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Author Topic: Let's assume I'm a moron...explain Bitcoin unlimited.  (Read 1621 times)
DrBitcoin
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March 24, 2017, 12:00:41 PM
 #1

Let's all assume for a minute I'm a complete moron. Like just the biggest dummy that ever existed. I'll go so far as to say I have the mind of a toddler.

Now that we've established this...explain to me Bitcoin unlimited.

Will the Bitcoins I currently own lose their value or become useless? Can I buy Bitcoin unlimited like another alt coin?

I'm really a huge genius...but let's pretend just for his post I'm a complete and total moron and help me understand this please. Thanks.

18ddkpxg3oQHr1NHmNNbpYzyvAeXxst2dH
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March 24, 2017, 12:03:40 PM
 #2

the term you were looking for was ELI5 which means Explain Like I Am Five Smiley
and there are at least a dozen topics about what you are asking, currently active in this very board. try reading some of them, you won't get anything new in this topic.

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March 24, 2017, 12:12:15 PM
 #3

Let's all assume for a minute I'm a complete moron. Like just the biggest dummy that ever existed. I'll go so far as to say I have the mind of a toddler.

Now that we've established this...explain to me Bitcoin unlimited.

Will the Bitcoins I currently own lose their value or become useless? Can I buy Bitcoin unlimited like another alt coin?

I'm really a huge genius...but let's pretend just for his post I'm a complete and total moron and help me understand this please. Thanks.

Bitcoin Unlimited is a scam that tries to delude people into thinking they can get cheap and fast onchain transactions without no tradeoffs, and as we know, it aims for the low IQ people that cant see past fast and cheap.
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March 24, 2017, 12:19:24 PM
 #4

Let's all assume for a minute I'm a complete moron. Like just the biggest dummy that ever existed. I'll go so far as to say I have the mind of a toddler.

Now that we've established this...explain to me Bitcoin unlimited.

Will the Bitcoins I currently own lose their value or become useless? Can I buy Bitcoin unlimited like another alt coin?

I'm really a huge genius...but let's pretend just for his post I'm a complete and total moron and help me understand this please. Thanks.

Bitcoin Unlimited is a scam that tries to delude people into thinking they can get cheap and fast onchain transactions without no tradeoffs, and as we know, it aims for the low IQ people that cant see past fast and cheap.
Thanks for the answering(I was also looking for this.)
And now I'll even use the term ELI5, so is the current dump in bitcoin price due to that scam? People are actually selling their bitcoin and buying BU(if it can be bought at the moment) or ether or any other looking good alt like Dash?
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March 24, 2017, 12:23:16 PM
 #5

You're not the only person that doesn't understans what that bitcoin unlimited is. I myself have just came across the term because of this topic so I have done some research so apparently it's not considered an alt but still I don't understand a thing about it.
  https://bitcointalk.org/index.php?topic=1836919.0

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March 24, 2017, 12:24:47 PM
 #6

Let's all assume for a minute I'm a complete moron. Like just the biggest dummy that ever existed. I'll go so far as to say I have the mind of a toddler.

Now that we've established this...explain to me Bitcoin unlimited.

Will the Bitcoins I currently own lose their value or become useless? Can I buy Bitcoin unlimited like another alt coin?

I'm really a huge genius...but let's pretend just for his post I'm a complete and total moron and help me understand this please. Thanks.

Bitcoin Unlimited is a scam that tries to delude people into thinking they can get cheap and fast onchain transactions without no tradeoffs, and as we know, it aims for the low IQ people that cant see past fast and cheap.
Thanks for the answering(I was also looking for this.)
And now I'll even use the term ELI5, so is the current dump in bitcoin price due to that scam? People are actually selling their bitcoin and buying BU(if it can be bought at the moment) or ether or any other looking good alt like Dash?


its not an alt coin.  BU is an implemtnation of bitcoin.  it allows emergent consensus on blocksize. If a majority of hashpower forms consensus and some miners try to make a minority fork, the majority fork will be BU but its not seperat right now. you cannot buy "BTU" except as bogus futures contracts.

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March 24, 2017, 12:32:15 PM
Last edit: March 24, 2017, 12:44:05 PM by nutildah
 #7

its not an alt coin.  BU is an implemtnation of bitcoin.  it allows emergent consensus on blocksize. If a majority of hashpower forms consensus and some miners try to make a minority fork, the majority fork will be BU but its not seperat right now. you cannot buy "BTU" except as bogus futures contracts.

I remember people saying the exact same things about Bitcoin XT two years ago, and if I remember correctly, you were one of them. Folks on this board were incredibly adamant about making the point that their fork wasn't just another altcoin, but in reality that's exactly what it became.

This is just another such project hoping to capitalize off the success of bitcoin. It even borrowed its name.

I'm not saying BTC will be the digital currency that most people settle on in the future. Perhaps increasing block size isn't such a bad idea. But this is clearly just another attempt to hijack bitcoin's fame. One of many past and many to come.

*I also forgot about Bitcoin Classic...

https://en.wikipedia.org/wiki/Bitcoin_Classic

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March 24, 2017, 12:34:44 PM
 #8

the term you were looking for was ELI5 which means Explain Like I Am Five Smiley
and there are at least a dozen topics about what you are asking, currently active in this very board. try reading some of them, you won't get anything new in this topic.

There are some tech savvy five-year-olds out there.  I prefer "explain it like I am my mom."

18ddkpxg3oQHr1NHmNNbpYzyvAeXxst2dH
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March 24, 2017, 12:40:58 PM
 #9

The Tale Of Bitcoin

Once upon a time there was loads of space in blocks. And all the TXNS lived happily being processed quickly.

Then the number of TXNS become so large that the blocks were full.

The Blocksize was increased. (This has already happened in the past)

The number of Nodes running the FULL version of Bitcoin shrank.. (more resources required - bandwidth / storage etc..)

La la la - all the txns are happy again, as the blocks weren't full, and they could all be processed quickly.

Then the number of TXNS become so large that the blocks were full.

The Blocksize was increased. (This has already happened in the past)

The number of Nodes running the FULL version of Bitcoin shrank.. (more resources required - bandwidth / storage etc..)

La la la - all the txns are happy again, as the blocks weren't full, and they could all be processed quickly.

Then the number of TXNS become so large that the blocks were full.

...

BU : We want Bigger blocks again!

CORE : Well.. every time we increase the Blocksize we have PROOF that the number of full nodes decreases. This will  obviously end with a single digit number of miners being the only ones even capable of running a full node. Let alone mining. Not great for decentralisation. Let's try a different route ?

BU : NO! We want bigger blocks. And Give the power to increase the size to the Miners..

CORE : But we just explained how we feel this will destroy the central premise of Bitcoin ? And give FAR TOO MUCH power to a handful of miners.

BU : SHUT IT! We want bigger blocks. And if you don't give it to us we're going to split the network! And give the power to the already overly-powerful Miners.

CORE :  Well - we have a solution that gives us INFINITE capacity without increasing the Block size ? Are you interested now ?

BU : NO! NERDS!.. Give us Bigger Blocks!

..

.. boom. The End.

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March 24, 2017, 12:44:27 PM
 #10



its not an alt coin.  BU is an implemtnation of bitcoin.  

All alt coins are just another implementations of Bitcoin. But Bitcoin may be only one. So yep BU is altcoin
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March 24, 2017, 12:45:42 PM
 #11

The Tale Of Bitcoin

Once upon a time there was loads of space in blocks. And all the TXNS lived happily being processed quickly.

Then the number of TXNS become so large that the blocks were full.

ETC..


Wow.... wow.... Great job this is the best explanation EVER   Smiley
but it's a little too much "on the nose" but it's ok  Grin

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March 24, 2017, 12:45:44 PM
 #12

The Tale Of Bitcoin

Once upon a time there was loads of space in blocks. And all the TXNS lived happily being processed quickly.

Then the number of TXNS become so large that the blocks were full.

The Blocksize was increased. (This has already happened in the past)

The number of Nodes running the FULL version of Bitcoin shrank.. (more resources required - bandwidth / storage etc..)

La la la - all the txns are happy again, as the blocks weren't full, and they could all be processed quickly.

Then the number of TXNS become so large that the blocks were full.

The Blocksize was increased. (This has already happened in the past)

The number of Nodes running the FULL version of Bitcoin shrank.. (more resources required - bandwidth / storage etc..)

La la la - all the txns are happy again, as the blocks weren't full, and they could all be processed quickly.

Then the number of TXNS become so large that the blocks were full.

...

BU : We want Bigger blocks again!

CORE : Well.. every time we increase the Blocksize we have PROOF that the number of full nodes decreases. This will  obviously end with a single digit number of miners being the only ones even capable of running a full node. Let alone mining. Not great for decentralisation. Let's try a different route ?

BU : NO! We want bigger blocks. And Give the power to increase the size to the Miners..

CORE : But we just explained how we feel this will destroy the central premise of Bitcoin ? And give FAR TOO MUCH power to a handful of miners.

BU : SHUT IT! We want bigger blocks. And if you don't give it to us we're going to split the network! And give the power to the already overly-powerful Miners.

CORE :  Well - we have a solution that gives us INFINITE capacity without increasing the Block size ? Are you interested now ?

BU : NO! NERDS!.. Give us Bigger Blocks!

..

.. boom. The End.

Haha, this is something I may read to my 2 year old before bed, nicely done.
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March 24, 2017, 12:59:22 PM
 #13

The Tale Of Bitcoin

Once upon a time there was loads of space in blocks. And all the TXNS lived happily being processed quickly.

Then the number of TXNS become so large that the blocks were full.

The Blocksize was increased. (This has already happened in the past)

The number of Nodes running the FULL version of Bitcoin shrank.. (more resources required - bandwidth / storage etc..)

La la la - all the txns are happy again, as the blocks weren't full, and they could all be processed quickly.

Then the number of TXNS become so large that the blocks were full.

The Blocksize was increased. (This has already happened in the past)

The number of Nodes running the FULL version of Bitcoin shrank.. (more resources required - bandwidth / storage etc..)

La la la - all the txns are happy again, as the blocks weren't full, and they could all be processed quickly.

Then the number of TXNS become so large that the blocks were full.

...

BU : We want Bigger blocks again!

CORE : Well.. every time we increase the Blocksize we have PROOF that the number of full nodes decreases. This will  obviously end with a single digit number of miners being the only ones even capable of running a full node. Let alone mining. Not great for decentralisation. Let's try a different route ?

BU : NO! We want bigger blocks. And Give the power to increase the size to the Miners..

CORE : But we just explained how we feel this will destroy the central premise of Bitcoin ? And give FAR TOO MUCH power to a handful of miners.

BU : SHUT IT! We want bigger blocks. And if you don't give it to us we're going to split the network! And give the power to the already overly-powerful Miners.

CORE :  Well - we have a solution that gives us INFINITE capacity without increasing the Block size ? Are you interested now ?

BU : NO! NERDS!.. Give us Bigger Blocks!

..

.. boom. The End.


Dude I love this. I will be reading this to my daughter as her bedtime story tonight.

18ddkpxg3oQHr1NHmNNbpYzyvAeXxst2dH
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March 24, 2017, 01:04:23 PM
 #14

Let's all assume for a minute I'm a complete moron. Like just the biggest dummy that ever existed. I'll go so far as to say I have the mind of a toddler.

Now that we've established this...explain to me Bitcoin unlimited.

Will the Bitcoins I currently own lose their value or become useless? Can I buy Bitcoin unlimited like another alt coin?

I'm really a huge genius...but let's pretend just for his post I'm a complete and total moron and help me understand this please. Thanks.

Bitcoin network is like your baby skin and adult products is Bitcoin unlimited and segwit is the baby formula. If you drink too much alcohol as a baby your tummy will ache and you will vomit but if you drink baby formula it will soothe your tummy and you will not get hungry.  Bitcoin unlimited is like junk foods its yummy but its not healthy and you will get weak and sickly while segwit are like vegetables the more you eat the more you will get healthy.
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March 24, 2017, 01:06:10 PM
 #15

Let's all assume for a minute I'm a complete moron. Like just the biggest dummy that ever existed. I'll go so far as to say I have the mind of a toddler.

Now that we've established this...explain to me Bitcoin unlimited.

Will the Bitcoins I currently own lose their value or become useless? Can I buy Bitcoin unlimited like another alt coin?

I'm really a huge genius...but let's pretend just for his post I'm a complete and total moron and help me understand this please. Thanks.

Bitcoin network is like your baby skin and adult products is Bitcoin unlimited and segwit is the baby formula. If you drink too much alcohol as a baby your tummy will ache and you will vomit but if you drink baby formula it will soothe your tummy and you will not get hungry.  Bitcoin unlimited is like junk foods its yummy but its not healthy and you will get weak and sickly while segwit are like vegetables the more you eat the more you will get healthy.
That's... a very odd analogy, although I suppose it does work. Also please don't give your baby any alcohol  Cheesy
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March 24, 2017, 01:14:05 PM
 #16

It s an attempt by a group of morons to solve a very difficult scaling issue and make tons of cash in the process by reinventing BTC again.

It ll fail and we ll just have another alt, the same thing happened with ETH and look where ETH s now, stronger then ever.

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March 24, 2017, 01:26:48 PM
 #17

BU is bullshit. i assume a moron could understand that directly. the blockchain will be split like how eth and etc did it. they are not kidding they are not calling it altcoin Smiley  you can't expect to hear it from old timer users of bitcoin so they may have forgot what altcoin means. they miss to bag some btc so they would create BU to bag a stash of it.
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March 24, 2017, 01:34:29 PM
 #18

Bitcoin unlimited will never be able to split the network and if does so we get some free BTU for our BTC which we can dump on first day of its listing.  Wink

This is how i am prepared for possible hard fork.  Grin

 
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March 24, 2017, 01:36:15 PM
 #19

nothing really hard to know about bitcoin unlimited, it's just a fork of the currenct chain, with no limit on the block size, which is currently set at 1, this in theory cna allow bitcoin to scale better but it has plenty of downsides

segwith offer the same scalability on a minor scale with less trouble, still both way have their holes, but we can't do nothing as there is no other perfect option, and bitcvoin surely need to fix the high tx fee and scale better
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March 24, 2017, 01:37:03 PM
 #20



its not an alt coin.  BU is an implemtnation of bitcoin.  

All alt coins are just another implementations of Bitcoin. But Bitcoin may be only one. So yep BU is altcoin

you conveniently left out the part where BU will be supported by a hashpower majority... so yep BU is bitcoin.


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