bitcoin is the right thing for you.

Quote
operation: bankrupt the bitcoin exchanges is now underway.

LOL

Though, I'm not sure how an exchange can be "bankrupted". Any trade should always be zero-sum or profitable for an exchange; only the individual players should possibly lose out. That is, unless the exchange itself is doing their own trades and not simply acting as a mediator.
Bitcoin is not about generating coins and sell them for money.
Bitcoin is about trading and people should start seeing it this way.
Of course it`s nice to get some "free" coins by generating them yourself but if that's all what bitcoin is to you, you should start questioning whether bitcoin is the right thing for you.

Quote
operation: bankrupt the bitcoin exchanges is now underway.

LOL

Though, I'm not sure how an exchange can be "bankrupted". Any trade should always be zero-sum or profitable for an exchange; only the individual players should possibly lose out. That is, unless the exchange itself is doing their own trades and not simply acting as a mediator.

Yep, that was my point.  The only exchange that isn't just a mediator is, I believe, bitcoinexchange.com
So this guy has about 1000 cores generating bitcoins. About 10% of the total amount fo BTC.
His name is William Pitock aka Nenolod http://twitter.com/nenolod

What do you think? If he cannot prove the system isn't sustainable, he wins, because he will have lots of bitcoins.
If he does, we all loose.

I hope he will post here, as we discuss HIS ACTIONS and not HIS PERSON.
Also, I hope he will pay me 31337 bitcoins at this address 1EZdM6HBRn4BQNa2Bqcyh47fQWYFS5Ujr3
so I can prove him he's wrong.

Please discuss the issue.
I'm 100% certain that he isn't really generating that much and I'll leave it at that.
Hmm... think I'll rent a few servers too for easy money...

You actually found servers to rent at a price to make this profitable?
Not sure as I have no idea what their output will be, but for the sake of experiment...
So this guy has about 1000 cores generating bitcoins. About 10% of the total amount fo BTC.
His name is William Pitock aka Nenolod http://twitter.com/nenolod

What do you think? If he cannot prove the system isn't sustainable, he wins, because he will have lots of bitcoins.
If he does, we all loose.

I hope he will post here, as we discuss HIS ACTIONS and not HIS PERSON.
Also, I hope he will pay me 31337 bitcoins at this address 1EZdM6HBRn4BQNa2Bqcyh47fQWYFS5Ujr3
so I can prove him he's wrong.

Please discuss the issue.
I'm 100% certain that he isn't really generating that much and I'll leave it at that.


I agree, there are many things about his statements which don't seem to be in line with reality. In particular his quoted generation rates are not divisible by 50.
when you modulo-devide it trough 50, the rest could be from transaction fee, he's running ~1000 instances (or at least cores) of bitcoin, so the probability of him getting transaction fees is very high.
when you modulo-devide it trough 50, the rest could be from transaction fee, he'`s running ~1000 instances (or at least cores) of bitcoin, so the probability of he getting transaction fees is very high.
What amount does one have to send to incur a transaction fee though? I've send some large amounts around myself and never saw a fee?
Typically, over 25,000 BTC.