$55 Million for Blockstream to build out Bitcoin!

[toknormal]

Corporate backing for bitcoin/Bitcoin developers. No one else sees a problem with this?

Huge problems, we need trusted, community based methods to keep the code free and independent.

Like this one ?....





I don't have any problem in principle with 3rd party corporates doing initiatives around bitcoin - people can do what they like.

But if the ultimate deciders - the miners - adopt the Blockstream model then you can kiss the original ideals of bitcoin goodbye. All it is a bank in reverse. JP Morgan is putting a poxy blockchain at the heart of their corporate brokering monolith to act as the clearing mechanism. Blockstream are building a corporate brokering monolith around a poxy blockchain which will, by then, also be no more than a clearing layer.

Same result, different path.

Talk about taking a bold vision and taming it with legacy baggage. No wonder the price has taken a dump.

Bitcoin works fine as a backbone to the cryptocurrency economy without welding it to other chains.

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[johnyj]

In fact I doubt if anyone with different idea are still reading this forum 

[sAt0sHiFanClub]

Only the code matters.

Good point!  I agree.

Who is writing the code?

I don't care.  Only the code matters.

Who is influencing the people writing the code, and what are their intentions?

I don't care; that's none of my business.  Only the code matters.

Gawd dammit, Ice, I agree with you for once.  

Only. The. Code. Matters.

So true.

"We were one of the first companies that painted a vision for interoperable blockchains, that there wasn’t going to be one blockchain, but many of them, all building off the bitcoin codebase to deliver the technology."

In particular, Hill cited the recent decision by blockchain startup Digital Asset Holdings to use Blockstream’s tech as part of its Open Ledger Project, an open-source blockchain initiative being overseen by the Linux Foundation, as an example how the bitcoin codebase can become more relevant for commercial applications.

As such, Hill suggested Blockstream’s value proposition will be in its ability to adapt bitcoin’s codebase for other production use cases

btw - I;ve searched the coindesk article and blockstreams PR for mention of bitcoins ( as in the currency) and I cant find it. Am I missing something? Litecoinguy, when are they buyin all the coinz??  

https://www.youtube.com/watch?v=_8mduTEvnU0

[iCEBREAKER]

Gawd dammit, Ice, I agree with you for once.  

Only. The. Code. Matters.

So true.

Crikey, isn't that a sign of the Bitpocalypse?   

But ya, only the code matters.

All of this anti-Blockstream FUD fixating on who wrote the code, why they wrote it, where they wrote it, what they were wearing when they wrote it, what they ate for breakfast, what club they went to last night, and where their pets' vet went to elementary school is an irrelevant distraction.

[franky1]

All of this anti-Blockstream FUD fixating on who wrote the code, why they wrote it, where they wrote it, what they were wearing when they wrote it, what they ate for breakfast, what club they went to last night, and where their pets' vet went to elementary school is an irrelevant distraction.

yet your 19page topic flaming anyone who wasnt blockstream, was relevant?

im guessing you, carlton, Lauda and ciyam are getting a nice bounty win from that $55mill

[iCEBREAKER]

All of this anti-Blockstream FUD fixating on who wrote the code, why they wrote it, where they wrote it, what they were wearing when they wrote it, what they ate for breakfast, what club they went to last night, and where their pets' vet went to elementary school is an irrelevant distraction.

yet your 19page topic flaming anyone who wasnt blockstream, was relevant?

im guessing you, carlton, Lauda and ciyam are getting a nice bounty win from that $55mill

I don't recall such a topic.  Link please...

Oh wait, shouldn't you already be busy digging up all those old posts where I supposedly "portrayed myself as anti-capitalist?"

Or are you so butthurt about Blockstream's $55MM war chest that you are resorting to just making shit up?

[MicroGuy]

Corporate backing for bitcoin/Bitcoin developers. No one else sees a problem with this?

This is perhaps the most egregious example of "Conflict of Interest" in recorded history.

~~

A 2MB blocksize (BIP 102) is not in the best interest of Blockstream, therefore it ain't gonna happen folks.

[croTek4]

Gawd dammit, Ice, I agree with you for once.  

Only. The. Code. Matters.

So true.

Crikey, isn't that a sign of the Bitpocalypse?   

But ya, only the code matters.

All of this anti-Blockstream FUD fixating on who wrote the code, why they wrote it, where they wrote it, what they were wearing when they wrote it, what they ate for breakfast, what club they went to last night, and where their pets' vet went to elementary school is an irrelevant distraction.

Nope, none of that. And there is no fud or anti-blockstream.
Just asking people to question the motives of people who now have over $55 mil of corporate backing.

[franky1]

All of this anti-Blockstream FUD fixating on who wrote the code, why they wrote it, where they wrote it, what they were wearing when they wrote it, what they ate for breakfast, what club they went to last night, and where their pets' vet went to elementary school is an irrelevant distraction.

yet your 19page topic flaming anyone who wasnt blockstream, was relevant?

im guessing you, carlton, Lauda and ciyam are getting a nice bounty win from that $55mill

I don't recall such a topic.  Link please...

Oh wait, shouldn't you already be busy digging up all those old posts where I supposedly "portrayed myself as anti-capitalist?"

Or are you so butthurt about Blockstream's $55MM war chest that you are resorting to just making shit up?

to answer your 2 questions,
https://bitcointalk.org/index.php?topic=1330553.0

 

[toknormal]

only the code matters.

No it doesn't. And don't fool yourself that this is remotely 'capitalism' either.

The sad hypocricy of these developments is that Adam Back asserted back in 2013 that he thought that Bitcoin was a "one off event" and that he didn't hold much store by altcoins.

Then he goes and starts a company to build altcoins - just not ones that the market can value independently of bitcoin.

So what will happen now is that bitcoin won't be bitcoin any longer as far as markets are concerned. It will be a heterogenous, unfungible cludge of every kind of chain you can think of, all welded together like siamese x-tuplets where liquidity or value in any sector is a lottery, not subject to the indigenous  supply and demand of that sector but at the mercy of the economic fortunes of every other.
 
"The market" will simply value it accordingly. "Sidechain warts" and all where every sh*tcoin has the same value as bitcoin because a bunch of programmers said so.

There's already a precedent for this - it's called the Euro, where if Germany sneezes, all the Mediterranean countries catch a cold.

Not what the doctor ordered

[iCEBREAKER]

Cryptography has never been a significant part of cryptocurrency - even though it may share the first few letters. It works on a system of digital signatures.

ROFLMAO I LITERALLY CANT EVEN

[toknormal]

ROFLMAO I LITERALLY CANT EVEN

Unusual for you to be that stumped for a reply. Just as well you keep those quotes handy for emergencies 

[iCEBREAKER]

By burying the whole system in cryptography your creating something that bitcoin isn't

[BlindMayorBitcorn]

Gawd dammit, Ice, I agree with you for once.  

Only. The. Code. Matters.

So true.

Crikey, isn't that a sign of the Bitpocalypse?    

But ya, only the code matters.

All of this anti-Blockstream FUD fixating on who wrote the code, why they wrote it, where they wrote it, what they were wearing when they wrote it, what they ate for breakfast, what club they went to last night, and where their pets' vet went to elementary school is an irrelevant distraction.

I believe what you are referring to is more commonly called the fullblocalypse. You don't spend much time observing walls, do you?

[MicroGuy]

https://twitter.com/rogerkver/status/693839577371561987

~~

only the code matters.

No it doesn't. And don't fool yourself that this is remotely 'capitalism' either.

The sad hypocricy of these developments is that Adam Back asserted back in 2013 that he thought that Bitcoin was a "one off event" and that he didn't hold much store by altcoins.

Then he goes and starts a company to build altcoins - just not ones that the market can value independently of bitcoin.

So what will happen now is that bitcoin won't be bitcoin any longer as far as markets are concerned. It will be a heterogenous, unfungible cludge of every kind of chain you can think of, all welded together like siamese x-tuplets where liquidity or value in any sector is a lottery, not subject to the indigenous  supply and demand of that sector but at the mercy of the economic fortunes of every other.
 
"The market" will simply value it accordingly. "Sidechain warts" and all where every sh*tcoin has the same value as bitcoin because a bunch of programmers said so.

There's already a precedent for this - it's called the Euro, where if Germany sneezes, all the Mediterranean countries catch a cold.

Not what the doctor ordered

Welcome to Blockstream's new and improved,  SideChainCoin™ - "The Coin with the Tiny Blocks!"

[Cconvert2G36]

These VC's are so generous.

They just grow Bitcoin by building it out in the best possible way, one immune from rent seeking. 

[iCEBREAKER]

Gawd dammit, Ice, I agree with you for once.  

Only. The. Code. Matters.

So true.

Crikey, isn't that a sign of the Bitpocalypse?    

But ya, only the code matters.

All of this anti-Blockstream FUD fixating on who wrote the code, why they wrote it, where they wrote it, what they were wearing when they wrote it, what they ate for breakfast, what club they went to last night, and where their pets' vet went to elementary school is an irrelevant distraction.

I believe what you are referring to is more commonly called the fullblocalypse. You don't spend much time observing walls, do you?

No, the fullblocalypse was last year during the stress tests.  That turned out to be a giant nothingburger.  All that hype and then...Bitcoin just kept working.  Boring!

The Bitpocalypse is much worse.  sAt0sHiFanClub and I agreeing is only beginning!   

[BlindMayorBitcorn]

^But we're afraid. Because we don't want more people on the plane. Because it's fragile. Send the teeming [people] to [altcoin].

[tss]

"I'm pretty sure the big block/Classic supporters will not like this news."

i think quite the opposite.. the big block/classic supporters will LOVE this news and use it to say that the core sentiment.

the blockchain is a revolutionary technology yet it is not designed as a solution to everything in one type of thing, and it should not be.  there should be programs and features built on top of the blockchain and not inside bitcoin itself.. bitcoin is meant to be SMALL, USEFUL, and DECENTRALIZED.  yes they can make bitcoin do everything but that is not the point, nor should that be the goal.  bitcoin makes payments available to all, across all borders, and without limits.  

let others develop the technology that will work with the blockchain and add whatever features they want.

hooray to blockstream for their efforts and congrats on their funding.

i know for a fact that with the proper fee i will ALWAYS be able to send money TO ANYONE I WANT, WHENEVER I WANT.  if you want to send a few satoshis in 10-20 years you will have to use a 3rd party service like blockstream.  

SUMMARY
if you want to send .0001 btc you can do it on the blockchain, if you want to send 1 satoshi, maybe a 3rd party service is more appropriate for you!

[Kakmakr]

If all these side chains operate like tentacles of a Octopus and Bitcoin will be the head, I will be happy. I see all these other proposals as a mere power grab without any innovation or special features. We need a team of strong developers, with a clear road map for Bitcoin and the Blockstream guys are bringing it.

They made provision for manageable scalability and they opened the door for side chains for people to innovate and customize their own technology. That is true innovation, not just a quick temporary patch to gain control or whatever hidden agenda they are pushing.