submitted by /u/willedandagreed
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source https://www.reddit.com/r/btc/comments/lyvzsh/my_post_has_exactly_zero_karma_with_the_replies_i/
Saturday, 6 March 2021
Serious question: How can BCH market itself as a cash replacement if it isn’t fungible/private like Monero?
I need help from the community comparing BCH to XMR. Monero’s fees are slightly higher but they have a dynamic blocksize and anonymity that BCH does not offer. I believe this is critical for cash equivalents because you wouldn’t want a merchant to see your wallet balance when you make payment.
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source https://www.reddit.com/r/btc/comments/lywhv6/serious_question_how_can_bch_market_itself_as_a/
Finally bought something with bitcoin
I do NOT like using my bitcoin but I have zero fiat. Anyways bought a half zip of Girl Scout Cookies. To the moon!
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5 years on Reddit and only recently i got into BTC.. a reminder to every new user
You are not too late! This is probably the best time ever to join.. you won't be disappointed in a few year.
Bitcoin is not a quick way to make money.. is the BEST way to maintain your wealth over time
Learn to own your private keys and how a transaction work
If you want to get rich quick this is not the subreddit for you
DYOR and don't trust any get rich quick or shilling youtuber
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Crypto
3/6/2021 # 1 Crypto Pick “HD”HubDAO. I like this Project. HubDAO has a dual token structure that combines the governance token HD and the utility token HDT. HD is the only token used to vote in the HubDAO governance, with a total issuance of 21 million. HD is used for all loan interest payments in the Lending Hub, and the HD used is burned when used. In other words, continuous deflation occurs. https://www.hubdao.org/mobile/index.html
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source https://www.reddit.com/r/btc/comments/lyvrm9/crypto/
How do you transfer BCH from Reddit to an Exchange?
So when you get tipped BCH how do you go about moving it out of Reddit? Back in 2017 I got tipped by tipprbot and checked to see I still have that balance just chilling. Any advice would be amazing! Thanks
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source https://www.reddit.com/r/btc/comments/lyuuba/how_do_you_transfer_bch_from_reddit_to_an_exchange/
![[OC] I drew this for a redditor. one of my first jobs ever](https://b.thumbs.redditmedia.com/n9zb-E1yALGNQWrqNh1t6PNKvXoMLRmGsfuy-fcoFPw.jpg "[OC] I drew this for a redditor. one of my first jobs ever")
I won a settlement = free electricity. Help me take advantage of it?
I know this sounds too good to be true. I am in Mexico. The government owns the grid. I won a settlement on a piece of land - the CFE can't charge me shit.
Can anyone recommend a good way to start ramping up and providing the BTC network with some mining prowess in Central Mexico?
I was thinking of just buying a couple of cheap 'Available Now' Ant-miners (~15 TH/s) on eBay... would you guys recommend this?
Thanks!
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At 8pm EST I’ll be live hosting a #RocketLeague #1v1 tournament on @Playmogg with a $50 cryptocurrency prize pool. (BCH supported of course!) If you’re not playing, come hang out on stream =)
You dont control your money if you are hesitant to send it around because of high fees. I make a half-dozen BCH transactions per day without a second thought. I feel in complete control of my funds - I move then whenever i want for whatever I want.
It breaks my heart to think that people think BTC is Bitcoin - what a crime.
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source https://www.reddit.com/r/btc/comments/lyqvr1/you_dont_control_your_money_if_you_are_hesitant/
Anyone else portfolio getting carried by BTC?
I think we’ve all seen the sea of red across the stock market but boy does it make me thankful for bitcoin. I’m a relatively new investor (6 months in the game) and pretty conservative about where I put my money. However, about 40% of my portfolio is Bitcoin and if weren’t for this beautiful coin, I would be way more discouraged given this weeks general trends.
Thanks for the peace of mind, bitcoin.
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This is Bitcoin Cash Animal Rescue, my project for the world in BCH.
Bitcoin cash Animal Rescue is my project, presented today to the BCH community to be able to help and give one more opportunity to those animals that need it most, thus becoming the first project of its kind to be backed by a cryptocurrency.
A project born in BCH
https://read.cash/@Gersonarellano/this-is-bitcoin-cash-animal-rescue-cee0ba9c
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source https://www.reddit.com/r/btc/comments/lyoqo7/this_is_bitcoin_cash_animal_rescue_my_project_for/
Can you name one time in history when the group of people who were censoring speech were the good guys? (looking at r/bitcoin et. al.)
𝗕𝗶𝘁𝗰𝗼𝗶𝗻: 𝗔 𝗣𝗲𝗲𝗿-𝘁𝗼-𝗣𝗲𝗲𝗿 𝗘𝗹𝗲𝗰𝘁𝗿𝗼𝗻𝗶𝗰 𝗖𝗮𝘀𝗵 𝗦𝘆𝘀𝘁𝗲𝗺
"Bitcoin Cash [BCH] is what I started working on in 2010: a store of value AND means of exchange."
- Gavin Andresen (declared lead developer by Satoshi when he left...)
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source https://www.reddit.com/r/btc/comments/lypls1/can_you_name_one_time_in_history_when_the_group/
JPMorgan presents to private clients that Bitcoin can reach $540,000 if compared to "Gold" and $1,904,00 if compared to "Narrow Money Supply".
Link : https://www.theblockcrypto.com/post/97257/jp-morgan-bitcoin-deck-private-client
Based on this slide Bitcoin can reach $540,000 if compared to "Gold" and $1,904,00 if compared to "Narrow Money Supply".: https://www.tbstat.com/wp/uploads/2021/03/Screen-Shot-2021-03-05-at-1.57.26-PM-e1614923921645.png
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Friday, 5 March 2021
I ALSO wish noise.cash made it easier to tip.
I get why they say they don't want a web wallet but not having one is no better than reddit or Twitter with chaintip.
I can't believe they are.missing the benefit of having a twitter like site with integrated tipping.
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source https://www.reddit.com/r/btc/comments/ly63gs/i_also_wish_noisecash_made_it_easier_to_tip/
Any existing Android BCH Wallet libraries?
I have an idea for an app, and I would much prefer to work on prototyping out the app itself, then roll another entire wallet implementation out.
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source https://www.reddit.com/r/btc/comments/ly6d8i/any_existing_android_bch_wallet_libraries/
Advertising bitcoin cash on Instagram ?
Paying influencers on instagram and tik tok for bitcoin cash advertising. You don't have to go for floyd mayweather who charges $100k +.
Some instagram pages with 100k+ followers will post anything for less than $100
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source https://www.reddit.com/r/btc/comments/ly6hzi/advertising_bitcoin_cash_on_instagram/
It’s an addiction...
Stacking sats is I tell ya. I buy my weekly dca amount then spend the next 6 days watching the chart and saying to myself “I’ll put an extra $100 in if it dips below xxx”.
If that doesn’t happen, I’m still excited next week to buy more.
Every financial decision now is laced with “well if I did it this way instead, I could use the rest to buy more bitcoin”. Hodl.
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Learning from Bitcoin and Bitcoin Cash history and how not to repeat those mistakes again into the future.
Someone once said that the Bitcoin (and subsequently Bitcoin Cash) community keeps repeating the same mistakes over and over again because we keep enabling the bad actors or toxic personalities to climb ranks within the community. And if we look back, it is true and undeniable. The question is, can we learn from our mistakes and identify the bad actors and toxic personalities early on before they cause any major problems?
If we look back from the early days of Bitcoin (and later Bitcoin Cash), all the bad actors started out with good intentions. They did great work and contributed towards the community. And almost always, at some point, with enough influence, they start to abuse that power.
Fortunately, if one were to pay close attention, there are early warning signs of these bad actors and toxic personalities. Unfortunately, I understand that most people prefer not to speak up against these bad actors or toxic personalities for fear of retaliation. And based on what happened before, we also know good people simply prefer to leave the community rather than confront these bad actors and toxic personalities. And that’s the kind of harm they can do to the community; it drives away the good people.
In the past, I prefer to tolerate and condone such bad actors and toxic personalities because I have enough problems in my life as it is, no need to have more problems coming my way. Unfortunately, tolerating and condoning bad actors hasn’t work out well at all for us.
And that brings to me George Donnelly. I don’t understand why he regularly bash important Bitcoin Cash projects and contributors. Here are 3 examples that happened in the last 2-3 weeks alone. Yes, George bashing 3 important BCH projects in just the recent 2-3 weeks alone.
Today, he has set his tweets to private. Yesterday, it was public. I wonder what he has to hide.
Oscar, Founder of Venezuela Workers, Bitcoin Cash Project said (to George), "You can critic it (Venezuela Workers) whatever you want and whenever you want, I just don’t think your opinions on social media are helpful, they are rather harmful... I don't understand (in your case) bashing negatively projects that support BCH on your Twitter... As I said, you have my private contact, but you choose to publicly delegitimize the website... From you so far, there's only bashing the website publicly several times, not just one but more." Source: https://np.reddit.com/r/btc/comments/llhhl1/bch_is_going_up_a_lot_of_freelancers_are/gnpygcr/
Is @localbitcoincom a dead project?... Engage bully pulpit. Source: https://twitter.com/GeorgeDonnelly/status/1366873895329009679
I think @bitcoincashnode should be able to respond on twitter like the rest of us. They have a formal rep and 3000 BCH in reserves. They are the new dominant mining node. There is really no excuse to not respond. Source: https://twitter.com/GeorgeDonnelly/status/1361708765922422784
Notice the arrogance and self-entitlement expecting BCHN to have a customer support officer on standby for him on Twitter.
$Dash Masternode Owners called George Donnelly @georgedonnelly: cockroach fake selfish opportunistic lacking emotional awareness arrogant self-entitled... Source: https://np.reddit.com/r/DashUncensored/comments/dokfjk/dash_masternode_owners_called_george_donnelly/
That’s not all...
george was defunded by the Dash DAO because he failed multiple times to reach the goals he promised in his proposals. He was very energetic and we gave him multiple chances even though he was very difficult to work with.
After he was defunded he rage quit over the course of about a week and had an embarrassing meltdown where he blamed everyone else for his failure. He spent over a year telling everyone how great Dash was and then did a 180 as soon as he was defunded.
We tried to warn many within bch he was toxic and lied about what happened with his failed Dash proposal. Looks like not much has changed with george.
Source: https://np.reddit.com/r/btc/comments/jlsxzw/why_are_people_hating_george_donelly/gauu4lc/
I don’t think many people knew that George Donnelly left Dash on very bad terms and with a bad reputation. On its own, we don’t know if the problem is with Dash or George, but if this guy came to a totally new (Bitcoin Cash) community and starts having conflicts with so many other different people, then I hope you guys can notice a pattern here.
“I faced down US Marshals, mainstream TV celebrities and the federal government.” - George Donnelly
He brags about this as if having problems with the Dash community, the BCH community, US Marshals, TV celebrities, and the federal government is something to be proud of.
I also remember him having arguments with Jonathan Toomim, im_uname, etc. These are reputable contributors to the Bitcoin Cash ecosystem.
In case you think these are one off incidents, here are some other evidence that George Donnelly is extremely aggressive and argumentative. If this one guy has a problem with so many different people, this is a huge warning sign of a toxic personality.
Source: https://np.reddit.com/r/btc/comments/jpqt4q/prove_that_george_donnelly_is_a_fraudster/
Source: https://twitter.com/RTaylor05/status/1188571263133839361
Notice something very subtle but very manipulative going on. When George Donnelly bashed and criticized others, he uses the words “helping” and “constructive criticism” to describe his actions. But when I pointed out his toxic behaviors (with clear evidence), he uses the words “bullying” and “gaslighting” to describe the action. By attaching such emotive words (positive emo when it’s in his favor and negative emo when it’s not in his favor), it is clear to me that George is a highly manipulative person. I have seen this kind of toxic behavior before and the outcome is usually pretty damaging.
I can understand if you don’t want to speak up against bad actors or toxic personalities to avoid retaliation but at the very least, please don’t defend, enable or promote these people (like we had done in the past). That strategy has proven to produce very bad outcomes for us in the past.
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source https://www.reddit.com/r/btc/comments/ly4q04/learning_from_bitcoin_and_bitcoin_cash_history/
and then the guy said, just because something appreciates in value, doesn’t make it the base value holder for the entire future of world commerce....
so I said-
You are totally correct, I agree fully. It is not because Bitcoin is appreciating in value that is why it will become the base value holder for the entire future of world commerce. The price appreciation is just the market recognizing over time that Bitcoin is a standalone system outside of the world of central banking and finance capable of final settlement without concern for borders, apolitical and neutral, permissionless and nearly frictionless, open for transactions 24/7/365 and with open markets every second of the day with a bid and an ask in practically every currency pair, free from government manipulation and debasement. (PS did you know that the stock market is open 6.5 hours a day, 5 days a week, or 32.5 hours per week, ie - open only (7x24=168) 32.5/168, just under 20% of the time, not including holidays or circuit breaks. That means every year of Bitcoin trading is actually 5+ years of stock market trading)
The problem with comparing Bitcoin to the massive list of companies/commodities/currencies that have shot way up before coming crashing back down is, how many of those experienced massive drawdowns, were left for dead, and then they rose again to even higher levels than ever thought possible before? Its crashed, and I mean CRASHED, about a dozen times with 80% or more drawdowns -- curiously though, always at higher lows. And here we are somehow, scraping $50k a coin, 900 Billion dollars worth of value created out of uhhh - a bit of ingenious code and a transparent ledger.
The question you must ask yourself is, why? Why does it not die? It has every reason to! No other example comes to mind of anything coming back from the dead once, let alone multiple times.
Bitcoin is a protocol layer on top of which the application layer rests. The only comparable example is TCP/IP - otherwise known as, the internet. The internet digitized and democratized information- it is now in the same power as you and I as someone with access to the world's best minds to find out whatever we want at the absolute cost of ZERO. Bitcoin is the digitization of money, it is the democratization of money. Today only the privileged in first world countries can have access to bank accounts, credit cards, checkbooks... To send a wire internationally you can pay $35 and wait a couple of days, that is if the country you are sending to is a country your country is down with and the amount of money does not raise any eyebrows in compliance departments.
But we are now in the process of seeing the transformation that will allow any person anywhere the ability to send money unfettered, without questions, without unreasonable fees, nearly instantaneously, from Istanbul to Venezuela if that is where their family members live, on a Saturday, at 11PM, and the person receiving it is not charged extortion fees, or bullied, or marked, or followed, or known to have received any value whatever.
How much is something like that worth?
So in the end if price is all you see, there is a reason for it, it is the iceberg under the surface that you are not seeing, this irresistible, unstoppable force that has been released into the world without hope of curtailing it no matter how much those who control the money supply might try.
And that is because Bitcoin, without firing a single round and without spilling a drop of blood, has forever placed beyond the reach of man the ability to manipulate and control the money. It is a voluntary system with clearly defined unchangeable rules (21M BTC, Nodes, Proof of Work, Difficulty adjustment, permissionless, non-sovereign, neutral, Supply schedule set in stone for the next hundreds of years) that if you would like to participate in, you are more than welcome to. If you decide you don't like it, you may sell it and leave. And without a CEO, marketing team, or coercion to transact in it as in FIAT, it has made people believe in it to the point of it being today one of the top 15 companies/ commodities/currencies with the highest of market caps, and it is the only one that looks bent on rising the ranks faster than any of the others. And for the first time in its history the macro external outlook has made it look by comparison, FOR THE FIRST TIME, as a desirable place to park value by those with value to park, accumulating enough liquidity to interest public companies. Validation for the thesis subtly embedded in the first block, ambitious and ridiculous in its scope and imagination, PLAYING OUT IN REAL TIME, earning respect in the eyes of the most serious of capital allocators.
And isn't it interesting that as the price appreciates, it actually becomes more useful and valuable, a better network, more reachable to bigger and bigger entities? It is the world's most fine-tuned positive feedback loop ever witnessed. Created by someone (anonymous of course, how else!) who understood this needed to be a public utility (as in water or electricity) and never cashed in on their deca-Billions! IS YOUR MIND BLOWN YET
Bitcoin is in the envious position of having time on its side. Everything else feels like it is borrowing against the future at ever-steepening costs to attempt to keep the charade going for another day. Short term gain, long term pain. Every decision at a corporate and government level today is made with the short term in mind, without paying a lick of mind to the long term. Bitcoin just mines another block. And another one. Miners keep dedicating to it more hashpower. It gets stronger and more secure. Monetary policy automatically tightens every 210,000 blocks/ approx every 4 years. Price rises. And the loop goes on.
With this scenario as laid before you, in the long term, how does this all play out from here?
Bitcoin in the end, is an unalienable right. Like water. Like electricity. Like the internet, arguably.
because... We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. And that includes freedom of monetary opression. For every human being on the planet, INDISCRIMINATELY, let freedom ring.
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Once every 2 or 3 years somebody sends me some BTC. So I have to deal with this bullshit again. Imagine you had a 200 dollar bill and you give it to somebody but they receive 170 dollars, or more but might have to wait like 2 weeks and not receive anything at all
Stablecoin
I bought some stable coins before I had $7 worth now I can’t get them because of fees. 😔 Wish someone had told me
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source https://www.reddit.com/r/btc/comments/ly3j73/stablecoin/
Found an old wallet with some BTC in it that I'll never be able to retrieve thanks to fees.... Thanks to all the BCH devs for making a coin that's useable!! 🙏
How I Know People Don't Actually Understand Bitcoin Yet and it's Early
I work in investing and what blows my mind is that Bitcoin SELLS OFF (price drops) when speculative / risky assets do. March 2020 is a perfect example and the last few weeks are another one. This simply tells me that in general people don't understand it's the SAFEST asset to invest in (usually gold is the "risk off" asset of choice). More specifically, this risky stock sell off is because inflation expectations are on the rise. That's PRECISELY when you want to own bitcoin.
Anyway, rant over, and HODL / buy dips friends.
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France will auction 611 BTC
Hi everyone,The 17th of March, there will be an auction in France for 611 Bitcoin.
They have been seized from "Hackers".
From the french TV:https://www.youtube.com/watch?v=q79VS3LNiAM
link for the first lot 0,11 to 2 BTC:
link for the second lot 5 to 20 BTC:
https://www.interencheres.com/materiels-professionnels/vente-de-bitcoins-cryptomonnaies-2nde-partie-287978/
Why are they doing an auction instead of just selling those to the market ?
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What are some good reddit forums to chaintip people in?
Never tried tipping people outside of r/bch. Let me see how it goes.
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source https://www.reddit.com/r/btc/comments/lxy6sd/what_are_some_good_reddit_forums_to_chaintip/
I’m all in on Bitcoin, my income will rise from 25k to 100k in 1 year and I’m going to buy as much BTC as I possibly can.
Title says it all. I am 25, I’ll finish school in one year and I’ve supported myself the entire way off of the money I made myself. I’ve learned to live pretty frugally and soon I will have access to large amounts of “disposable”(investable) income.
Even if Bitcoin crashes I’ll just use that time to accumulate tonnes and tonnes of cheap sats. I’m hoping to retire somewhere nice at 35 years old.
Thank you Bitcoin and FIRE communities.
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Boating Demolition Derby
For the price of one upvote, you will become a registered applicant to participate in a demolition derby of nautical proportions... yes, it is a demolition derby... for boats.
But there are 2 caveats.
First, all participants are required to bring their hardware wallets and all backup seed phrases and passwords.
And second, there are no winners. Everyone loses and we all lose our bitcoin in the process.
It will be a tragedy, but no one will be hurt in the process.
Any transactions linked back to the addresses lost in the collisions will be considered to be conducted by the creatures of the deep.
Let this reddit post serve as official record.
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Less banks, more Bitcoin cash
Bitcoin cash is the right key to getting out of a corrupt system that all you are looking for is to take advantage of people.
https://read.cash/@AlexSanchez/less-banks-more-bitcoin-cash-2e83cdff
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source https://www.reddit.com/r/btc/comments/ly0bke/less_banks_more_bitcoin_cash/
Thursday, 4 March 2021
To the guy I used to work with
I'm sure my experience isn't super novel, but back when I was in college Bitcoin almost hit 20k. I put in $100 at the beginning of that spike and sold when it starting dipping for $122 ($22 profit!). I did zero research and I was in it because I thought I could make a quick buck. I decided I shouldn't be investing in something I don't know about, especially while I was paying for an education.
Less than a year later, I started my first job after graduation which had an open office format. I distinctly remember a coworker saying Bitcoin was a good investment and we would regret not buying in. The response was pretty brutal as everyone was laughing at him and saying it would die out. It finally sparked me to do my own research and I hopped on board this wild ride. That week I put in $1000 which isn't a lot for some of you, but as a recent college graduate it was a big deal. Ever since then I have been trying to reach the milestone of accumulating 1 BTC and I'm almost halfway there!
Anyway, I just want to thank that guy I used to work with and hope you're still HODLing. I sometimes feel like the crazy guy you were painted as, but I think people just haven't opened their eyes yet!
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Demographics of Bitcoin holdlers
For my dissertation, I'm conducting a survey to better understand the demographic makeup of Bitcoin hodlers to see where they (well, we!) over and under index versus the general population.
Because there's such a small amount of us in the world, I've resorted to, obviously, a highly targeted/concentrated audience to increase the sample size of Bitcoin hodlers.
I'd really appreciate it if you can take a minute out of your busy day of staring at the price of Bitcoin to taking this survey about Bitcoin.
Thanks in advance! I'll be sure to share my research when it's complete.
Feel free to upvote this post, so it gains more traction so I can get a decent amount of responses :)
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Safe Proof of Work
 |
Abstract. Safe Proof of Work (SPOW) is a consensus algorithm blockchain that deals with the main drawbacks of the proof of work algorithm, This algorithm greatly solved the biggest security problem of the POW blockchain system, this is %51 attack. The standard POW is open to this attack. If someone wants to attack the POW blockchain, if it covers the cost, successfully hacks the blockchain. But SPOW blockchain offers a system that almost completely prevents attempting this attack. SPOW does this by sprinkling some unknowable and unity power into it. Hello, I have been developing this algorithm for a while, I have prepared a pdf with detailed simulations, I want you from the forum residents to review this pdf and return. If this algorithm is used, there will no longer be any coins that will be subject to 51 attacks. https://github.com/onuratakan/SPOW If an attacker wants to succeed: he needs to know the random rate below. Read the pdf for more information. [link] [comments] |
source https://www.reddit.com/r/btc/comments/lxdrb6/safe_proof_of_work/
Now they laugh, then they will come after our bitcoins
In the future we’ll hear lots of bullshit about bitcoiners from politicians and all kinds of parasites. They will say we were lucky. They will say we were selling drugs and stolen organs to get bitcoins. They will say we don’t deserve to be rich.
They won’t talk about us spending countless hours studying something new, while they were wasting their time. They won’t talk about the sacrifices we made to buy bitcoins, while they were wasting their money. They won’t talk about how we saw our portfolios drop in value by 80% while they were “safely” keeping their money in the bank. They won’t talk about how everyone laughed at us when we said we were buying bitcoins or when we asked sellers if they accepted them as a payment method.
We will be their target. Get ready to hear lots of bullshit about inequality and about making bitcoin illegal or stealing bitcoins from ants to “redistribute” them among grasshoppers.
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Making the case for flag day activation of taproot
The bitcoin world is close to total gridlock on the question of how to activate taproot. There's no agreement on activation, and if an agreement isn't reached then nothing happens. That would be really terrible because we'd miss out on the benefits of taproot and potentially other future soft forks.
A major problem with BIP8 is that it would result to a situation where different parts of the bitcoin ecosystem run different consensus rules. Some people will run LOT=true and others LOT=false. Worst of all, it becomes vulnerable to a twitter/reddit/social media blitz which could attempt to move the date of miner activation around.
Twitter and reddit drama provide a perfect cover for social attacks on bitcoin.
Forced signalling leads to brinksmanship. Where two or more sides (backed up by social media drama) enter into a game of chicken with deployed nodes. If one of them doesn't concede then we get a damaging chain split. And the $1 trillion in value that the bitcoin network protects is put at risk. From the point of view of a miner or big exchange stuck in the middle, if they look at the ecosystem of twitter and reddit (especially if you think about all the problems with bots and sockpuppets) they have no idea which consensus rules they should actually follow and exactly what date they take effect. Miners, exchanges, merchants and the rest of the ecosystem exist to serve their customers and users, and trouble happens when they don't know what their customers really want. Social media attacks are not just a theoretical concern; back during the block size drama, the bitcoin reddits were targetted by bots, sockpuppets and brigading.
Enter flag day activation. With a flag day there can be no brinksmanship. A social media blitz cant do anything except have its own followers fork away. Crucially, miner signalling cant be used to change the activation date for nodes that didn't choose to and just passively follow signalling. Changing the activation date requires all those users to actually run different node software.
Flag day activation works simply: we choose a block height and after that block height the new taproot rules become enforced.
Supporters of the permissionless, "users rule" approach of LOT=true should be happy because it completely takes miners out of activation.
Supporters of the safe, conservative approach of LOT=false can be made happy with a few ways of derisking:
-
Getting mining pools, businesses and users to look at the code and ask if they (a) think its either neutral or good for their business or use case and (b) they believe others view it similarly and that the consensus changes proposed have a good social consensus around them.
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Setting the flag day far in the future (18 months or 2 years in the original proposal).
What if flag day activation is used maliciously?
What if one day the Core developer team is co-opted and uses the flag day method to do something bad? For example, a soft fork where sending to certain blacklisted addresses is not allowed. The bitcoin user community who wants to resist this can create their own counter-soft-fork full node, where the first block after the flag day MUST pay to one of those addresses on the blacklist. This forces a chain split between the censorship rules and the no-censorship rules, and its pretty obvious that the real bitcoin which most people follow will be the chain without censorship.
For example, if a group of users didn't agree with taproot then they could create their own counter-flag-day-activation which requires that a transaction is included that does an invalid-spend from a taproot output in the first block after the flag day height.
This is always possible with any user activated soft fork. In BIP8 LOT=true it could be done by rejecting block headers with certain version bits signalled.
But it will take so long!
We seem to be at a deadlock now. This will take less time than any other method, because other methods might never happen. BIP8 is dead and from what I see there's no other credible plan.
We've already waited years for taproot. I remember listening to talks about bitcoin from 2015 of people discussing Schnorr signatures. And given how slow segwit and p2sh adoption were its pretty likely that we'll waiting a while for taproot to be actually adopted.
A social media blitz could still try to activate it early
The brinksmanship only works because miner signalling can make many other nodes activate early, even if those other nodes didn't do anything. There can't be a game of chicken that puts the bitcoin network at risk.
If a group of people did adopt alternative node software which has a shorter flag day, they actually have a risk of slow blocks. Because they cant trick or force any other nodes to come along with them, they are likely to only have a small economy and therefore would lose a lot of hashrate. Imagine trading bitcoins for cash in person and instead of waiting 10 minutes for a confirmation you have to wait 3 hours because the blocks are slow.
Also, the argument for downloading and running a different software only to speed up activation is pretty weak. Taproot would activate in ~18 months, so why are you so impatient that you need it in 6 months? And risk slow blocks for you while doing so? The big difference with BIP148 the segwit UASF, is that people had to run some other software otherwise they would get no soft fork at all.
Without miner signalling how do we know the new rules are even activated?
When did you see miners signalling their support for the inflation schedule?
Bitcoin's rules are enforced by wallets backed by full nodes. You'll always know if your own full node is enforcing the new rules. The thing that matters isnt miner signalling but your own full node, and the nodes of those you trade with.
Flag day activation is quite similar to the way block reward halvenings work. At and after block height 630000 miners are only allowed to create 6.25 BTC rather than 12.5 BTC. Everyone knows that if miners continued to create 12.5 BTC or more they would be unable to sell or spend those coins anywhere.
In 2017 when segwit was being activated people created a huge list of various bitcoin companies, merchants and wallets: https://web.archive.org/web/20171228111943/https://bitcoincore.org/en/segwit_adoption/ Looking at that list, you would know that if someone stole coins from a segwit address they would be unable to deposit them in many exchanges and merchants: Bitrefill, Bitstamp, Kraken, Localbitcoins, Paxful, Vaultoro, HitBTC, etc.
Then what happened is only a month after S2X was beaten this guy moved 40000 BTC to a segwit address, confident about the power of the network to protect his coins. https://old.reddit.com/r/Bitcoin/comments/7tcmi4/bitcointalks_famous_user_loaded_moved_his_40k_btc/
If there's ever any doubt about flag day activation we can always draw up a similar list, although if there's broad consensus about it then there's no reason why bitcoin businesses wouldn't upgrade to the latest Core, like they did with every other previous soft fork.
This gives the impression that Core developers control the protocol
This objection has a mirror image argument: BIP8 with LOT=false gives the impression that miners control the protocol(!)
Eventually some group has to make a decision. We will ask the bitcoin economy and users what they think of flag day activation. It's pretty clear that nobody seriously objects to taproot, and as described above if Core developers did something evil the community could resist it with a counter-flag-day-activation.
TL;DR
I believe flag day activation is the way forward. It should answer all the objections and risks which make other methods too controversial. Let's go ahead and bring taproot to bitcoin!
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When I decide to buy more bitcoin.
I have a co worker in his 60's who makes fun of bitcoin and knows I have some. Every time it's in the news good or bad he brings it up to me. So every time he brings it up to me I buy $50 in bitcoin. He has helped me make a little money the past 8 months.
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Bitcoin cash is the solution to many problems.
I think Bitcoin cash can solve big problems that persist in society today.
https://read.cash/@Bitcoincashtrue/bitcoin-cash-is-the-solution-to-many-problems-2350f027
[link] [comments]
source https://www.reddit.com/r/btc/comments/lxa08g/bitcoin_cash_is_the_solution_to_many_problems/
Btc scam?
is this site a scam ive never heard of it
https://btc-ex.online/profile
[link] [comments]
source https://www.reddit.com/r/btc/comments/lxamtt/btc_scam/
New Bitcoin game like Pokémon Go, but you are paid in Bitcoin! It’s in Beta right now but you can download TestFlight on the AppStore and then use my link to join. You’ll also get some free satoshis when you get your first green key!
Friendly reminder to check all your old accounts. Just found $18,700 sitting in my old purse.io account
I tried to buy an NVIDIA GPU on purse.io something like 5 years ago. The transaction never went through for some reason, so I gave up and forgot about it.
Check all your old accounts, you never know what might be sitting there that you forgot about.
edit: Best part is, I looked in my transaction history, and I paid 0.3717667 BTC ($103 back then) on a pair of Arc'teryx hiking pants
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The ideas of, "altcoin", "store of value", "all nodes matter" and "big blocks don't scale" are all attacks on peer to peer digital cash
All memes used by Core Trolls to push their ponzi scheme, am I missing any?
[link] [comments]
source https://www.reddit.com/r/btc/comments/lx6vgv/the_ideas_of_altcoin_store_of_value_all_nodes/
![[Documentary] When Bitcoin Hit $100: CNBC's 2013 Coverage](https://b.thumbs.redditmedia.com/eRd8H4RZHexHli6I4gFGpznS871oE4RaDo96hqfMbxE.jpg "[Documentary] When Bitcoin Hit $100: CNBC's 2013 Coverage")
Due Diligence on Bitcoin
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Hi everyone, I've been trying to evaluate on my own whether bitcoin is worth buying and holding long term and wanted to present to you some basic findings. This is not financial advice but my own research analysis and I am open to being corrected as I am still new. I see a lot of DD for stocks but not as much here so I am hoping we can also get some more quality content here to share knowledge. I am someone who has bought and sold bitcoin at a loss back in 2017-2018, and then again 2020-2021. Yes, I saw all the "HODL" posts, but I was only in it for attempted financial gain. I've only recently spent the time to look into bitcoin and become a believer. Supply: First, Bitcoin has a fixed supply. Right now there are 900 bitcoins mined per day. Every four years the number of Bitcoins produced per block (created every 10 minutes) are cut in half. Currently the mining reward is 6.25 Bitcoin per block. In 2024 it will drop to 3.125 BTC per block. So we are beginning to see something we learned in our high school Economics class called Scarcity. https://institutional.fidelity.com/app/literature/item/9901337.html?pos=T Demand: Next is demand. It doesn't matter if there's less of a resource no one wants. There is a lot to look at here (i.e. Bitcoin ATM installations increased by +85% in 2020 to 11,798 terminals, outpacing the previous year’s near +50% rise by a significant margin, according to data source Coin ATM Radar). But the big one we are all most excited about is the change in institutional money flowing in. For those that don't know Metcalfe’s Law, it holds that as the number of its users grows linearly, a network’s value (or, by inference, the bitcoin price) grows geometrically. In other words, there is a cascading effect where more and more institutions begin exponentially buying in worldwide. Right now 30% of all U.S. buyers are institutions. This is a big deal because institutions have more money than you, and that means if they keep buying, our clock window to buy at our current price is now ticking. Indicators: The first decade was marked by speculation and pushback. And Bitcoin prices reflected that. I know for a lot of us, me included, we want indicators to show that prices will go up. But something I'd like to propose for your consideration also: The maturation of an ecosystem tends to result in fresh consolidation. Because we are still in a stage of Fear, Uncertainty, and Doubt (FUD), this is good news for you - it means we are only now beginning to exit the early adaptor stage. It's not too late to buy. As more and more people have bitcoin, it will begin its slow inevitable march towards mainstream as a dependable store of value. This is why the next chart I want to show you is not just money, but people. More and more people are bitcoin owners. More and more people start talking and googling and investing. Metcalfe’s Law, remember? https://www.lookintobitcoin.com/charts/wallets-greater-than-1-btc/ Inflation/Depreciation: When I was a kid I remember reading a book called "Rich Dad Poor Dad" where the premise was to put your money in assets that make more money, not less. Putting your money in things that depreciate (i.e. a car) loses you money over time, while things that appreciate (i.e. a house) make more money. A popular Bitcoin valuation chart is called the Stock-to-Flow (S2F) pricing model. Notice how as Bitcoin becomes more scarce due to halving's, it exponentially grows. Next, notice how your hard earned U.S. Dollar has depreciated by 99% the past hundred years to gold, which has been traditionally the "gold standard" of storage. Guys, this is seriously starting to look like a no brainer to me. https://www.lookintobitcoin.com/charts/stock-to-flow-model/ Regulation: This something not completely known to any of us. Despite the price volatility, what if the U.S. Office of the Comptroller of the Currency (OCC) and Securities or Exchange Commission (SEC) tried to in some way limit or outright ban Bitcoin? I take comfort that institutions are adopting and even big retail investors are adding Bitcoin as part of their overall asset portfolio. Regulation is not always bad and can provide us a layer security from a "Mt. Gox" happening to us again. There is a stable coin called Tether that is being investigated and other legitimate FUD concerns. But with Coinbase's soon IPO, and large positions on the news from the likes of Tesla, there is more safety and certainty. Do understand that your faith is currently paid to you at a premium. Once all FUD and volatility from Bitcoin is removed, it's skyrocketing price will reflect that. Competition: Cryptocurrency is not just limited to Bitcoin, there are many "altcoins." But analysts have been pointing to Bitcoin as the "north star" of all other cryptocurrencies and welcome mainstream adaption of cryptocurrencies as a portfolio diversifier. Bitcoin helps illuminate the financial industry’s path. There are new technologies and advancements being made too for the "inefficiencies" of Bitcoin. Efforts to improve Bitcoin’s processing speed are underway such as a new scaling technology called the Lightning Network. Conclusion: Bitcoin has gone mainstream and is considered a legitimate asset class of digital gold by more and more investors. Bitcoin has a proven supply dynamic (S2F) and demand dynamic (Metcalfe’s Law). With banks printing money to infinity, the question for you is: With all this information, is bitcoin worth a portion of your portfolio? If your answer is "yes" then Dollar Cost Averaging (DCA) of buying and holding bitcoin appears to be a viable investment. I do not think this is an asset class to sell anymore. Notice nowhere in this writeup did I talk about getting rich quick off bitcoin's prices. I'm a firm believer that "time in the market beats timing the market," and so I will be buying and holding because I believe in the future of bitcoin. TLDR - Be a long term HODL and start stacking satoshis for your future's sake. [link] [comments] |
Wednesday, 3 March 2021
bitcoin $100M
it would be a lot easier for everybody to understand, if bitcoin was $100M, and a satoshi was $1. lets do that.
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Only people trying to create new coins would need to run network nodes
Satoshi Nakamoto, November 03, 2008:
Long before the network gets anywhere near as large as that, it would be safe for users to use Simplified Payment Verification (section 8) to check for double spending, which only requires having the chain of block headers, or about 12KB per day. Only people trying to create new coins would need to run network nodes. At first, most users would run network nodes, but as the network grows beyond a certain point, it would be left more and more to specialists with server farms of specialized hardware. A server farm would only need to have one node on the network and the rest of the LAN connects with that one node.
The bandwidth might not be as prohibitive as you think. A typical transaction would be about 400 bytes (ECC is nicely compact). Each transaction has to be broadcast twice, so lets say 1KB per transaction. Visa processed 37 billion transactions in FY2008, or an average of 100 million transactions per day. That many transactions would take 100GB of bandwidth, or the size of 12 DVD or 2 HD quality movies, or about $18 worth of bandwidth at current prices.
If the network were to get that big, it would take several years, and by then, sending 2 HD movies over the Internet would probably not seem like a big deal.
Source: https://satoshi.nakamotoinstitute.org/emails/cryptography/threads/1/#014815
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source https://www.reddit.com/r/btc/comments/lwoebg/only_people_trying_to_create_new_coins_would_need/
Sorry I am a little stupid but what's the value of NFT for society?
I don't understand the fuss about NFT so I hope you guys can educate me on that. I don't see how it creates value for users. It seems to me that NFT is like collecting stickers, it's fun and some people enjoy it, but generally it doesn't really create value for society. And I want to understand why people get so excited about it.
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source https://www.reddit.com/r/btc/comments/lwos7b/sorry_i_am_a_little_stupid_but_whats_the_value_of/
what would happen if you make 200 000 tx of 1 sat/byte on BTC, all to yourself and then
you wait until the fee estimators see those 200 000 tx in the mempools and respond to it. Once you see more tx going in the mempool that pay more then 1 sat/byte you would replace by fee all the the tx and now go for 2 sat/byte, once the fee estimator algo's respond to this you would 3. More and more and more.
Technically at one point you could stop and after 2 weeks most of your tx would get kicked out of all the mempools and this fee attack would not cost you anything.
Is my reasoning correct, or am I missing a whole bunch of stuff?
[link] [comments]
source https://www.reddit.com/r/btc/comments/lwn2yu/what_would_happen_if_you_make_200_000_tx_of_1/
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