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Author Topic: Why the Bitcoin war is stupid and Bitsend isn't.  (Read 870 times)
Fatoshi (OP)
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April 19, 2017, 04:23:37 AM
Last edit: April 19, 2017, 04:42:48 AM by Fatoshi
 #1

Why the hell are we in this bind with Bitcoin when the solution already exists today as Bitsend which has a block size of 10mb....even DASH only has a block size of 1MB.


So why tinker with Bitcoin unlimited just so you can solve a a problem Bitsend already did?


Time for Bitcoin to be just digital Gold as Satoshi aka Szabo intended and let solutions come forward that solves scaling.  
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April 19, 2017, 05:17:45 AM
 #2

Why the hell are we in this bind with Bitcoin when the solution already exists today as Bitsend which has a block size of 10mb....even DASH only has a block size of 1MB.


So why tinker with Bitcoin unlimited just so you can solve a a problem Bitsend already did?


Time for Bitcoin to be just digital Gold as Satoshi aka Szabo intended and let solutions come forward that solves scaling.  

I'm a supporter of bitsend it does has a future but it needs more marketing and merchant adoption to get notice by investors,hopefully in the future it will become of the top 5 in coinmarketcap because it deserves to be there.

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April 19, 2017, 07:15:19 AM
 #3

With respect I never know what the hell people mean when they say marketing for crypto. I find most of the little schemes like Twitter campaigns stupid and pointless....even counterproductive. When I see a banner on coinmarketcap for example I make a concerted effort to avoid that coin.  The biggest thing that creates interst is a coins tech and its price rise. Look at PIVX, people wouldn't ever mention it untill it had a big price rise. Then people start talking and then you see articles written etc. Bitsend isn't even in the top 100 coins so no one cares as yet.

Bitsend is working harder than most alts in area of payments but it's a chicken and egg thing also i.e. A coin once it becomes big starts getting used as a payment option. So far let's face it BTC is the most accepted and that's not saying much.
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April 19, 2017, 07:33:47 AM
 #4

Why the hell are we in this bind with Bitcoin when the solution already exists today as Bitsend which has a block size of 10mb....even DASH only has a block size of 1MB.

bitcoin has been around for 8 years with 1 MB max block size and the blockchain size is already above 100 GB and that is proving some difficulties for many people to run a full node. when you can't have enough distribution among full nodes and it becomes difficult, Full nodes will be run by only services, miners, ... which means centralization. I should add we are not yet there in bitcoin, and the distribution of nodes is well enough to ensure a decentralized system.

with 10 MB block size the size of blockchain is potentially growing 10 times faster and the number of nodes will fall that much faster and leads to centralization. this coin and coins like that are already centralized with their "Master Node" feature.

imagine a fork needs to happen, there are millions of users but none of their opinions matter and only a handful of master nodes will decide the fate aka centralization.

Look at PIVX, people wouldn't ever mention it untill it had a big price rise. Then people start talking and then you see articles written etc. Bitsend isn't even in the top 100 coins so no one cares as yet.
this is what altcoin market is all about: the price and the bitcoin profit we can get from it.

interesting part is this:
BSD price in March: 600-1000 sat
BSD price now: 11000 sat

Only Bitcoin
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April 19, 2017, 07:54:25 AM
 #5

bitcoin has been around for 8 years with 1 MB max block size and the blockchain size is already above 100 GB and that is proving some difficulties for many people to run a full node. when you can't have enough distribution among full nodes and it becomes difficult, Full nodes will be run by only services, miners, ... which means centralization.
You're partially right. Bitcoin needs nodes, but the solution would be to make it profitable to run a node. Just like Satoshi intended it to be: every node also mines for blocks.
Instead, Bitcoin does the exact opposite: miners can join a mining pool, which allows them to mine blocks without even downloading the blockchain by themselves!
Miners lead to centralization, caused by massive dedicated hardware and cheap electricity at certain places.
100 GB isn't a problem. For $1000, you can buy 10-100 times that amount of disk space. Blocks now produce $90,000 per hour for miners. That would be enough money to setup a large node per minute, resultling in half a million nodes per year. It's enough money to give every Bitcoin user a dedicated computer running a full Bitcoin Core client. It's only the fact that this computer can't compete with dedicated mining hardware that stops this.
With all the delays in just increasing block size, now even up to the point were nodes are said to be the limitation, I'm more and more blaming miners for this. They are the ones profiting from high fees, and their short-term financial interests damage Bitcoin's long-term future.

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April 19, 2017, 08:11:27 AM
 #6

Why the hell are we in this bind with Bitcoin when the solution already exists today as Bitsend which has a block size of 10mb....even DASH only has a block size of 1MB.

bitcoin has been around for 8 years with 1 MB max block size and the blockchain size is already above 100 GB and that is proving some difficulties for many people to run a full node. when you can't have enough distribution among full nodes and it becomes difficult, Full nodes will be run by only services, miners, ... which means centralization. I should add we are not yet there in bitcoin, and the distribution of nodes is well enough to ensure a decentralized system.

with 10 MB block size the size of blockchain is potentially growing 10 times faster and the number of nodes will fall that much faster and leads to centralization. this coin and coins like that are already centralized with their "Master Node" feature.

imagine a fork needs to happen, there are millions of users but none of their opinions matter and only a handful of master nodes will decide the fate aka centralization.

Look at PIVX, people wouldn't ever mention it untill it had a big price rise. Then people start talking and then you see articles written etc. Bitsend isn't even in the top 100 coins so no one cares as yet.
this is what altcoin market is all about: the price and the bitcoin profit we can get from it.

interesting part is this:
BSD price in March: 600-1000 sat
BSD price now: 11000 sat


Most of what you said makes sense but I'm not so cynical about quality alt coins. I think Bitcoin has flaws that some are trying to solve so while it all seems like a game at times I think the market is seeking solutions and we are still so early in the game in my opinion, 99% havent a clue what Bitcoin is even. I also think a stable digital money world in the future needs a handful of competing digital currencies not just one....I don't see a one coin will win scenario.
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April 19, 2017, 08:43:19 AM
 #7

Well, situation is kind of confusing regarding Bitcoin and altcoins. I agree that BTC is struggling its scalability issues and miners play crcial role. In this case BTC is just a hostage of rich miners. They're profiting from high fees and this issue is in their interest. I think sooner or later it will lead to collapse of a whole ecosystem. BTC is very power consuming and it is before any mass adoption. The network is crap and it can't run in such a way. Only speculation keeps price high because it is the interest of miners. They can run bots and drive price upwards.
Altcoins are very different realm. Despite they have improvements, none of them was checked in busy everyday usage. It is only potential but we can't say that today alts are better.



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dinofelis
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April 19, 2017, 08:50:54 AM
 #8

bitcoin has been around for 8 years with 1 MB max block size and the blockchain size is already above 100 GB and that is proving some difficulties for many people to run a full node. when you can't have enough distribution among full nodes and it becomes difficult, Full nodes will be run by only services, miners, ... which means centralization.
You're partially right. Bitcoin needs nodes, but the solution would be to make it profitable to run a node. Just like Satoshi intended it to be: every node also mines for blocks.
Instead, Bitcoin does the exact opposite: miners can join a mining pool, which allows them to mine blocks without even downloading the blockchain by themselves!
Miners lead to centralization, caused by massive dedicated hardware and cheap electricity at certain places.

And that is exactly how Satoshi intended it.

http://satoshi.nakamotoinstitute.org/emails/cryptography/2/

Quote from: Satoshi
Only people trying to create new coins would need to run
network nodes.
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April 19, 2017, 09:20:49 AM
 #9



bitcoin has been around for 8 years with 1 MB max block size and the blockchain size is already above 100 GB and that is proving some difficulties for many people to run a full node. when you can't have enough distribution among full nodes and it becomes difficult, Full nodes will be run by only services, miners, ... which means centralization. I should add we are not yet there in bitcoin, and the distribution of nodes is well enough to ensure a decentralized system.

with 10 MB block size the size of blockchain is potentially growing 10 times faster and the number of nodes will fall that much faster and leads to centralization. this coin and coins like that are already centralized with their "Master Node" feature.


 Problem is that the 1MB block is already limiting the maximum transactions that can happen, causing a SERIOUS backlog of transactions WAITING to happen - and that will just get worse over time 'till folks have to stop using Bitcoin 'cause their transactions never go through.

 I see this as a major long-term limit for blockchain technology unless a way is found to REDUCE the amount of data included in a transaction by a LOT, or a way is figured out to "prune" old data and old blocks out of the blockchain.


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April 19, 2017, 10:05:12 AM
 #10

Why the hell are we in this bind with Bitcoin when the solution already exists today as Bitsend which has a block size of 10mb....even DASH only has a block size of 1MB.


So why tinker with Bitcoin unlimited just so you can solve a a problem Bitsend already did?


Time for Bitcoin to be just digital Gold as Satoshi aka Szabo intended and let solutions come forward that solves scaling.  

increasing the block size to 10 mb isn't a solution you know, or maybe not otherwise you won't ask about it, you have to find a better scaling solution like segwit, bitsend also is a coin that isn't used like bitcoin isn't it? what merchants adopt bitsend, how many transaction are there for it now? i bet very few transaction, instead bitcoin have 300k transaction per day!

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April 19, 2017, 11:06:45 AM
 #11

And that is exactly how Satoshi intended it.

http://satoshi.nakamotoinstitute.org/emails/cryptography/2/

Quote from: Satoshi
Only people trying to create new coins would need to run
network nodes.
People running nodes are not creating new coins anymore. Running a node is now a "hobby" to support the network, while miners can mine Bitcoins without running a node. Satoshi assumed nodes would be miners.

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April 19, 2017, 01:18:16 PM
 #12

Hey guys,

sensational! I wanna show u the proof of Chris awesome work!!!

http://bitsend.info/forums/index.php?topic=14.0

Greetz
Steve

edit:
Tested LAST YEAR on March...but nice, that one year needed to see that little but most important strength of BitSend Wink

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April 19, 2017, 01:29:50 PM
 #13

becouse BTC have FULL 1MB and DASH have few KBs blocks and none use DASH  ?

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April 19, 2017, 01:31:13 PM
 #14

And that is exactly how Satoshi intended it.

http://satoshi.nakamotoinstitute.org/emails/cryptography/2/

Quote from: Satoshi
Only people trying to create new coins would need to run
network nodes.
People running nodes are not creating new coins anymore. Running a node is now a "hobby" to support the network, while miners can mine Bitcoins without running a node. Satoshi assumed nodes would be miners.

Satoshi explained that it does not make much sense to run a node if you're not mining...
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