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    BTC Open discussion on r/Bitcoin

    April 08, 2018

    BTC Open discussion on r/Bitcoin

    Open discussion on r/Bitcoin

    Posted: 07 Apr 2018 05:28 PM PDT

    Andreas. How could *this* happen, and then he go on to support Core?

    Posted: 07 Apr 2018 07:59 PM PDT

    My response to Purse.io trying to get me to use purse again

    Posted: 07 Apr 2018 06:38 PM PDT

    @Bitcoin suspended on Twitter

    Posted: 07 Apr 2018 09:04 PM PDT

    Upgrade Day is coming!

    Posted: 07 Apr 2018 05:47 PM PDT

    Lightning Network eclair wallet implementation disabled on Google Play and removed from GitHub because they lost their signing key (!!!)

    Posted: 07 Apr 2018 08:16 PM PDT

    An open letter to the Litecoin Community (Was automatically censored on /r/Litecoin so am posting here)

    Posted: 07 Apr 2018 11:18 AM PDT

    I used to be an active member on /r/Litecoin. I created a new username to remain pseudonymous, one of the original intents of Bitcoin technology. I took a few months off of social media and spent time reading about the technology to create own opinions rather than relying on others to tell me what's correct. . My favorites are "Bitcoin and Cryptocurrency Technologies" which has accompanying lectures on Coursera and "The Book of Satoshi", which goes over the e-mails and forum posts of Satoshi. In "The Book of Satoshi", you read the words of the original contributers, such as Hal Finney, Gavin Anderson, Mike Hearn, Jeff Garzik, Greg Maxwell and Theymos.

    I was a long time investor of Litecoin, pre-Segwit and truly believed Litecoin is the Silver to Bitcoin's gold. I bought merch and even have the Litecoin Foundation Ledger Nano S. Since its inception, I've donated about $3K (at the time) to the Litecoin Foundation. I've made a lot of money from Litecoin, but I no longer can support it.

    I'll go over some strong beliefs I had and why my views changed after research:

    It's dangerous to increase blocksize: A hardfork has only been done with Satoshi and could cause security exploits. It will also make it harder to run a full node due to broadband restrictions thus centralizing the network more. It also is just a temporary solution and there are better methods (Segwit and LN).

    The blocksize limit was implemented in Satoshi's last personal release. It was added in 2010 to prevent people from taking advantage of low fees and spamming blocks to store data. He Even gave a way to easily implement a block size increase. So my first point is moot.

    Now, let's ask ourselves, what is the purpose of a full node? Does it add security to the blockchain? I think we can all agree security comes from miner's proof of work contributions and the total amount of hashpower. Do they help prevent double spending? No, they confirm whether or not they're following consensus and check for double spending, but outside of people with significant economic value at stake, running a full node is not needed. For those people, they usually wait for a certain number of confirmations to release the goods anyways. It's a good way to use bitcoin fully trustless, but not needed for most users.

    Increasing the blocksize is only a temporary solution if you assume technology is not going to get better over time. Otherwise, Satoshi wouldn't have included a way to schedule in routine upgrades.

    Miner fees are a necessary part of the blockchain and they incentivize miners to keep the network going

    Ask yourself, why? The rewards are still high, we're still in the bootstrapping phase, and the rewards are still high. We're in the ASIC phase for most blockchains. Difficulty has overall shown an increasing trend. ASICs have no resale value what-so-ever, so why would miners want to destroy the network? Any time a 51% majority was close, miners switch to other pools to keep it regulated.

    Segwit creates adds a 4x effective block size increase (through weighting) and LN, Atomic Swaps, and RSK will save us all

    While Segwit may have fixed the malleability bug, it created complexity in an already working system. In something that should work in a decentralized, trustless, environment, we now have to rely on complex technologies to solve the scaling issue. Instead of a size, we now use block weight using "virtual bites". The technology behind Segwit is very confusing.

    I was on the LN bandwagon for a long time. Now that it's actually being used on mainnet, I am very disappointed in how it works. I remember watching a ton of videos on how simple the concept is and how simple it will be in practice. It made sense and was an obvious solution. In reality (correct me if I'm wrong), you have to set up your own LN node and can only send LN payments to others with a LN node. People can use your node to route payments and you'll receive payments for allowing it. If one goes offline (or gets disconnected), the channel is closed. If you want to keep it going, you can hire a watchtower service and pay them to watch your funds. If you're afraid the watchtower service will go offline, you can hire another watchtower to watch the watchtower, etc. How does that NOT sound like a bank? That's not a solution, that's centralization masked in a decentralized environment.

    Also, not only do merchants have to be comfortable using bitcoin/litecoin, they NOW have to be comfortable using LN, which is way more complex. If you were a business owner, which would you go for right now? People are interested in blockchain NOW; we can't wait 5 years until LN is ready.

    Atomic Swaps. I was super excited about this. I could treat BTC like a savings account and treat LTC like a checking account. How great would that be? Once again, why? Why does one have to be like gold and why does one have to be like silver? Why can't Bitcoin/Litecoin be a better form of money? This also makes Litecoin PERMANENTLY dependent on Bitcoin. Why not just cut the middle man and go for Bitcoin then. In reality, most people here don't care about the technology and want to make money. They see a growth opportunity for Litecoin and thus continue the same arguments to prevent cognitive dissonance. At least that's what I did.

    In his book "The Internet of Money", Andreas Antonopolous talks a ton about bringing money to places that can't afford the banking system. You can't do that with high fees. You can't do that with overly complex, always in beta, 2nd layer solutions. Samson Mow even stated that eventually Blockstream is going to start charging for their services (especially with their upcoming satellite). How long until we're paying miner fees, LN fees, AND Blockstream fees?

    It's really hard to find the truth in /r/Bitcoin and Bitcointalk.org because Theymos is known for his censorship. I also don't like the idea of Blockstream having a monopoly over the core devs. Greg Maxwell stated Core Devs have a clause in their contract that they can leave the company if they feel anything they are doing is hurtful to the protocol. Not only is it hard to leave a position when you're financially dependent on them, you have to admit Bitcoin has become reliant on Blockstream.

    I've watched every episode of "Magical Crypto Friends" and it perfectly sums up their childish mentality. I found the first episode decently informative, but the latter episodes devolved into memes and bashing Bitcoin Cash.

    People are quick to defend /u/coblee when he does something wrong stating "He's not a CEO, he's a developer"; "Why does his opinion even matter?", but as soon as he says something positive, everyone jumps to praise him. The final straw for me was the Litepay/Litepal fiasco. Regardless whether or not they were legit operations, Both Charlie and Xinxi were quick to support it; even investing $50K in Litepay through the Litecoin Foundation WITHOUT DOING ANY DUE DILIGENCE. Then turn around and blamed the community for not doing their own due diligence. Considering I donated money to them, that was a direct slap in the face. It read "Hey the money you donated doesn't matter to us, we're going to throw money at a company without researching them cause they have a fancy website". While Charlie is not the "CEO of Litecoin", he's a member of a non-profit Litecoin Foundation and should be held responsible for that reckless behavior.

    Charlie may have incentive to keep Litecoin going, but he has no incentive to tell the truth. I encourage everyone to take a step back and do their own research. Don't listen to the thought leaders. Stay off Twitter/Facebook/Reddit for a couple months and form your own opinions. Stop trying to get likes or upvotes and see if you believe in the direction is going. I'm guessing this will get censored for "spreading FUD" and that's when you know you're in an echo chamber, like /r/bitcoin.

    submitted by /u/Cathain_Eolas
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    True Story .... BCH ✌️

    Posted: 07 Apr 2018 08:32 AM PDT

    Anyone know the reason ?

    Posted: 07 Apr 2018 10:10 PM PDT

    BCH adoption growing in Barcelona

    Posted: 07 Apr 2018 04:25 PM PDT

    r/litecoin: 197230 subscribers - r/btc: 197210 subscribers

    Posted: 07 Apr 2018 11:20 PM PDT

    First-Ever Bitcoin Cash Kenya Community Meetup Will be Held on April 14 in Nairobi

    Posted: 07 Apr 2018 11:41 PM PDT

    So if Greg was popping champaign at $55 fees in December, what's he doing now with fees at $0.20?

    Posted: 07 Apr 2018 11:23 AM PDT

    Proud owner of 1 BCH. Nothing crazy but I’m excited about it!

    Posted: 07 Apr 2018 05:04 AM PDT

    A misstep by Charlie Lee...he can't deny the truth...

    Posted: 07 Apr 2018 06:50 PM PDT

    Bitcoin Cash Australia now has a store selling items for BCH. Setting up a store is a piece of cake now that the eco-system has caught up. Anyone can do it. It took me 30 mins. This is real adoption, this is real progress. I'm putting together a tutorial.

    Posted: 08 Apr 2018 01:20 AM PDT

    Charlie Lee on youtube: "Maybe I'm wrong, maybe Bitcoin Cash is Bitcoin. Maybe in the future Bitcoin Cash does overtake Bitcoin and it becomes the real Bitcoin."

    Posted: 07 Apr 2018 08:51 PM PDT

    Greg Maxwell is the biggest piece of shit in the Cryptocurrency space

    Posted: 07 Apr 2018 12:16 PM PDT

    Adam Back can be forgiven as an academic know-nothing (useful idiot) but Greg Maxwell (u/null) knew just what he was doing from day one. Selling out Bitcoin to Legacy banking interests, all he wanted was his cut.

    As soon as his (inside) job was done, we ran away and hid. That disgusting piece of shit of a human has the nerve to move on to another coin and community to fuck over (Monero).

    Anyone here know the guy in person? Any insights as to what in hell is wrong with this guy, is he really as downright evil as he seems?

    submitted by /u/BCH_is_Bitcoin
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    Bitcoin Core Fanboys Celebrating Censorship of @Bitcoin. Censorship is What They Do Best

    Posted: 08 Apr 2018 01:27 AM PDT

    Is Blockstream’s Goal to Generate Profit or Increase the Value of Bitcoin?

    Posted: 07 Apr 2018 12:15 PM PDT

    63.13% of the BCH volume has come from trading/exchanging BTC into BCH in the past month. That is pretty Bitcoin (Cash) positive IMO :D

    Posted: 07 Apr 2018 07:18 PM PDT

    "Money flow into Bitcoin Cash (BCH), trading volume by exchange and total volume over time. Analyze Bitcoin Cash (BCH) volume patterns and the market share of different Bitcoin Cash (BCH) trading pairs and exchanges."

    Source

    submitted by /u/metalbrushes
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    BITBOX hackathons w/ at least 4 BCH in prizes. Lets show the world the amazing apps we can build w/ Bitcoin Cash!

    Posted: 07 Apr 2018 05:29 PM PDT

    Bitcoin Cash To Hard Fork In May, Will Have "Ethereum-Like" Features | CryptoGlobe

    Posted: 07 Apr 2018 07:52 PM PDT

    Anybody earn BCH from joystream yet?

    Posted: 07 Apr 2018 10:55 PM PDT

    Why would people pay anyway, if they can just DL stuff for free on other torrents?

    Am I missing something?

    submitted by /u/Everluck8
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    I'm launching a small project called #SatoshisWisdom to remind people of the original vision of Bitcoin. This will be a selection of quotes from Satoshi on decentralization, economics, governance, scaling, and much more! Feel free to discuss.

    Posted: 07 Apr 2018 07:54 AM PDT
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