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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

#211

Post by ericb »

paulmd wrote: post #198
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?

> Why do some people call Bitcoin Cash "Bcash?" It's an abbreviation. Bitcoin Cash = Bcash/BCH. This acronym is not confusable with Bitcoin or the BTC acronym at all. Why is this considered remotely offensive? People are incredibly reactive to this and I don't understand why. It's a pretty straightforward mechanism of acronyms that has been going on for hundreds of years. Why is this actually considered a serious poi…

Great to hear your thoughts on this, pmd. You don't mind if I call you that? Oh, you do? Well I'm going to anyway.

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

#212

Post by paulmd »

ericb wrote: post #211
paulmd wrote: post #198

Earlier quoted context omitted.

> Why do some people call Bitcoin Cash "Bcash?" It's an abbreviation. Bitcoin Cash = Bcash/BCH. This acronym is not confusable with Bitcoin or the BTC acronym at all. Why is this considered remotely offensive? People are incredibly reactive to this and I don't understand why. It's a pretty straightforward mechanism of acronyms that has been going on for hundreds of years. Why is this actually considered a serious poi…

Great to hear your thoughts on this, pmd. You don't mind if I call you that? Oh, you do? Well I'm going to anyway.

I don't at all. Is using an abbreviation supposed to be insulting somehow?

(and the thing is, it's not even the bcash people who are bothered by the term - it's the BTC people! it's like you got insulted when someone recognized me enough to call me PMD... which is what I suspect it comes down to.)

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

#213

Post by [deleted] »

joseluis wrote: post #193
gtrubetskoy wrote: post #69

Fascinating how all the comments explaining that for fast and cheap transactions there is Litecoin (which has SegWit and Lightning) and pointing out BCash (still vulnerable to transaction malleability because it does not have SegWit) technical and governance problems immediately got downvoted into oblivion. Edit: including this comment.

Fascinanting the misinformation indeed. 1. Litecoin fees are much more expensive than with Bitcoin Cash and it's not secure with 0 confirmations. 2. The DAA upgrade included the NULLFAIL and LOW_S BIPs, both of which remove sources of transaction malleability. https://www.reddit.com/r/btc/comments/7hqt7k/transaction_mal...

[deleted]

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

#214

Post by pmorici »

paul7986 wrote: post #196
pmorici wrote: post #165

Earlier quoted context omitted.

If you are in the USA you have numerous options including; Coinbase, GDAX, Gemini, itbit, and Kraken among others.

Thanks, yet how do you find buyers .. do these marketplaces connect you with buyers? As a newbie i went ahead and bought a tiny portion of a Bitcoin recently from say GDAX. So, since I bought it from them I can also sell it back them at a profit or I have to find another interested buyer like a friend?

They all work just like stock markets

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

#215

Post by awemany »

paulmd wrote: post #197
davej wrote: post #22

Earlier quoted context omitted.

While I agree that Segwit2x would have been good for BTC, it ultimately only kicks the can down the road a little bit. If BTC (or BCH) is going to be used at Visa/Mastercard scale then the transactions need to happen off-chain. The Lightning Network is the answer here, a lot of work still needs to be done though, particularly on the software side.

> If BTC (or BCH) is going to be used at Visa/Mastercard scale then the transactions need to happen off-chain. The Lightning Network is the answer here There is a lot of technical complexity to this, and no real working proof at scale (AFAIK there is no production implementation even at a small scale). Lightning Network at scale will involve routing problems between coinholders analogous to a mesh network (or more re…

Not only that. The problem is that you can't just say "see I found a route A-D through B and C: ABCD"

You actually have to be able to say: "See, I found a route A-D through B and C: ABCD and all nodes are sufficiently funded to execute the payment."

And that's the big unsolved issue. Can you make an algorithm that will reliably do the latter while keeping the network decentralized?

I think this is very hard, as the channel states between individual nodes will change for each payment, and that's entropy that somehow needs to be synchronized.

Of course, simple centralized solutions like making B and C big enough ("banks") to deal succesfully with almost any payment are possible.

But solving this problem is pretty damn hard, and I have yet to see a satisfying solution to this. Note that satisfying absolutely must include being decentralized.

Because else, we can as well do the simple and sane thing and scale just on-chain, which also ensures that the miners get their fair share of the pie and makes it less likely that the bottom falls out because there's lots of layers, each taking a cut, to the system.

Now, don't get me wrong: I am fine with LN and I think it might have good use in the micro/nano-payment space. Regular, simple payment channels (like BCH and BTC have since the beginning) might fully cover that use case as well. Who knows. In any case, LN as the (and the only) solution to scaling is not going to work out.

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

#216

Post by topmonk »

Nursie wrote: post #203
topmonk wrote: post #191

Earlier quoted context omitted.

> The idea of authorisation or ownership of the one true core is hilarious. That's great, but it's not what I wrote. What "one true core"? Taking someone's software, modifying it, and touting your change as the next version of their software is wrong. Regardless if the code is meant for a block chain, or anything else.

But that's exactly what's happened with Bitcoin, as collaborative work.

What? Satoshi disappeared! The rest of the developers continued on. How is that comparable to bitcoin cash trying to do a hostile take over of bitcoin, simply because they want to take the brand name for themselves?

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

#217

Post by topmonk »

Bombthecat wrote: post #209
topmonk wrote: post #192

Earlier quoted context omitted.

No, because those same developers worked on the earlier versions as well. They didn't just come in, take someone else's code, change it, and say, "Look guys, here is the next version of their software! Enjoy ;)"

They came after Satoshi still. God knows what Satoshi thinks about all the stuff going on around bitcoin...

They carried on after Satoshi left. That's a lot different from an outside group trying to do a hostile takeover and steal the bitcoin brand name.

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

#218

Post by [deleted] »

topmonk wrote: post #216
Nursie wrote: post #203

Earlier quoted context omitted.

But that's exactly what's happened with Bitcoin, as collaborative work.

What? Satoshi disappeared! The rest of the developers continued on. How is that comparable to bitcoin cash trying to do a hostile take over of bitcoin, simply because they want to take the brand name for themselves?

[deleted]

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

#219

Post by Frogolocalypse »

ericb wrote: post #202
Frogolocalypse wrote: post #142

Earlier quoted context omitted.

? 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.

In spite of your condescension, I don't think you understand what a 51% attack is. You are confusing agreement on hard-forks with POW consensus in your defense of why Bitcoin is not vulnerable to a state mandated 51% attack from China. Satoshi's brilliant solution to the Byzantine generals problem of consensus is proof of work, not "nodes decide what code to run" precisely because nodes are vulnerable to sybil attack…

You have no idea what you're talking about.

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

#220

Post by davej »

Bombthecat wrote: post #208
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…

How big does a block needs to be to allow around 4k transactions?

Probably the best part of 1GB.
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