Hence the use of the term patent trolling. I am not sure but I think that situation bolded in your post is what the term is referring to. If an entity is only applying for patents without the intention to build now or in the future, and that the real purpose of applying for a patent is for litigation and sometimes profit then we can assume that entity is a patent troll.

Some people may think that it does not limit innovation but it really does. We cannot have our inventors think twice about creating and releasing a design simply because they are afraid of violating patent laws.

 

Maybe it is me who misunderstood patent trolling. As I understand it, an entity applies for a patent but does not have the intention to build what he or she has patented. So when someone else accidentally "invents" the same idea the entity who applied for the patent first has the right to file an intellectual property related case against the person who has actually built the invention.

I am not sure if that is a case of patent trolling but I think that is what some of these companies are doing.

Good question OP! I would like to hear the answer straight from either a Core developer who worked extensively on Segwit or from a developer who is working on an LN implementation. This question was asked before but no one who really knows about the subject has come forward to answer. If someone has please post the link in this thread.

It would be stupid of him to come back and say that this is a bull trap. First of all he made a mistake, so anyone believing him now is as stupid as him or maybe they are trolling. Second, this is not a bull trap. A bull trap happens when a market is going down, not up.

A month or 2 ago I would have said yes. In fact I had buy orders placed at the mid $500's because I really thought that Bitcoin will stay below $600 until early next year. Answering your question now, I could only tell you to look at the price now and look how strong it is. Does that look like it will go back down to $500 to you?

I recently read this article on Coinbase. Coinbase Seeks Patent for Bitcoin Private Key Security System

It mentioned that there are Bitcoin companies like Blockstream, Digital Asset Holdings, and old companies such as AT&T and Nasdaq that are applying for patents relating to Bitcoin technology. I have also read that 21 Inc. have also applied for patents. Are we seeing the future of Bitcoin with a lot of patent trolls? Do they have the intention to make the products and tools out of those patents? It almost looks like they are limiting the developers' need to create.

OP, it is funny that you made this thread. I just had my longest wait for a confirmation just yesterday. I waited around 6 - 8 hours to get one small transaction to be confirmed. I checked the mempool and it had a really high no. of unconfirmed transactions. Should this be a cause for concern? I do not think this is normal anymore.

All who went short should be closing them now. It would be a mistake to continue to do so and keep on hoping that it will go the other way one day. Maybe it would, but by that time the price might already be too high and it was better to hold and go long in the first place.

There is one use case where a big time crime ring could make use of Bitcoins. What about kidnapping for ransom? It would be a lot easier for them to collect money if it was done thru Bitcoin. Let us all wait for the day that a Mexican cartel ransom demand is done in Bitcoin. Or do you see how the big time hit men in the movies only use their computers to send and receive funds? That could happen with the use of Bitcoins. It will be much easier for them and safer.

That is not the point. My point is there is an increase in some illegal avenues of Bitcoin's use case. Whether or not Bitcoin caused it or not is irrelevant in what I am trying to say. Like you said, it is a natural evolution in cyber crime. Well the use of Bitcoin is already part of that evolution and it will not stop there, it will grow over time and at some point it might be impossible to stop it. It will become a part of society's ills in their life with the internet.

I would say that is an excellent use case for Bitcoin if it becomes widespread and unstoppable.

Whatever they mean to do, it is not working. Right from the beginning the miners already know which "side" to support. To what reasons why they decided to pick a "side" is arguable. It may be politics, their earn or the safety and the well being of Bitcoin as a whole. So I do think in the end they will be supporting core all the way.

But is there really a lot in US Dollars they can collect from the use of Bitcoins? I do not think their ultimate aim is just to collect taxes. When the US government makes moves such as this one, there is always a hidden agenda behind it. Sorry for my distrust but we have seen governments around the world that seek to oppress and take advantage their people even in democratic countries.

Yeah this could be all for show and another fear mongering strategy used by the US government to discourage the use of Bitcoins and other cryptocurrencies. It will not be surprising if the ruling banks are trying to put pressure on the government to put a stop or even ban Bitcoin.

I ask this from a neutral standpoint. Then why is there a lot of hate directed towards the Core developers? They will keep developing and try to push Bitcoin forward in a way they think is best. But it is the miners who have the final word. Why won't the developers of Bitcoin Unlimited start campaigning for their cause instead of spreading FUD?

Exactly this. That is all hype and them jumping on the bandwagon while "blockchains" is still trendy and a buzzword. Do not worry everyone, everything "blockchain" will come crashing in time then we will all come back to the true and original Bitcoin.

I wonder what consultancy group advised them to use a "blockchain". Because they are scamming the Royal Mint out of their money. That is so funny.

Thank you for putting it in that context, that really clears everything up and that will be a good response to the people who are spreading FUD about how the Core developers are trying to seize control over Bitcoin.


Then I ask, why is there a need for all the drama from the Bitcoin Unlimited supporters since the miners will decide what is final anyway?

I do not consider it only good. It is a really excellent tool for doing illegal stuff online. Have you seen the interest from ransomware using hackers? It is increasing. I will not be astonished if we find out that different terrorist groups are using Bitcoin as a tool for value transfer.
 

That is not what I said. As a fellow Bitcoiner of course I want it to be used by the mainstream. But the question is, is there a need for it when the current system that was put in place by the banks and the government is already efficient and very convenient for everyone in society. Meaning if the banks serve a market space, there will be little to no need for Bitcoin. So what space does the banks refuse to serve? Those are the gaps Bitcoin will fill.

Hello Bitsane, I just took a look at the site. I would like to complement you on creating a simple design yet enough to get things done. I wish you all the best and I hope the volume in your exchange increases soon. I also suggest adding more prominent altcoins because that will help create more volume in the exchange.

My suggestion. Do not upload any form of identification that would compromise you or your privacy, maybe not now but in the future. It would be better to open multiple accounts with them to ensure that your privacy remains intact since they do not allow adding and changing of Bitcoin addresses. I do not think opening multiple accounts with them is against their TOS. In fact I think they allow it since you can link different accounts that you own.

That is merely pure speculation. Why? Because we do not have a final implementation of he Lightning Network yet. Basing that hypothesis on the early proposals, maybe it might hurt them. But it might not be in a big way like what you are trying to project. Do not forget that LN channels will and have to close at some point.