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    Home Unlabelled BTC This guy pointed out years ago that "lock down the protocol" is a Blockstream strategy

    BTC This guy pointed out years ago that "lock down the protocol" is a Blockstream strategy

    December 24, 2018

    BTC This guy pointed out years ago that "lock down the protocol" is a Blockstream strategy

    This guy pointed out years ago that "lock down the protocol" is a Blockstream strategy

    Posted: 23 Dec 2018 05:29 PM PST

    Why Chris Pacia and the Open Bazaar guys are awesome!

    Posted: 23 Dec 2018 10:22 PM PST

    So crazy. For about 90 days I don't think I argued with one LN shill. Just SV shills everywhere I looked. Now this sub is overrun with LN shills again.

    Posted: 23 Dec 2018 04:52 PM PST

    http://archive.is/gu2LS

    . Around about the same time last year when Blockstream came active on the scene every single bitcoin troll disappeared, and I mean literally every single one. In the years before that there were a large number of active anti-bitcoin trolls. They even have an active sub r/buttcoin. Up until last year you could go down to the bottom of pretty much any thread in r/bitcoin and see many of the usual trolls who were heavily downvoted for saying something along the lines of "bitcoin is shit", "You guys and your tulips" etc. But suddenly last year they all disappeared. Instead a new type of bitcoin user appeared. Someone who said they were fully in support of bitcoin but they just so happened to support every single thing Blockstream and its employees said and did. They had the exact same tone as the trolls who had disappeared. Their way to talking to people was aggressive, they'd call people names, they had a relatively poor understanding of how bitcoin fundamentally worked. They were extremely argumentative. These users are the majority of the list of that video. When the 10's of thousands of users were censored and expelled from r/bitcoin they ended up congregating in r/btc. The strange thing was that the users listed in that video also moved over to r/btc and spend all day everyday posting troll-like comments and misinformation. Naturally they get heavily downvoted by the real users in r/btc. They spend their time constantly causing as much drama as possible. At every opportunity they scream about "censorship" in r/btc while they are happy about the censorship in r/bitcoin. These people are astroturfers. What someone somewhere worked out, is that all you have to do to take down a community is say that you are on their side. It is an astoundingly effective form of psychological attack.

    submitted by /u/jessquit
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    There's a lot of new people here after the 150% gains. Check twice before thinking someone is a shill or troll.

    Posted: 23 Dec 2018 08:02 PM PST

    Bitcoin Price Recovers as Dow Suffers Worst Week in a Decade

    Posted: 23 Dec 2018 04:11 PM PST

    "History will not be kind to those who stood in the way of the single most important socioeconomic evolution since the dawn of mankind."

    Posted: 24 Dec 2018 12:21 AM PST

    Their attack has been transparent since day 1.

    A clear conflict of interest obvious even to the most ignorant evaluator, hence why people like Andreas and others will be forever remembered as sabotage-enablers and deep-intel operatives.

    History will not be kind to those who stood in the way of the single most important socioeconomic evolution since the dawn of mankind.

    The very first brain-conceived natural resource, with nothing but mathematics and the laws of thermodynamics to maintain what will become the new financial world standard.

    And those fuck-ups at Blockstream are wearing hats and painting satellite ponies.

    Bitcoin has already won you idiots, just sit and watch.

    If I were there at the top of the pyramid, I would accelerate whatever plans I have to the maximum.

    Because tick-tock, motherfuckers.

    /Lovely comment by u/wisequote

    Source: https://www.reddit.com/r/btc/comments/a90g8p/this_guy_pointed_out_years_ago_that_lock_down_the/

    submitted by /u/SwedishSalsa
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    Markets Update: Bitcoin Cash Gains More Than 140% This Week

    Posted: 23 Dec 2018 12:12 PM PST

    A friend spotted this in Japan today.

    Posted: 23 Dec 2018 08:13 PM PST

    *S&P goes down 5%* News media: CRASHHHHH Me:

    Posted: 23 Dec 2018 11:19 PM PST

    Pool.Bitcoin.com now has their own mining pool monitoring app for both iOS and Android!

    Posted: 23 Dec 2018 09:32 PM PST

    Roger Ver tells all, Bitcoin Cash, Bitcoin SV, Bitcoin and so much more

    Posted: 23 Dec 2018 07:50 PM PST

    The new subversion: "honest miners" sometimes must use their hashpower to break other people's blockchains

    Posted: 23 Dec 2018 08:32 PM PST

    TLDR: honest miners use their hashpower to mine coins on the chain they value, giving it protection and increasing the value of the coins they are mining. Diverting hashpower from the chain you value to point it instead at a chain you don't with the intent to destroy it, earning coins that you hope to make worthless, and wiping out thousands to millions of your current customers, is dishonest mining.

    (I can't believe this needs saying or explaining, but such is the current state of the Overton Window on this issue.)

    In the run up to the SV split, a new narrative arose which I had never encountered.

    This new narrative was that majority hashpower should not be content merely to extend and protect the chain they value most. Under the new narrative, majority hashpower has a moral duty to kill minority chains.

    Let's take a moment to think this through.

    Alice is a miner on the majority fork. According to this new theory of mining honesty, Alice should divert her hashpower away from the majority chain, which she supports, and where her hashpower earns her a reward that is paid in coins that she hopes will become ever more valuable.

    Instead of protecting the chain she supports and earning coins on it, Alice should point her hashpower onto a chain she doesn't support, and use her hashpower destructively, earning coins she doesn't want and which she hopes to make valueless. By doing so, Alice will somehow improve things for the chain she supports, but which she is not protecting or earning coins on.

    Hopefully it's become clear what the problem is: the incentives. When Alice mines on the "enemy chain" in the hopes of harming it, she quits earning in the coins she values. Instead, her competitors earn those coins. Alice instead earns "enemy coins" which, if her attack succeeds, are worthless. So if Alice conducts this attack she is strictly worse off than her competitors who don't. She is basically burning money while they're earning money.

    But if Alice succeeds, then what? Let's assume the death of the enemy coin causes Preferred Coin to become much more valuable (more on that improbability later). Alice and her competitors all share in the reward.

    Alice could long Preferred Coin and short Enemy Coin. But so can competitors. In fact the market is already doing this: the reduced security of a minority chain is priced into that coin's futures. At least, it should be. So while Alice can profit from her inside information that she is in fact going to conduct an attack at a specific time, the market has already priced in some likelihood of this happening. This limits Alice's ability to profit from this attack.

    But let's back up.

    Miners, in general, prefer a diverse cryptosystem. In fact the BTC / BCH split was incredibly good for SHA256 miners. More coins competing reduces risk if any one fails, or if a particular coin creates a game changing feature that isn't easily replicated on other coins.

    And let's think through what would happen in a wipeout attack of some sort.

    Bob is all-in on Enemy Coin. He earns, saves, and spends in Enemy Coin. Turns out Bob really is a true believer in Enemy Coin technology. He hangs out in r/EnemyCoin all day scolding the trolls and shilling Enemy Coin like a good Ecoiner.

    Along comes Alice with her amazing wipeout attack. Boom. Bob is now destitute. Alice starts to celebrate, then stops suddenly.

    How is Alice better off with Bob broke? He has no money now with which to buy Preferred Coin. And besides even if Bob earns more, Bob will never buy Alice's coins and will tell everyone Alice is a really bad person. Bob may even consider legal action against Alice for this act of financial vandalism.

    If I were Alice, I would strongly question whether or not I am actually better off with Enemy Coin holders being wiped out. How am I better off if thousands or millions of crypto holders - my target customers - get suddenly poorer - or even financially vaporized (and my what a hurtful news cycle that would generate).

    So I think it's clear. Alice is made worse off vis a vis her competitors because she's earning coins she's quickly driving to zero, and moreover, she and the rest of the miners will likely be quite worse off if they wipe out some percent of their customers. It would literally be "deleting wealth out of the crypto-economy." The only people better off would be the bankers and the buttcoiners.

    Really, what would be best for Alice if she really believes in Preferred Coin is to mine Preferred Coin and earn more of them. Instead of attacking Enemy Coin, she should spend any of her additional resources making Preferred Coin or its ecosystem better, and convincing Enemy Coin holders to give Preferred Coin another shot.

    submitted by /u/jessquit
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    I think I know why Greg Maxwell is BSV positive. It's got Champaign Potential.

    Posted: 23 Dec 2018 10:28 PM PST

    BCH now feels like early 2015

    Posted: 23 Dec 2018 07:40 PM PST

    I came in as part of the MtGox hype-cycle. Very excited. Told my friends. Newb. Bought at $150 and $1200.

    Jan 5th, $150 Bitcoin. "Bitcoin is Dead!". Feel dumb. Friends were "right".

    One month later $300! Hmmmmmm.

    submitted by /u/braclayrab
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    PayPal, Mastercard, Patreon are actively stifling free speech. The world needs Bitcoin more than ever.

    Posted: 24 Dec 2018 12:31 AM PST

    Lots of amazing Bitcoin Cash logos available in both green and orange!

    Posted: 23 Dec 2018 08:59 PM PST

    True story

    Posted: 23 Dec 2018 03:11 AM PST

    Something Big Is Happening on Bitcoin Cash - Bitcoin Cash News Merry Bitmas Edition

    Posted: 23 Dec 2018 12:02 PM PST

    Hopefully OB can continue to get traction - Dirty dealing in the $175 billion Amazon Marketplace

    Posted: 24 Dec 2018 01:05 AM PST

    The account of prolific and brilliant Reddit submitter /u/JustSomeBadAdvice has been suspended. Anyone know why?

    Posted: 23 Dec 2018 09:50 AM PST

    I'm very surprised because it seemed to me he went out of his way to interact with people in a polite and civilized manner. I learned a lot from /u/JustSomeBadAdvice. If you're reading this, thank you for your posts mate.

    submitted by /u/mossmoon
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    Critical™ Pattern Forming In Bitcoin & Crypto Markets

    Posted: 24 Dec 2018 12:33 AM PST

    AtomicPay For PrestaShop Module is released as Open Source on Github. Over 270,000 merchants can accept BTC & BCH directly to their wallet without third party processor. Install at https://github.com/atomicpay/prestashop-plugin

    Posted: 23 Dec 2018 11:29 AM PST

    You get a lot more Bitcoin if you buy it before hyperinflation occurs. Peru and Colombia are learning valuable lessons from Venezuela.

    Posted: 23 Dec 2018 05:37 PM PST

    Number Of Cryptocurrency ATMs Around The World Doubled

    Posted: 23 Dec 2018 09:56 AM PST

    Njalla has re-enabled BCH as a payment method

    Posted: 23 Dec 2018 03:04 AM PST
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