71–80 of 96 posts
Erm... it hasn't been the only crypto in town for a long time now. But I guess these kind of publications have only relatively recently caught up with the fact Bitcoin exists at all.
I recommend you check out https://raiblocks.net if you're looking for a currency that could compete with Bitcoin as a means of payment. The tech is smart as hell.
There are real competitors to Bitcoin Core today, and Raiblocks is not one of them. Your value proposition cannot be "like Ethereum but fractionally better because volume is two orders of magnitude less". There are even interesting coins like Aragon, Po.et, SALT, Aeron, district0x that actually do things Bitcoin doesn't do.
Competing for "payments on the internet" is a losing battle, of which you can find hundreds of other pumps on coinmarketcap. They all have nice landing pages about how the blockchain is the future and this is the new way for money and banking. That's a clear sign there's no future in a coin, because the founders can't come up with anything but "let's make Bitcoin faster".
Obligatory disclaimer that I don't invest in any of these things. I'd rather have people invest in curing disease, space travel, longevity research; things that affect the physical world and push humanity forwards. "Like Visa but fuck Visa" is not a compelling pitch.
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> It's really not fine at all. Actually, it really is. I've been accepting 0-conf transactions for nearly a year and had negligible double spends. https://incoherency.co.uk/blog/stories/zeroconf-payments.htm... The small number of double-spends that did occur since I wrote that blog post I think are mostly due to bad luck (and opportunism) rather than malicious intent upfront, and represent only ~0.1% of payments.
Interesting that a bunch of arm-chair downvoters "know" this won't work, but in practice, it does...
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I know this probably sounds like a stuck record at this point, but Lightning Network can solve this, and will relegate the actual blockchain as an arbitration/settlement layer where the 10 minute blocktime isn't a problem.
LN's security model relies on being able to close a channel before a certain block. This means that there will be periods of time that paying the fee to close a channel in time will be cost prohibitive and the security property evaporates. That being said we really should see exchange -> exchange txs be conducted over large LN channels, it could off load a lot of pressure off the chain.
>For example, if a parent transaction output is spent by a child with a nSequence value of 10, one must wait 10 confirmations before the transaction becomes valid. However, if the timestop flag has been set, the counting of confirmations stops, even with new blocks. If 6 confirmations have elapsed (4 more are necessary for the transaction to be valid), and the timestop block has been set on the 7th block, that block does not count towards the nSequence requirement of 10 confirmations; the child is still at 6 blocks for the relative confirmation value.
>This gives sufficient time and block-space for transactions at the current auxiliary timestop block height to enter into the blockchain, which can prevent systemic attackers from successfully attacking the system.
It's not perfect by any means (a malicious miner with a significant portion of the hashpower could never set the timestop bit and spam the mempool at the same time), but it mostly removes this worry in a "normal congestion" scenario, and makes it require a pretty large portion of global hashpower as well as very VERY deep pockets to pull it off in a "malicious" scenario.
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Interesting that a bunch of arm-chair downvoters "know" this won't work, but in practice, it does...
Things that work out fine when only a few people are doing them might not work so out so well when a lot of people are doing them. See: the entire history of Internet security.
1-The current solution is worse on this dimension.
2-Since Bitcoin Cash doesn't have replace-by-fee this is impractical for any small transaction.
3-Most of the situations that need to be immediate are small--with the large ones it makes sense to wait.
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There are 2 things here, There is the cut that the founders hold, and there is the portion under the control of Ripple labs. Ripple labs has a very strict way of handling the XRP they hold. It's not just "lose structures" in place, they are using the Ripple blockchain to escrow 55 billion of the XRP and release it on a set schedule of (I believe) 1 billion per month, and any that is left over at the end of the month…
> The founders have free reign on their 20 billion XRP, but I don't see why they would ever use it to crash the price. Profit motive?
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There are 2 things here, There is the cut that the founders hold, and there is the portion under the control of Ripple labs. Ripple labs has a very strict way of handling the XRP they hold. It's not just "lose structures" in place, they are using the Ripple blockchain to escrow 55 billion of the XRP and release it on a set schedule of (I believe) 1 billion per month, and any that is left over at the end of the month…
> The founders have free reign on their 20 billion XRP, but I don't see why they would ever use it to crash the price. Profit motive?
I recommend you check out https://raiblocks.net if you're looking for a currency that could compete with Bitcoin as a means of payment. The tech is smart as hell.
Earlier quoted context omitted.
A 0-confirmation transaction normally is just fine. It's really not fine at all. The competition is full confirmation transactions on a debit card or bank account in seconds with much lower or zero fees.
>seconds At PoS systems in the US, it's typical to have to wait 30+ seconds for chip cards to go through. I'm guessing that this has more to do with the PoS system / slow internet connection for the store / slow network on the back-end card network, but cryptocurrencies would need to be sub-minute to be ~acceptable for in-person retail transactions. Until that is solved, until cryptocoins are more than speculative se…
Seen it couple times.