This just in: centralized authorities worried about the deflation of our fiat bubble and crypo currencies position as the next generation of digital commodities capitalize with FUD propaganda two weeks before a software patch (proposed last year) is rolled out exactly* in the way it is intended to.
Bitcoin Is Having a Civil War as It Enters a Critical Month
211–220 of 334 posts
Re: Bitcoin Is Having a Civil War as It Enters a Critical Month
#212Earlier quoted context omitted.
Personally, I wouldn't call it a new paradigm. It's quite similar to what already exists. With one improvement (which comes with trade-offs).
It was irony: "new paradigm" is a well known euphemism for "bubble".
Really? Your comment seemed so sincere!
I'd say the use of 'paradigm' is more taken as overused bullshit in general. Frist used by business-types as a buzz word (or at least gaining popularity within that population).
Re: Bitcoin Is Having a Civil War as It Enters a Critical Month
#213Earlier quoted context omitted.
That's not what it means. You are right that those clients would begin rejecting blocks, but you can be sure that when customers are calling them asking why their transactions aren't being validated that they will switch. It's not economically feasible to run a business on a minority hash power chain with low transaction throughput.
As long as one miner is still mining the core chain, the transaction will be validated. It may take a little while at first, but difficulty will adapt. It's going to be 2 legitimate currencies that are going to differ in value in exchanges. And each current BTC holder will be able to spend 2 coins (provided they take precautions against replayability; like making at first a double-spend to different wallets on the tw…
That's not true. If not enough people are mining the core chain, then it will be attacked, and your money will be stole due to double spend attacks.
Re: Bitcoin Is Having a Civil War as It Enters a Critical Month
#214Can someone show some math on how much more expensive it would be to run a node if block size is allowed to increase from 1 MB? It sounds like a silly made-up excuse.
It seems to me it is. From Gavin Andresen, one of the original developers: http://gavinandresen.ninja/does-more-transactions-necessaril...
"So it looks to me like the actual out-of-pocket cost of running a full node in a datacenter won’t change with a 20 megabyte maximum block size; it will be on the order of $5 or $10 per month."
Re: Bitcoin Is Having a Civil War as It Enters a Critical Month
#215Earlier quoted context omitted.
I'm not picking a side, just delivering info: You can see the signalling process here: https://coin.dance/blocks 90% are signalling the NYA intent to support Segwit2x. Since the software release 20% have signalled with segwit2x blocks. You can see business support here: https://en.bitcoin.it/wiki/Segwit_support#Businesses I'm not sure if you consider Coinbase a major bitcoin company yourself, but I think they qualify…
> You can see business support here: https://en.bitcoin.it/wiki/Segwit_support#Businesses > I'm not sure if you consider Coinbase a major bitcoin company yourself, but I think they qualify. That doesn't look like a very good proof. If coinbase plans to adopt segwit2x, why haven't they released an announcement? I wouldn't trust that wiki list very much.
They did release an announcement. They signed the original new york agreement letter.
Re: Bitcoin Is Having a Civil War as It Enters a Critical Month
#216Earlier quoted context omitted.
I'm not sure why you think $800,000 per day is a lot. Compare that to daily volume for usage of the currency itself across all applications. https://blockchain.info/charts/estimated-transaction-volume-...
It is a lot. Again, please show me an example application of the blockchain that comes close to that number but that does not need censorship resistance. The estimate of daily volume provided by blockchain.info obscures our discussion, especially if you consider that the daily volume for BTC/USD pair is around $1B. There could be $1B-worth of outputs in a day all dedicated to providing liquidity to exchanges, but ent…
Well i consider trading a very valid use case, as well as simple peer to peer payment for all goods and services. How much transactional volume is Bitpay doing? 800,0000 isn't a big number, and certainly it will only represent a small portion of the payment volume if Bitcoin went anywhere near main stream. It's also pretty evident that Bitcoin may be censorship resistant but it isn't anonymous or fully fungible, makes it a pretty terrible currency for dark market usage going forward.
Re: Bitcoin Is Having a Civil War as It Enters a Critical Month
#217Earlier quoted context omitted.
I was there at the ETH/ETC split and replay was a thing. Someone put together a special smart contract that received 2 addresses (one for the ETH chain and one for the ETC chain), checked which chain you were in and wired ether to either address accordingly. After doing that (and because valid transaction execution was contingent on the actual chain you were in) each wallet became independent and you were free to use…
Thanks for this reference code! I got to say, Ethereum really is showing the way to Bitcoin here. The smart contract ecosystem surrounding it is astounding. ---- The BTC equivalent would be to do it by hand; and I don't think it is all that risky, as long as you keep control of all three addresses. Or, ... maybe a BTC smart contract could help us do it easily? What do we need to enable smart contracts on BTC? Oh wait…
> and I don't think it is all that risky, as long as you keep control of all three addresses.
By "doing it by hand" I meant the following:
- Original wallet A holds BTC before hard fork
- Chain splits and forks coexist (lets call them C1 and C2)
- New wallet W1 is created for use in the new chain C1 exclusively
- New wallet W2 is created for use in the new chain C2 exclusively
- You connect to network that uses C1, and move all the funds from A to W1
- You connect to network that uses C2, and move all the funds from A to W2
Re: Bitcoin Is Having a Civil War as It Enters a Critical Month
#218With this much uncertainty, paying ~$2000 for 1 bitcoin seems insane to me. But that's why I don't invest in cryptocurrencies; too much volatility for my taste.
Paper trading futures I saw how volatility was the moneymaker coffee futures were as jittery as I am after drinking it.
Re: Bitcoin Is Having a Civil War as It Enters a Critical Month
#219After working in the space for about a year, after being a developer and enthusiast surrounding crypto since the early days of BTC this "bickering among core devs" is nothing new. Any press or "talks" that say otherwise are either being influenced with serious bias or are simply reporting false information. I like DLT tech, however, if bitcoin has shown us anything it's that once you solve the double-spend problem yo…
The governance issue is, to me, the 'final boss' of Bitcoin. They way it's set up, Bitcoin should ruthlessly follow the will of the majority and generate new consensus. I cannot think of another system that could potentially do this as effectively. It's ugly, bitter, and has real costs, but the way it's playing out gives me confidence that cryptocurrencies are truly a novel form of human communication about value.
> Bitcoin should ruthlessly follow the will of the majority and generate new consensus.
This might be a dumb question, but the majority of what?
Re: Bitcoin Is Having a Civil War as It Enters a Critical Month
#220How is this different then what happened with Bitcoin XT and Bitcoin classic?
XT/Classic was a mere skirmish compared to this. On one side you have Chinese miners and one developer gunning for segwit2x because it gives them a significant advantage related to their hardware. On the other side you have the other dozen or so core developers who want a more conservative approach. As a side-effect this version levels the playing field for miners.
Why is it an either-or situation? Couldn't they increase the blocksize and use side chains?