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    Sunday, May 27, 2018

    Home Unlabelled BTC Burton is right & Gavin is right to quote him. Nobody cares about decentralization (d14n) as a final goal. What people care about is nobody stopping them doing what they want to do with THEIR money so don't buy BCore's d14n is everything narrative. Adequate d14n is just a tool for unstoppable cash

    BTC Burton is right & Gavin is right to quote him. Nobody cares about decentralization (d14n) as a final goal. What people care about is nobody stopping them doing what they want to do with THEIR money so don't buy BCore's d14n is everything narrative. Adequate d14n is just a tool for unstoppable cash

    May 27, 2018

    BTC Burton is right & Gavin is right to quote him. Nobody cares about decentralization (d14n) as a final goal. What people care about is nobody stopping them doing what they want to do with THEIR money so don't buy BCore's d14n is everything narrative. Adequate d14n is just a tool for unstoppable cash

    Burton is right & Gavin is right to quote him. Nobody cares about decentralization (d14n) as a final goal. What people care about is nobody stopping them doing what they want to do with THEIR money so don't buy BCore's d14n is everything narrative. Adequate d14n is just a tool for unstoppable cash

    Posted: 26 May 2018 07:49 PM PDT

    To be the best, you have to hire the best.

    Posted: 26 May 2018 09:54 PM PDT

    One Satoshi (Bitcoin's Smallest Unit) Now Worth Over Five Venezuelan Bolivars...

    Posted: 26 May 2018 11:15 PM PDT

    Check out the Amazon Bitcoin Cash USA store on OpenBazaar

    Posted: 26 May 2018 06:42 PM PDT

    Here is the OpenBazaar link (copy and paste this bad boy into your OB address bar): ob://QmY1jBtr54t2T929RuDt24MLRFxjacQzHVmz5z8yxzVg3P/store

    I just successfully received my first 3 orders from them. The vendor asked me what else I'd like to see from Amazon available on the store, and he added the items immediately. My 4th package is on its way now. All orders were fulfilled and shipped almost instantly after I placed them.

    If you want to buy something off Amazon for BCH, look no further.

    If you haven't used OpenBazaar at all yet, I highly recommend you check it out.

    I recently used Purse.io to make some purchases from Amazon, and I must say that purchasing from this OpenBazaar store was a much better experience. Good work, whoever you are.

    submitted by /u/bobymicjohn
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    Satoshi Nakamoto supports big blocks: "Bitcoin can already scale much larger than [Visa] with EXISTING HARDWARE for a fraction of the cost. It never really hits a scale ceiling. If you're interested, I can go over the ways it would cope with extreme size."

    Posted: 26 May 2018 07:41 AM PDT

    Focusing on BCH Cashback merchant adoption

    Posted: 26 May 2018 10:17 PM PDT

    I have been listening to some of the /u/DanielKrawisz videos and I think he makes a very good point about merchant adoption.

    Basically, when you go to a merchant (likely not a cryptocurrency fan) and ask them whether they accept BCH, that signals to them that BCH is something you are willing to exchange for something you want. This implies you want that something more than BCH at that moment. But, the merchant has no idea about BCH and hence should be expected to have no interest in accepting it. The only incentive for him to accept BCH is to attract more customers like you. And he will likely immediately exchange the BCH payment to fiat right after your purchase. So merchant is literally touching BCH with a ten feet pole only because you don't want to hold it.

    You are happy, merchant is happy. No problem. But this behavior signals BCH is undesired.

    With BCH cashback, you can shop at your favorite merchant and get your change in BCH. This will signal that you want BCH. It is also a way to solve the spend&replace. Instead, we will spend-dirty-fiat&get-cool-BCH-back.

    What say you BCH fans?

    submitted by /u/solitudeisunderrated
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    Chat from r/Bitcoin

    Posted: 26 May 2018 09:28 AM PDT

    BCH is skipping Gen 2 & 3 and going straight to Gen 4.0 cryptocurrency

    Posted: 26 May 2018 11:27 PM PDT

    The Gens (cryptocurrency generations) are a great way for new projects to divert attention from "the old ones" (BTC, ETH, BCH) and gather some money for their ICO of whatever. Generations are a marketing trick to make people buy tokens.

    "Bitcoin? It was made 9 years ago. It is great, but it is so Gen 1. My thing is newer and faster, so please ignore the premine and buy as much as you can."

    The concept of Generations skips over an extremely important fact - projects grow!

    Bitcoin (BCH) was Gen 1, before, but soon that will change.

    What do the gens actually mean:

    Gen 1 : Has a blockchain Gen 2 : Has turing complete smart contracts Gen 3 : Scales good enough to be faster than Ethereum (+ some other goodies that the Gen 3 projects can't really agree on)

    That is all. Doesn't it sound silly? Especially the Gen 3.0 part. It is the silliest of them all. Scaling well is an important improvement, but it is definitely not a generation increase. Look at it this way. If I am a marathon runner (BCH) and my friend is an obese fried chicken destroyer (BTC) then it is pretty obvious who would win a race. BUT! We are both still the same species. We are both humans. The difference is incremental, not a difference in what we are fundamentally.

    That is about to change. Just recently, Dr Craig Wright announced what some of nChain's patents are about.

    • Atomic Swap
    • Access Chain
    • Oblivious Transfer

    The possibilities that these technologies can bring forward are nothing like the stuff mentioned in both Gen 2 and Gen 3 criptocurrencies. Bitcoin already has smart contracts. Bitcoin already scales pretty well. Technically, it is already a Gen 3.0 crypto. But so what?

    What is coming is much more interesting.

    submitted by /u/siko1991
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    ** Thoughts on Roger Ver - May 2018 **

    Posted: 27 May 2018 01:52 AM PDT

    ** Thoughts on Roger Ver - May 2018 **

    >>> troll disclaimer #1: this is not a paid piece, I don't personally know Roger or Jihan or any of the other bigshots in BCH etc. So don't bother attacking on those grounds. This is my opinion, and others are free to like it or hate it, but they may NOT censor it! Also please do not donate to me with tipbot, just upvote or downvote as you please.

    I just watched another Roger Ver interview. As usual, he presented 20+ sound and sane arguments for Bitcoin as a peer-to-peer system of electronic cash. As usual, he wasn't met with any logical argument against creating such a system. As usual, Roger laid out in great detail how Bitcoin can scale on-chain, and why this is the optimal solution to truly make Bitcoin a currency of the world.

    Roger calmly retraced the history of sabotage that has been done to the Bitcoin Core team and its software, and the dishonest tactics and censorship that were used in that pursuit. For anyone who watched all of this go down over the last 3 years, it's been infuriating! It's so satisfying to hear from a person who went through it all, but STILL HASN'T GIVEN UP, like so many others before him did.

    Let's be honest - this is a guy who has made millions (100+, who knows).

    Does he really care about making millions more?

    Perhaps, but at this point it's not about the money - the guy is on an ideological mission to make cryptocurrency WORK. Don't you think he could've taken his millions and bought a private island where he never has to argue with anyone again? Don't you think Roger feels stress from all of the vitriol that is unfairly targeting him? Yet he tirelessly continues to take a public stand for the concepts and vision that Satoshi created almost 10 years ago. He advocates a well-argued position against a peanut gallery of maddening trolls, fake scientists, and fools, all over the world in several languages. He gets on national TV and spars with financial experts as easily as he dispels geeky blather and FUD attacks. And let's not forget that cryptocurrency is not exactly loved by the masters of the universe. Personally, I'm not in a hurry to stick my neck out in the current global political climate, speaking out against the most powerful and ruthless financial institutions in the world. That takes balls.

    In order to truly understand cryptocurrency, you have to be a modern "Renaissance Man". You need equal parts of technical and security expertise, mathemetics skills, and knowledge of economic theory. In my opinion Roger is well-rounded in all of these areas. His debate with Tone Vays is part of history, with Roger's predictions coming 100% true and Vay's now shown to be 100% false. Roger's Richard Heart debate was also excellent (note that Heart has completely exited due to the pressure and trolling).

    It's rare in this technological age to see men of principle stand up for what they believe in. So cheers to you Roger, you inspire me to stand up for what I believe in.

    In closing, crypto has truly made each and every person who understands it an entrepreneur. Technical boundaries are still keeping many from benefitting from this miraculous innovation, but each day as we continue building this community, we close that gap a little more.

    >>> troll disclaimer #2: I have been in the crypto scene for more than 5 years, so I've pretty much heard every argument there is regarding scaling. I believe on-chain scaling is feasible and is the best way forward for cryptocurrencies as a whole. I've spent hundreds of hours on bitcointalk, r/Bitcoin, and r/btc arguing the merits of every possible solution. Right now, I don't trust Layer 2 solutions and I believe they are flawed technically and from a design standpoint. If I'm proven wrong by Layer 2 systems actually functioning and reaching mass adoption, I will happily admit fault and I will withdraw my claims. It's clear to me that the BCH network is working fine with 32MB blocks, and it will continue to work fine even if/when those blocks fill up. I believe Ethereum will soon experience major scaling issues and sharding won't be a "magic bullet" to fix it.

    submitted by /u/dontknowmyabcs
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    Satoshi's original white paper was titled "Electronic Cash Without a Trusted Third Party."

    Posted: 26 May 2018 09:41 AM PDT

    PSA: If you want to pay using Bitcoin Cash but all you see in the merchant checkout is 'Pay using Bitcoin' - DO NOT FRET. Chances are they are using Bitpay which gives you the option of paying with BCH.

    Posted: 26 May 2018 02:59 PM PDT

    I just had this experience with Ledger Wallet. So happy that I can buy Ledger Nanos with BCH! I always keep one unopened in-case a friend wants to try it!

    It really sucks that it reads "Pay using Bitcoin" instead of "Pay using Bitcoin or Bitcoin Cash"

    submitted by /u/mrtest001
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    Haipo Yang on Twitter: "I wish we can issue tokens over BCH as soon as possible." Where are we at counterparty cash, omni and colored coins?

    Posted: 26 May 2018 11:12 AM PDT

    Project to Build Satoshi Statue Gains Support in Kiev

    Posted: 26 May 2018 05:57 PM PDT

    Bitcoin Core (BTC) fees are low right now, but not thanks to Batching and SegWit...

    Posted: 26 May 2018 03:53 PM PDT

    My introduction video - an average user

    Posted: 27 May 2018 12:59 AM PDT

    Bitcoin core and their supporters aren’t interested in Bitcoin being useable as money. A lot of them are openly hostile to the idea of using Bitcoin as money. This is facts from Roger Ver. Try this: Go to R / Bitcoin and ask why doesn’t anyone in R / Bitcoin spend Bitcoin. Watch what happens.

    Posted: 26 May 2018 05:09 PM PDT

    The Blocksize Limit Debate in one picture, an update? (55 of #100DaysofSatoshiDoodles)

    Posted: 27 May 2018 12:39 AM PDT

    If people don’t demand gold coins instead of USD bank notes for daily use, why will Bitcoin succeed?

    Posted: 26 May 2018 09:37 PM PDT

    Switching from bank notes to gold will be simple. Why that doesn't happen? Why then will people turn to BCH instead of the token supported by the gov?

    submitted by /u/Maesitos
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    I proved u/belcher wrong in terms of what activated SegWit (BIP 141 or 148) and he ninja edited my source to prove his point -- Uncited

    Posted: 26 May 2018 10:08 AM PDT

    How does one go about flagging false claims on a wiki page? This used clearly is astroturfing and falsifying information, making changes with no sources to support his claims. You can even see he changed it yesterday because the article proved him wrong:

    Link to text: https://np.reddit.com/r/Bitcoin/comments/8lzyec/as_messy_as_segwit_activation_was_it_is_actually/dzk8yml/

    Link to Wiki edit history: https://en.bitcoin.it/w/index.php?title=Segregated_Witness&action=history

    Literally proven wrong so he changes the source with no citation. /u/bechler_ You're desperate and pathetic, but you can't re-write history. The Github still speaks for itself and I doubt they will change this:

    https://github.com/bitcoin/bips/blob/master/bip-0141.mediawiki

    submitted by /u/crypto_fact_checker
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    South Africa: Three Suspects in Custody Over Bitcoin Ransom Kidnapping

    Posted: 26 May 2018 09:49 PM PDT

    Lets talk about exactly what it would take to bring a bitcoin implementation up to Visa standards.

    Posted: 26 May 2018 12:52 PM PDT

    Read edit for updated numbers. 24,000 is not what VISA does on average but it would still be an amazing amount of transactions to have if bitcoin reaches international adoption for daily transactions everywhere.

    Lots of talk about VISA vs bitcoin so I figured I'd do some napkin math and see exactly how they'd compare if they were equal.

    Using info from https://www.bitcoinplus.org/blog/block-size-and-transactions-second

    • 2020 transactions per 1MB block
    • 3.73 transactions per second for 1MB blocksize assuming 10 minutes per block
    • Visa is 24000 transactions per second
    • 6435 MB needed for roughly 24002 transactions per second
    • 6.435 gigabyte blocksize required to match Visa or 1716 times the size.

    Using this article from 2017, https://news.bitcoin.com/cost-full-bitcoin-node/

    "Bitcoin nodes commonly use 200 gigabytes upload or more a month and download around 20 gigabytes per month."

    200 * 1716 = 343200 GB upload per month 20 * 1716 = 34320 GB download per month

    If linear scale, which is unlikely but just for the lulz, $20.43 per month according to /u/foragodrolo (from the article) times 1716 is $35,057.88 a month or $420,694.56 a year.

    Ok so what does this all mean? Assuming linearly increasing costs, which would be inaccurate since things get cheaper when you make bulk purchases, it would cost almost half a million a year to run a full node if Bitcoin became visa level.

    This is not actually too bad; hear me out.

    1) We're not there yet. We don't need 6.5 gig block size right now so the blocksize can just go up and up slowly, allowing technology to keep up which will constantly improve the ratio of hardware and other costs to performance.

    2) According to https://www.nasdaq.com/symbol/v/financials?query=income-statement

    $10,827,000 (net income) - $5,438,000 (gross profit) = 5.38900 billion US$ expense in their annual income statement. This number includes the Cost of Revenue but if we didn't, that would add another 1.9 billion to the expense.

    $5.3 BILLION DOLLARS per year is what it costs to keep this huge centralized monster of a payment system up and running. That's 5.3 thousand millions when your full node would only cost half a million a year to run.

    Half a million a year is quite expensive but cheap enough for large firms and sovereign powers to arbitrarily run full nodes.

    There could also be future improvements where light nodes become a common thing with pruned data and full nodes only existing in archives for historical data.

    So in conclusion, it's possible to amp it up to VISA levels right now if we're willing to accept a modicum of centralization. It would still be far more decentralized than what we have and a huge improvement but not the total decentralized utopian dream. But it is possible.

    EDIT :

    If we assume that Visa does 1667 transactions per second, thanks to /u/homopit and https://altcointoday.com/bitcoin-ethereum-vs-visa-paypal-transactions-per-second/

    Then Visa is only 447 times faster than bitcoin. This would put the cost of running a full node at $9130.52 a month or ~$110,000 a year.

    Once again assuming average transaction size of 495 bytes, in order to reach 1667 transactions per second, we would need around 2021mb blocksize.

    If Visa only does 1667 transactions per second in reality, a 2GB blocksize would be enough to compete toe-to-toe with Visa.

    Rehashing this part from above, a node would have to do:

    200 * 447= 89400 GB upload per month

    20 * 447= 8940 GB download per month

    This would still be far too much for any hobbyist to run in their own basement but we are talking about replacing the financial backbone of the world here and with that in mind, these numbers aren't so bad.

    submitted by /u/ferriswheel9ndam9
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    Taking Bitcoin Cash at Majornas Flea Market!

    Posted: 27 May 2018 02:03 AM PDT

    Formal dispute of CVE-2017-9230 (claimed Bitcoin vulnerability due to AsicBoost)

    Posted: 26 May 2018 03:42 PM PDT

    %begin

    27 May 2018

    BtcFork hereby registers a formal dispute of CVE-2017-9230. The CVE list will be notified accordingly.

    Our view is that what has been described in CVE-2017-9230 as an "attack methodology" is a benign mining optimization.

    Since the CVE was raised, a Bitcoin Core developer has overtly implemented a change request to the software and caused this optimization to be available and actively used in Bitcoin (BTC) mining.

    This is documented in the summary below which concludes that either the CVE is a real problem and should be fixed, or the overt support of the method now should be considered grounds to invalidate the CVE.

    https://www.reddit.com/r/btc/comments/8lutv4/asicboost_and_the_strange_case_of_cve20179230/

    Bitcoin mining pools such as Slush Pool have since embraced ASICBOOST (the common name describing the method, based on the well known patent of that name) as a legitimate optimization on Bitcoin.

    There are no active proposals within the Bitcoin Core project to prevent such use, strongly suggesting that the CVE is no longer considered a vulnerability.

    Further evidence that CVE-2017-9230 was initially disputed can be found in the links below:

    https://news.bitcoin.com/developers-clash-exploit-secret-core-organization/

    https://news.ycombinator.com/item?id=14073062

    BtcFork invites others to submit further evidence that this 'vulnerability' / 'attack' constitutes a mining optimization and not a vulnerability of the Bitcoin network which merits a CVE.

    Signed:

    BtcFork (1BCH4UvGBBx3a28MeyB8jGsjDEq8H2pWpz)

    %end

    Bitcoin signature covering from %begin to %end inclusive:

    HHnGJQJzd9oW8ByWkItjC+WUe3I1dX5Uf/0lADTAMKLeXABG6AM4LflvmumbQ27zLc7YixRH6h80dZWvatO2ryY=

    submitted by /u/btcfork
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    Finally added BCH to my portfolio (that I hear is too diversified). Long time overdue, feels GREAT!

    Posted: 26 May 2018 01:34 PM PDT

    What's the easiest way to write something to the Bitcoin Cash blockchain?

    Posted: 26 May 2018 05:32 PM PDT

    I know that OP_RETURN allows storing data on the blockchain, while paying the according fees to the miners.

    Other than crafting your own transaction, is there any easier way to send a transaction with OP_RETURN data?

    I'm not talking about memo.cash, but rather a wallet that gives me a field to put some hex data, and it spits out a transaction to the network.

    submitted by /u/FoXERM
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