• Breaking News

    Monday, November 27, 2017

    BTC CEO of Bitcoin.com Roger Ver challenges Samson Mow to a debate once again, will Samson refuse again? The reason small blockers do not debate and need censorship is because they know their arguments cannot stand up to scrutiny.

    BTC CEO of Bitcoin.com Roger Ver challenges Samson Mow to a debate once again, will Samson refuse again? The reason small blockers do not debate and need censorship is because they know their arguments cannot stand up to scrutiny.


    CEO of Bitcoin.com Roger Ver challenges Samson Mow to a debate once again, will Samson refuse again? The reason small blockers do not debate and need censorship is because they know their arguments cannot stand up to scrutiny.

    Posted: 26 Nov 2017 05:45 PM PST

    PSA to Developers: Coinbase is hiring 5 developers to work full time on the open source cryptocurrency of their choice!

    Posted: 26 Nov 2017 10:35 AM PST

    Divorcing the settlement and transaction layers; the long con and maybe the real story behind the hijacking of Bitcoin.

    Posted: 26 Nov 2017 07:46 PM PST

    I see a lot of posts going around about how easy it is to demolish small blockers on any reasonable technical debate. The small block crew doesn't debate technology because that's never what any of this was actually about, and something mentally slipped into place for me recently when I fully grasped the nature and implications of the divorce of the settlement and transaction layers in a broader macroeconomic and historical sense.

    The fundamental promise of cryptocurrencies is a final solution to the previously impossible problem of an optimal currency. This is somewhat condensed, so allow me to unpack it.

    The economy is a consensual shared mass hallucination. Everyone does what they do in order to get by within it because they see it as the best combination of what is in their abilities, coupled with what the rest of humanity that they trade with values. In order to get an accurate measure of what one should be doing at any one point in time, it necessarily follows that one needs a stable, immutable and constant unit of account to figure out the proper true value of provision of a product or service at any point in time.

    Political currencies, which are commonly referred to now as "fiat currencies" and very poorly understood by the great mass of humanity which employ them, are anathema to this goal of figuring out the proper values of things, exactly because they are designed to be subject to infinite manipulation by the issuing authorities, which are politically appointed and accountable. Therefore any given government is incentivised to tamper extensively with the currency in order to provide "chicken in every pot" style benefits to their voting populace and remain in power and pay off their sponsors who so situated them.

    This process necessarily distorts the market and results in things like having more bankers per capita than police, ad et al, despite bankers being fundamentally useless things. Stories must be spun about economic crises and situations which justify monetary policies which result in the desired economic distortions that keep the votes flowing in. Eventually the system fails as even the slowest of the slow realise that it's all just a shell game where everyone is pretending that everything has value when none of it actually does in the slightest.

    Simply put; it's my belief that this is what's happening now. You're not seeing "a crypto bubble", you're seeing "the popping of the fiat bubble".

    First point about that; old school austrian gold standard types would about this point be nodding their heads and preparing to launch into a tirade about the necessity of resuming the gold standard so that we may have a hard mechanism to value once again. This misses the critical point that gold is necessarily by physical nature as a currency largely separated into transaction and settlement portions. This was less a weakness in a smaller economy where trade could be conducted with coins and things of this manner, but when global trades are measured in tons of the underlying extremely precious metal, it's simply unrealistic to imagine that it's going to be sloshing around the globe constantly in battleships loaded with bars.

    And that leads to the core problem with a gold standard that will re-emerge later in this tirade, so keep it in mind. The divorce of the transaction layer from the settlement layer enables corrupt influence and tampering within the system in much the exact same way as the fiat system. Historically "fractional reserve" banking with a set portion of gold was a mild form of this, and reserves dwindled over time as it became politically expedient to "expand the economy and not be tied down by something as parochial as gold", and other associated ridiculous excuses to circumvent the entire purpose of the apparatus.

    This has grown to epidemic portions in the present market where paper gold trade outweighs physical gold trade by a ratio of 542 to 1. Given that, obviously the paper gold trade is going to set the price of the physical gold, and the value is once again utterly divorced from any kind of stable actual reality by which prices can be said to accurately reflect value.

    Second point about that, and why Bitcoin is such a failure, as well as the agenda you can very easily see within this zombie shambling about in the carcass of what was once a beautiful idea; The core treachery that has been inflicted upon the project is what? You guessed it; to divorce the settlement and transaction layers from one another, which makes it once again subject to the exact same weaknesses as gold in the modern world with its laughable 542 to 1 paper to physical transaction to settlement layer.

    If I were a paranoid man. A conspiracy theorist, say. I would speculate that the hijacking of the Bitcoin project specifically that as resulted in this divorce of transaction and settlement layers, when no such divorce is required from a technical perspective whatsoever, is everything one should need to know about the forces behind the project, who really has control, and which direction it is being pushed.

    But I'm not and that's all crazy talk, right? I'm sure our new Bitcoin overlords are all sweetness and light and not out to just re-implement the same currently imploding system with a fashionable new rebel label stuck upon it by any means at all, because that would just be evil.

    Anyway, on to REAL cryptocurrencies, and what distinguishes them from the hijacked version of Bitcoin, and what therefore makes them such a threat to that system, as well as the old currently imploding mainstream economic system, is precisely the fact that the transactional and settlement layers are not divorced. They are exactly the same thing. You cannot tamper with any part of the system, it is a steel cable from one participant in the economy to another, with each participant being able to cryptographically verify the characteristics of the transactions which they undertake, and observe that the supply is not being tampered with in real time on a globally distributed constantly available ledger, which in turn is not subject to interference from any of the traditional forces of monetary parasitism encompassed by central banks and nation states.

    It terrifies them exactly because it should, it is to nation states and central banking what uber is to cabs, what airbnb is to hotels, what any distributed impossible to control economy that only cares about actually accomplishing the goal for which it was created is to any sideshow which merely pretends to be the case, but is in fact some other thing like a passive income earning mechanism for taxi medallion holders, or owners of hotel chains, ad et al. Put simply, If real cryptocurrencies win, they will be out of a job permanently.

    So in conclusion, no. No matter what the final value of Bitcoin is, I don't see it as valuable, or as any kind of actual competition for real cryptocurrencies. I see it as an opportunity to ride the wave and profit simply by the unjustified expansion of value as the old system undergoes collapse and tries to cram as much of its ill gotten gains into this fake shambling zombie as it possibly can, with the added bonus that they seem not to realise, or have accepted as unavoidable, that they can't stop real crypto holders from taking the gains out of the dozens of liquid channels from BTC into those real cryptocurrencies that presently exist and will only grow in value over time.

    The end result in my view is that the implosion in the mainstream economy will merely echo up the chain and into the chamber of their Bitcoin golem, and all that will be left is actual cryptocurrencies, which will be "proper money" and anything less than that will be recognised for the fraud it is.

    submitted by /u/etherael
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    While they're jizzing their pants over a 60% gain in Bcore over the last 30 days, here's a friendly reminder that Bitcoin Cash has gained 400% in the same period.

    Posted: 26 Nov 2017 05:10 PM PST

    Tether just granted another 10 Million USDT tokens!

    Posted: 26 Nov 2017 03:17 PM PST

    Roger Ver, CEO of Bitcoin.com challenges Trace Mayer and Andreas Antonopoulos to a debate at 6m25s mark

    Posted: 26 Nov 2017 06:05 PM PST

    In a few days there will be an exchange with BCH trading pairs!

    Posted: 26 Nov 2017 06:43 PM PST

    I STILL haven't met a small block BTC supporter in real life.

    Posted: 26 Nov 2017 12:07 PM PST

    Everyone I have met in real life supports larger blocks. Since the fork almost all have become passionate about BCH. There are still some that believe BTC market cap can't be overtaken for various reasons, but they are against the censorship and propaganda put forth by BS/Core. How many of you have met BS/Core supporters in real life? I'm really starting to believe the vast majority of them are bots, sock puppets and propaganda.

    submitted by /u/anothertimewaster
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    I just noticed that "t0" is nearly live. Patrick Byrne (CEO of Overstock.com) has been creating this blockchain-based Stock Market competitor for a while now. 20 days to go!

    Posted: 26 Nov 2017 09:16 PM PST

    I've convinced my girlfriend to accept bitcoin cash at her Shopify store

    Posted: 26 Nov 2017 06:25 PM PST

    Can anyone recommend a payment processor? Perhaps one that lets you keep the crypto with the option to convert to fiat if desired?

    submitted by /u/Inferknite
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    30 Days Ago - BCH was $350

    Posted: 26 Nov 2017 05:21 PM PST

    12.6M Viewers Will Hear About Bitcoin Watching The Big Bang Theory This Week

    Posted: 26 Nov 2017 01:06 PM PST

    I'm already banned from r/bitcoin and still their mods are trying to censor me

    Posted: 26 Nov 2017 05:14 PM PST

    Reminder that the BTC mempool hasn't dropped below 56 MB for 18 days, and was last empty 1 month ago.

    Posted: 26 Nov 2017 01:22 PM PST

    I guess I'm a "astroturf altcoin pumper". I must say I've never heard that before.

    Posted: 26 Nov 2017 05:17 PM PST

    Remember Gavin's ouster? People are now demanding to revoke commit access of Luke Jr.

    Posted: 26 Nov 2017 04:36 PM PST

    Bitcoin Cash!

    Posted: 26 Nov 2017 02:00 PM PST

    When you invite someone to do a video interview, and then refuse to release the video, that makes you a fraud Dennis.

    Posted: 26 Nov 2017 05:26 AM PST

    The tale of BCH vs BTC experiments.

    Posted: 26 Nov 2017 05:58 PM PST

    BTC camp has more or less declared bitcoin's on chain scaling case dead. They are searching else where for scaling solutions.

    BCH camp is essentially saying, hey let's give Satoshi's bitcoin a chance to scale on chain (as originally intended) and see where it takes us.

    Market participants now gets to choose which chain will ultimately succeed.

    submitted by /u/Softcoin
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    Really missing the point here...

    Posted: 27 Nov 2017 12:17 AM PST

    How Bitcoin Became the World's Biggest ICO

    Posted: 26 Nov 2017 01:39 PM PST

    With the influx of newbies trolling us, we should use this as an opportunity to educate rather than insult them.

    Posted: 26 Nov 2017 06:47 AM PST

    Bitcoin is more popular than ever and I'm sure even more new people will be joining our crypto world soon once BTC passes $10,000 and the media attention hits. I've noticed that lately there are more trolls than ever on r/btc. I think that many are just newbies coming over from r/bitcoin who see us as the enemy and don't truly understand the situation.

    I encourage you to please try to be polite to them and refute their arguments with evidence. r/bitcoin may be able to censor us, but they can't stop us from correcting their trolls. I think we can change a lot of minds and grow our support if we listen and then refute their arguments. They may not agree right away but I know what it's like to have that seed of doubt planted.

    submitted by /u/Mostofyouareidiots
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    This is how small-block high-fee propaganda works. This comment appeared in /r/bestof/.

    Posted: 26 Nov 2017 03:43 PM PST

    Coincola, the major competitor of Localbitcoins.com in China, enables BCH OTC trading.

    Posted: 26 Nov 2017 05:35 AM PST

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