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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

#151

Post by xorcist »

modeless wrote: post #44
xorcist wrote: post #31

Earlier quoted context omitted.

Segwit2x was an initiative to replace bitcoind with btc1. It is strange to describe it as being rejected by bitcoind. Bitpay's business model was always a bit of a special case. Undercut centralized services on fees? Not likely. It'll work as long as there are early adopters to spend their windfall, but in the long run they'll need to pivot. And not to the next altcoin.

Segwit2x was an initiative to increase the block size. It only required replacing Bitcoin Core because Bitcoin Core refused to merge a block size increase. If they had agreed to merge a block size increase, then btc1 would not have been necessary.

That narrative is a bit tiresome, since it's so obviously false.

The Bitcoin developers (not "Bitcoin Core") had just implemented a block size increase after years of discussion.

The segwit2x intiative didn't take part in this. They didn't bother even writing a specification, let alone a proposal or take it through public discussion.

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

#152

Post by theadamp »

Frogolocalypse wrote: post #102
anonymous5133 wrote: post #98

Earlier quoted context omitted.

The difference is that you have to look at the attributes of each coin and see which one most likely reflects the white paper that satoshi himself wrote. He is talking about a P2P cash system, not a P2P gold system. Just because the first generation of bitcoin was the beginning doesn't mean it still reflects the original vision.

A peer, in bitcoin, is a node. If you don't run a node, or indeed if you can't run a node because of its resource requirements, you aren't a peer. Bitcoin : Peer-to-peer cash. You went right over the first part, and only talk about the second part, even though in the first part, the word 'peer' is used twice.

"The current system where every user is a network node is not the intended configuration for large scale. That would be like every Usenet user runs their own NNTP server. The design supports letting users just be users. The more burden it is to run a node, the fewer nodes there will be. Those few nodes will be big server farms. The rest will be client nodes that only do transactions and don't generate." - Satoshi Nakamoto

https://bitcointalk.org/index.php?topic=532.msg6306#msg6306

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

#153

Post by Frogolocalypse »

nextstep wrote: post #150

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…

I agree. They should be immediately closed. The problem with them is that crypto is a collision between tech and money. It, unfortunately, brings out the worst part of people wanting to get rich. I like yc because it isn't like that, but it just gets brigaded these days.

I would completely respect a complete ban of all crypto discussion on yc. I like the fact that it isn't that.

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

#154

Post by Frogolocalypse »

theadamp wrote: post #152
Frogolocalypse wrote: post #102

Earlier quoted context omitted.

A peer, in bitcoin, is a node. If you don't run a node, or indeed if you can't run a node because of its resource requirements, you aren't a peer. Bitcoin : Peer-to-peer cash. You went right over the first part, and only talk about the second part, even though in the first part, the word 'peer' is used twice.

"The current system where every user is a network node is not the intended configuration for large scale. That would be like every Usenet user runs their own NNTP server. The design supports letting users just be users. The more burden it is to run a node, the fewer nodes there will be. Those few nodes will be big server farms. The rest will be client nodes that only do transactions and don't generate." - Satoshi Nak…

160,000 nodes have a different view than your selective quote, and they control consensus.

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

#155

Post by Frogolocalypse »

nextstep wrote: post #149
Frogolocalypse wrote: post #72

Earlier quoted context omitted.

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.

Because you don't understand it. Do you think about the connections between your computer and the server you are reading this page from?

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

#156

Post by michaelmrose »

Frogolocalypse wrote: post #112
anonymous5133 wrote: post #108

Earlier quoted context omitted.

Those altcoins don't have the userbase that bcash has. Bcash actually has an active community that is pushing to integrate bcash into mainstream commerce and that's what I like. Store of value is nice but medium of exchange is what really appeals to me personally.

> the userbase that bcash has The number of transactions on the bcash blockchain gives a different impression of the 'user base'. If you want a faster blockchain with a larger user base, use litecoin. It isn't as secure as bitcoin, because it isn't as decentralized as bitcoin, but at least you don't have all of your purchases recorded (who you are, what you buy, who you buy it from, when you buy it, etc.) by the chin…

Can you please explicate the means by which the chinese government could effectively trap your cash in your wallet. Couldn't you give money to any number of intermediaries?

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

#157

Post by pmorici »

Frogolocalypse wrote: post #153
nextstep wrote: post #150

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…

I agree. They should be immediately closed. The problem with them is that crypto is a collision between tech and money. It, unfortunately, brings out the worst part of people wanting to get rich. I like yc because it isn't like that, but it just gets brigaded these days. I would completely respect a complete ban of all crypto discussion on yc. I like the fact that it isn't that.

The op is talking about accounts like yours Frogolocalypse. You only comment on crypto related articles on HN and it's always the same talking points over and over.

Edit: I see further down the page someone even called you out for spamming this thread and others with identical comments over and over.

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

#158

Post by abrkn »

asciimo wrote: post #79
hrrsn wrote: post #28

Earlier quoted context omitted.

This is the major (technical - plenty of political issues) problem I have with Bcash. It’s cheap and fast because transaction volumes, and price, are 10% of BTC, yet blocks are 1.5x the size (roughly, looking at a block explorer). As soon as they fill up, they’ll have the exact same problems down the line. Increasing the block size doesn’t scale long term and is a bandaid solution at best. BTC was fast and cheap when…

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?

Like people used to write "Micro$oft" back in the day, the phrase "Bcash" used to imply it's no longer "Bitcoin"

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

#159

Post by pmorici »

asciimo wrote: post #79
hrrsn wrote: post #28

Earlier quoted context omitted.

This is the major (technical - plenty of political issues) problem I have with Bcash. It’s cheap and fast because transaction volumes, and price, are 10% of BTC, yet blocks are 1.5x the size (roughly, looking at a block explorer). As soon as they fill up, they’ll have the exact same problems down the line. Increasing the block size doesn’t scale long term and is a bandaid solution at best. BTC was fast and cheap when…

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?

Yes, it was a campaign propagated by a self titled group of Crypto Currency trolls called "The Dragon's Den" They coordinate propaganda campaigns and cyber attacks on crypto currencies they don't like. There is a lot of overlap between the Dragon's Den and Bitcoin Core as well as Litecoin and they hold moderation positions in /r/bitcoin. The idea is that by calling Bitcoin Cash "bcash" they take the word "Bitcoin" out of the name and there by confuse people unfamiliar with the history of the community about what Bitcoin Cash is and it's reasons for existing.

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

#160

Post by pmorici »

nextstep wrote: post #149
Frogolocalypse wrote: post #72

Earlier quoted context omitted.

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.

Because Bob and Carol will make money by routing the transactions. They will effectively be banks.
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