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    Home Unlabelled BTC Do you have any idea what a cryptocurrency with low fees per transaction means for a Venezuelan family?

    BTC Do you have any idea what a cryptocurrency with low fees per transaction means for a Venezuelan family?

    February 18, 2018

    BTC Do you have any idea what a cryptocurrency with low fees per transaction means for a Venezuelan family?

    Do you have any idea what a cryptocurrency with low fees per transaction means for a Venezuelan family?

    Posted: 17 Feb 2018 06:40 PM PST

    Short answer: It means a huge improvement in their lives.

    Long answer: Living in a distorted economy where a minimum wage is good enough to buy just 30 eggs in a month and nothing else, where the prices are jacked almost daily, where finding cash is an ordeal, where the only way to save some money is by literally not working for a wage paid in Bolivars, where actually saving money is the worst thing you could do since hyper inflation eats your purchase capacity, just having an alternative like BCH is a bliss and a breath of fresh air since getting dollars is not that easy and actually having some edge since the value of BCH has the potential to be higher than the dollar is a dream come true.

    The other alternative is to do what I did: leave the country and earn money in a healthier economy to help your people back there in Venezuela. In Venezuela

    submitted by /u/cuentanro3
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    Poland's Central Bank Secretly Paid Youtubers to Slander Cryptos

    Posted: 17 Feb 2018 10:10 AM PST

    Bitcoin has one advantage no other coin has - it's backed up by a huge mining industry which will fight to the teeth to keep it alive

    Posted: 17 Feb 2018 12:35 PM PST

    The legacy fork is slowly moving to a PoS 2nd layer which doesn't give the miners as much incentive to keep the coins at its base layer valuable since its 2nd layer will be essentially a message protocol and that doesn't bode well.

    submitted by /u/unitedstatian
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    Anarchapulco 2018 - BCH vs BTC debate between Roger Ver and Juan Galt

    Posted: 17 Feb 2018 07:00 PM PST

    Andreas Antonopoulos "Bitcoin's Killer app is borderless, open, censorship resistant, currency and payments .. that can send money near instantly and for a very low or no fee" ... soooo, Bitcoin Cash?

    Posted: 17 Feb 2018 08:08 PM PST

    Dear BCH friendly entrepreneurs: Could you please build a simple, secure, sexy hardware wallet. Sincerely, your biggest fan.

    Posted: 17 Feb 2018 03:19 PM PST

    Introducing Bazaar Dog, the scrappy Open Bazaar search engine.

    Posted: 17 Feb 2018 06:07 PM PST

    I spent a week building a search engine for browsing openbazaar.

    It has a few experimental features not available in the other search engines.

    It is designed to be dead-simple with no static file hosting, no browsable web-page listings, "server-less" in air quotes. [there is a small server for the hidden reverse proxy]

    There is no site to browse listings, just a JSON api.

    The endpoints are:

    Site Url Note
    Listings https://bazaar.dog note this is a dot dog TLD
    Profile (Hack) https://bazaar.dog/profile/ tailing slash is important
    Onion http://obfojhv6ay5fedog.onion ssl is not necessary
    Onion (Profile Hack) http://obfojhv6ay5fedog.onion/profile/ note slash again
    Webpage for Humans https://www.bazaar.dog like it's 1992

    This must be entered into the openbazaar client  

    Warning False negative NSFW and known scammers have not been removed.

    Features:

    • Filter by number of moderators available.
    • Filter by ratings in 5 setps above 4.0
    • Show only NSFW content
    • Sort by lowest ranked
    • Sort by listing age (approximate)
    • Support for testnet search (but turns out there are very few nodes/listings on testnet)
    • Filter by node address type (clear/tor/dual)
    • Ranking rewards reliable currencies (BCH), node availability and reputation.

    In an effort to evaluate reputation of vendors and moderators the api includes a Profile As Listing hack to search for reputable vendors or good moderators.

    The profile search hack includes:

    • Filter by moderator status
    • Filter by moderator currency
    • Filter by number of moderators available for vendors' listings
    • Filter by vendor rating
    • Filter by user agent.
    • Sort by most items listed
    • Sort by most items moderated
    • Sort strictly by vendor rating.

    EDIT: Bonus Hack re-scrape your store by searching for your full peer ID in the native client i.e. QmTBVgfJ4jZdyUhdHYi73oBjupSHv7bRNjMcVYupC13sJh up to once per hour.

    Be safe and educate yourself before making any purchases

    see http://openbazaar.org/scam-prevention

    and https://www.reddit.com/r/OpenBazaar/comments/7u1e1a/scammer_megathread_information_about_scam/

    submitted by /u/BazaarDog
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    I have some cash to invest, how difficult would it be to own a couple of BCH ATMs in USA?

    Posted: 17 Feb 2018 05:03 PM PST

    You can now donate to WinSCP (open source file manager) in BCH

    Posted: 17 Feb 2018 09:12 PM PST

    Bitcoin Cash Script IS most likely Turing Complete

    Posted: 17 Feb 2018 11:25 AM PST

    Turing Completeness (TC) does not mean that much as people think. A language or automata can be TC but extremely cumbersome to handle, and/or code can get way too long to emulate simple things of other richer languages.

    There is also the problem of the TC language allowing exploits, since it is very rich (basically, anything is possible so one can get an infinite loop somewhere in a way no one predicted).

    I'm NOT a computer scientist, but it happens that I'm a logician (doxing myself a bit). I was thinking on CSW claims the other day and I took a look at bitcoin's OP codes and Script: https://en.bitcoin.it/wiki/Script

    I think it is a very compelling case for TC that Script has (i) a truth functionally complete set of logical operators ({IF, NOTIF} suffice), (ii) Splice OP codes (these are disabled) and (iii) Stack codes. [actually it has far more than that, which only helps the case, but I believe these already make it TC]

    (i) means that each and every logical operation in a circuit can be expressed (computer's logical gates), {IF, NOTIF} is a minimal functionally complete operator set (9th two-elements set here );

    (ii) Splice OP codes allow for arbitrary access to arbitrarily large chunks of data;

    (iii) Stack OP codes allow for emulation of memory states (I'd say recursion), for instance, suppose stacks 1, 2 and 3 are

    1110101101101010

    0010101010010010

    1000001110000110

    Then we can use Stack OPs to permute those. This means that we can operate with the top stack and second-to-top stack keeping the third-to-top stack and calling it later. Basically n! permutations for n stacks.

    The whole of (ii) can be represented as a GoTo(x) function. After suitable amount of Stack OPs, then we have a GoTo(x,y) function.

    We can use (i) and (ii) to flip individual bits.

    This means that a pile of n stacks of m length is basically a nm array that can represent a memory state. GoTo(x,y) bit and change its state depending on {IF, NOTIF} tests on propositions.

    A cool thing: we can actually play Conway's Game of Life using those groups!!

    GoL rules here are:

    1-Any live cell with fewer than two live neighbors dies, as if caused by underpopulation.

    2-Any live cell with two or three live neighbors lives on to the next generation.

    3-Any live cell with more than three live neighbors dies, as if by overpopulation.

    4-Any dead cell with exactly three live neighbors becomes a live cell, as if by reproduction.

    Now put live=1, dead=0, we have those 4 propositions above to be tested using {IF, NOTIF}, and we have GoTo(x,y) to change any individual cell (bit) state (alive or dead). When completed, print().

    (Game of Life is TC BTW :))

    This is all very informal reasoning and does not, in any way, constitute a "proof" that Script is TC, just a allegedly compelling argument. If you found any mistakes please point it out!

    Cheers.

    submitted by /u/rdar1999
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    [Serious] BTC transaction fees and mem pool size has fallen to fairly low levels. If both fall further, how does this impact BCH?

    Posted: 17 Feb 2018 08:22 PM PST

    To me, one of the appeals of BCH was that it retained the original Bitcoin philosophy while offering very good transaction fees. Before, this was especially true when Bitcoin fees shot up to ~$30. Given this has fallen greatly, does this weaken the argument for BCH's existence? Please provide links to sources if quoting numbers and data please, thanks! Honestly trying to learn here, not a troll

    submitted by /u/busterblockchain
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    LIVE now: Roger Ver vs Juan Galt debate @ Anarchapulco - The Crypto Show

    Posted: 17 Feb 2018 10:38 AM PST

    Life inside a troll farm. Not crypto trolling, but still educational.

    Posted: 17 Feb 2018 08:08 PM PST

    Coinbase’s PayPal Like Plugin Integrates With Shopify, Allowing Two Minutes Set Up For Merchants to Accept Ethereum, Bitcoin, Bitcoin Cash and Litecoin

    Posted: 18 Feb 2018 12:05 AM PST

    The Audio Recordings Bitfinex doesn’t want you to hear.

    Posted: 17 Feb 2018 08:58 PM PST

    Anyone still down for changing the world or are we all just Hodling now?

    Posted: 17 Feb 2018 03:34 PM PST

    Guys, I was promised we would change the world and bank the unbanked. Following the Bitcoin Cash progress for the last bit has me excited for the first time in a while. Everything is starting to feel possible again. I'm looking for my way to make a difference so with that I humbly submit the following. Its ultimate success depends completely on being open and community feedback; so, no matter what you think – let me know! SO!

     

    Heads up, I'm going to get wordy and the below contains some tax/legal items. Don't rely on the internet - always consult your legal and tax people.

     

    The not so tl;dr:

    Tether is an Omni layer asset built on top of the Bitcoin blockchain. It's the only stablecoin with real adoption and this centralization is a huge weakness for the markets. By building an Omni layer on top of the Bitcoin Cash blockchain (Pseudo) we can build the same system on a platform that doesn't hate transactions. Setting up the ownership in a way that a Bitcoin Cash Nonprofit (The Foundation) owns the majority share; the use and success of this project can directly fund further development and adoption. Further, all of this can be established in a zero-tax jurisdiction that wants to be a world leader in ICOs. The expertise developed from these projects can further help the Bitcoin Cash ecosystem by helping them create legally recognized coin offerings on Bitcoin Cash.

     

    ... Alright! Here we go fam.

     

    Immediate Problem:

    As much as we want to live in the crypto era - everyday purchases and payroll are still denominated in Fiat. With BCH prices fluctuating wildly, real adoption is not a possibility for the vast majority of people living paycheck to paycheck. Stablecoins aim to reduce this volatility while onboarding new users to the crypto economy. Tether's model of 1:1 backing has proven to be the most simple and successful stablecoin implementation. No matter how legitimate tether is, it has grown so large that any negative news (real or FUD) swings the market. This represents a dangerous amount of centralization.

    However, any asset backed project is going to require a centralized custodian. We may not be able to decentralize the entire project; but, through Pseudo we can offer a competing option. Options offer a different kind of decentralization. The main tipping point will be the adoption from various exchanges. Consider the following (not at all exhaustive):

    • Tether's TOS prevents residents of certain states from owning Tether. Kraken and other exchanges with KYC/AML requirements know where you live. What is their exposure to allowing the residents to transact in Tether?
    • Exchanges' fees are denominated in crypto. When Crypto is worth more - they make more. Having one stablecoin being able to impact the price so wildly makes their income fragile.

    So, people wanting Pseudo isn't all that controversial. Building on top of the Omni layer will be very familiar to the exchanges and should allow for a fairly smooth implementation. Due to the unpredictable fees on Bitcoin and a general animosity for on chain transactions; BCH is the most sensible alternative.

     

    Side Idea

    Implement support for Pseudo alongside BCH on both a wallet and ATM network. Now we have a system where you can keep the amount you need for bills (checking account) on a stablecoin, still supported by BCH network and keep a 'savings account' in BCH. If we get to 200M mark (<10% of Tether) this will generate ~$5M of interest annually. Let's take half of that and airdrop $20 - $50 per person in one geographical area and hit 40k-100k people. With ~$2M of potential sales out there, physical businesses will be much more interested in adopting. All this tech exists it's just using it smarter; we can begin banking the un and underbanked in the US in less than 6 months.

    Idea of how big of an issue this is: https://www.fdic.gov/householdsurvey/

    7M Unbanked; 24.5M Underbanked: 31.5M Americans!

    back to your regularly scheduled program

     

    So, cool we have had the same idea as a ton of other people. Big deal no one trusts us so no one will use it. Well, let's consider the new tax reform act of 2017 as well as the security issues. Basically, we don't want this to be equity or debt because then it's probably a security. If a company is exchanging something for money; and it's not debt and it's not equity, it's probably a sale. This creates a huge tax liability and the absolute inability to maintain enough money to buy the Psuedos back. So, the solution here is to go offshore to a jurisdiction that has no tax. But congress got a little more clever than that with the 2017 tax act and the implementation of GILTI on Controlled Foreign Corps (CFC) that mandates a minimum tax. So, we need to not be a CFC. Well the long and the short of it is that we need to be controlled (vote and value) by non US shareholders.

     

    Solution (probably guessed it from the tldr) form a foreign nonprofit that the minority shareholders do not own control etc. etc. This accomplishes so much! Firstly, it defers the US tax (it probably becomes a PFIC for me - which is a terrible answer but I'll deal) until the US shareholders get a distr. or sell. This let's the Corp retain enough to buy anything it sells back and (I believe but IANAL) it is not a security because we treat it as a sale of inventory and it clearly does not pass the Howey test because there is no expectation of profit. I think either one exempts it but doing both is even more conservative. Secondly, this creates a majority shareholder that represents the best interests of the community. This undoubtedly makes the entire project more legitimate as known community members will be able to see everything under the kimono. Thirdly; it provides an income stream for the Foundation so that it can focus on paying developers / implementing cool stuff and not fund raising.

     

    WOW!

     

    So now we need a jurisdiction that checks all those boxes. Enter beautiful Anguilla. Anguilla is an island paradise with virtually no tax that is currently pursuing legislation that will give ICOs legal status. The Anguillan Utility Token Offering (AUTO) Act. Latest meeting minutes indicate they are getting all the right people in the room to finalize drafting the legislation. With the efforts on Bitcoin Cash to make colored coins and become more ICO friendly - this is an absolute match made in heaven. If we want crypto to seriously start impacting the real world, we need 'boots on the ground' in places like Anguilla. I want BCH here first.

     

    OK! OK! OK!

     

    So, recapping and putting it all in order...

     

    1. Create the Foundation in Anguilla; Work with legislators in Anguilla to finalize AUTO legislation; Form Pseudo Co.
    2. Pseudo code review and implementation
    3. Increased market stabilization
    4. Use profits from 3 to fund initiatives that further BCH mission and adoption.
    5. Realize we just changed the world, have a beer, get back to work

     

    I'm super excited about this; but, it's undoubtedly a moving target as regs for the new law come down, I talk to more lawyers, and of course get community feedback. I really believe this could change the world and with ICO legislation on the horizon as well as BCH ICOs coming along the time to act is absolutely now.

     

    Ask anything, I'm always looking for smarter people than myself to help guide me / the project. Or head over to www.pseudo.to for a sneak peak.

    submitted by /u/PseudoProject
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    My first physical purchase with BCH! Thanks, Cryptonize.it!

    Posted: 17 Feb 2018 01:24 AM PST

    This clip from the Princeton Bitcoin course seems kind of prophetic (watch for 2 - 3 minutes)

    Posted: 17 Feb 2018 09:30 AM PST

    @EatBCH Feeds Struggling Venezuelans With Bitcoin Cash

    Posted: 18 Feb 2018 01:29 AM PST

    PSA: You can now use Bitcoin Cash to buy Puri.sm laptops

    Posted: 17 Feb 2018 10:17 PM PST

    @EatBCH - Thank you all for the support!

    Posted: 17 Feb 2018 01:02 PM PST

    Discovered Seattle Bitcoin kiosk... How can I request BCH

    Posted: 17 Feb 2018 02:28 PM PST

    Samsung Is Now Building Bitcoin Mining Chips, News Outlet

    Posted: 17 Feb 2018 10:17 PM PST

    Jeff Berwick (DollarVigilante): "There's segwit and lightning network but I have my doubts about those."

    Posted: 17 Feb 2018 12:22 PM PST

    Visa confirms Coinbase was NOT at fault for overcharging users. (This is also a good example of why blockchain technology is better than centralized technology. The blockchain would never "erroneously charge users")

    Posted: 17 Feb 2018 08:47 AM PST
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