The damage is already done.

ONE license was handed out.

The rest of the NY companies folded or relocated elsewhere. The "foundation" is kidding themselves if they think this is going to change anything. That ship has sailed.

They now have a claimed 180 million "not stuck" but somehow contentiously being held up by "partner banks". But "don't worry", this amount doesn't mean anything, right?

Why is my Mt Gox alarm ringing? Oh that's right, when things started to go south for Gox was when the legacy banking system started to obstruct their transfers. How is this not the same?

Oh right, BFX said it wasn't a problem. Well, I should trust those guys, after all -- they did embezzle customer money to pay their legal fees and then issued an IOU token scheme to pay customers from other customers trading fees. With an incestuous relationship like that, what ISN'T possible?

I look forward to their next equivalent of "Two Weeks" and "Soonish"....

How you fail to recognize that extra transaction steps result in inefficiencies is rather mind-boggling. "Only valid if users don't use other coin for their main wallet" what the hell is that? I have BTC and LTC and I magically somehow transfer between the two because I have "both"? It still means a transaction is recorded on both chains, which means the added steps are higher cost-wise.

Eh, whatever, juggle alt-coins all you want - you aren't inspiring confidence in your deductive abilities.

Using an alt to avoid fees just shows how stupid these people are.

Instead of paying a simple fee you have to enter into a multiple-chain-of-trust between an exchange and the alt you are "saving" money with, then rely on it again to transfer back into your origin coin.

If you wanted to make a more goldbergian-esque process, you'd have to try a lot harder - this kind of multi-step exchange and liquidity risk is only for professional idiots.

More likely -- Chandler Guo realized what a dumpster fire BU is and the people attached to it.

I'd pull the rip-cord too, after finding out about the ASICBoost shennaningans.

Honestly, who gives a flying crap if someone leaves a large open-source project. Happens all the time. You don't see people moaning about the death of Linux because some hayseed quit out in Des Moines, do you?

Open source is more robust than a few individuals.

I concur with Carlton on the extension blocks summary, which incidentally Jihan "fuck your mother if you want fuck" Wu was pushing before he got exposed using the ASICBoost cheat covertly.

That's all you need to know...

Oh right, they didn't check about paying with a proper fee. What a misleading piece of shit "study".

I pay the proper fee, my transactions have always confirmed just like they always do. I don't know what these clowns are pushing, but if you're trying to use a global network for FREE, better expect some delay for being a fucking cheapskate. It boggles my mind that some idiot out there thinks saving a dollar is really going to help in the long run. Must be the same people that split two-ply toilet paper at home because they can't help but be annoying thrifters.

They also ignore the effect of certain mining pool jackwagons that have a propensity to work on empty blocks. Yeah, that really helps things....

That's the best part, you're about to be "unplugged" and you don't even see it. I love a good front-row seat to some cognitive dissonance. This one should be 'effing EPIC.

LOL Sure. That's what is going to happen - everyone will MAGICALLY trust Jihan Wu because he's such an upstanding guy. Oh, and BU too, because they're so awesome.

What color is the sky in your world where these things are true? And what happens there when reality doesn't agree with you?

You're about to find out.

And the spin-factory is up to full speed.

Its all patently obvious to those that have been tracking Bitcoin for a long time that saying ASICBoost being an "optimization" is doublespeak for what it really is -- a greedy cheat.

It completely explains the tactics and motives by BU supporters and Jihan Wu, specifically. Roger Ver has been VERY quiet so far on the topic, which means he's trying to figure out how not to look like a complete scamming asshole, yet again. Maybe a video that says "ASICBoost is the fault of the legacy banking system?" like Gox? Lolololol...

Seriously though, BU is done, Jihan Wu is done, and Ver is very much done. Stick a fork in it - these fuckers have been found out.

So lets recap --- RipOffinex used customer money for their legal fund, then issued tokens that caused an immediate 36% haircut.

Most people took the loss, and moved on.

Now, after some time - users trading with BFX produced fee income for the exchange which they used to pay off their cheated customers.

So, this isn't some magnanimous gesture on BFX's part - they pushed the "hit" on the customer, and then used customer-generated fees to pay back everyone else. Even then, there are still big losers that will never be compensated.

These people are crooks, and anyone trading with BFX deserves every future "hack" they get. Believe me, this won't be the only incident, especially since they got away with it.

So he admits some retailers use it, but then turns it around as a reason not to use Bitcoin.

Reminds me of the similarly clueless opinion "Nobody goes there anymore, its way too crowded."

Are you really so dense that you can't deduce what is going on? Is this endemic to all people who support BU-like efforts? Maybe this is why the BU "dev" team is such a hot mess....lol

Yeah, we know about this LARPing pseudo-revolutionary, kthx.

Word is he's back in the UK since he couldn't cut it as an actual participant. Big surprise, eh?

Welcome to BU number 2.0 - this is yet-another-head-on-the-hydra that is BU and its other "kin" (Classic, XT etc..) that just won't fucking die.

You'll be hearing more about this "new idea" I'm sure, since the BU effort is crashing and burning.

Its pretty simple. BU is using an old forked version of Core's 0.11 client.

And they're doing it badly. They've already had two separate node-crashing incidents, and there are other lurking problems in their codebase that they refuse to let other people suggest fixes for. I don't really see how their "team" is going to implement anything complex, they can't even upgrade their client without massive issues as a result.

I'm not trusting my money to this crap, and I don't see why anyone in their right mind would either.

Gads, not this attention-whore again.

He went to a country in conflict, tried his hand at being a LARPer Revolutionary, then when reality didn't match his romanticized vision, ran back home to the UK.

Along the way he made sure to "run into" a journalist who wrote a story about it. How convenient.

I don't know if he's mentally ill, but his ego needs a serious reality-check.

Another person suggested an even lower amount to bet, but hasn't been taken up on the offer.

Roger Ver isn't going to pay out, or confirm anything. He knows he's been beaten - otherwise we'd hear about it non-stop from him on Twitter and other places.

He's done... for now.

Its guaranteed if you traded on a Chinese exchange that you traded with a bot. On other exchanges, still probable, but not to the extent it was on Chinese Bitcoin exchanges though. They pumped the living hell out of their volume using ping-ponging bot tricks, since there were no fees for trading and their infrastructure allowed it. After the PBoC crackdown, you are seeing what is close to "real" volume now. Its pretty hilarious.

LOL. If the shoe fits, wear it. I'm not going down some cut-n-paste rabbit hole, I have other things to do.