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serby10101010001100010
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October 23, 2017, 07:47:04 PM
Last edit: October 23, 2017, 07:58:14 PM by serby10101010001100010 |
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When will this finally end: https://www.reddit.com/r/btc/comments/7892sd/the_worst_part_of_the_ln_system_is_your/I'm tired of this segwitt shit. This particular 2L as currently designed relies on an artificial block size limit cap which creates a bottleneck in order to provide high incentives for miners to participate. It monetizes on backlog of transaction and high fees, which are allocated to miners, not any group in particular. Cheaper and more instantaneous transactions are shifted to the lightning network which is operated by hubs also earning revenue. Note that some of these hubs may choose to monitor transactions and can possibly censor who is allowed to participate in this no longer strictly peer-to-peer network. We lose the immutability and instead we have a peer-to-hub-to-peer network that is mutable and at best decentralized, and certainly not distributed (see https://medium.com/@jonaldfyookball/mathematical-proof-that-the-lightning-network-cannot-be-a-decentralized-bitcoin-scaling-solution-1b8147650800). For regular day-to-day and recurring transactions, it is not a considerable risk or inconvenience. And one could choose to use the main chain any time to bypass the lightning network and truly transact peer-to-peer. But since the main chain has an entry barrier in the form of artificially instilled high transaction fees, common people are not able to use bitcoin as we have known it until now. Peer-to-peer bitcoin becomes institution-to-institution bitcoin with peer-to-hub-to-peer 2L. To reiterate and stress, note the following lightning network design flaw again. Yes, activating SegWit and allowing 2L such as lightning allows for lower transaction fees to coexist side by side with more costly on-chain transactions. For those using this particularly prescribed 2L, the fees remain low. But since these 2L are managed by hubs, we introduce another element to trust, which is contrary to what the bitcoin network was designed to do at the first place. Over time, by the nature of the lightning network in its current design, these third party hubs grow to be centralized, just like Visa, Mastercard, Amex, Discover, etc. There is nothing wrong with that in general because it works just fine. But recall that bitcoin set out to create a different kind of a network. Instead of decentralized, distributed, immutable network with miners and nodes, with the lightning network we end up with at best decentralized but mutable network with hubs.Note that Bitcoin Core SegWit has a US-based organization backing it with millions of dollars (see https://en.wikipedia.org/wiki/Blockstream and https://steemit.com/bitcoin/@adambalm/the-truth-about-who-is-behind-blockstream-and-segwit-as-the-saying-goes-follow-the-money). Their proponents are quite political and some even imply $1000 fees on the main bitcoin blockchain (see https://cointelegraph.com/news/ari-paul-tuur-demeester-look-forward-to-up-to-1k-bitcoin-fees). |
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tekmobile
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October 23, 2017, 08:34:38 PM |
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rip bcg
g ? don't you mean h |
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tekmobile
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October 23, 2017, 08:51:42 PM |
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Neither did Cash or Segwit2x before being listed When the fork block happens it's just a save of the blockchain nothing more the actual release it slated for 1 week later this was made public over a month ago now if the code is not ready in time this may be pushed back but I asked them about this maybe last week and was told things were still on schedule Current future market value if it holds or increases puts Gold in #3 and pushes ripple down to #4 and cash down to #5 |
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Pujangga
Member
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Activity: 1078
Merit: 12
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October 24, 2017, 04:33:15 AM |
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I wonder what will happen with BCH when bitcoin gold tomorrow is available, will the price skyrocket?
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serby10101010001100010
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October 24, 2017, 05:45:28 AM |
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I wonder what will happen with BCH when bitcoin gold tomorrow is available, will the price skyrocket?
BTG / BTC Last: 0.07799899 24High: 0.19600000 24Low: 0.00111190 |
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serby10101010001100010
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October 24, 2017, 05:48:27 AM |
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 BCH and BCG are like Microsoft Restore Points... They took a Restore Image from the Bitcoin network at a certain time, and base their future transactions from that Restore Point. Pure copy cats. In the case of BCG, they are supposed to pre-mine - create from thin air thousands of bitcoins before we can access our BCG clones... On a side note: https://www.reddit.com/r/Bitcoin/comments/78c0gp/the_devs_of_bitcoingold_are_so_good_that_they_are/"The devs of BitcoinGold are so good that they are offering a reward of 250 BTG for those who can develop a replay protection in time." |
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serby10101010001100010
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October 24, 2017, 05:56:02 AM |
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rip bcg
g ? don't you mean h I mean what I say, and I say what I mean, their devs are probably dumping hard at the time we speak. Allow it to be listed on Shiittrex and see for yourself how valuable a coin it is (irony). |
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alevlaslo
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October 24, 2017, 06:04:56 AM |
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Sale the first NFT of the first foto
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serby10101010001100010
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October 24, 2017, 06:55:35 AM |
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Yes but looking over twitter and reddit comments it may not go as smoothly as expected a lot of users are angry about this and the miners seem to like the old EDA so "could" create a community split like ETH & ETC this was born from differences over an official upgrade
You guys are always complaining the one big miner mines the majority of blocks. Well whichever way that miner picks is the way that the network will go. So which difficulty adjustment they prefer will be chosen. Everyone else can just shutup unless they have a warehouse full of ASICS that can outmatch the big miner, (who has supported Bitcoin Cash from Day 1.)ASICS Talk & Bullshit walks (The Way Satoshi intended.)* I be more worried that segwitcoin falls into a death spiral when 2x appears and the hash is split between 3 chains. *Whether the EDA is still in place or a new difficulty adjustment, either way Bitcoin Cash has a difficulty adjustment. Shitwitcoin has no difficulty adjustment in place to stop a death spiral. ╥Aztek I would worry more that the cash miners support B2X more and jump over leaving cash dead like all the other failed forks before it (classic, xt, unlimited) The Segwit2x futures only put at at around 1.5 BTC or ~$900 so far its not looking like much of a threat but it it does succeed we still have all our coins on the other chain Also the miners are trying to force the EDA right now (one reduction is already guaranteed to happen) You're missing the point, investors, traders, miners, coders, developers, users: everyone involved in cryptocurrencies is being screwed with every new blockchains released, pure and simple. Take bch for instance, it has dropped 23% since July. |
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serby10101010001100010
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October 24, 2017, 07:07:07 AM |
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Happy because bitcoin cash is now ranked 4 and already past Litecoin, I was initially pessimistic about the future of BCH but now everything is answered and no need to hesitate to invest Bitcoin Cash.
It's been dropping like a rock from the main pump in August. It's just a question of how long until it drops below litecoin, and then starts working its way down the list. My condolences to all who have tried to catch the falling knife, but with the lack of a solid development team, B2X stealing BCH's thunder and cannibalizing its support BCH is going to fade into obscurity. At least be sure to get out before Coinbase and other remaining services release their coins and further waves of dumping hammer it.
[/b][/color] Their so-called official story , is they need time to make sure it is secure. The True story , is they have been cashing out all of their clients Bitcoin Cash trying to crash the markets so they can keep the bitcoin profit they made. Problem is this, the Bitcoin Cash Markets have not crashed to the point where Coinbase can keep their ill gotten gain. So come Mid Nov or Dec , Coinbase is going to have to buy back all of Bitcoin Cash Coins they sold or face a lawsuit in 2018. Expect the Cash super pump & segwit super dump, when coinbase has to buy those cash coins back. ╥Aztek Might also explain why: https://www.cryptocoinsnews.com/coinbase-now-lets-you-buy-bitcoin-instantly-with-a-us-bank-account/"The company says it will continue to expand the availability of this feature during the coming months." |
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tekmobile
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October 24, 2017, 07:13:13 AM |
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Yes but looking over twitter and reddit comments it may not go as smoothly as expected a lot of users are angry about this and the miners seem to like the old EDA so "could" create a community split like ETH & ETC this was born from differences over an official upgrade
You guys are always complaining the one big miner mines the majority of blocks. Well whichever way that miner picks is the way that the network will go. So which difficulty adjustment they prefer will be chosen. Everyone else can just shutup unless they have a warehouse full of ASICS that can outmatch the big miner, (who has supported Bitcoin Cash from Day 1.)ASICS Talk & Bullshit walks (The Way Satoshi intended.)* I be more worried that segwitcoin falls into a death spiral when 2x appears and the hash is split between 3 chains. *Whether the EDA is still in place or a new difficulty adjustment, either way Bitcoin Cash has a difficulty adjustment. Shitwitcoin has no difficulty adjustment in place to stop a death spiral. ╥Aztek I would worry more that the cash miners support B2X more and jump over leaving cash dead like all the other failed forks before it (classic, xt, unlimited) The Segwit2x futures only put at at around 1.5 BTC or ~$900 so far its not looking like much of a threat but it it does succeed we still have all our coins on the other chain Also the miners are trying to force the EDA right now (one reduction is already guaranteed to happen) You're missing the point, investors, traders, miners, coders, developers, users: everyone involved in cryptocurrencies is being screwed with every new blockchains released, pure and simple. Take bch for instance, it has dropped 23% since July. I'm not denying that we would be better off with just the one but there is nothing that can be done about it though so you have to take what you get No matter if you like the core chain or not it's the only one that's been consistent and reliable and the one all forks are coming from SegWit2x is loosing support fast even coinbase the biggest B2X supporter going has changed their stance and will still list BTC as the core chain and refer to the Segwit2x chain as B2X |
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serby10101010001100010
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October 24, 2017, 07:21:04 AM |
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@Tek: see how valuable bc[g]* is from the tweet issued by poloniex (which, on a side note, has been widely acknowledged among traders and investors as one of the few "reluctant" exchange to list scammy coins): https://twitter.com/Poloniex/status/922696754667098113NOTICE ABOUT BITCOIN GOLD We have received inquiries about Bitcoin Gold and whether we intend to support it. Until the software is released for review, we cannot commit to distribution nor can we pledge to support it. The reason for this is that we cannot be certain about the security and stability of the software, nor the state or health of the network prior to launch. Further, regardless of what the project team behind the new token may assert to the exchanges prior to launch, we must be confident that a blockchain token does not require dangerous and questionable activities in order to support it.We've stated in the past that the safety of our users' tokens is our chief concern. As such, we have refused to support a forked token unless it had implemented replay protection. We would like to further urge our users to be immensely cautious of any token that expects to be given private keys that control value on another blockchain. This is dangerous and unnecessary, even for an alt like BTG that seeks to distribute tokens using the state of an existing blockchain. Some reminders that apply to all balance-duplicating alts: If you wish to be guaranteed tokens distributed according to existing blockchain address balances, you should keep your tokens in addresses for which you control the private keys. If we credit accounts with forked tokens, we will do so according to balances at the time of the fork. If you have tokens on loan at the time of any fork related to that token, they are not in your balance, therefore you will not receive any forked tokens for them. Under no circumstances will we redeem tokens distributed according to the balances of addresses that contain customer funds and keep them for ourselves. Should we redeem them, we would only do so to distribute them to our users. - The Poloniex Team |
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coin@coin
Legendary
Offline
Activity: 1722
Merit: 1000
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October 24, 2017, 07:22:03 AM |
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I wonder what will happen with BCH when bitcoin gold tomorrow is available, will the price skyrocket?
Good question, I think it won't affect BCH much, it has a few supporters and speculators, although BCH has been on a downtrend anyway. |
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