• Breaking News

    Monday, December 31, 2018

    BTC Andreas Brekken: "Explained why I took my LN hub down. Every maximalist attacked me, without reading my review... "

    BTC Andreas Brekken: "Explained why I took my LN hub down. Every maximalist attacked me, without reading my review... "


    Andreas Brekken: "Explained why I took my LN hub down. Every maximalist attacked me, without reading my review... "

    Posted: 30 Dec 2018 06:28 PM PST

    Our badass reply to Roger Ver and OpenNode

    Posted: 30 Dec 2018 11:01 PM PST

    Ross Ulbricht Writes A Letter To Roger Ver From Prison

    Posted: 30 Dec 2018 10:41 AM PST

    Holy crap am I getting some anger from this post lol. I think I make a good point though. That's a centralized cluster, not a decentralized p2p network.

    Posted: 30 Dec 2018 09:46 PM PST

    Why Bitcoin Core May Survive Indefinitely (or at least decades)

    Posted: 31 Dec 2018 01:11 AM PST

    I realize this may not be a popular opinion here, but I believe BTC may survive much longer than we expect. First of all, before dismissing my opinion, please check my past, you will see that I am a strong supporter of BCH (peer-to-peer currency). I also think LN will never be practical for the average person that uses cryptocurrency.

    So why do I think BTC will survive? Simple answer: The Pareto Principle. Over 80% of the value in transactions are supported by less than 20% of the available 1 MB block space. As a general rule, this can also be extended to that 64% (80% * 80%) of the value in transactions is supported by 4% (20% * 20%) of the transactions.

    Right now the median transaction value on the BTC network has dropped down to about $75 at an average tx fee of less than a nickel. While the median transaction value may be $75, the average transaction value is still around $10,000 and has been as high as $30,000 recently. At the end of last year, on many days, the average transaction value was over $100k.

    I paid around a $100 to make a transaction on the BTC network last December. While I feel it was expensive, for the average user around that time making a $100k transfer, it would be only 0.1%. BTW, my bank has a minimum fee of $50 for a wire transfer.

    Now, I had to live with the disgust of seeing fees constantly rise in 2016 and especially 2017, but so did a lot of other users. They (like me) moved on to an alternative cryptocurrency. The rich don't really care though, they are just looking for a store of value. Paying a $100 (or even a $1000) to move a $100k or even $1M or more, is no big deal for them. Most of them will even leave their coins on an exchange. And to be honest, I consider a lot of these exchanges to be very safe now for most people (Coinbase for example).

    I was around in 2013 reading the forums at Bitcointalk and it was very obvious that Mt. Gox was going to fail. Yet, a surprising amount of people left their coins or a cash balance there. And from what I read on the forums, I felt a lot of these people didn't even know how to make a private wallet and move their coins to it. They were trying to sell and do a cash withdrawal (which was failing long before they went belly up).

    I honestly believe the Core shills are right about one thing. Bitcoin will be a store of value. It won't be peer-to-peer currency and the LN will never have any significant value, but it won't make any difference. Just like moving gold from one vault to another, they won't care if the cost is $100 or even $1000 to make a transaction. Only the rich will use it. They are use to spending thousands of dollars to set up offshore accounts or store gold bullion. A $k here or there won't phase them a bit. 157,680,000 (365*24*6*3000/block) transactions a year will probably be enough for the richest 1% of the world population, who will probably never make a single transaction (BTC left on their exchange) in any given year.

    I can see a future where BTC is used for savings, buying/selling houses, moving large sums of money. Transactions below a $1000 or even $10k will disappear. Fees of a $100 or more won't make any difference. And since they will be keeping their BTC on an exchange anyway, exchanging some of it for an easy to use peer-to-peer currency like BCH will be easy.

    And imagine if the government (or even just banks) start to strongly back BTC. They could easily set up a hybrid system like the XAPO card. Your BTC could be used as collateral for a credit card or some other loan. The Federal Reserve could easily give BTC a huge advantage by buying up a large quantity every year with their unlimited money printing capabilities. It would be a win-win situation for them. Unlike a lot of the junk securing bank debt, they would have an asset that actually increases in value when they buy more of it. The perfect collateral.

    Now I do believe that BCH (or possibly some other peer-to-peer currency) will survive. And I think it is important for the majority of the world that it does. But I don't think it will ever be the best store of value. The rich (upper 1%) will store their wealth in BTC, while the poor use BCH as a peer-to-peer currency. Which brings me to one last important point.

    There is a formula pertaining to the velocity of money. Basically, it says that GDP=Velocity*Value. Translating for a cryptocurrency, value would be the market value of a coin, velocity would be proportional to how fast it is spent, and GDP would be the value of that particular crypto-economy. BTW, we can also express that formula as Value=GDP/Velocity, which shows that increasing the velocity of money in a given economy can actually decrease it's value (this is one of the forces that can turn inflation to hyperinflation as people start to spend their money as soon as they get it).

    Now I don't have the data to plug any numbers into this poorly redefined velocity of money equation, but I can make a guess about the future. I am guessing that the BCH network will be used by people that live day by day and rapidly move money to survive. And if the money is moved a dozen times as fast on the BCH network as on the BTC network (even if GDP of each sub-economy remains the same), then using the velocity formula, the BCH network will only be worth 1/12 of the BTC network. Add to this that the rich will keep their value on the BTC network mainly using it to buy/sell property possibly in a Pareto distribution of wealth (say 80% on the BTC network), and you could have a situation where the BCH network is worth slightly less than 2% (1/5 * 1/12) of the BTC network. Note that I could have a bad assumption here. Maybe Value will become the static variable with GDP being proportional to velocity. Then the BCH network might be closer to 20% of the value of the BTC network. Either way, BTC would strongly predominate.

    I lucked out in the fork. Most of my bitcoins were and are in cold storage in a safe deposit box with a time-locked address with a long time to go. I can't mess up (nor can I do anything useful or important if necessary). If not, I probably would have converted half of them to BCH at the worst possible time. Personally, I think everyone should keep at least half their crypto-wealth in BTC regardless of what they think of the Core team or the Loony Network.

    Which brings me to my conclusion. We need to concentrate on making BCH the best peer-to-peer crypto-currency possible. Price and value aren't important. Only that poor people around the world will have a useful currency. This is our true value, not the capitalization fiat number assigned by coinmarketcap. It also brings up one final issue: Security.

    We will never have a majority of the hash power like BTC, which will make us appear vulnerable. Which means some minor compromises like rolling checkpoints and even renting hash when attacked. It also means that we must be willing to fork if necessary to remove toxic people like Craig Wright and Calvin Ayre.

    The important thing is to survive while we grow to become a world peer-to-peer currency.

    If you are still here, thanks for reading my rambling post.

    submitted by /u/jaimewarlock
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    Bryce Weiner: " Bitcoin [Core] is a garbage network.... "

    Posted: 30 Dec 2018 06:13 PM PST

    I am super excited to use bitdb and bitquery and bitsocket, but it's my first time and it's a bit overwhelming me, a video tutorial would be so helpful

    Posted: 30 Dec 2018 11:02 PM PST

    When using bitdb, do I need to host it?, and if not how do I do it and what do I download for bitquery etc. I already have node.js npm etc. Installed and I have some html CSS and Javascript files running what else do I need, trying to run some bitdb bitquery examples and no luck

    so confused

    submitted by /u/Nilecrile
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    Core minions are disappointed: No Store of Value, No Lambo ��‍♂️

    Posted: 30 Dec 2018 06:17 PM PST

    If Alice makes a purchase on Amazon/eBay using Bitcoin she saves maybe 3%. If Alice makes a purchase on decentralized Amazon/eBay she saves up to 40% (30% extortion + 10% platform fees). Bitcoin wins by creating platforms which cut out extortion/middlemen, NOT through legacy business adoption.

    Posted: 30 Dec 2018 02:53 PM PST

    Jordan Peterson is a clinical psychologist with millions of YouTube views, sold millions of books, and he's bringing the the fight for free speech against Patreon and other payment systems that censor speech. But is he likes Bitcoin, which is heavily censored. Let him know about alternatives!

    Posted: 30 Dec 2018 06:25 PM PST

    If we all gave $10 worth of Bitcoin Cash to three friends, then adoption could happen in as little as a few years. Also, the price might mature nicely.

    Posted: 30 Dec 2018 04:31 PM PST

    I've already done my personal duty to one friend of mine. She didn't understand it at first, but giving her her very own Bitcoin Cash helped her become more interested. I really liked the experience. It made me feel good inside. Not only do I want to onboard two more people short-term, but I don't think I'd mind finding more friends just for the sheer experience of it.

    It's spreading Bitcoin all over again. There is a great work ahead of us all.

    submitted by /u/cryptacritic17
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    PayPal Bans Account of Hacker News, Bitcoin Could Be the Answer

    Posted: 30 Dec 2018 03:24 PM PST

    Lou Kerner says Bitcoin Could Replace Gold As A Dominant Store of Value

    Posted: 31 Dec 2018 12:55 AM PST

    Blockonomics BCH support - A message to Roger Ver

    Posted: 30 Dec 2018 08:12 AM PST

    Hi,

    Recent news about OpenNode has created a lot of discussion, I am not sure what is the perspective of OpenNode Team - maybe its coming from having too much VC money!

    I am the CEO @ Blockonomics. We are a leading blockexplorer / wallet watcher / payment in Bitcoin currently. We have 5000+ merchants on various e-commerce platforms, with 1000+ active merchants on Wordpress itself.

    We have been around since 2014, and are totally self funded and bootstrapped (without any VC money). I already have expressed my apprehensions about lightning network and I believe BCH has a very bright future.

    While, we can add BCH to Blockonomics without any funding help, due to our limited resources and low revenues due to decreased payment volumes, it would take lots of time.

    We would appreciate any the financial help we can get! You can contact us here.

    Please upvote for visibility ! Thanks all

    submitted by /u/blockonomics_co
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    Bitcoin Maximalists' Impossible Dream - Forbes

    Posted: 31 Dec 2018 12:22 AM PST

    The chickens just on-boarded seven new users to bitcoin cash.

    Posted: 30 Dec 2018 09:14 AM PST

    Yesterday, the chickens did a BCH giveaway on twitch, setting up seven users with bitcoin.com wallets. They gave $1 to anyone who installed a wallet and sent in a payment address. There was one lucky winner of $25 in BCH.

    The chickens are planning their next livestream giveaway this week.

    It was so easy to on-board so many new people. This is a fun way for newcomers to have their first bitcoin experience. These giveaways are the full bitcoin experience, receiving some BCH, then sending some to feed the chickens. People are really impressed with the speed and ease of using BCH.

    Edit: Forgot to add the chickens twitch channel: chickens.cash or twitch.tv/redpepper261

    submitted by /u/redpepper261
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    Bitcoin, the Bitcoin Cash roadmap, and the Law of Two Feet - Rick Falkvinge

    Posted: 30 Dec 2018 11:51 AM PST

    Niobio Cash Market Capitalization Tops $605,040.00 (NBR) - Fairfield Current

    Posted: 31 Dec 2018 12:22 AM PST

    This Is Why I Am Supporting Bitcoin Cash.

    Posted: 30 Dec 2018 12:14 PM PST

    Wells Fargo Scams Its Clients and Bans Crypto Purchases

    Posted: 31 Dec 2018 12:11 AM PST

    Here is a sneak preview of AtomicPay POS for Merchants. Bitcoin Cash accepted here! Releasing on early Q1 2019. We make things simpler for merchants at atomicpay.io

    Posted: 30 Dec 2018 05:43 AM PST

    eCommerce is the way to adoption - Do your part

    Posted: 30 Dec 2018 10:49 AM PST

    I see a lot of people posting about different projects related to ecommerce and how this is the best path to adoption. I agree, using crypto as a currency is the best way to increase adoption, and thus marketcap of the coins. Its in everyones best interest to use and adopt crypto.

    I wanted to take the time and come up with a brief list of different services and ways to use/spend crypto.

    Great for the average person

    Forra.io - A cryptocurrency ecommerce marketplace

    Great for business owners

    paybear.io

    coinpayments.io

    submitted by /u/inEthos
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    Question about avalanche

    Posted: 30 Dec 2018 12:58 PM PST

    What prevents an attacker with a large node set from pushing voting in a way that he/she chooses?

    As far as i can tell avalanche only works as long as nodes are willing to flip their colors/stance. So i think a way to do this would be by modifying the source code to vote a certain way regardless of peer opinions with a given tx, and spinning up a bunch of nodes with said modified source to manipulate the voting system.

    now i know the immediate response to my question is "peers are sampled at random"

    but im not talking about some dude who spins up 10 nodes to try and double spend, im talking about a state actor or well funded attacker who has millions to spend on spinning up nodes to vote as they see fit. if txs in a block are locked in by this preconsensus, you could essentially turn the system into one that requires permission/approval to get your tx into a block, no?

    Can someone clarify this for me?

    Edit for clarity: Lets say the attack has 60million CAD (44million USD) to spend on this attack. This is an arbitrary number, the point is that they are well funded.

    EDIT: SOLVED, /u/tcrypt answered the question for me by explaining that only nodes that have performed pow, in the last 100 blocks for example, get avalanche votes. Thanks for that.

    submitted by /u/GregGriffith
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    Roger Ver Donating $1m to Startup if They Build on BCH Instead of BTC

    Posted: 30 Dec 2018 04:50 AM PST

    The 800lb Shitcoin: Why Bitcoin SV Market Cap Is Pure Fantasy

    Posted: 30 Dec 2018 09:01 AM PST

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