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    Saturday, December 30, 2017

    Home Unlabelled BTC Okay, this Ripple shit is ridiculous. We need to educate people before we have PayPal 2.0 at the top of all the *actual* cryptocurrencies.

    BTC Okay, this Ripple shit is ridiculous. We need to educate people before we have PayPal 2.0 at the top of all the *actual* cryptocurrencies.

    7 years ago

    BTC Okay, this Ripple shit is ridiculous. We need to educate people before we have PayPal 2.0 at the top of all the *actual* cryptocurrencies.

    Okay, this Ripple shit is ridiculous. We need to educate people before we have PayPal 2.0 at the top of all the *actual* cryptocurrencies.

    Posted: 29 Dec 2017 05:19 PM PST

    I have to admit, I did not see this coming. But it makes kind of sense, splinter the Bitcoin community into BTC vs. BCH while you work on your banker coin and in the most opportune moment when the winner is not clear and both are weakened, swoosh into first place and declare yourself the best "cryptocurrency".

    We seriously need to educate people of what this "coin" is as I notice even people in here (myself included) do not have the complete picture, let alone an average Joe and Jane looking at CMC.

    So from what I can gather, these are the problems with Ripple:

    • no blockchain, therefore it's not even a cryptocurrency. It's a network of trusted nodes (?) (who selects those trusted nodes and how?) exchanging IOU notes (Edit: yup, it's essentially a network of trusted servers, not a cryptocurrency!)
    • huge premine of 70% of XRP tokens which are slowly unlocked (what is the schedule and when does it end?)
    • the actual Ripple product not using XRP tokens (is this so? I've seen conflicting information on this) Edit: It uses XRP as "anti-spam" and as a native "in-between" value token.
    • centralized (to what degree? Can Ripple confiscate/print tokens, revoke your "account", censor transactions? What can they actually do?)
    • what is the security and risks of Ripple?
    • more? Please add more information in the comments, with verifiable sources if possible

    Please link people capable of making an article/video about Ripple here, using the resources that we pool together.

    Edit:

    Ripple implemented this nifty feature called "Balance Freeze" which allows gateways (nodes essentially) to freeze your funds (enough said?) they already even used this "feature" to freeze ~$million dollars

    Edit2:

    So, so much for "settled in seconds" and immutability, they can also "simply ask the gateways to freeze or even reverse the funds".

    Also:

    Ripple introduced two different methods for the "freeze protocol extension." The first method is known as the "global freeze" and allows gateways to freeze all of their issued funds. The second allows the gateways to freeze funds of a particular user, while the frozen funds are sent back to the gateway.

    Edit3:

    It also requires verified user identification in order to use the network

    submitted by /u/mushner
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    * Ripple is not mineable (it is a centralized private blockchain run by banks)

    Posted: 29 Dec 2017 07:13 PM PST

    BTC Dominance: 38.4% Thank you, Blockstream Core and all the useful idiots.

    Posted: 29 Dec 2017 07:33 PM PST

    True winning is not about the coin price. It's about adoption, usefulness, and its closeness to reality. (A small variety store in the Philippines now accepting Bitcoin Cash).

    Posted: 30 Dec 2017 12:10 AM PST

    Thank to this community's effort, Forbes has corrected Kyle's Torpey's LN article to clarify LTC tx fees is much higher than BCH. Now let's ask for 1 more correction: Bitcoin cash is not Bcash. Links in comments.

    Posted: 29 Dec 2017 09:17 AM PST

    Bitcoin hits all time low market dominance at 38%

    Posted: 29 Dec 2017 07:25 PM PST

    Why don't we talk about Gavin Anderson more?

    Posted: 29 Dec 2017 03:21 PM PST

    So many people don't know who this is. People don't realize he is basically the closest you can get to the original developer of Bitcoin, other than Satoshi obviously.

    The fact that he supports a block size increase is taken as a given to many of us old timers, but the crypto community has EXPLODED over the last year and I just told someone about that and he seriously didn't believe me.

    I also just mentioned to another r/bitcoin supporter and he says "He doesn't like to think about Gavin much" and I am sure he doesn't.

    There are many things that lend legitimacy to Bitcoin Cash and the block size increase, but Gavin is a major one and one we don't promote enough.

    Edit = Gavin Andresen is the name. No one is mentioning how he supports bigger blocks.

    submitted by /u/MondayDash
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    Cryptonize.it invests $100.000,- seed-money, announces bitcoin cash exclusive online retailer and proposes reward-system for online shoppers using BCH

    Posted: 29 Dec 2017 12:02 PM PST

    Putting $100.000,- of seed-money in this project, so first and foremost; big shout-out to my wife for being supportive.

    Since this project started a little 2 weeks ago, a lot has happened. Far more than I would of ever expect and I immediately started working on a business plan, as I posted earlier. I actually was working on something else(not related) but I was able to modify the concept I was working on to work on this and I think it's great, but I would love your input because after all; this is for you and for bitcoin cash!

    Please bear in mind that cryptonize.it is at the proof-of-concept stage. The past weeks have been going very well and it promises a lot but we're still a long way from having our own Amazon.

    What is Cryptonize.it? Cryptonize.it is the first bitcoin cash exclusive online retailer. The products directly available are diverse and are being expanded each day. Products and services not directly listen can be specifically ordered and you still pay with bitcoin cash!

    What problem does it solve? The bitcoin cash community wants to use BCH as it's intended, as a means of payment. Currently, there are not a lot of options to spend bitcoin cash on actual products. Merchants are hesitant to accept any cryptocurrency as payment for understandable reasons. The risk losing what was built up is big for a company that is built in times of fiat-dominance. Cryptonize.it exclusively accepts bitcoin cash, making it the first online retailer offering merchants a platform to sell their products to the bitcoin cash community while avoiding volatility risks involved with cryptocurrencies, BCH included.

    What is the current solution?

    Currently, merchants can use a couple of payment processors to accept cryptocurrencies. These solutions involve selling products through the merchants own channel and offering shoppers the option to pay in crypto. The payment processor then pays the merchant in fiat, keeping a fee per transaction.

    What is crytponize.it's solution?

    Merchants can list their products on cryptonize.it accepting only bitcoin cash as payment. The merchant get's fiat for each sold product, minus a fee per sold product. The merchant will send the product directly to the customer and cryptonize.it will effectively work like an affiliate program. This fee earned by cryptonize.it will be partially used to cover operational costs and primarily for rewarding bitcoin cash shoppers.

    How will cryptonize.it reward bitcoin cash shoppers?

    Loyaltyprogrammes are a great and simple use-case for blockchain technology. Cryptonize.it plans to develop a cryptotoken that will be given to shoppers as a reward for each product they buy. These tokens can firstly be used to get free shipping on next purchases, giving it basic utility. Cryptonize.it will use ~60% of the earned fee per product to buy back the freely given tokens, giving it value over time. If merchants sell a lot of products through cryptonize.it, the earned fee will grow over time, giving cryptonize.it more means to buy back tokens from current token holders. When sufficient distribution is reached, cryptonize.it plans to only accepts the token as payment by merchants to cryptonize.it That means merchants will have to buy tokens to be distributed freely to shoppers for each future sold product on cryptonize.it, giving current token holders the opportunity to sell the tokens they got by shopping and paying in bitcoin cash.

    How the loyalty program works

    Phase 1

    1)Merchants list products for sale in BCH on cryptonize.it and get paid themselves in fiat. 2) Bitcoin cash users spend their BCH on cryptonize.it on whatever they like and get rewarded for it with an x amount of tokens. 3) Each sold product, earns cryptonize.it a fee in fiat. 4) Shoppers can use the tokens to get free delivery on the next purchase, sell to cryptonize.it or hold for future use.

    Phase 2

    1)Merchants list products for sale in BCH on cryptonize.it and get paid themselves in fiat. 2)Cryptonize.it sets an X amount of tokens as fee for each sold product, which mostly(~60%) will be given as a reward to shoppers in the form of tokens. Merchants will have to buy these tokens themselves on exchanges or use a cryptonize.it service to do that for them. 3) Bitcoin cash users spend their BCH on cryptonize.it on whatever they like and get rewarded for it with an x amount of tokens which they can sell to merchants or use themselves on services on cryptonize.it

    What tokens will cryptonize.it use?

    This is not clear yet. As 'colored coins' are still a few months away, it's still unclear how that will work out and how usable it will be. Preferably, cryptonize.it will utilize all functions available and built this on bitcoin cash. If it doesn't work out that way, we'll be using ERC20 tokens since that's the only real viable option.

    How far is the development?

    Currently, work is being done on a reward system that keeps track of customer orders and accredits the appropriate amount of tokens to shoppers. This involves making it possible to sign up on cryptonize.it and maintain a profile with shipping addresses, payment information and of course wallet addresses. This system will be deployed as soon as it's basic functionality is guaranteed and will be developed to be a full blown crypto wallet.

    What do you need to speed this up?

    Deeper pockets than I currently have. $100.000,- will burn quick. So if there is anybody out there who has the best interest of the bitcoin cash community in mind, fully supports the idea of a decentralized p2p electronic cash system, has a fair amount of money available to invest and sees the future I see; I am open to discuss partnerships.

    Why are you making this public before it's fully developed?

    Because I'm convinced this service will be of much greater value with the input of early adopters who already use the service. Also I feel it's important to show confidence in bitcoin cash and it's future by announcing a bitcoin cash exclusive online retailer with the ambition of competing with legacy online retailers. We are a couple of weeks away from being fully operational and in the coming weeks, there will be updates clarifying who is involved and invested in this project.

    This is a proposal, open to be discussed.

    submitted by /u/SharkLaserrrrr
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    Newegg.com disables Bitcoin payment option.

    Posted: 29 Dec 2017 03:36 PM PST

    Vitalik Buterin: Cryptocurrency Should Focus Less on Profit, More on "Achieving Something Meaningful"

    Posted: 29 Dec 2017 08:46 AM PST

    People who know the history of bitcoin and r/bitcoin are pretty much all for bitcoin cash. We need to translate this information into Chinese, Korean. Japanese, and other languages so users and miners can learn the truth.

    Posted: 29 Dec 2017 04:44 PM PST

    There are good English summaries. If the importance of a few of the biggest English communication channels being censored can be translated I think it will help bitcoin.

    submitted by /u/highintensitycanada
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    Life changing 500$ tip made in a comment -- BCH community shining like the good old days of BTC

    Posted: 29 Dec 2017 10:03 AM PST

    Screenshots of BCH used on OpenBazaar (Test Net)

    Posted: 29 Dec 2017 11:38 PM PST

    prediction: btc dominance to 30% soon

    Posted: 29 Dec 2017 03:47 PM PST

    there, i said it. mic drop.

    submitted by /u/jonald_fyookball
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    Bitcoin Cash This Month... Spoiler: Winning ✌️

    Posted: 29 Dec 2017 12:20 PM PST

    • Coinbase/GDAX support BCH
    • BitPay supports BCH
    • Blockchain supports BCH
    • nTrust supports BCH (Coinbase of Canada).
    • First BCH based exchange http://www.coinex.com
    • Atomic Swaps with BCH has been tested
    • BCH wallets working on incognito payments
    • Lamassu supports BCH
    • Popular trade on ShapeShift: BTC -> BCH

    • Now some folks are thinking about to implement colored coins on BCH chain.
    submitted by /u/Egon_1
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    A warning to all in cryptoland. Ripple is not our friend. Share this anywhere and everywhere.

    Posted: 29 Dec 2017 10:45 PM PST

    When you launch a satellite into space so third-world users can access Bitcoin, but they don't have the money [or goats] to pay tx fees ��

    Posted: 29 Dec 2017 02:06 PM PST

    https://blockstream.com/satellite/ - Another failed project by BS (BlockStream)

    Current Version:

    "The Blockstream Satellite network broadcasts the Bitcoin blockchain from space, giving almost everyone on the planet the opportunity to join the economic revolution."

    Suggested Edit:

    "almost everyone on the planet" -> "rich people with tons of money (and/or goats)"

    Rather than improving the fee situation, looks like BS (BlockStream) just puts together more BS!

    Launching satellites into space so poor people without internet access can utilize Bitcoin (BTC)....... but none of them can pay the transaction fee! 😂

    submitted by /u/mooncryption
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    Any cam sites that accept Bitcoin Cash?

    Posted: 29 Dec 2017 07:22 PM PST

    Serious question what are the largest Cam sites, and if they don't accept Bitcoin Cash what would we do to get them to accept it? This is purely for the purpose of furthering the acceptance of Bitcoin Cash and for no other reasons. I swear.

    submitted by /u/SculptorAndMarble
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    PSA: If you're using Tippr, you should enable 2-factor authentication on Reddit

    Posted: 29 Dec 2017 06:27 PM PST

    You can turn it on by going to your preferences:

    https://www.reddit.com/prefs/update/

    You'll need an app like Google Authenticator. Takes about 30 seconds. Happy tipping!

    edit: Apparently you need to be a moderator for this to work, so create your own sub if needed.

    submitted by /u/nater255
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    Noob PSA: Bitcoin cash is simply bitcoin as intended. Nothing more.

    Posted: 29 Dec 2017 03:32 PM PST

    I know I'm mostly preaching to the choir here but if you're new or just haven't done it yet please read the white paper Satoshi wrote. The blocksize limit was always intended to eventually be raised or removed when needed to meet capacity. Second layer solutions are only necessary when it becomes technologically infeasible to make larger blocks. When this might be is difficult to foresee due to the rapid advancement of technology but it will be years if not decades. The vaporware being sold by Core isn't necessary and is simply rent seeking at this point in the history of bitcoin. On top of that the activation of segwit made Corecoin no longer bitcoin. It does not meet the definition laid out by the whitepaper. Their centralization argument is an old and tired one. It is wrong. People use more bandwidth and storage downloading torrents and watching YouTube. The majority of users have no need to run a full node. There are also many places and ways to check the blockchain without having your own node. Holding your own keys and mining are the only things that really equal decentralization in bitcoin. You control your money and miners secure the network. As long as you can broadcast a valid transaction to a node you are using bitcoin. The full nodes argument is a red herring. The transaction backlog and ridiculous fees are a disaster. They destroyed 0-conf. Fixing that is much more important than making sure Luke-jr can run a full node on his toaster. What's the point of verifying transactions you can't afford to make? Core has hijacked and strangled bitcoin. Intentionally. Core is not the bitcoin I started using and mining in 2011. Bitcoin cash is that bitcoin and history will tell the tale.

    submitted by /u/flamingboard
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    Blockstream's Lead Lightning Network Developer Claims no Solution To Attack

    Posted: 29 Dec 2017 06:58 PM PST

    I am so sorry BCH community, please accept my apology.

    Posted: 29 Dec 2017 06:54 AM PST

    I'm sorry BCH community. I always thought this was just another scam. I've falling for all the brainwashing online and never believed in anything other than bitcoin.

    It's been easy for me to believe what I wanted to believe and I'll explain why I wanted to believe in BTC. I first heard of bitcoin 6 years ago and I shrugged it off as being something that's pointless, each year after that there was another article that caught my eye about the huge rise in value, everytime I saw it (not lying - every year I saw it), I thought damnit! I should just have bought it, but I guess it's too late now.

    A few years later I bought some Ethereum, it was VERY cheap so I bought it, even though I didn't understand it at all (it was very cheap, I bought hundreds with the hopes that it will do what BTC did), I completely forgot about it, and two years later a friend told me ETH was $400 - I rushed to open up my wallet and sync it and realised I don't remember the password, this would've been worth millions, in otherwords I would have had true freedom. I spent around 3 months researching ways to try and recover my password and eventually realised that there is no way, at this point my mac got extremely slow (I blame Sierra) and I had to format / reinstall it. I figured there's no point in taking a backup of the eth directory as I don't have the password to decrypt the wallet anyway, so I nuked it and said goodbye to my freedom.

    Now, fast-forwarding, me and my girlfriend are switching phones (she wants and iPhone, I want an Android), the next step for me was to move all my data from the iPhone to the droid (Google Authenticator, mail accounts etc.) as I got to my Notes application I found a note containing my ethereum wallet password. I cannot explain to you how sick this made me feel, even just thinking back about it now is making me feel queesy.

    I could have had true freedom, I could get myself, my girlfriend and our child out of South Africa to be in a better country, with lower crime rates, less risk of my rape - better education etc. I could have said goodbye to all of my stress and worries - the long 16 hour work days, it would all have been gone, but I screwed it up - twice.

    This made be feel sick and I stayed away from crypto for longer, last year (2016), was the year I decided that I am sick and tired of worrying about our futures, sick of worrying about a robery or a hijacking, sick and tired of long working hours and almost 2hour long commutes on a dangerous freeway. This was the year that I would get into crypto. The first thing I realised is that my reasoning for entering crypto was to seek financial freedom, I didn't just want to buy and hold a currency, I wanted to help the community and make some money doing it, so I took a loan - and built a rig (cheap GTX 1060s) - so far it's helped a lot, the money I've been mining helped keep my nose above water. I haven't been able to pay off the loan yet, but atleast the monthly expenses are all covered.

    I decided to keep money aside and save it (instead of buying new cards every n months) into a type of savings account, where I'll keep it until it's enough to build another rig, the second rig will help my pay off the loan, but there's no point in spending the cash on parts that are useless on their own. It worked out pretty well, but unfortunetly even after the doubling of BTC price, it's still not enough for a new rig - however I believe I can get there, the reason I wanted you guys to be wrong is that you were a contradiction to everything I was led to believe the last couple of months and this project (the reports of the "flippining" threatened my survivability).

    This latest "dip", hurt a lot, where it went from $20k to $14k - I was close to buying the new rig, I was actually trying to move my BTC from my wallet to Luno so I can sell it - and I saw that my transaction fee was huge, the fee was something like ZAR 1600+, I just couldn't spend it - so I decided to keep holding until Lightning was implemented, and now it dipped - hard :( So I'm still left holding the bag.

    I was hurt by these fees, so damn much that I couldn't get my cash out - and I realised how bad it is, I also realised that at the very least Segwit2x could've been implemented to relieve some of this (or atleast minimize the effect), but it just didn't get implemented and I feel that it's disgusting, do they not realise by ignoring the original 'Peer to peer cash system' use-case that some people are getting very hurt through this? I mean - what's the point in a "decentralised" currency if it can be controlled by a central authority (blockstream) - and they hurt the consumers, why didn't I just use a bank to store my savings for my new rig, it would sure as hell have hurt alot less (TX fees to send from Bank to computer shop would have been around ZAR 6 ffs).

    Now, I know this is longwinded, but I would like to apologise for thinking every BCH supporter is an idiot/lier/scammer, the only thing I can say is that I didn't understand it - I didn't understand what you guys were so upset about, until now - and I feel terrible for the few downvotes I made, I feel sorry for saying something like "don't support evil people" when the BCH crowd is trying to keep BTC from collapsing. I feel terrible about it, I really do.

    I hope you guys can forgive me, I truly do - I will try my best to educate myself and help others, I will make it my mission. The only thing I ask now of the BCH community, is if someone knows of an easy/cheap/safe way to exchange my BTC for BCH, without those huge TX fees, I am sorry to ask, I know I don't deserve your help, but I'm desperate and running out of time, I'm starting to feel the pressure and I need to get rig x2 up as soon as possible, before life becomes even more uncomfortable.

    Thank you for taking the time to read my apology.

    submitted by /u/bithereumza
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    Damn... Kyle Torpey's Forbes article had to be corrected 3x now, and there are still flaws! It is not Bcash -> it's Bitcoin Cash! Don't play politics on Forbes!

    Posted: 29 Dec 2017 10:45 AM PST

    Bitcoin Cash Parity

    Posted: 30 Dec 2017 01:28 AM PST

    I strongly believe that bitcoin cash represents the true intentions of crypto. We are going to see price parity once the market realizes this. I see the price meeting around 10k and eventually bch will lead in price.

    Here's to 2018! 🍺

    submitted by /u/ryangoslingbluedream
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    "No fees shapeshifting/changelly" coming to LocalBitcoinCash soon!

    Posted: 29 Dec 2017 11:58 AM PST

    "No fees shapeshifting/changelly" is coming to https://LocalBitcoinCash.org/ soon. We will be using Bitcoin Cash as the base currency. All swaps must be done through Bitcoin Cash so someone swapping DASH to Litecoin will be Dash To BCH first and then BCH to Litecoin. The whole point is to lower the barrier for people to trade any altcoins into Bitcoin Cash or into fiats, converting them into Bitcoin Cash users even if they were previously anti-BCH.

    People wanting to convert their altcoins into fiat anywhere in the world can do so easily without an exchange by trading their altcoins to BCH and then sell their BCH into fiat to other users through P2P.

    Ideally, we're trying to develop Bitcoin Cash into a standard malleable currency linking every countries fiat with all supported altcoins and vice versa. This makes holding on to BCH many times more valuable because it's the most useful malleable currency. That's what we hope to achieve anyway but lots of work needs to be done and we're tied down by lack of resources. I understand some users may have frustrations on the UI/UX of the site but we're doing our best to improve on them. LBCH was out for 2 months 15 days now and we definitely need more time.

    I hope we can go live with those new features within the next few days. When we go live, we will start with just BTC/ETH/LTC/DASH and add other coins over the coming weeks. We will definitely have serious liquidity problems at the start so just take note not to bid crazy rates like BCH for $8500. We have added some protection as well to prevent people making accidental trades like 1 ETC for 100 BCH.

    To help out with our expenses, there will be withdrawal fees soon. Will keep you all updated!

    submitted by /u/MobTwo
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