Zach Queal

#CEH v7, I love the #Cloud and all things #tech. Will whore for #NANO $XNO

[Zach Queal @zQueal]

Got pissed at @turbotax wanting $60 to do my taxes which have always been free because I made too much in interest this year, so I tried @CashApp tax and it's a game changer. A lil harder to use, but works perfectly fine. 100% free and I was harassed exactly 0 times to "upgrade."

[Zach Queal @zQueal]

@Digital__Mario @jaumebosch Because it includes the spam transactions being limited via buckets.

[Zach Queal @zQueal]

@anwar_panh49198 @zibin @cz_binance @_RichardTeng Supposedly alerts users about cryptos which are popular for payments.

[Zach Queal @zQueal]

@mira_hurley @Opcode_Network @paolo_aga The only people I've ever seen question the nano initial distribution is those who misunderstand how it was done.

[Zach Queal @zQueal]

@Lutyenmy @mira_hurley Essentially an attacker would need 33% of online network weight to stall transactions and affect the network at all. It would cost millions, if not tens of millions at this point.

[Milan @milan_dereede]

Let's imagine that Nano goes exponential overnight.

It gobbles up the usage and market cap of BCH, Doge, Litecoin, DGB and Dash. What happens?

Market cap increases from $153 mln to $23.8 bln (+15,416%), transactions per day from 24,329 to 1,823,479 (+7,395%).

But does Nano cope?

First, the increased market cap. A higher market cap in Nano means that Nano becomes i) harder to attack based on buying up large portions of the supply and ii) more decentralized as more holders means more distribution of voting power. The market cap increases, and so does the value.

Second, the increased transaction rate from 0.28 TPS to 21.11 TPS (74x). There is no reason to think this leads to any issues, as Nano is stress-tested to far above this level in the daily stresstest.

Exchanges can't implement coins overnight, but at this point some bells go off at Coinbase, Gemini and other exchanges that so far haven't listed Nano. Teams are told to look into implementing this, pronto.

Many services that have other crypto implemented for payments (BitPay?) do the same, and find out that implementing Nano is not just easy but an instant and feeless coin is actually pretty nice to have.

All this means more people trying out Nano, more people looking into it. More faucets being used to try it out, more users on our website!

In the next few weeks, new services and exchanges implementing Nano means more and stronger nodes coming online. New Nano owners choosing which node to vote for decide not to vote for one of the biggest nodes, but instead to pick relatively smaller (perhaps newer) nodes that run on strong hardware with higher bandwidth.

This is great for Nano. Decentralization increases, but the capacity of the network also increases. As we move from $20 a month representative nodes to $100 a month representative nodes, max network transactions per second goes 5x as well.

Not a moment too soon, because in this completely hypothetical and made up scenario Nano’s market cap and usage is about to shoot up further. Bitcoin’s full usage is eaten up, and investors catch on to Nano’s fundamentally superior store of value properties. X trials Nano payments to make itself less dependent on traditional payment rails, and runs the strongest node seen so far.

As a result, Nano’s market cap shoots up exponentially making it completely impractical to attack Nano by buying up supply, while these new Nano users largely withdraw their Nano from exchanges to be able to use it to pay and transact instantly and feelessly.

Nano’s usage increases by another order of magnitude to ~200 transactions per second. The network has no issues with this, the stronger hardware is able to manage just fine, without any software changes at all so far.

Some of the new developers and node runners entering Nano find optimizations that make their node run more efficiently. There is no inflation and there are no fees to be extracted, just a cooperative network. Because of this they excitedly share this information with the rest of the node runners; it's in everyone’s benefit to have the network run more efficiently.

This causes further increased TPS. Coinbase, wanting to catch up in the race, starts deposits and withdrawals, and spreads out the Nano voting weight even further. To show how supportive they have been of Nano all along they boast a $500 a month node, which is paid back 100x over in the first day of Nano being traded on their exchange.

Spammers try to attack the network with small transactions but regular users don't even notice it, and the spammers realise that to inflict damage they would need to buy up immense, impractically large amounts of Nano.

Obviously all of this is made up. Living in the exponential age, especially in crypto where it feels like the landscape can completely change overnight, and especially in Nano where many of its supporters feel like it could blow up overnight, it's valuable (and fun) to think through it regardless.

The game theory behind Nano is one of the best parts of it to me. It remains feeless, remains instant, and gets even more secure. It's a very positive feedback loop. It's a feedback loop where my primary question is: who will be the first big name to kick this off and benefit in the process?

[Zach Queal @zQueal]

@Jxjay42 @jesse_bolk @mira_hurley @patrickluberus @Ghostbanned7 IMO TNF needs to spend more compute cycles getting nano listed on more EU/US exchanges. Clearly #Coinbase isn't going to work. It's disheartening. Nano still has huge potential in the third world, but no one is going to give a shit in the first unless it's easy. And it's not. #3

[Zach Queal @zQueal]

@Jxjay42 @jesse_bolk @mira_hurley @patrickluberus @Ghostbanned7 hold on my nano for 7 days for no real reason at all. So even if I wanted to transact with nano I would have to "load up" a full week ahead of time. How can that work in the wild? How can I be expected to "prepare" to make a purchase just to use nano. That's crazy. #2

[Zach Queal @zQueal]

@Jxjay42 @jesse_bolk @mira_hurley @patrickluberus @Ghostbanned7 We had a big community. Was nothing but wanna-be finance bros that were mad that nano didn't "moon." Everyone left is everyone that's here for the tech. I mean, it's not even easy to get nano even after so many years. I have to use #Kraken which puts some bullshit #1

[Zach Queal @zQueal]

@PrimeVideo
has to be fucking retarded if they think I'm going to pay an additional $24/yr to see ad-free prime video for something I already pay $140/yr for. I'll just stop using it altogether.

[Zach Queal @zQueal]

@Arthur_van_Pelt @patrickluberus So the best way to get no fees when using bitcoin, is to not use the single thing that makes bitcoin secure, and avoid the blockchain altogether? That's like saying the best way to remember your password is to use a fucking post-it. You people are delusional.

[Zach Queal @zQueal]

@simogattok @Yeicrypto #Kaspa is the biggest turd I've ever seen in the crypto space and even worse, their entire fanboy base is doing its best to discredit Nano in every way they can--and they're simply failing miserably. The only sensible argument I've seen them have is that there's no privacy layer.

[Zach Queal @zQueal]

@ClarkAbent Nano could go completely dormant and start backup years down the road without any ill effect. Acting like nano will flounder because the price bottoms out is ridiculous. It's not ERC20. Don't HODL it and it's not an issue. Use it like you would cash.

[Zach Queal @zQueal]

@RealBiscoitinho @gitlab They're paying for these repositories. It's perfectly acceptable for them to move dead repositories to slower storage to save money... Quit being a fucking mooch.

[Zach Queal @zQueal]

@AndyBxxx Imagine being *this* wrong about something and not deleting your twitter account. 😂🤣 What a fucking punk.

[Zach Queal @zQueal]

@Third_F00t @briantylercohen They shouldn't be. But when you have a ton of people saying "you can't do that because of *my* religion" you kind of have to solidify that people in fact may be themselves. It's pretty damn important.

[Zach Queal @zQueal]

@VanishPerish @USAnonymous In what way is voting out the people responsible for this *not* a solution? That's literally the fucking definition of a solution....

[Zach Queal @zQueal]

@CryptoIsCute If it's at the cost of the fixed supply, then nano needs to just die. This is what they mean when they say the best tech doesn't always win. You can't release a coin on the idea of a fixed supply and then change halfway through. That's not a pivot. It's a huge "fuck you."

[Zach Queal @zQueal]

@proof_waste It's not even something that can happen if people don't want it to. Protocol changes need quorum to percolate through the network. If the majority of nodes reject the changes in quorum can't be reached the changes never go live.

[Zach Queal @zQueal]

@pitbulll_family @pool2miners @adseller1988 @nano It's mathematically impossible for you not to get your payout. That's how nano is designed. But because of the denial of service attack it's just going to take some time.