First, I want to say that I believe that Bitcoin (BTC) will moon and that lambo will rain, for several reasons that I won’t explain here and now. So please don't shit on me or down vote this post without explaining yourself properly. I'm saying this because the crypto community is full of young and emotional person insulting each other all the time without being able to explain their view clearly. I’m just sharing my story and my opinion, if I say something wrong, please let me know. No need to be emotional. My story: I’m French (Forgive my English), a software engineer, working from home, previously in the banking industry, big noob in blockchain code related. I have been supporting bitcoin for a couple of times now, unfortunately I discovered it a bit late, promoting it to people around me as the peer to peer cash system and hoping that it will give us our financial freedom. During this bear market and after losing a big part of my coins, I finally took the time to get a better understanding of each coin I’m holding and I quickly realised that Bitcoin Cash wasn’t a scam, that Bitcoin BTC is purely a speculative asset, the playground of professional traders, used to rekt noobs and that Lightning network will end as custodial wallets because no one will take the time/risk for opening/closing/securing a channel, especially poor people (few billions). There is no benefit for the average user in maintaining a LN node. I believe it will be more interesting to mine Bitcoin rather than maintaining a LN node. So basically, I lost faith in the promise made by the Lightning Network which made me focusing on why Bitcoin Cash is the answer to a decentralized peer-to peer electronic cash system. I can confess that in the past I used to believe that second layer solution was the solution for everything, but I changed my mind. To make it simple, BCH allows to make instant payment for very cheap whereas BTC can’t and won’t. For each crypto project, I look at those different points: 1. Length of the chain BTC and BCH are sharing the longest chain, it has been working well without any issues since now 10 years. No other project has such a good track record. This make me feel confident that the chance that this will continue to work as well for years or decades. 2. Community behind it A good community for me is when you see technical people, risking their reputation/identity by posting videos, writing stuff and talking in public events about the project they support. Based on that, I believe the BCH community is the biggest of all. By technical people I mean someone talking using technical approach to back their opinion rather than beliefs based on emotions. Usually in the crypto space, those people are developers but it’s not always the case. I made a small list of technical people supporting BCH: -Peter R. Rizun: Chief Scientist, Bitcoin Unlimited. -Vitalik Butterin (he often showed his support regarding BCH but didn’t produce any content) -Jonald Fyookball: Electron Cash Developer -Jonathan Toomim: Bitcoin cash developer who made interesting proof regarding scaling onchain) -George Hotz: no need to present this awesome crazy dude! -Amaury Séchet: Bitcoin Cash Developer and French! 😊 -Rick Falkvinge: Founder of the swedish pirate party, watch his youtube channel. -Gabriel Cardona (Bitcoin cash developer) -Justin Bons : Founder & CIO of Cyber Capital -Dr. Mark B. Lundeberg: Developer researcher And there is a lot more, but those people are people that I personally trust for their work they shared and that I like following. Recently we had the Bitcoin cash city conference, another event full of people supporting BCH, that kind of thing doesn’t happen with other crypto. So many brilliant people supporting BCH, how could it be possible that all those guys are supporting a scam or a shitcoin. As well, there is often meetups and conferences all over the world. The developer community is not centralized, there is multiple teams (BitcoinABC, Bitcoin Unlimited, BCHD, Bcash, Bitcoin Verde…) independent of each other arguing sometimes about technical and political stuff, this ensure that developments and important decisions are not centralized. I find this very healthy. If a fork occurs, it’s not a problem, it will simply double your coin and allows two different ways of thinking to grow and compete. This won’t happen in Bitcoin (BTC) anymore, the way of thinking is centralized for BTC, they all share the same view: the segwit workaround + small block + layer 2 = (moon + lambo) in 18 months. Regarding CSW, I don’t believe in this guy for now but maybe I’m wrong, maybe this guy is wrongly understood but based on all the things I know about him, he seems too complicated to be someone honest. Honesty comes with simplicity. Finally, regarding Roger Ver: He is hated a lot and I still don't understand why, I feel sorry for him, I really tried my best to hate him like the crowd, but I couldn’t find any reasons. Many people are saying that he is lying and scamming people but none of them are technically able to explain why. It's really a crazy story and I understand why some people call him "Bitcoin Jesus". I personally think he is doing a great job and I thank him. 3. The current and future adoption BCH is used by reel people and reel shops (check the bitcoin cash map), there are transactions on the network to buy and sell real things that exist in the real world. Can you believe this? Maybe the only blockchain having that. Please let me know if you know another blockchain which is today serving the real world. The Bitcoin cash wallet app is easy and exciting to use. Same for the app for merchant. This can be used by my old mum! The BCH roadmap shows that more features will be added to simplify and enhance the user experience. I can’t find other blockchain having that level of user friendliness. Recently Roger Ver announced HTC mobile phone with a BCH wallet preinstalled. I read as well that Burger King is accepting BCH, but I haven’t verified if this was legit or not. 4. Existing features and roadmap -Multiple wallets built on all platform. -Bitcoin Cash point of sales: this app is the app that merchant should use to accept Bitcoin, as well very easy to use and takes 5min to install. -Cash shuffle with Cash fusion allowing to transact anonymously, making BCH competing with privacy focused coins such like Zcash, Monero, Dash. I heard this function will be implemented as well on mobile devices. -SLP token: The simplicity of creating a token and sending dividends make BCH a bit competing with all smart blockchain. Anyone can create a token, raise funds and send dividends easily and it works! Will Bitcoin Cash evolve to a smart economy? -memo.cash: A social network stored on the blockchain, fixing the problem of censorship we have on reddit for example. I recently discovered it, it’s awesome to know that you can write whatever you want, and nobody will be able to delete it and this forever. It’s really an awesome experience. I invite you to test it. For example, yesterday I had fun creating, sending token and being tipped in BCH or in any token by random people, it really shows the potential of BCH. I think I made around 50 on chain transactions in less than one hour with less than 10 cents. -Stable coins: We can build stable coin on BCH; this is something very important as well. Regarding the roadmap: It’s well described on bitcoincash.org and looks promising, but no update since the last 5 months. Not sure if it’s normal. 5. Security SHA256 based algorithm are I believe the most secure, I don’t think we need to add more regarding this. Maybe someone can help me to find some downside regarding security, often some people talk about the potential 51% attack that could occurs on BCH but I couldn’t manage to have my own opinion regarding this. Regarding the double spending attack because of the zero confirmation, I have asked many people to explain to me how this could potentially be a problem for a real merchant. I think that small and insignificant amount doesn’t need instant confirmation but if you sell a lambo then of course you should wait for at least 5 confirmations. To summarize I would even consider that zero conf is more advantageous than Lightning Network if you take everything into consideration. Worth case scenario if your restaurant is victim of a double spending attack a few times, you will just increase the confirmation level and prevent your customer from living your place. I think that it’s easier to print fake fiat money and try to pay with it rather than trying a double spending attack. But again, I might have misunderstood something or maybe there is more sophisticated exploits that I haven’t thought of. 6. Price 21 million coins, no inflation, the price currently around 300usd, a boiling community. The potential gains could be as good as BTC and even more. Maybe it’s the so waited coin that you will never convert back to that shit fiat. Certainly, one of the best coins to invest in now. 7. Electricity and efficiency Since the cost of electricity is the same whatever the size of the block, it means that BCH is more environment friendly than BTC for the same amount of transaction or we can say that it’s "wasting" less energy. Maybe if LN works one day this will change. My Conclusion: Bitcoin is technically the worst coin; all others existing coins are better technically. But Bitcoin survives because of the network effect, illustrated by its biggest hash rate, making BTC the most secure blockchain. As well because of promises made by the Lightning Network. Bitcoin is the gold of crypto currencies. Bitcoin like Gold have both almost no utility. In a traditional market, gold drop when economy goes well and goes up when investors need to find a refuge. BTC is the drop zone for fresh meat. Most of the BTC holders cannot think clearly regarding the BTC/BCH debate, they become completely irrational. This kind of behaviour leads to ruin, especially in trading/investment.With low fees, instant transaction, smart contracts, big community, user friendly apps, stable coin and a lot more to come, Bitcoin Cash has clearly a good future. I hope that someone will find my post useful. Cheers.
A reminder of who Craig Wright is and the benefits to BCH now he has gone.
This needs to be repeated every so often on this subreddit so new people can understand the history of the fork of BCH into BCH and BSV From Jonald Fyookball's article https://medium.com/@jonaldfyookball/bitcoin-cash-is-finally-free-of-faketoshi-great-days-lie-ahead-bb0c833e4c5d Craig S. Wright (CSW) leaving the Bitcoin Cash community is a wonderful thing. This self-described “tyrant” has been expunged, and now we can get back to our mission of bringing peer-to-peer electronic cash to the world. The markets will rebound when they see the chaos is over, but regardless of the price, we will keep building. Nothing will stop the sound money movement. Calling Out Bad Behavior As Rick Falkvinge recently explained, there is a difference between small-minded gossiping about personalities and legitimately calling out bad behavior. CSW’s bad behavior must be called out, because he has done tremendous damage to Bitcoin Cash (and possibly even the entire cryptocurrency sector). The brief history is that he gained his reputation by claiming to be Bitcoin’s creator (Satoshi Nakamoto). He said he would provide “extraordinary proof” but he has never done so. Supposedly, he did some “private signings” to a few people, and this allowed him to gain influence in the BCH community. The destruction he has been causing was not widely recognized until after a huge mess had been made. Thanks to u/Contrarian__ for the following compliation of CSW’s misgivings: Some background on Craig’s claim of being Satoshi, for the uninitiated:
He faked blog posts He faked PGP keys He faked contracts and emails He faked threats He faked a public key signing He has a well-documented history of fabricating things bitcoin and non-bitcoin related He faked a bitcoin trust to get free money from the Australian government but was caught and fined over a million dollars.
And specifically concerning his claim to be Satoshi:
He has provided no independently verifiable evidence He is not technically competent in the subject matter His writing style is nothing like Satoshi’s He called bitcoin “Bit Coin” in 2011 when Satoshi never used a space He actively bought and traded coins from Mt. Gox in 2013 and 2014 He was paid millions for ‘coming out’ as Satoshi as part of the deal to sell his patents to nTrust — for those who claim he was ‘outed’ or had no motive
Caught Red Handed Plagiarizing No respectable academic, scientist, or professional needs to stoop so low as to steal and take credit for the work of others — least of all Satoshi. Yet, CSW has already been caught at least 3 times plagiarizing.
His paper on selfish mining has full sections copied almost verbatim from a paper written by Liu & Wang. His “Beyond Godel” paper which purports to claim that Bitcoin script is turing complete, is heavily plagiarized. A paper on block propagation was blatantly and intentionally plagiarized.
Can’t Even Steal Code Correctly CSW was also caught attempting to plagiarize a “hello world” program (the simplest of all computer programs). He apparently does not understand base58 or how Bitcoin address checksums work (both of these are common knowledge to experienced Bitcoiners), and has made other embarrasing errors. So How Did Such an Obvious Fraud Gain So Much Power and Influence? There are no easy answers here. It seems that as humans, we are very susceptible to manipulation and misinformation. The greatest weapon against sinister forces is a well-educated populace. This is something that can only improve over the long run. The “Satoshi factor” is a powerful one and appeals to the glamorization of a mythical figure. Even people such as myself, who are technically astute, gave CSW all benefit of the doubt until the evidence staring us in the face could no longer be denied. The seduction of the BCH community was also facilitated by CSW becoming a strong advocate for the on-chain/big-block scaling movement at a time when the community was dying to hear it. This message, delivered with a brazen, in-your-face style, was a sharp contrast to anything seen before. In addition, CSW was able to find obscure topics (“2pda”), network topology, etc, that seemed to establish him as an expert with esoteric knowledge above and beyond anyone else. Basically, he was using technobabble, but it wasn’t immediately obvious except to very technical people… who were then attacked and discredited. Eventually, as more and more of the community began to realize his technical claims were bogus, CSW banned those people from his twitter feed and slack channel, leaving only a group of untechnical “believers”, which the larger BCH community referred to as “the church” AKA the Cult-of-Craig. Finally, if some believed that CSW possesed Satoshis’s stash of 1M BTC, then they may have been gnawing to get a piece of it. But it may turn out that these are the coins that never were. Broken Promises If this article so far seems like an “attack piece” on CSW, remember it is important to get all the facts out in the open. We’ll get to the silver lining and bright future in a moment… but let’s continue here to “get it all out”. One of the biggest ways that CSW has damaged the community is to make an endless series of broken promises. This caused others to wait, to waste time on his unproven ideas and solutions, and to postpone or drop their own ideas and initiatives.
He said he was building a mining pool to “stop SegWit” He said he was bringing big companies to use the BCH chain He said that he was providing a fungibility solution based on blind threshold signatures He said he was providing novel technology based on oblivious transfers He said he was providing a method where people could do atomic swaps without using timelocks He said he was going to show everyone how we can do bilinear pairings using secp256k1 He said he was going to release source code for nakasendo He said he was releasing some information that would “kill the lightning network” He said he was going to show everyone how the selfish mining theory is wrong He said he was going to show everyone how we can tokenize everything in the universe squared He said a few times “big things are coming in 2 months”
How CSW Has Damaged the BCH Community In addition to the broken promises, the BCH community was wounded due to:
The division of the community (with classic divide and conquer tactics) Loss of focus. Huge amounts of drama and distraction from building and adoption Investor confidence has been shaken due to uncertainty and chaos. BCH is a laughing stock to outsiders due to CSW’s antics Gemini deployment of BCH and other rollouts paused Loss of developer talent due to toxic and abrasive personality Various patent and legal threats
The Hash War Event and Split into BitcoinSV Every 6 months, BCH has a scheduled network upgrade. This is technically a “hard fork” but a non-contentious fork does not result in a split of the chain — it is simply new network rules being activated. Bitcoin Cash has multiple independent developer groups including Bitcoin ABC, Bitcoin Unlimited, Bitcoin XT, Bitprim, BCHD, bcash, parity, Flowee, and others. The nChain group, led by CSW, introduced an alternate set of changes a week before the agreed cut-off date, intentionally causing a huge controversey. These changes were incompatible with the changes being discussed between the other groups. nChain objected to the changes being proposed (cannonical transaction ordering) despite specifically agreeing to it almost a year earlier. The last minute objections were in my opinion, an attempt at sabotage. An emergency meeting was held in Bangkok to attempt to resolve the differences between the nChain group and the rest of the community. Not only did CSW refuse to listen to the other presentations, he walked out of the meeting after his own speech had been given. The other nChain people refused to discuss the technical issues. After this, nChain built their own software (“BitcoinSV”) to attempt to compete for the Bitcoin Cash network. But rather than split off to follow their own set of rules, they threatened to attack Bitcoin Cash. Their attitude was “you follow our rules or we burn it all down”. The CSW sycophants adopted a strange interpretation of the Bitcoin whitepaper and proselytized the idea that if nChain could “out hash” everyone else, the market should be obliged to follow them. This faulty thinking was eloquently debunked by u/CatatonicAdenosine. As it turns out, nChain was unable in any case to win at their own game. But Here’s the Obviously Good News… CSW is gone. It’s over. He can do whatever he wants on the BitcoinSV chain. He will never be allowed to influence Bitcoin Cash again. And all the negative things and negative people that were a consequence of his involvement in Bitcoin Cash are gone with him. As a community, we will redouble our efforts and get back to our mission of peer-to-peer electronic cash. We will learn to work together better than ever, and we will learn to detect and punish bad behavior sooner. The attempted attacks with hashpower also sparked innovation and a focus on the problem of how to stop such attacks in the future. This is only making Bitcoin Cash (BCH) and the entire class of Proof-of-Work coins stronger. Nothing will stop us. The reason why millions of dollars were spent to attack and also to defend Bitcoin Cash is because it’s something truly worth fighting over. It’s sound money. It’s permissionless. It’s what Satoshi Nakamoto wrote about in 2008. It’s Bitcoin, a Peer-to-Peer Electronic Cash System.
Go to the profile of Jonald Fyookball Jonald Fyookball More from Jonald Fyookball Jimmy Song Tries to Claim Bitcoin Cash is “Fiat Money”… Seriously? Go to the profile of Jonald Fyookball Jonald Fyookball Related reads 600 Microseconds Go to the profile of Awemany Awemany Related reads The scams in Crypto Go to the profile of Craig Wright (Bitcoin SV is the original Bitcoin.) Craig Wright (Bitcoin SV is the original Bitcoin.) Responses
2 more blatant LIES from Blockstream CTO Greg Maxwell u/nullc: (1) "On most weeken[d]s the effective feerate drops to 1/2 satoshi/byte" (FALSE! The median fee is now well over 100 sat/byte) (2) SegWit is only a "trivial configuration change" (FALSE! SegWit is the most radical change to Bitcoin ever)
Below are actual quotes (archived for posterity) showing these two latest bizarre lies (from a single comment!) now being peddled by the toxic dev-troll Greg Maxwell u/nullc - CTO of AXA-owned Blockstream: (1) Here is AXA-owned Blockstream CTO Greg Maxwell u/nullclying about fees:
On most weeken[d]s the effective feerate drops to 1/2 satoshi/byte... [?!?!] basically nothing-- which is how traffic will be on most weekdays if there is only a bit more capacity.
Miners could trigger a doubling of the network's capacity with no disruption in ~2 weeks, the software for it is already deployed all over the network-- on some 90%+ of nodes (though 20% would have been sufficient!), miners need only make a trivial configuration change [SegWit] [?!?!]
(3) Here's the sickest, dirtiest lie ever from Blockstream CTO Greg Maxwell u/nullc: "There were nodes before miners." This is part of Core/Blockstream's latest propaganda/lie/attack on miners - claiming that "Non-mining nodes are the real Bitcoin, miners don't count" (their desperate argument for UASF)
https://np.reddit.com/btc/comments/6cega2/heres_the_sickest_dirtiest_lie_ever_from/ Seriously? This is the guy that the astroturfers / trolls / sockpuppets / suicidal UASF lemmings from r\bitcoin want as their "leader" deciding on the "roadmap" for Bitcoin? Well, then it's no big surprise that Greg Maxwell's "roadmap" has been driving Bitcoin into a ditch - as shown by this recent graph: https://np.reddit.com/btc/comments/6a72vm/purely_coincidental At this point, the sane people involved with Bitcoin be starting to wonder if maybe Greg Maxwell is just a slightly-more-cryptographically-talented version of another Core nut-job: the notoriously bat-shit insane Luke-Jr. Commentary and analysis Greg is supposedly a smart guy and a good cryptographer - but now for some weird reason he seems to be going into total melt-down and turning bat-shit insane - spreading outrageous lies about fees and about SegWit. Maybe he can't handle the fact that that almost 60% of hashpower is now voting for bigger blocks - ie the majority of miners are explicitly rejecting the dead-end scaling stalling road-map of "One Meg" Greg & Core/Blockstream/AXA, based on their centrally-planned blocksize + their dangerous overly-complicated SegWit hack. To be clear: there is a very specific reason why the SegWit-as-a-soft-fork hack is very dangerous: doing SegWit-as-a-soft-fork would dangerously require making all coins "anyone-can-spend". This would create an enormous new unprecedented class of threat vectors against Bitcoin. In other words, with SegWit-as-a-soft-fork, for the first time ever in Bitcoin's history, a 51% attack would not only be able to double-spend, or prevent people from spending: with SegWit-as-a-soft-fork, a 51% attack would, for the first time ever in Bitcoin, be able to steal everyone's coins. This kind kind of "threat vector" previously did not exist in Bitcoin. And this is what Greg lies and refers to as a "minor configuration change" (when SegWit is actually the most radical and irresponsible change ever proposed in the history of Bitcoin) - in the same breath where he is also lying and saying that "fees are 1/2 satoshi per byte" (when fees are actually hundreds of satoshis per byte now). Now, here is the truth - which AXA-owned Blockstream CTO Greg Maxwell u/nullc doesn't want you to know - about fees and about SegWit: (1) Fees are never "1/2 satoshi per byte" - fees are now usually hundreds of satoshis per byte The network is now permanently backlogged, and fees are skyrocketing, as you can see from this graph: https://jochen-hoenicke.de/queue/#2w The backlog used to clear out over the weekend. But not anymore. Now the Bitcoin network is permanently backlogged - and the person most to blame is the incompetent / lying toxic dev-troll AXA-owned Blockstream CTO Greg Maxwell u/nullc. The median fee on the beige-colored zone on this graph shows that most people are actually paying 280-300 satoshis / byte in the real world - not 1/2 satoshi / byte as lying Greg bizarrely claimed. You can also compare with these other two graphs, which show similar skyrocketing fees: http://statoshi.info/dashboard/db/fee-estimates https://bitcoinfees.21.co/ So when AXA-owned Blockstream CTO Greg Maxwell u/nullc says "On most weeken[d]s the effective feerate drops to 1/2 satoshi/byte.. basically nothing"... everyone can immediately look at the graphs and immediately see that Greg is lying. AXA-owned Blockstream CTO Greg Maxwell u/nullc is the "mastermind" to blame for Bitcoin's current suicidal dead-end roadmap, which is causing:
declining market cap (now below 50% of total cryptocurrency market cap)
I mean, seriously, what the fuck?!? How can people even be continue to think that this guy Greg Maxwell u/nullcany credibility left at this point, if he's publicly on the record making this bizarre statement that fees are 1/2 satoshi per byte, when everyone already knows that fees are hundreds of satoshis per byte??? And what is wrong with Greg? Supposedly he's some kind of great mathematician and cryptographer - but he's apparently incapable of reading a simple graph or counting? This is the kind of "leader" who people the ignorant brainwashed lemmings on r\bitcoin "trust" to decide on Bitcoin's "roadmap"? Well - no wonder shit like this graph is happening now, under the leadership of a toxic delusional nutjob like "One Meg" Greg, the "great mathematician and cryptoprapher" who now we discover apparently doesn't know the difference between "1/2 a satoshi" versus "hundreds of satoshis". How can the community even have anything resembling a normal debate when a bizarre nutjob like Greg Maxwell u/nullc is considered some kind of "respected leader"? How can Bitcoin survive if we continue to listen to this guy Greg who is now starting to apparently show serious cognitive and mental issues, about basic obvious concepts like "numbers" and "nodes"? (2) SegWit would bethe most radical and irresponsible change ever in the history of Bitcoin - which is why most miners (except centralized, central-banker-owned "miners" like BitFury and BTCC) are rejecting SegWit. Below are multiple posts explaining all the problems with SegWit. Of course, it would be nice to fix malleability and quadratic hashing in Bitcoin. But as the posts below show, SegWit-as-a-soft-fork is the wrong way to do this - and besides, the most urgent problem facing Bitcoin right now (for us, the users) is not malleability or quadratic hashing - the main problem in Bitcoin right now is the never-ending backlog - which SegWit is too-little too-late to fix. By the way, there are many theories out there regarding whyAXA-owned Blockstream CTO Greg Maxwell u/nullc is so insistent on forcing everyone to adopt SegWit. Maybe I'm overly worried, but my theory is this: due to the sheer complexity of SegWit (and the impossibility of ever "rolling it back" to to the horrific "anyone-can-spend" hack which it uses in order to be do-able as a soft fork), the real reason why AXA-owned Blockstream CTO Greg Maxwell u/nullc insists on forcing SegWit on everyone is so that Blockstream (and their owners at AXA) can permanently centralize and control Bitcoin development). At any rate, SegWit is clearly not the way forward for Bitcoin - and it is not even something that we can "compromise" on. Bitcoin will be seriously harmed by SegWit-as-a-soft-fork - and we really need to be asking ourselves why a guy like Greg Maxwell u/nullc insists on lying and saying that SegWit is a "minor configuration change" when everyone who understands Bitcoin and programming knows that SegWit is a messy dangerous hack which would be the most radical and irresponsible change ever introduced into Bitcoin - as all the posts below amply demonstrate.
Core Segwit – Thinking of upgrading? You need to read this!
Segwit cannot be rolled back because to non-upgraded clients, ANYONE can spend Segwit txn outputs. If Segwit is rolled back, all funds locked in Segwit outputs can be taken by anyone. As more funds gets locked up in segwit outputs, incentive for miners to collude to claim them grows.
Blockstream Core developer luke-jr admits the real reason for SegWit-as-soft-fork is that a soft fork does not require consensus, a hard fork would require consensus among network actors and "that it[SegWit] would fail on that basis."
3 excellent articles highlighting some of the major problems with SegWit: (1) "Core Segwit – Thinking of upgrading? You need to read this!" by WallStreetTechnologist (2) "SegWit is not great" by Deadalnix (3) "How Software Gets Bloated: From Telephony to Bitcoin" by Emin Gün Sirer
Segwit as a soft-fork is not backward compatible. Older nodes do not continue to protect users' funds by verifying signatures (because they can't see these). Smart people won't use SegWit so that when a "Bitcoin Classic" fork is created, they can use or sell their copies of coins on that fork too
jtoomim "SegWit would require all bitcoin software (including SPV wallets) to be partially rewritten in order to have the same level of security they currently have, whereas a blocksize increase only requires full nodes to be updated (and with pretty minor changes)."
Segwit is too dangerous to activate. It will require years of testing to make sure it's safe. Meanwhile, unconfirmed transactions are at 207,000+ and users are over-paying millions in excessive fees. The only option is to upgrade the protocol with a hard fork to 8MB as soon as possible.
"SegWit encumbers Bitcoin with irreversible technical debt. Miners should reject SWSF. SW is the most radical and irresponsible protocol upgrade Bitcoin has faced in its history. The scale of the code changes are far from trivial - nearly every part of the codebase is affected by SW" Jaqen Hash’ghar
Blockstream having patents in Segwit makes all the weird pieces of the last three years fall perfectly into place
~ u/Falkvinge (Rick Falkvinge, founder of the first Pirate Party) https://np.reddit.com/btc/comments/68kflu/blockstream_having_patents_in_segwit_makes_all Finally, we need to ask ourselves: (1) Why is AXA-owned Blockstream CTO Greg Maxwell u/nullc engaging in these kind of blatant, obvious lies about fees and about SegWit - the two most critical issues facing Bitcoin today? (2) Why is AXA-owned Blockstream CTO Greg Maxwell u/nullc so insistent on trying to force Bitcoin to accept SegWit, when SegWit is so dangerous, and when there are other, much safer ways of dealing with minor issues like malleability and quadratic hashing? (3) Now that AXA-owned Blockstream CTO Greg Maxwell u/nullc has clearly shown that:
He doesn't know the difference between "half a satoshi" and "hundreds of satoshis",
He doesn't know the difference between "minor configuration change" and "the most irresponsible and radical change ever" in Bitcoin, and
He thinks that somehow "non-mining nodes existed before mining nodes"
...then... um... Is there any mechanism in our community for somehow rejecting / ignoring / removing this toxic so-called "leader" Greg Maxwell who has now clearly shown that he is totally delusional and/or mentally incapacitated - in order to prevent him from totally destroying our investment in Bitcoin?
Bitcoin Volatility: There are no bubbles, only tsunamis to come.
Hello Bitcoiners. I've been watching from the sidelines for awhile now and figured it is time to jump in the pool. I wanted to make a splash, so I decided to share my shocking epiphany on the volatility of Bitcoin.
Where I'm coming from
I believe Bitcoin's biggest hurdle will be that of government regulation but, at the same time, aided by other country's resentment of the PetroDollar and world reserve status the US dollar maintains. I believe in the mechanics and game theory of Bitcoin. I think it will succeed in taking over significant portions of the global economy because of its frictionless nature. I subscribe to the idea that bitcoin will either be worth zero, or very large amounts of money in the long run. It is just a matter of time while the general population learns to trust it as a store and transfer of value. Developers will do what they do and make it easier to use and overcome well known limitations of storage and bandwidth.
And then it came to me
With that, I would like to present some shock and awe that many people will struggle to comtemplate as the success of Bitcoin takes off: Price Volatility. There are three components that need to be considered: The scarce, fixed monetary units; The percentage of global markets bitcoin will capture; And a time frame. With these, you can begin to understand the staggering volatility that awaits us on the path to world adoption. Due to the limited monetary units of Bitcoin, there is but one other parameter to tune to make Bitcoin a functional, competitive global currency - and that is the exchange rate. Multiply the exchange rate by the monetary units and you get the total monetary potential of the currency. As of today, that's about 1.6 billion dollars of economic potential. That is it. If Bitcoin is to adopt respectable portions of the black market, gambling, remittance, and online commerce, the required target market cap must be in the trillions. And, again, the only way to get there, because of the fixed monetary units, is the exchange rate. For Bitcoin to have a trillion dollars market potential, even after the maximum number of monetary units have been created, will be almost $50,000 per bitcoin. Now the question you are tasked to answer is: How long will it take bitcoin to reach a trillion dollar market capitalization? If we use the adoption rate of a similar technology, email, we can see that it took about 30 years. If we apply the same rate of adoption to Bitcoin and a potential trillion dollar market, we get an astounding figure.
Wait for it...
If, for a potential trillion dollar market you require each bitcoin to be valued at $50,000, and it will take 30 years to get to that value, we must expect, on average, the bitcoin value to rise approximately $140 a month. It sounds ridiculous, but do the math: $50,000 / (12 * 30) = $138.88. Edit for emphasis:And this rate will not be linear - it will be wildly volatile! But that is the average increase over 30 years and there is no escaping the simple math behind it. I recall someone once say that Bitcoin's biggest burden is its "too good to be true" properties. Nobody wants to hear your lies of instant global transfers that cost nothing and the indestructible money can't even be seized by governments - because its impossible and if it sounds too good to be true, it probably is. But there you have some hard numbers to run for yourself. How would you change the numbers to breech the cognitive dissonance you're currently experiencing that prevents you from believing an average increase of $140 is a month a real possibility? I would like to thank Rick Falkvinge for his contribution of inspiration to this recent epiphany.
At long last, we're excited to present to the Ethereum community the release version of our whitepaper, including plans for our token sale now scheduled for November 1st at 3pm UTC. We've been banging on pots and pans since January that we intended Arcade City to be the decentralized, Ethereum-based answer to Uber. In April we laid out our multi-stage path to complete decentralization over time, then announced plans to submit a DAO proposal - oops! - and just recently added a crew of experienced Ethereum developers who've built a functioning Ethereum ridesharing prototype in record time. In the meantime we've made substantial progress 'on the ground' in cities all over the world, with our flagship ridesharing network in Austin giving tens of thousands of safe rides in a completely decentralized manner. Now we're ready to combine our decentralized organizational model with the solid decentralized tech that can propel our project further into the mainstream. Responding to your questions and comments below will be our 7-person ‘City Council’, as well as a few other folks who’ve been involved with Arcade City thus far. Our Reddit usernames are included in the Team Bios section below.
Arcade City is a decentralized global community of peer-to-peer service providers and consumers. The core technical offering is an Ethereum-based app for web, Android and iOS. Arcade City features an open ecosystem with forthcoming APIs to enable developers and entrepreneurs to easily create their own apps and service offerings as part of the Arcade City network. Initial service offerings focus on the ridesharing industry, with plans in motion for peer-to-peer deliveries and short-term home rentals. Arcade City aims to reinvent the sharing economy by combining the power of blockchain technology, open-source development, platform cooperativism, and a decentralized ‘swarm’ organizational model open to all.
A hackathon, you say?
Assuming our token sale sells out by the end of November, we'll be throwing an online hackathon open to any Ethereum developers, with a minimum of $100K USD value in prizes, payable in ETH or ARC. We'll announce super final details about start and end dates, judges and such, after the sale, potentially as soon as the first week of November. The basic idea of the first hackathon will be to build out the functionality described in the Arcade City Infrastructure section of the whitepaper: the offers, disputes, guilds, referrals, reputation, and assurance systems, with a likely priority on the reputation system. We intend to crowdsource the majority of our Ethereum development via multiple hackathons with everything open-source on GitHub. Check out the eye-popping revenue projectons in our whitepaper! Then imagine the majority of that revenue flowing into the Ethereum community by way of incentive prizes to accelerate the decentralization of the sharing economy...
** Christopher David (MillennialChris) - Mayor ** Christopher David founded Arcade City in December 2015. A former Uber driver, Chris initially envisioned Arcade City as a decentralized, driver-run competitor to Uber. As a blockchain enthusiast and proponent of radical decentralization, Chris was the first to recognize the larger potential of Arcade City as an unstoppable engine of mass peer-to-peer transactions across countless industries and countries all over the world. Using skills acquired during years of grassroots political organizing, he led the growth of Arcade City from an idea into a global movement on a shoestring budget. After much trial and error, he somehow managed to attract an amazing team of talented visionaries passionate to fulfill on the greater vision of Arcade City to ‘decentralize all the things'. Chris has a bachelors degree in international relations, a black belt in tang soo do, and a really loud mouth. And he thinks you should read Swarmwise and Freedom(tm). ** Jennifer Williams (ArcadeCityJenny) - Vice Mayor ** is a founding member of the Arcade City Swarm and has served as the Director of Support since February 2016. She contributes on a full-time basis to expanding operations globally with the other founding members. Together they give new members the necessary tools and resources needed to efficiently and effectively navigate the Arcade City ecosystem. Her primary motivation is to guide, educate and liberate individuals by making information accessible through email, social media, and the Arcade City Help Desk that she designed. After her studies in graphic design and holding several corporate managerial positions she decided to exit the proverbial ‘hamster wheel’ and pursue her entrepreneurial goals which led her to ridesharing. Jennifer has 2.5 years of rideshare experience, has mentored 400+ new drivers, and served as a marketing coordinator, brand ambassador and recruiter, which has given her extensive knowledge of the industry. Through her work with Arcade City she has gained interests and insights into cryptocurrency and blockchain technologies, and she believes that implementing the latest technologies will help Arcade City supercede the ridesharing competitors by eliminating the middlemen and allowing drivers to earn fair wages and build stronger communities while saving riders from price gouging. ** Lauren Slade (ArcadeSlade) - City Manager ** Lauren Slade is an accomplished operations and support professional with over four years of direct experience providing tactical strategies ranging from small startups to large scale teams operating globally. As a forward thinking tech leader she believes in pairing laser-focused user observation with a great amount of drive to constantly improve ways of operating as the most definitive route to unstoppable success. Lauren is steadfast and committed to collaboratively solving meaningful problems with a team who values getting things done. She joined Arcade City full-time in June of 2016 to direct the V2 integration of decentralized management systems and develop operational growth processes. Lauren looks forward most to ensuring Arcade City becomes a self-sustaining business model, free of a central governing council from the top down. Her passion for process-minded management and developing teams inspires her to successfully scale and balance hyper growth within talent and project recruitment. As a natural planner she enjoys getting down to the detail on performance and tracking metrics. ** Kristien De Wachter (kikipluche) - City Planner ** Kristien De Wachter has over 10 years of experience in project management and operations. In the beginning of 2015 she reinforced A-Labs, the City’s digital innovation lab. As lead of A-Labs, making the bridge between experiments and the “outside world”, tackling all problems that obstruct the way towards a good end-product, making sure all team members can work and think freely towards the common goals. Working on decentralization for more than a year. She joined forces with Arcade City on the 23th of September, as a liaison between the dev team in Antwerp and the swarm and swarm leaders, making sure all the cats run in the same direction, always with respect for everyone’s individuality and strengths. Believes Arcade City will bring freedom to every individual. ** Stefaan Ponnet (sponnet) - Engineer ** Stefaan has 15 years of experience in software development, design and architecture. He managed a software company for 6 years and worked for large companies as well as emerging start-ups. Interested in the possibilities of decentralized systems, he was an early Ethereum follower. Since september 2015 Stefaan has been full-time involved in developing Ethereum prototypes for government in the city of Antwerp. Stefaan has a passion for open source methodology and loves to solve technological problems. Stefaan and the Antwerp team joined Arcade City in September 2016 by publicly pledging our support to the community. Stefaan will add his expertise by developing all necessary building blocks - like Smart Contracts , Dapps, APIs, and anything else needed to make this new economy a reality. ** Michael Thuy (kingflurkel) - System Architect ** Michael Thuy has been studying and working on decentralized technology for the past 2 years, mostly from within the City of Antwerp's digital innovation lab 'A-Labs'. In the past year he has been working on concepts like Blocktube and Locals World. From a strong ideological and technical background he manages to mash up cutting edge technology to come up with all-round concepts. Meeting Arcade City, he felt he had no other purpose in life than to contribute to Arcade City's swarm. Michael is co-authoring the Arcade City whitepapeconcept and building on the PolymeEthereum prototype. With Arcade City, Michael wants to make sure his kids grow up in a different economic model than he did. He also would like Arcade City to be the de facto economic model on Mars. ** Ben Adriaenssen (Ben_AC) - Brand Architect ** Ben Adriaenssen after finishing his studies in ‘Visual Arts - Graphic Design’ found that working in advertising agencies or graphic studios was not fulfilling his strong urge to do something good for the world and the people in it. Applying his skill-set to communicate about random services or products wasn’t enough; he wanted to make a difference. Working for the City of Antwerp was a big step in this direction. While starting and working in the City of Antwerp's digital innovation lab 'A-Labs', his lifelong passion for creating digital interactive things has been reignited. Focusing on blockchain-technology was another big step to combining the love for design with the passion for people. Ben is thrilled to be able to contribute his value to a project like Arcade City. Working in this innovative decentral way, with like-minded people in a swarm structure, is for Ben a dream come true. He hopes Arcade City can put the power, literally and figuratively, back into the hands of the common man.
We could go on...
But to keep this to a somewhat manageable length, we'll stop here and answer any questions. How can we earn your support?
Founder of Swedish Pirate Party, Rick Falkvinge: "the [bitcoin] community has now reached a boiling point where it looks like we may have a hard fork, or at the very least, a change in direction from the current leadership."
Copied from bitcoinu/Falkvinge is Rick Falkvinge, the founder of the Swedish Pirate Party. u/Falkvinge: Thank you for taking the time to respond to allow me to clear up a few misconceptions. I am not siding with Hearn, as you put it - in fact, I don't know his values and haven't seen his code. However, I have observed that there has been an increasing pressure to increase the blocksize, one that development leadership has consistently ignored. This pressure has been backed up with enormous amounts of data, graphing, and forecasts that also have turned out to be correct. As a bystander, it has been and is obvious to me that the leadership was intentionally making the decision to restrict the blocksize limit, well aware that doing so would drastically change the behavior of the bitcoin network by pricing out microtransactions, pricing out unbanking the third world, and introduce uncertainty as to when transactions were irreversible merely through conscious nonaction. There have been reasons given for these decisions, reasons that make sense if you come from one value set, but not as much if you come from another value set. When the community has repeatedly voiced its concerns about imminent unavailability of third-world unbanking and microtransactions, due to an imminent fee market, the leadership has pointed to a Lightning Network which doesn't exist and which has no point in time when it may start existing. In the IT world, we've seen this pattern all too many times. Regardless, the pressure kept building, and with the advent of deleting discussions that didn't fit the leadership's narrative here on /bitcoin, the cat was out of the bag. Once you start suppressing factual discussion because the conclusions drawn by data presented don't fit your intended roadmap, liberty geeks are not content with accepting deletion, but will start seeking ways to route around the damage of the network. This pressure - the rift between leadership and overall community - has now reached a boiling point where it looks like we may have a hard fork, or at the very least, a change in direction from the current leadership. This is well in line with Satoshi's original vision, which was adamant that the longest chain is the definition of bitcoin. So as a sideline observer, it was obvious that something would change, and probably soon. This is probably one of the least dramatic ways to do it. That's completely regardless of what people have done in the past, which I respect utterly. I do not side with people; I side with ideas, observations, and data. Last but not least, pointing out flaws in somebody's reasoning and saying what aspects they missed is not my idea of disrespecting somebody. I am obviously aware of Mr. Cohen's immense contributions to freedom of information and culture, as I believe most people are, and always have an open torrent client, seeding my books and other material. When I'm wrong on an account, I appreciate people telling me so and why, so I get a chance to re-evaluate. Therefore, thank you for taking the time to write. I hope I made my impression of the situation clearer. (edit: mispeling) Wonderfully said. Here's the link to the thread: https://www.reddit.com/Bitcoin/comments/41b4zx/whiny_ragequitting/cz13vp3
Shutting down or restricting the uses of bank accounts, thereby forbidding clients to buy crypto, is a blatant affront to the rights of civil liberty, manifested, but not limited to, in the rights to private property and free speech (562 points, 262 comments)
I believe Bitcoin Core/Blockstream is now attempting to infiltrate Bitcoin Cash in the same manner that they did with Bitcoin Segwit. They are suddenly befriending Bitcoin Cash. Only in that way can they destroy from within. Do not be fooled. (401 points, 166 comments)
You have $100 worth of BTC. So you purchase an item for $66, but have to pay a $17 fee. Now you have $17 worth of Bitcoin left, but it costs $17 more to move it. So $66 item effectively cost you $100. #Thanks BlockStream (1420 points, 433 comments)
2025 points: kairepaire's comment in As of today, Steam will no longer support Bitcoin as a payment method
2018 points: vbuterin's comment in "So no worries, Ethereum's long term value is still ~0." -Greg Maxwell, CTO of Blockstream and opponent of allowing Bitcoin to scale as Satoshi had planned.
1215 points: vbuterin's comment in Vitalik Buterin tried to develop Ethereum on top of Bitcoin, but was stalled because the developers made it hard to build on top of Bitcoin. Vitalik only then built Ethereum as a separate currency
1211 points: LiamGaughan's comment in As of today, Steam will no longer support Bitcoin as a payment method
The fetish for complexity on part of Blockstream Core is truly scary & is a very high risk for BTC going forward. Even the Chinese have started to sense it & are switching to ETH to carry out their capital outflow. Owning ETH in my crypto portfolio gives me peace of mind & better sleep at night.
I can't say if this explanation of ETH trade volume in China is correct, but it's hypothesis worth considering. What does Chinese capital holders investing in ETH have to do with Dash? Ethereum was not designed primarily as a store of value. I'm not claiming it is not a good store of value, but that is not its purpose. Dash on the other hand, follows the Bitcoin model of finite coin emission and has no intention to change that, nor does it have any plans to switch from proof-of-stake, or any other fundamental properties. It is designed as digital cash, where that "cash" has a similar scarcity property to gold. (It is also more easily anonymised, which may or may not be relevant to people engaged in capital flight.) However Dash goes beyond being merely a cash holding. Anyone with 1000 DASH can turn that from a cash holding into a capital investment by running a masternode. The recent analysis that was published showed an 18% annual return on Dash masternode capital. Furthermore, the number of Dash masternodes has tended to increase over time, and therefore is a buffer of capital that is less likely to be sold off during a price drop, and therefore my act to protects the value of a Dash purchase, and a masternode collateral investment. Anyone who doesn't have the knowledge to set up their own server can have it automated through managed services like Node40. Altogether, this sounds like a good case for investment. I can't say to what extent the Chinese are worried about the governance situation in Bitcoin and are buying ETH because of it. I'm not Chinese, nor do I even speak Chinese. But it does look to me that Dash has created an investment situation that may make it a suitable hedge or complementary investment for those who are buying, or would buy Bitcoin, as a means to protect their wealth in the face of further devaluation of the Yuan. Dash is available on BTC38 as a DASH/CNY pair, so it is now possible for people in China to buy directly. It seems at first glance that many or even most of the pieces are there. What have I missed? (EDIT: Node40 link)
[PSA] If your Bitcoin are not ready-to-transact in a wallet whose keys you exclusively control, then you don't control your Bitcoin (625 points, 216 comments)
Why us old-school Bitcoiners argue that Bitcoin Cash should be considered "the real Bitcoin" (585 points, 587 comments)
I think we need an EDA fix before the Nov hardfork (535 points, 346 comments)
Why large blocks: because one man's "coffee purchase transaction" is another man's monthly income (508 points, 104 comments)
There is a word for a "store of value" with no underlying utility, and that word is "collectible" (481 points, 171 comments)
Ripple user comes to defend Ripple, gets hundreds of upvotes, but can't answer the most fundamental question: what prevents inflation? (462 points, 407 comments)
If you don't agree that the mission is to make onchain transactions readily available to ALL people at ALL income levels then you don't understand the whole reason Bitcoin was invented to begin with (449 points, 203 comments)
Shutting down or restricting the uses of bank accounts, thereby forbidding clients to buy crypto, is a blatant affront to the rights of civil liberty, manifested, but not limited to, in the rights to private property and free speech (563 points, 262 comments)
I believe Bitcoin Core/Blockstream is now attempting to infiltrate Bitcoin Cash in the same manner that they did with Bitcoin Segwit. They are suddenly befriending Bitcoin Cash. Only in that way can they destroy from within. Do not be fooled. (405 points, 170 comments)
You have $100 worth of BTC. So you purchase an item for $66, but have to pay a $17 fee. Now you have $17 worth of Bitcoin left, but it costs $17 more to move it. So $66 item effectively cost you $100. #Thanks BlockStream (1427 points, 434 comments)
2028 points: kairepaire's comment in As of today, Steam will no longer support Bitcoin as a payment method
2019 points: vbuterin's comment in "So no worries, Ethereum's long term value is still ~0." -Greg Maxwell, CTO of Blockstream and opponent of allowing Bitcoin to scale as Satoshi had planned.
1210 points: vbuterin's comment in Vitalik Buterin tried to develop Ethereum on top of Bitcoin, but was stalled because the developers made it hard to build on top of Bitcoin. Vitalik only then built Ethereum as a separate currency
1205 points: LiamGaughan's comment in As of today, Steam will no longer support Bitcoin as a payment method
Rick Falkvinge is an advocate for bitcoin cash (BCS) and the creator of the Swedish Pirate Party, a political party that lobbies for individual freedoms and reforms pertaining to file sharing ... Tom Lee & Rick Falkvinge predicts bitcoins price should reach in the millions of dollars per coin. March 6, 2018 by Mr. Bitcoin 1 Comment. Supply and demand example There is not enough supply of Bitcoin for every millionaire in the world to own one full Bitcoin. Tom Lee a former employee of JP Morgan Chase and in the last 3 years starting his own research business. This presentation analytical ... Name Price 24H (%) Bitcoin (BTC). $10,310.01 Rick Falkvinge is an advocate for bitcoin cash (BCS) and the creator of the Swedish Pirate Party, a political party that lobbies for individual freedoms and reforms pertaining to file sharing, copyright and patents. Falkvinge began exploring bitcoin . Trending. Kiss front man Gene Simmons suggests he’s working to make crypto more accessible; Cardano, IOTA, Algorand Price Analysis: 15 ... Rick Falkvinge Brings Clarity To Bitcoin Debate With ‘Rick Reacts’ The debate between proponents of Bitcoin Cash and the supporters of Bitcoin Core rages on as gaps within the cryptocurrency community continue to widen.There has been mounting hostility and confusion as unnecessary uncertainty for new crypto enthusiasts leads to aggressive mudslinging especially from the supporters of ...
BITCOIN WILL HIT $5 MILLION - Rick Falkvinge London Real ...
Bitcoin and the Blockchain Rick Falkvinge TEDxBucharest - Duration: 18:17. TEDx Talks 74,313 views. 18:17. Changing the world through swarm intelligence: Rick Falkvinge at TEDxOslo 2013 ... BITCOIN WILL HIT $5 MILLION - Rick Falkvinge London Real - Duration: 4:54. London Real 296,156 views. 4:54. Andreas Antonopoulos - Bitcoin - PART 1/2 London Real - Duration: 46:47. ... The internet brings much more changes than we could possibly ever imagine, typical of a very disruptive technology, as the generation who invents it can only... LAUNCH YOUR OWN PODCAST: https://londonreal.tv/by/ 2021 SUMMIT TICKETS: https://londonreal.tv/summit/ NEW MASTERCLASS EACH WEEK: http://londonreal.tv/masterc... In today's clip, Rick explains the downfall of Blockstream (the company) from a business perspective. Connect With Rick on Twitter: @Falkvinge Blog: https://...