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BitPay Will Process Payments on Multiple Blockchains, Starting with Bitcoin Cash

blog.bitpay.com

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Re: BitPay Will Process Payments on Multiple Blockchains, Starting with Bitcoin Cash

#141

Post by rothbardrand »

Frogolocalypse wrote: post #110
anonymous5133 wrote: post #97

Earlier quoted context omitted.

Everything is relative. The significant part is that increasing the block size steadily can scale to huge transaction volumes. Visa level transaction levels of around 2,000 TPS can be achieved with block size increases and higher end computer hardware. If we are talking visa level transaction volumes then the user base has to be at least 500 million users. If the userbase is that large then think of how many people w…

> The significant part is that increasing the block size steadily 160,000+ bitcoin nodes are not interested in your centralization scheme, whether it is done 'steadily' or immediately.

Unfortunately, pointing out the fact that this sort of faux scaling will lead to centralization is never going to be popular among the tech illiterates at this site who believe Roger Ver over listening to people who actually work on the bitcoin code.

Re: BitPay Will Process Payments on Multiple Blockchains, Starting with Bitcoin Cash

#142

Post by Frogolocalypse »

ericb wrote: post #140
Frogolocalypse wrote: post #138

Earlier quoted context omitted.

You fundamentally do not understand how bitcoin works. So let's talk about nodes and consensus as defined in the whitepaper and implemented in nodes. Let's start with the bitcoin white paper ( https://bitcoin.org/bitcoin.pdf ) : > Satoshi from the Bitcoin white-paper chapter 12 'Conclusion' : The network is robust in its unstructured simplicity. _Nodes_ work all at once with little coordination. They do not need to b…

If your purpose was to explain how this solves a 51% attack from China, you have not yet succeeded.

? Sure i did.

> Nodes even define the PoW algorithm that miners have to employ.

Nodes change PoW algorithm and the old miners have expensive loud space heaters. They know this, which is why they didn't follow through on 2x. They knew that threatening that attack leads to one outcome : ruin.

It's a complex subject, sure. But I can't force you to understand how bitcoin works dude.

Re: BitPay Will Process Payments on Multiple Blockchains, Starting with Bitcoin Cash

#143

Post by asciimo »

ryebit wrote: post #86
asciimo wrote: post #79

Earlier quoted context omitted.

Why do some people call Bitcoin Cash "Bcash?" It seems to accompany critical statements. I'll assume you're not doing it to save 6 letters, because later you refer to Bitcoin as BTC. You could have saved more letters by referring to Bitcion Cash at BCH. Is this a campaign to rebrand Bitcoin Cash as something other than a Bitcoin fork?

It's more a reaction to Bitcoin Cash officially insisting that it's the "real" bitcoin, and trying to actively misleading users by referring to BTC as "Bitcoin Core", creating a false parity to make it seem like they're both equal "forks" that bitcoin split into. I've tried to refer to them using the less loaded "BTC" and "BCH" symbols instead; but it's kindof getting tiring, hearing people insist "Bitcoin Cash is Sa…

I think a better analogy would be if Steve Wozniak started a new company called Apple Electronics back in the middle 80s.

Re: BitPay Will Process Payments on Multiple Blockchains, Starting with Bitcoin Cash

#144

Post by Frogolocalypse »

rothbardrand wrote: post #141
Frogolocalypse wrote: post #110

Earlier quoted context omitted.

> The significant part is that increasing the block size steadily 160,000+ bitcoin nodes are not interested in your centralization scheme, whether it is done 'steadily' or immediately.

Unfortunately, pointing out the fact that this sort of faux scaling will lead to centralization is never going to be popular among the tech illiterates at this site who believe Roger Ver over listening to people who actually work on the bitcoin code.

It's kind of weird really. They think they can make reality go away because they make sockpuppets and try and force an outcome that will make them rich. By being really loud, and not really understanding how any of the technology works. All they do is copy paste things from people they think are smarter than them. Sadly, they are being played by much more experienced shysters and charlatans. Reckon it's mostly kids though.

Re: BitPay Will Process Payments on Multiple Blockchains, Starting with Bitcoin Cash

#145

Post by mrb »

lawn wrote: post #35
thevardanian wrote: post #23

Earlier quoted context omitted.

The thing I don't understand, and am concerned about the most is that cryptocurrencies rely on public ledgers, and therefore not private. That is all monetary transactions are in essence public record, which is very odd to me, and really doesn't sit well.

Exactly. Monero is the only real cryptocurrency because it does not have a public ledger. Monero is fungible, meaning you cannot tell two coins apart, which is an essential property of money. This is a very real issue most people into Bitcoin does not seem to care about. Anyone you transact with can gain insight into your personal finances which at best informs your friends of how rich/poor you are and at worst makin…

Zcash and DASH implement private transactions too. As good as, if not better than, Monero.

Re: BitPay Will Process Payments on Multiple Blockchains, Starting with Bitcoin Cash

#147

Post by MichaelGG »

Frogolocalypse wrote: post #92
dannyw wrote: post #90

Earlier quoted context omitted.

2 MB blocks (Bitcoin Classic) don't affect decentralization, if you support SegWit. SegWit blocks can be 4 MB, and that is 4 MB of data that has to be transmitted over the wire and stored unless you weaken your security model. In fact, SegWit negatively affects decentralization because it is much harder to build and maintain your wallet because of all of the complexity of SegWit, pushing people to crowd around existi…

That's why it was such a compromise. In order to get the massive decentralization and privacy boost of the malleability fix that segwit provided, the blocksize increase was included to give the increase that the classic hard-fork suggested. And it was done as a soft-fork too, which means none of the 160,000+ bitcoin nodes needed to upgrade their software. And what happened? After they got exactly what they wanted wit…

Privacy boost for a malleability improvement? Do tell.

All full nodes had to upgrade or risk mining invalid blocks.

Re: BitPay Will Process Payments on Multiple Blockchains, Starting with Bitcoin Cash

#148

Post by MichaelGG »

ryebit wrote: post #86
asciimo wrote: post #79

Earlier quoted context omitted.

Why do some people call Bitcoin Cash "Bcash?" It seems to accompany critical statements. I'll assume you're not doing it to save 6 letters, because later you refer to Bitcoin as BTC. You could have saved more letters by referring to Bitcion Cash at BCH. Is this a campaign to rebrand Bitcoin Cash as something other than a Bitcoin fork?

It's more a reaction to Bitcoin Cash officially insisting that it's the "real" bitcoin, and trying to actively misleading users by referring to BTC as "Bitcoin Core", creating a false parity to make it seem like they're both equal "forks" that bitcoin split into. I've tried to refer to them using the less loaded "BTC" and "BCH" symbols instead; but it's kindof getting tiring, hearing people insist "Bitcoin Cash is Sa…

The comparison to Apple is funny. Are you suggesting Bitcoin is a centralised company with a trademark?

If suddenly someone spins up a million bitcoin cash nodes will you call it bitcoin? If total PoW exceeds core will you? If core finally hard forks to increase the blocksize will you stop calling it bitcoin?

But that you'd compare it to Apple, that's just weird.

Re: BitPay Will Process Payments on Multiple Blockchains, Starting with Bitcoin Cash

#149

Post by nextstep »

Frogolocalypse wrote: post #72
fragsworth wrote: post #63

Earlier quoted context omitted.

> 1. Bitcoin + lighting network solves everything As far as I can tell, the Lightning Network's design isn't robust enough to solve everything. It allows for an arbitrary number of back-and-forth transactions between any two parties. It will be good, but it's not clear to me that this extends to solving all of the scalability problems.

I would suggest actually learning how it works before commenting on it. Lightning allows users to take a single bitcoin transaction, and use it over a finite space of time, in order to shift bitcoin back and forth, with no or vanishingly small transaction fees, as iou's between what are called 'lightning channels'. The actual transaction size will be the same as a normal transaction, with a flag that says it can only…

If John wants to pay Sally, but the cheap/practical way is to use the existing path of channels through Bob and Carol and whatever, then it’s not peer-to-peer anymore! I don’t get why this fundamental architecture change is so appealing to some people.

Re: BitPay Will Process Payments on Multiple Blockchains, Starting with Bitcoin Cash

#150

Post by nextstep »

Every time there is something mentioning Bitcoin Cash or the scaling issues with Bitcoin Core, the same people show up in these threads attacking everyone and spamming the comments with the same arguments over and over. (I’m not going to name names but look through these comments and see some of the posters calling Bitcoin Cash “bcash” and posting 30+ comments.)

Can we please not turn this forum ito the childish name calling of r/Bitcoin? There are good arguments for and against the two main Bitcoin forks and I’d like HN to be a place where these can be discussed without name calling and personal attacks.

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