Bloq CEO Jeff Garzik Subpoenaed Over Craig Wright's ...

Jeff Garzik on Twitter: "#Bitcoin approx avg transaction fee, in USD terms, has increased 206.8% since Jan. 31, from $0.073 to $0.224"

Jeff Garzik on Twitter: submitted by blockologist to btc [link] [comments]

Jeff Garzik on Twitter: "#Bitcoin approx avg transaction fee, in USD terms, has increased 206.8% since Jan. 31, from $0.073 to $0.224"

Jeff Garzik on Twitter: submitted by BitcoinAllBot to BitcoinAll [link] [comments]

el="" >Jeff Garzik on Twitter: "#Bitcoin approx avg transaction fee, in USD terms, has increased 206.8% since Jan. 31, from $0.073 to $0.224" /r/btc

el=Jeff Garzik on Twitter: "#Bitcoin approx avg transaction fee, in USD terms, has increased 206.8% since Jan. 31, from $0.073 to $0.224" /btc" title="el="" >Jeff Garzik on Twitter: "#Bitcoin approx avg transaction fee, in USD terms, has increased 206.8% since Jan. 31, from $0.073 to $0.224" /btc" /> submitted by BitcoinAllBot to BitcoinAll [link] [comments]

The Great Bitcoin Bull Market Of 2017 by Trace Mayer

By: Trace Mayer, host of The Bitcoin Knowledge Podcast.
Originally posted here with images and Youtube videos.
I just got back from a two week vacation without Internet as I was scouring some archeological ruins. I hardly thought about Bitcoin at all because there were so many other interesting things and it would be there when I got back.
Jimmy Song suggested I do an article on the current state of Bitcoin. A great suggestion but he is really smart (he worked on Armory after all!) so I better be thorough and accurate!
Therefore, this article will be pretty lengthy and meticulous.
BACKGROUND
As I completely expected, the 2X movement from the New York Agreement that was supposed to happen during the middle of my vacation flopped on its face because Jeff Garzik was driving the clown car with passengers willfully inside like Coinbase, Blockchain.info, Bitgo and Xapo and there were here massive bugS and in the code and miners like Bitmain did not want to allocate $150-350m to get it over the difficulty adjustments.
I am very disappointed in their lack of integrity with putting their money where their mouths are; myself and many others wanted to sell a lot of B2X for BTC!
On 7 December 2015, with Bitcoin trading at US$388.40, I wrote The Rise of the Fourth Great Bitcoin Bubble. On 4 December 2016, with Bitcoin trading at US$762.97, I did this interview:

As of 26 November 2017, Bitcoin is trading around US$9,250.00. That is an increase of about 2,400% since I wrote the article prognosticating this fourth great Bitcoin bull market. I sure like being right, like usual (19 Dec 2011, 1 Jul 2013), especially when there are financial and economic consequences.
With such massive gains in such a short period of time the speculative question becomes: Buy, Hold or Sell?
FUNDAMENTALS
Bitcoin is the decentralized censorship-resistant Internet Protocol for transferring value over a communications channel.
The Bitcoin network can use traditional Internet infrastructure. However, it is even more resilient because it has custom infrastructure including, thanks to Bitcoin Core developer Matt Corrallo, the FIBRE network and, thanks to Blockstream, satellites which reduce the cost of running a full-node anywhere in the world to essentially nothing in terms of money or privacy. Transactions can be cheaply broadcast via SMS messages.
SECURITY
The Bitcoin network has a difficulty of 1,347,001,430,559 which suggests about 9,642,211 TH/s of custom ASIC hardware deployed.
At a retail price of approximately US$105/THs that implies about $650m of custom ASIC hardware deployed (35% discount applied).
This custom hardware consumes approximately 30 TWh per year. That could power about 2.8m US households or the entire country of Morocco which has a population of 33.85m.
This Bitcoin mining generates approximately 12.5 bitcoins every 10 minutes or approximately 1,800 per day worth approximately US$16,650,000.
Bitcoin currently has a market capitalization greater than $150B which puts it solidly in the top-30 of M1 money stock countries and a 200 day moving average of about $65B which is increasing about $500m per day.
Average daily volumes for Bitcoin is around US$5B. That means multi-million dollar positions can be moved into and out of very easily with minimal slippage.
When my friend Andreas Antonopolous was unable to give his talk at a CRYPSA event I was invited to fill in and delivered this presentation, impromptu, on the Seven Network Effects of Bitcoin.
These seven network effects of Bitcoin are (1) Speculation, (2) Merchants, (3) Consumers, (4) Security [miners], (5) Developers, (6) Financialization and (7) Settlement Currency are all taking root at the same time and in an incredibly intertwined way.
With only the first network effect starting to take significant root; Bitcoin is no longer a little experiment of magic Internet money anymore. Bitcoin is monster growing at a tremendous rate!!

SPECULATION
For the Bitcoin price to remain at $9,250 it requires approximately US$16,650,000 per day of capital inflow from new hodlers.
Bitcoin is both a Giffen good and a Veblen good.
A Giffen good is a product that people consume more of as the price rises and vice versa — seemingly in violation of basic laws of demand in microeconomics such as with substitute goods and the income effect.
Veblen goods are types of luxury goods for which the quantity demanded increases as the price increases in an apparent contradiction of the law of demand.
There are approximately 16.5m bitcoins of which ~4m are lost, ~4-6m are in deep cold storage, ~4m are in cold storage and ~2-4m are salable.
(http://www.runtogold.com/images/lost-bitcoins-1.jpg)
(http://www.runtogold.com/images/lost-bitcoins-2.jpg)
And forks like BCash (BCH) should not be scary but instead be looked upon as an opportunity to take more territory on the Bitcoin blockchain by trading the forks for real bitcoins which dries up more salable supply by moving it, likely, into deep cold storage.
According to Wikipedia, there are approximately 15.4m millionaires in the United States and about 12m HNWIs ($30m+ net worth) in the world. In other words, if every HNWI in the world wanted to own an entire bitcoin as a 'risk-free asset' that cannot be confiscated, seized or have the balance other wise altered then they could not.
For wise portfolio management, these HNWIs should have at least about 2-5% in gold and 0.5-1% in bitcoin.
Why? Perhaps some of the 60+ Saudis with 1,700 frozen bank accounts and about $800B of assets being targetted might be able to explain it to you.
In other words, everyone loves to chase the rabbit and once they catch it then know that it will not get away.
RETAIL
There are approximately 150+ significant Bitcoin exchanges worldwide. Kraken, according to the CEO, was adding about 6,000 new funded accounts per day in July 2017.
Supposedly, Coinbase is currently adding about 75,000 new accounts per day. Based on some trade secret analytics I have access to; I would estimate Coinbase is adding approximately 17,500 new accounts per day that purchase at least US$100 of Bitcoin.
If we assume Coinbase accounts for 8% of new global Bitcoin users who purchase at least $100 of bitcoins (just pulled out of thin error and likely very conservative as the actual number is perhaps around 2%) then that is approximately $21,875,000 of new capital coming into Bitcoin every single day just from retail demand from 218,750 total new accounts.
What I have found is that most new users start off buying US$100-500 and then after 3-4 months months they ramp up their capital allocation to $5,000+ if they have the funds available.
After all, it takes some time and practical experience to learn how to safely secure one's private keys.
To do so, I highly recommend Bitcoin Core (network consensus and full validation of the blockchain), Armory (private key management), Glacier Protocol (operational procedures) and a Puri.sm laptop (secure non-specialized hardware).
WALL STREET
There has been no solution for large financial fiduciaries to invest in Bitcoin. This changed November 2017.
LedgerX, whose CEO I interviewed 23 March 2013, began trading as a CFTC regulated Swap Execution Facility and Derivatives Clearing Organization.
The CME Group announced they will begin trading in Q4 2017 Bitcoin futures.
The CBOE announced they will begin trading Bitcoin futures soon.
By analogy, these institutional products are like connecting a major metropolis's water system (US$90.4T and US$2 quadrillion) via a nanoscopic shunt to a tiny blueberry ($150B) that is infinitely expandable.
This price discovery could be the most wild thing anyone has ever experienced in financial markets.
THE GREAT CREDIT CONTRACTION
The same week Bitcoin was released I published my book The Great Credit Contraction and asserted it had now begun and capital would burrow down the liquidity pyramid into safer and more liquid assets.
(http://www.runtogold.com/images/Great-Credit-Contraction-Liquidity-Pyramid.jpg)
Thus, the critical question becomes: Is Bitcoin a possible solution to the Great Credit Contraction by becoming the safest and most liquid asset?
BITCOIN'S RISK PROFILE
At all times and in all circumstances gold remains money but, of course, there is always exchange rate risk due to price ratios constantly fluctuating. If the metal is held with a third-party in allocated-allocated storage (safest possible) then there is performance risk (Morgan Stanley gold storage lawsuit).
But, if properly held then, there should be no counter-party risk which requires the financial ability of a third-party to perform like with a bank account deposit. And, since gold exists at a single point in space and time therefore it is subject to confiscation or seizure risk.
Bitcoin is a completely new asset type. As such, the storage container is nearly empty with only $150B.
And every Bitcoin transaction effectively melts down every BTC and recasts it; thus ensuring with 100% accuracy the quantity and quality of the bitcoins. If the transaction is not on the blockchain then it did not happen. This is the strictest regulation possible; by math and cryptography!
This new immutable asset, if properly secured, is subject only to exchange rate risk. There does exist the possibility that a software bug may exist that could shut down the network, like what has happened with Ethereum, but the probability is almost nil and getting lower everyday it does not happen.
Thus, Bitcoin arguably has a lower risk profile than even gold and is the only blockchain to achieve security, scalability and liquidity.
To remain decentralized, censorship-resistant and immutable requires scalability so as many users as possible can run full-nodes.
(http://www.runtogold.com/images/ethereum-bitcoin-scability-nov-2017.png)
TRANSACTIONS
Some people, probably mostly those shilling alt-coins, think Bitcoin has a scalability problem that is so serious it requires a crude hard fork to solve.
On the other side of the debate, the Internet protocol and blockchain geniuses assert the scalability issues can, like other Internet Protocols have done, be solved in different layers which are now possible because of Segregated Witness which was activated in August 2017.
Whose code do you want to run: the JV benchwarmers or the championship Chicago Bulls?
As transaction fees rise, certain use cases of the Bitcoin blockchain are priced out of the market. And as the fees fall then they are economical again.
Additionally, as transaction fees rise, certain UTXOs are no longer economically usable thus destroying part of the money supply until fees decline and UTXOs become economical to move.
There are approximately 275,000-350,000 transactions per day with transaction fees currently about $2m/day and the 200 DMA is around $1.08m/day.
(http://www.runtogold.com/images/bitcoin-transaction-fees-nov-2017.png)
What I like about transaction fees is that they somewhat reveal the financial health of the network.
The security of the Bitcoin network results from the miners creating solutions to proof of work problems in the Bitcoin protocol and being rewarded from the (1) coinbase reward which is a form of inflation and (2) transaction fees which is a form of usage fee.
The higher the transaction fees then the greater implied value the Bitcoin network provides because users are willing to pay more for it.
I am highly skeptical of blockchains which have very low transaction fees. By Internet bubble analogy, Pets.com may have millions of page views but I am more interested in EBITDA.
DEVELOPERS
Bitcoin and blockchain programming is not an easy skill to acquire and master. Most developers who have the skill are also financially independent now and can work on whatever they want.
The best of the best work through the Bitcoin Core process. After all, if you are a world class mountain climber then you do not hang out in the MacDonalds play pen but instead climb Mount Everest because that is where the challenge is.
However, there are many talented developers who work in other areas besides the protocol. Wallet maintainers, exchange operators, payment processors, etc. all need competent developers to help build their businesses.
Consequently, there is a huge shortage of competent developers. This is probably the largest single scalability constraint for the ecosystem.
Nevertheless, the Bitcoin ecosystem is healthier than ever before.
(http://www.runtogold.com/images/bitcoin-ecosystem.jpg)(/images/bitcoin-ecosystem-small.jpg)
SETTLEMENT CURRENCY
There are no significant global reserve settlement currency use cases for Bitcoin yet.
Perhaps the closest is Blockstream's Strong Federations via Liquid.
PRICE
There is a tremendous amount of disagreement in the marketplace about the value proposition of Bitcoin. Price discovery for this asset will be intense and likely take many cycles of which this is the fourth.
Since the supply is known the exchange rate of Bitcoins is composed of (1) transactional demand and (2) speculative demand.
Interestingly, the price elasticity of demand for the transactional demand component is irrelevant to the price. This makes for very interesting dynamics!
(http://www.runtogold.com/images/bitcoin-speculation.jpg)
On 4 May 2017, Lightspeed Venture Partners partner Jeremy Liew who was among the early Facebook investors and the first Snapchat investor laid out their case for bitcoin exploding to $500,000 by 2030.
On 2 November 2017, Goldman Sachs CEO Lloyd Blankfein (https://www.bloomberg.com/news/articles/2017-11-02/blankfein-says-don-t-dismiss-bitcoin-while-still-pondering-value)said, "Now we have paper that is just backed by fiat...Maybe in the new world, something gets backed by consensus."
On 12 Sep 2017, JP Morgan CEO called Bitcoin a 'fraud' but conceded that "(http://fortune.com/2017/09/12/jamie-dimon-bitcoin-cryptocurrency-fraud-buy/)Bitcoin could reach $100,000".
Thus, it is no surprise that the Bitcoin chart looks like a ferret on meth when there are such widely varying opinions on its value proposition.
I have been around this space for a long time. In my opinion, those who scoffed at the thought of $1 BTC, $10 BTC (Professor Bitcorn!), $100 BTC, $1,000 BTC are scoffing at $10,000 BTC and will scoff at $100,000 BTC, $1,000,000 BTC and even $10,000,000 BTC.
Interestingly, the people who understand it the best seem to think its financial dominance is destiny.
Meanwhile, those who understand it the least make emotionally charged, intellectually incoherent bearish arguments. A tremendous example of worldwide cognitive dissonance with regards to sound money, technology and the role or power of the State.
Consequently, I like looking at the 200 day moving average to filter out the daily noise and see the long-term trend.
(http://www.runtogold.com/images/bitcoin-price-200dma-nov-2017.png)
Well, that chart of the long-term trend is pretty obvious and hard to dispute. Bitcoin is in a massive secular bull market.
The 200 day moving average is around $4,001 and rising about $30 per day.
So, what do some proforma situations look like where Bitcoin may be undervalued, average valued and overvalued? No, these are not prognostications.
(http://www.runtogold.com/images/bitcoin-price-pro-forma.png)
Maybe Jamie Dimon is not so off his rocker after all with a $100,000 price prediction.
We are in a very unique period of human history where the collective globe is rethinking what money is and Bitcoin is in the ring battling for complete domination. Is or will it be fit for purpose?
As I have said many times before, if Bitcoin is fit for this purpose then this is the largest wealth transfer in the history of the world.
CONCLUSION
Well, this has been a brief analysis of where I think Bitcoin is at the end of November 2017.
The seven network effects are taking root extremely fast and exponentially reinforcing each other. The technological dominance of Bitcoin is unrivaled.
The world is rethinking what money is. Even CEOs of the largest banks and partners of the largest VC funds are honing in on Bitcoin's beacon.
While no one has a crystal ball; when I look in mine I see Bitcoin's future being very bright.
Currently, almost everyone who has bought Bitcoin and hodled is sitting on unrealized gains as measured in fiat currency. That is, after all, what uncharted territory with daily all-time highs do!
But perhaps there is a larger lesson to be learned here.
Riches are getting increasingly slippery because no one has a reliable defined tool to measure them with. Times like these require incredible amounts of humility and intelligence guided by macro instincts.
Perhaps everyone should start keeping books in three numéraires: USD, gold and Bitcoin.
Both gold and Bitcoin have never been worth nothing. But USD is a fiat currency and there are thousands of those in the fiat currency graveyard. How low can the world reserve currency go?
After all, what is the risk-free asset? And, whatever it is, in The Great Credit Contraction you want it!
What do you think? Disagree with some of my arguments or assertions? Please, eviscerate them on Twitter or in the comments!
submitted by bitcoinknowledge to Bitcoin [link] [comments]

The cat is out of the bag, /r/Bitcoin censorship is falling apart

The Blockstream/Bitcoin Core gang calling bitpay/bitcore/copay malware is attracting a lot of attention from users and the strategy is back firing.
https://www.reddit.com/Bitcoin/comments/6uec40/jeff_garzik_has_been_removed_from_the_bitcoin/dls168h/
muyuu [score hidden] 11 hours ago:
Finally. Copay malware also out of the wallet list in bitcoin.org
[–]jimmytruelove [score hidden] 11 hours ago
What's this?? What CoPay malware?? I use CoPay I'm worried
[–]blurrech[S] [score hidden] 10 hours ago
The only mention of malware on that page is a duplicate issue. Supporting one side or other in a proposed hard fork does not make a wallet malware.
This is needless scaremongering. The BCH fork proved the resilience of the blockchain to minority forks - when the 8% not backing segwit2x become a minority chain, everything will be fine.
[–]jimmytruelove [score hidden] 10 hours ago
Can you explain in layman's terms what's wrong with CoPay?
I have 3 wallets on their desktop and iOS client with a not small amount of BTC...
I tried reading through the link above but unfortunately I don't understand.
13057123841 [score hidden] 10 hours ago
Come November they won't be running Bitcoin.
SpeedflyChris [score hidden] 10 hours ago
You're assuming that the non-2x version of Bitcoin will be considered the "main" version come november. At present a significant part of the hashrate is slated to leave.
13057123841 [score hidden] 9 hours ago
That doesn't matter.
L.O.L.
The shill accounts at /Bitcoin keep trying to spin and spin but the truth keep coming out. The majority of miners/companies/wallets are ditching Bitcoin Core and they still try to downplay it, crooks being crooks to the end.
https://www.reddit.com/btc/comments/6u8zp1/blockstream_theres_no_upgrade_just_some_companies/
Blockstream: There's no upgrade, just some companies leaving to make an altcoin.
This is what they call "some companies":
Bitcoin Scaling Agreement at Consensus 2017
The group of signed companies represents a critical mass of the bitcoin ecosystem. As of May 25, this group represents:
58 companies located in 22 countries
83.28% of hashing power
5.1 billion USD monthly on chain transaction volume
20.5 million bitcoin wallets
I am really surprised that paleh0rse isn't banned on /Bitcoin yet, that guy kept telling the truth over there at North Corea, salute, my friend.
submitted by X-88 to btc [link] [comments]

The Most Eventful Day in Bitcoin History

Bitcoin's network split called off

The proposed software upgrade or “hard fork” to occur on Nov. 16 was canceled on Nov. 8, due to disagreements between many prominent CEOs and key players in the Bitcoin space.
The SegWit 2X fork would have increased the block size from 1 to 2 megabytes and thereby double transaction capacity on the network. This upgrade was aimed at helping the scalability of Bitcoin. However, following a lack of consensus within the community, implementing the hard fork was suspended. In fact, it has always been a controversial topic — many Bitcoin companies have not actively supported the move. The main fear was that it would split the community into two branches.
Mike Belshe, CEO and co-founder of a major Bitcoin wallet provider BitGo, announced the cancellation in an email on November 8. One of the leaders of the Segwit2x project, he argued that the scaling proposal is too controversial to move forward:
Although we strongly believe in the need for a larger block size, there is something we believe is even more important: keeping the community together. Unfortunately, it is clear that we have not built sufficient consensus for a clean block size upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin’s growth.
BitGo’s Mike Belshe, Xapo’s Wences Casares, Bitmain’s Jihan Wu, Bloq’s Jeff Garzik, Blockchain’s Peter Smith and Shapeshift’s Erik Voorhees all signed the statement.
Quickly following this news, Bitcoin’s price hit an all-time high as people were glad that the community divide seemed over. However, that euphoria soon faded as the reality kicked in that fundamental issues with Bitcoin remained.

What does this mean for the future of Bitcoin?

Well, no one really knows, but here's a bit of insight as to what we think could happen.
In 2017, the Bitcoin network capacity hit the “invisible wall.” Fees skyrocketed, and Bitcoin became unreliable, with some users unable to get their transactions confirmed, even after days of waiting. Today, people are paying up to $25 USD for a transaction to be processed, which says a lot about the usefulness of Bitcoin.
Bitcoin usage stopped growing; its market share among other cryptocurrencies plummeted from 95 to 40 percent as many users, merchants, businesses and investors abandoned it.
The cancellation of SegWit 2X leaves two competing bitcoin chains now: Bitcoin SegWit 1X (BTC) and Bitcoin Cash (BCH). With SegWit, data is stored differently in each block, which improves the capacity of the blockchain, however only marginally compared to the capacity available with the Bitcoin Cash blockchain.
The improvement in capacity from SegWit 1X is 70 percent with no plans for any more significant updates within at least the next 18 to 24 months. The SegWit upgrade is a small capacity increase at best, and it's already showing it's not going to handle exponential growth or worldwide adoption.
Bitcoin Cash was born on August 1, 2017, as a result of a few major players from the very early days of Bitcoin becoming fed up with the direction the cryptocurrency was headed. Bitcoin Cash immediately raised the transaction capacity by 800 percent as part of a massive on-chain scaling approach. Currently, there is ample capacity for everyone's transactions, and huge developmental progress has been made to allow massive capacity increases up to 1000 times the current BTC SegWit network. This means low fees and fast confirmations for everyone.
However, Bitcoin cash is still quite far behind, so which bitcoin will win?

Let's start at the beginning...

In 2008, Satoshi Nakamoto, the creator of Bitcoin, published a paper titled, “Bitcoin: A Peer-to-Peer Electronic Cash System.” Most people are aware of this, but the exact title needs to be repeated because today, even the most basic facets of Bitcoin are being challenged.
Regardless of “which side” of the scaling debate you are on, it should not be contested that Satoshi always planned for and advocated simple, on-chain scaling. (On-chain scaling is a term that basically means using the Bitcoin network itself to process all transactions.
Unfortunately, this is not the proposed plan of the Bitcoin network’s core development team. They intend to implement a supplementary technology called the “Lightning Network” to process the extra transactions that Bitcoin can't handle. Not yet proven to work, this technology is at least 18 to 24 months away from being ready. It also takes Bitcoin in a much more centralized direction as a small group of people will be running this secondary transaction layer, earning money from fees and controlling how it works.
Giving a small group of people this sort of control sounds pretty familiar, don't you think? Reminds us of a thing called the USD? We need to get away from this.
We KNOW that on-chain transactions work; they've worked for 9 years, and scaling on Bitcoin Cash is working.

Now to today...

It seems more and more users, merchants, businesses and investors are beginning to realize this. Today, we've seen the biggest “pump” in cryptocurrency history, with Bitcoin Cash going from a low at $1,280 USD to a high of $2,799 USD. Peaking at a whopping $41 Billion USD market cap, almost tripling in 36 hours, and to top it off, the trading volume was $11.5 billion USD in 24 hours.
We've never seen numbers like this, and it's happening for a reason. The potential for Bitcoin was so great; however, it went off in the wrong direction due to a small group of people who wanted to control it.
Today, Bitcoin Cash has made huge progress on the “flippening,” a term used by many in the community referring to the possible future event when Bitcoin Cash overtakes Bitcoin to become the most valuable cryptocurrency in terms of market capitalization.
If the flippening occurs, there's a very bright future for Bitcoin Cash. The aim is for it to become a world currency used by billions of people, one that does not discriminate based on levels of wealth, one that is equally usable to those earning $1 a day or companies earning billions.
Right now, one billion people are living in slums. They cannot hope to escape without some international form of trade. This can be achieved with access to secure and low cost money, which is what Bitcoin Cash delivers. We hope that in the next decade, Bitcoin Cash starts to offer hope and a way out of poverty.
*This article was written by one of the crypto consultants at decrypt
submitted by decrypt-how to Bitcoincash [link] [comments]

I think its time to call the B2X movement what it is - An attempt at regulatory capture.

https://en.wikipedia.org/wiki/Regulatory_capture
Regulatory capture is a form of government failure that occurs when a regulatory agency, created to act in the public interest, instead advances the commercial or political concerns of special interest groups that dominate the industry or sector it is charged with regulating.[1] When regulatory capture occurs, the interests of firms or political groups are prioritized over the interests of the public, leading to a net loss to society as a whole. Government agencies suffering regulatory capture are called "captured agencies".
In this scenario, we have 2 groups colluding to capture the regulatory capabilities of bitcoin. Bitcoin works by having separate groups working in harmony to the economic benefit for themselves and for the network and its owners/participants.
The miners, who's duty it is to order transactions and timestamp, do not have very much power over bitcoin as an individual group. They will not mine at a loss for any long period of times and the users of bitcoin via market mechanisms determine the price, and therefore the profitability of miners hashing.
But if miners collude with centralized financial hubs, e.g. exchanges, fiat bridges, market makers, etc, then this collusion presents a real regulatory capture attempt upon the bitcoin network. If exchanges refuse to process bitcoin transactions, or if large entities claim that bitcoin is not bitcoin and that the non-incumbent challenger is bitcoin, then this suppresses free will and free market mechanisms from naturally occuring within the marketplace and can have drastic effects upon outcome.
I ultimately believe the attempt will fail, but there is no guarantee that there will not be massive damages done to the ecosystem as the result of the takeover, just like when a country rebuffs an invasion from a hostile army, they do not come out of the war without wounds both physical, mental and socioeconomic.
I have been around this sub reading since late 2012, and participating since 2013. I have watched Jeff Garzik talk about bitcoin core being the modern version of the church, claiming that we are just trading Monarchs for "cabals of priests".
Except now Garzik has been elected the Pope of that church (B2X), and the parliament (DCG/Silbert & Friends + Miners) has been corrupted to support his actions, building a populist movement against science and academia. He is now the single developer of the B2X codebase and is so incompetent that he could not even get a single line code change correct without help from core, let alone rebase 0.15.x codebase to b2x, blaming non-existent bugs to hide his incompetence. And this is the same guy who just announced a 20% premined ICO for a altcoin that has even B2X supporters confused. Oh, and who invested in that premine? Yup, you got it! DCG Group!
So wait, the DCG group is funding a hostile takeover of the bitcoin project to install a single developer to control the codebase, colluding with a majority hashrate of miners to attack the network, without replay protection, all while funding a competitor?
Now, as we dig a little deeper, we find out that the majority of B2X proponents are funded by DCG, and DCG itself is basically a bankers cabal. Lets also not forget that DCG funded coinbase!
So we now have the largest financial $USD bridges that are operating as the platform to bridge bitcoin to $ colluding with centralized mining pools to force invalid rule changes upon the network.
Let us also not forget the multimillion deal between bitpay and bitmain and that bitpay used to be pro-core before this takeover.
Guys, this is so blatantly the biggest institutional driven threat bitcoin has ever seen. They are engaging in classic regulatory capture behavior attempting to centralize control by colluding with multiple factions that would normally balance each other. This is not very much different from the "Pillars of Democracy" (Federal, Executive, Judicial) balancing each other out for the best interests of the public. But just like democracy, a decentralized system can and will be captured if we allow complacency and apathy to dominate our behaviors.
Say what you will about Bitcoin Core and Blockstream, at least they adhere to cypherpunk principals. At least they engage in open and transparent actions and give users the free will by providing opt-in open source code.
submitted by Cryptolution to Bitcoin [link] [comments]

SegWit (and SegWit2x) would be DISASTROUS for Bitcoin. Neither provides market-based blocksize. And both would introduce a new, CATASTROPHIC, "ledger-destroying" attack vector (due to SegWit's dangerous "anyone-can-spend" bug). Both are poison pills for Bitcoin. SegWit & SegWit2x MUST be rejected.

SegWit (and SegWit2x) would introduce an entirely new (and CATASTROPHIC) class of "attack vector"
This is because SegWit contains a horrifying bug making all coins "anyone-can-spend".
You can read all about it here:
"Under a SegWit regime, attacks against the Bitcoin network COULD WORK - because the economics of the system would be changed. Rather than illicit activity being DISCOURAGED, it would be ENCOURAGED under SegWit." ~ Dr. Craig Wright
https://np.reddit.com/btc/comments/6ibhzx/under_a_segwit_regime_attacks_against_the_bitcoin/
This is why people aren't exaggerating when they've been saying that "SegWit is a poison pill for Bitcoin".
Previously, the 51% attack vectors could only inflict isolated / localized damage:
Yeah... those kinds of attacks would be bad.
But they would still be localized and isolated - hence not catastrophic.
Meanwhile, the horrifying "anyone-can-spend" bug (used in both SegWit and SegWit2x) would enable a whole new class of CATASTROPHIC attack vector.
SegWit (or SegWit2x) would be a huge new attack vector which could steal all SegWit transactions on the ledger - by exploiting the fact that SegWit(2x) stupidly codes its transactions as "anyone-can-spend".
The idiot (traitor?) devs pushing SegWit - with this new and CATASTROPHIC attack vector - should ashamed of themselves.
They are an existential threat to Bitcoin - and their SegWit (and SegWit2x) proposal MUST be rejected by the community.
Several people (in addition to Dr. Craig Wright quoted above) have started commenting recently on the enormity of this huge new CATASTROPHIC attack vector which would be introduced by SegWit (and SegWit2x):
"SegWit's Anyone-Can-Spend bug opens up a huge new attack vector. Instead of a 51% attack reversing a few transactions, ALL SegWit transactions can be stolen. This incentive GROWS as SegWit is used more. Over time cartels are incentivized to attack the network rather than secure it." ~ u/cryptorebel
https://np.reddit.com/btc/comments/6ibf7y/segwits_anyonecanspend_bug_opens_up_a_huge_new/
Great comment by ForkiusMaximus on how a 51% attack under segwit is amplified so that instead of reversing a few transactions, it will instead damage a huge part(if not nearly all) of the ledger
https://np.reddit.com/btc/comments/6hqa7w/great_comment_by_uforkiusmaximus_on_how_a_51/
I have no idea why anyone (except maybe nefarious central bankers and governments who want to destroy Bitcoin) would want to introduce a new, catastrophic "ledger-destroying" attack vector like SegWit this into Bitcoin.
Of course, let's remember that AXA-controlled Blockstream is owned by central bankers:
New to Bitcoin? And the scaling debate? Travel back in time and read this CENSORED and REMOVED (you can't even Google it) post: "Is the real power behind Blockstream 'Straussian'?"
https://np.reddit.com/btc/comments/6dx1i0/new_to_bitcoin_and_the_scaling_debate_travel_back/
And let's also remember that most signaling for SegWit has been coming from a single shady mining pool BitFury - which has some interesting incestuous ties to governments and central bankers:
Most SegWit signaling is coming from the shady mining operation BitFury. BitFury has deep ties with banks and with the governments of the US and (former Soviet Republic) Georgia. BitFury wants to destroy Bitcoin anonymity by attacking mixing. And BitFury founder Alex Petrov worked for Interpol??
https://www.reddit.com/btc/comments/6hfhzc/most_segwit_signaling_is_coming_from_the_shady/
So, as we've been seeing, AXA-controlled Blockstream (and the shady, government- and bank-linked BitFury) are continuing in their relentless attack to try to control Bitcoin.
Their original attempted poison pill SegWit was rejected, and their suicidal UASF / BIP148 would have gotten 0.3% hashpower support - so now a bunch of "useful idiots" (like Barry Silbert - who is also involved with Blockstream) decided to propose a new "compromise" called SegWit2x.
Many of these "useful idiots" have apparently been brainwashed into supporting SegWit (now in the form of SegWit2x) due to the constant drumbeat of propaganda, lies and censorship coming from AXA-controlled Blockstream and censored forums like r\bitcoin.
These kinds of "useful idiots" need to wake up and learn some more about Bitcoin security - and about markets and economics.
They would quickly realize how wrong they have been to blindly support some trivial malleability / quadratic hashing fix which would add a new, CATASTROPHIC attack vector like SegWit (or SegWit2x).
Bitcoin needs bigger blocks. Bitcoin does not need SegWit (or SegWit2x).
The only people who would benefit from SegWit (or SegWit2x) are AXA-controlled Blockstream / Core - the people who are to blame for suppressing Bitcoin volume and price all these past few years - and also the same people who lied about the Hong Kong Agreement - and SegWit2x is basically just version 2.0 of the Hong Kong Agreement.
(Or nefarious miners or governments who would like to destroy or steal all SegWit transactions on Bitcoin's ledger.)
Blockstream/Core claims to oppose SegWit2x. Don't fall for that lie.
People should also not be fooled into believing that AXA-controlled Blockstream / Core somehow "oppose" SegWit2x.
And people should not be fooled into believing that adopting SegWit2x would somehow "remove" AXA-controlled Blockstream / Core from power.
After all: AXA-controlled Blockstream / Core wrote the SegWit code which is used in SegWit2x!
So adopting the code which Blockstream / Core wrote would not "remove them from power"!
All that AXA-controlled Blockstream / Core ever wanted was SegWit, SegWit, and SegWit.
They don't care if they get it from Luke-Jr's suicidal UASF/BIP148 - or if they get it from Jeff Garzik's coding of SegWit2x.
There is also no guarantee whatsoever that SegWit2x would eventually include a hard-fork to bigger blocks.
The only thing that AXA-controlled Blockstream / Core wants is SegWit. And they want it now.
Without any (immediate, simultaneous, guaranteed) blocksize increase.
And that's exactly what SegWit2x would give them.
  • SegWit2x would give AXA-controlled Blockstream / Core SegWit now.
  • Then, SegWit2x might possibly hopefully maybe someday (if nobody breaks their promises) give the Bitcoin community what it desperately needs to survive: a simple and safe blocksize increase, so Bitcoin can continue to increase in price and adoption.
If everyone keeps their word this time.
And that's a pretty big "if" - in view of the fact that AXA-controlled Blockstream / Core has basically turned out to be a bunch of lying, corrupt-as-fuck hostage takers.
You should never negotiate or make deals with hostage takers.
There is a better way.
A simpler and safer way.
A way that preserves Bitcoin's existing security model, without introducing any widespread / global / "ledger-destroying" novel class of CATASTROPHIC attack vector based on SegWit or SegWit2x.
Just increase the goddamn blocksize
We must reject SegWit / SegWit2x with its centrally planned blocksize and dangerous "anyone-can-spend" hacks - because SegWit / SegWit2x would strangle Bitcoin scaling, and introduce a huge new CATASTROPHIC attack vector.
So instead, here's a "modest proposal" - that's simple, safe, and guaranteed
Just use the original code that Satoshi gave us - with no dangerous or controversial changes whatsoever:
Bitcoin Original: Reinstate Satoshi's original 32MB max blocksize. If actual blocks grow 54% per year (and price grows 1.542 = 2.37x per year - Metcalfe's Law), then in 8 years we'd have 32MB blocks, 100 txns/sec, 1 BTC = 1 million USD - 100% on-chain P2P cash, without SegWit/Lightning or Unlimited
https://np.reddit.com/btc/comments/5uljaf/bitcoin_original_reinstate_satoshis_original_32mb/
submitted by ydtm to btc [link] [comments]

Why The SegWit2X Hard Fork Will Fail OR Become Just Another Alt Coin

A small group of powerful CEOs and Miners got together in early 2017, and decided the future path of Bitcoin. This Segwit2X agreement became known as the New York Agreement (NYA).
The purpose was to scale Bitcoin, by firstly activating SegWit, and then to Hard Fork the base block size to 2 MB ninety days later.
Why Do I Think It Should Fail?
I do not like a bunch of CEOs dictating how Bitcoin should work in the future. This is a very slippery slope, and must be stopped in its track. It might make sense just now, but who knows what path they will take in the future?
I personally support the huge team of expert Core Developers that have done a great job in implementing SegWit AND getting Bitcoin valued at over $5000 USD. I do not like the idea of handling development over to Jeff Garzik!
Why Do I Think It Has Already Failed?
In the futures market, the SegWit2X (aka B2X) price is really low. This means that the market does not value the new coin highly. Currently it is valued at approx 15% of the incumbent Bitcoin BTC! This clearly demonstrates that Bitcoin owners & the market, simply do not want, or have faith, in this new coin, post the Hard Fork.
Some exchanges have already come out, and said that the incumbent Bitcoin will keep the name Bitcoin and the ticker symbol BTC. Therefore, it is highly likely that other exchanges will follow suit.
What Should You Do?
Make sure you use a wallet that will support both chains post the Fork. This way you will be able to split your coins safely, and have coins on both chains.
If you use a wallet that will ONLY support the SegWit2X coin after the Hard Fork, & will consider it to be the real Bitcoin, you could end up with the same number of coins you had before the split, but they will only be worth 15% of what they were prior to the Hard Fork, IF the futures market is correct. Remember, the futures market was pretty accurate at predicting the value of Bitcoin Cash.
Finally
If you want your free dividend coins, post the upcoming hard forks, make sure you keep your Bitcoins BTC safe in a hardware wallet, until all this drama is over.
Stay Safe.
This is not financial advice. Instead it is an educational post, & is based on my current knowledge, which is limited. I could be wrong. Please carry out your own research.
submitted by BTCBCCBCH to btc [link] [comments]

The Most Eventful Day in Bitcoin History

Bitcoin's network split called off

The proposed software upgrade or “hard fork” to occur on Nov. 16 was canceled on Nov. 8, due to disagreements between many prominent CEOs and key players in the Bitcoin space.
The SegWit 2X fork would have increased the block size from 1 to 2 megabytes and thereby double transaction capacity on the network. This upgrade was aimed at helping the scalability of Bitcoin. However, following a lack of consensus within the community, implementing the hard fork was suspended. In fact, it has always been a controversial topic — many Bitcoin companies have not actively supported the move. The main fear was that it would split the community into two branches.
Mike Belshe, CEO and co-founder of a major Bitcoin wallet provider BitGo, announced the cancellation in an email on November 8. One of the leaders of the Segwit2x project, he argued that the scaling proposal is too controversial to move forward:
Although we strongly believe in the need for a larger block size, there is something we believe is even more important: keeping the community together. Unfortunately, it is clear that we have not built sufficient consensus for a clean block size upgrade at this time. Continuing on the current path could divide the community and be a setback to Bitcoin’s growth.
BitGo’s Mike Belshe, Xapo’s Wences Casares, Bitmain’s Jihan Wu, Bloq’s Jeff Garzik, Blockchain’s Peter Smith and Shapeshift’s Erik Voorhees all signed the statement.
Quickly following this news, Bitcoin’s price hit an all-time high as people were glad that the community divide seemed over. However, that euphoria soon faded as the reality kicked in that fundamental issues with Bitcoin remained.

What does this mean for the future of Bitcoin?

Well, no one really knows, but here's a bit of insight as to what we think could happen.
In 2017, the Bitcoin network capacity hit the “invisible wall.” Fees skyrocketed, and Bitcoin became unreliable, with some users unable to get their transactions confirmed, even after days of waiting. Today, people are paying up to $25 USD for a transaction to be processed, which says a lot about the usefulness of Bitcoin.
Bitcoin usage stopped growing; its market share among other cryptocurrencies plummeted from 95 to 40 percent as many users, merchants, businesses and investors abandoned it.
The cancellation of SegWit 2X leaves two competing bitcoin chains now: Bitcoin SegWit 1X (BTC) and Bitcoin Cash (BCH).
With SegWit, data is stored differently in each block, which improves the capacity of the blockchain, however only marginally compared to the capacity available with the Bitcoin Cash blockchain.
The improvement in capacity from SegWit 1X is 70 percent with no plans for any more significant updates within at least the next 18 to 24 months. The SegWit upgrade is a small capacity increase at best, and it's already showing it's not going to handle exponential growth or worldwide adoption.
Bitcoin Cash was born on August 1, 2017, as a result of a few major players from the very early days of Bitcoin becoming fed up with the direction the cryptocurrency was headed. Bitcoin Cash immediately raised the transaction capacity by 800 percent as part of a massive on-chain scaling approach. Currently, there is ample capacity for everyone's transactions, and huge developmental progress has been made to allow massive capacity increases up to 1000 times the current BTC SegWit network. This means low fees and fast confirmations for everyone.
However, Bitcoin cash is still quite far behind, so which bitcoin will win?

Let's start at the beginning...

In 2008, Satoshi Nakamoto, the creator of Bitcoin, published a paper titled, “Bitcoin: A Peer-to-Peer Electronic Cash System.” Most people are aware of this, but the exact title needs to be repeated because today, even the most basic facets of Bitcoin are being challenged.
Regardless of “which side” of the scaling debate you are on, it should not be contested that Satoshi always planned for and advocated simple, on-chain scaling. (On-chain scaling is a term that basically means using the Bitcoin network itself to process all transactions.
Unfortunately, this is not the proposed plan of the Bitcoin network’s core development team. They intend to implement a supplementary technology called the “Lightning Network” to process the extra transactions that Bitcoin can't handle. Not yet proven to work, this technology is at least 18 to 24 months away from being ready. It also takes Bitcoin in a much more centralized direction as a small group of people will be running this secondary transaction layer, earning money from fees and controlling how it works.
Giving a small group of people this sort of control sounds pretty familiar, don't you think? Reminds us of a thing called the USD? We need to get away from this.
We KNOW that on-chain transactions work; they've worked for 9 years, and scaling on Bitcoin Cash is working.

Now to today...

It seems more and more users, merchants, businesses and investors are beginning to realize this. Today, we've seen the biggest “pump” in cryptocurrency history, with Bitcoin Cash going from a low at $1,280 USD to a high of $2,799 USD. Peaking at a whopping $41 Billion USD market cap, almost tripling in 36 hours, and to top it off, the trading volume was $11.5 billion USD in 24 hours.
We've never seen numbers like this, and it's happening for a reason. The potential for Bitcoin was so great; however, it went off in the wrong direction due to a small group of people who wanted to control it.
Today, Bitcoin Cash has made huge progress on the “flippening,” a term used by many in the community referring to the possible future event when Bitcoin Cash overtakes Bitcoin to become the most valuable cryptocurrency in terms of market capitalization.
If the flippening occurs, there's a very bright future for Bitcoin Cash. The aim is for it to become a world currency used by billions of people, one that does not discriminate based on levels of wealth, one that is equally usable to those earning $1 a day or companies earning billions.
Right now, one billion people are living in slums. They cannot hope to escape without some international form of trade. This can be achieved with access to secure and low cost money, which is what Bitcoin Cash delivers. We hope that in the next decade, Bitcoin Cash starts to offer hope and a way out of poverty.
*This insight was written by one of the crypto consultants at decrypt
submitted by decrypt-how to btc [link] [comments]

CRYPTODIGEST 10.11.18

CRYPTODIGEST 10.11.18

https://preview.redd.it/ii98cyuwnjx11.jpg?width=960&format=pjpg&auto=webp&s=3ddb3486c6029b6cb76c5ae2d2eecdf1576aad68
✅Overstock and Bitsy to Launch Their Bitcoin Wallet Next Week

The beta version of the Bitsy Bitcoin wallet will be available to download, for free, from the 12th of November. The platform is owned by the bullish U.S. retailer, Overstock. While initially making a name for themselves as an e-retailer, U.S.-based Overstock has shifted gears to focus more on blockchain technology and virtual currencies.

🔸Inclusion of Pro-Blockchain Gibraltar Minister in DC Panel Positive Sign for US Regulation

The Gibraltar Minister for Commerce, Albert Isola, has urged the DC Fintech Week panel to ”collectively strive towards fintech excellence” while sharing his views on regulatory competition in the blockchain industry. The inclusion of a well-known pro-blockchain speaker on the mainstream panel discussion is a promising indicator for the future of the technology in the US.

🔸Scalability: A Big Obstacle for the Cryptocurrency Ecosystem

31st of October, 2018, marked a landmark for cryptocurrencies – it was the tenth anniversary of the Bitcoin whitepaper, meaning cryptocurrencies have turned ten years old. A lot has been achieved over the past ten years – but there are many goals which have been left unfulfilled. This is particularly in reference to the issues of scalability and adoption, problems which continue to haunt the cryptocurrency ecosystem.
Scalability is a problem which wasn’t really envisioned in the early days of cryptocurrencies.

🔸Nakamoto’s Colleague, Donor of BTC 15,678 Says Bitcoin’s Survival ”No Question”

Jeff Garzik, a close colleague of Satoshi Nakamoto, said that although Bitcoin may not have reached its original goal of being used as a private currency, there is ”no question” of its survival.

Garzik, who until 2014 was the third largest contributor to Bitcoin’s code, was responsible for giving away a developer’s bounty to encourage more workers onto the software in the early days of the currency, around seven years ago. He donated 15,678 bitcoins of his own funds, valued at over USD 100 million in today’s prices.

🔸BitMEX to Settle Contracts using Bitcoin Cash ABC After BCH Hard Fork

With the Bitcoin Cash (BCH) hard fork date quickly approaching, plenty of cryptocurrency enthusiasts are anxious as to how many crypto exchanges will support the event. We have had the likes of Binance, Coinbase, Ledger and BitMEX announcing their plans to handle the hard fork. In the case of the latter exchange, the team has just announced additional information as to how the platform will support the hard-fork on the 15th of November.

🔸Bitcoin Could Reach $250k by 2023 Says Tim Draper

The cryptocurrency investor and billionaire Trim Draper said that his Bitcoin price prediction for the next years remains solid. Draper believes that Bitcoin is going to reach $250,000 dollars by 2022. Although the market has been in a bear trend in 2018, he confirms this Bitcoin (BTC) price prediction.

🔸Shapeshift’s CEO about Vitalik Buterin: “Ethereum Is Better Because He’s Involved.”

In a short conversation with Ran Neuner, host of CNBC’s Crypto Trader, Eric Vorhees, CEO of ShapeShift shared his views on the future of cryptocurrencies and blockchain technologies.
submitted by iTradeBit to u/iTradeBit [link] [comments]

When US Entrepreneur Meets Chinese Crypto Group Chat

When US Entrepreneur Meets Chinese Crypto Group Chat
If you happened to read my previous post, you would know WeChat group chats plays a phenomenal role to connect the Chinese crypto circle. The night of July 12th, a unique interview took place in one of those WeChat groups. You may even say the first of its kind.
On the one end is my friend Matthew Roszak, co-founder and chairman of Bloq; on the other, there are 499 women--all of them blockchain entrepreneurs and journalists from different parts of China.
I worked as the host of the event. Questions were collected from all members in advance. During the next hour and half, we discussed with Matt his experience as an investor, his insights on the future of blockchain, and the launch of his latest project, Metronome.
https://preview.redd.it/m1o89yit3cd11.png?width=350&format=png&auto=webp&s=3203cb1edb87872caf7a7468e19fc6fd07d1d86f
Here is the complete interview. I have tried to keep it as close to the chat history as possible, though minor tweaks were made for easier reading. Enjoy!
Matt: So cool to be here -- and talk about my favorite subject in the world :-)
Bianca: It is my favorite subject as well and glad to do this with one of my favorite people in this field.
Matt: I am so thrilled you asked me to be a part of this special chat -- ever since you produced that blockchain documentary, your star has been rising higher and higher -- congrats Bianca! I see so many amazing women entrepreneurs on this channel -- super impressive!
Bianca: Many incoming questions. We have selected a few. First of all: You’re an experienced blockchain investor. How did you start investing in cryptocurrency? By contrast, what’s your view on the future of Wall Street?
Matt: When I started out I was so inspired by bitcoin -- it was a true innovation, an invention (on the scale of a Nobel prize for Satoshi) and became a social movement.
https://preview.redd.it/ea30tjsv3cd11.png?width=350&format=png&auto=webp&s=77a71ff0c873ced7e782c7e5759d9fbec3e63b74
I initially invested in bitcoin, then invested in over 20 companies in the blockchain space -- bridges, roads and tunnels -- think wallets, exchanges, miners, payment processors, software layers, etc. -- that helped me create a mental roadmap on this space back in 2012/2013. More importantly, I met some of the most amazing entrepreneurs in this ecosystem -- folks like CZ at Binance, Ted at Xapo, Charlie at Litecoin, Bobby at BTCC and even my co-founder Jeff Garzik.
My co-founder Jeff is a rare bird -- he worked on the Linix kernel with Linus Torvalds (creator of Linux) -- and worked on the Bitcoin kernel with Satoshi -- these are two of the most important open source projects in history -- so grateful to have him on my team and as my dear friend…
I hosted dinners in every city I traveled to -- about 20-40 people -- that helped me build great relationships and guide my thesis in this space.
I thought Wall Street/institutional investors would have been in crypto more substantially by now -- there is very little institutional money in our space -- the infrastructure to accommodate them, namely custody platforms, is being built however not in the format nor risk tolerance they are comfortable with -- that will change and we will see a lot of money flowing in by the end of this year with 2019 being a breakout year for institutional adoption.
Bianca: You participated in the first ICOs. What are the lessons you learned from those experiences?
Matt: I originally was a bitcoin maximalist -- I was lucky to change that thinking as it would have made me miss other networks like Ethereum, Qtum EOS and many others -- this space is a movie, and not a static picture -- the innovation is rapidly developing and it creates unprecedented opportunities for entrepreneurs and investors.
Another key point is that I am an investor, and not a trader -- so I buy and hold for the most part -- and that discipline has served me well.
https://preview.redd.it/oy765oi04cd11.png?width=350&format=png&auto=webp&s=c29c40c6633f7a6c04bf9d1a36aab7bf39c13109
Bianca: Compared to bitcoin or ETH, what are some innovations of Metronome?
Matt: From a tech standpoint, Metronome (MET) is an autonomous network -- meaning there is no author or founder influence or control on the code since its launch -- autonomous networks will be some of the most powerful and valuable networks in all of crypto -- they are also very hard to build as we saw first hand with the DAO, which broke ETH in half -- that project was way different, very complicated and poorly built, hence it's fate -- but getting autonomous networks right is in many ways a key part of this decentralized future we are all building and investing in.
The other key tech component is that MET is the world's first cross-chain crypto -- meaning MET is born on Ethereum but will be able to move to any other EVM (Ethereum Virtual Machine) -- think ETC, QTUM, RSK/BTC, etc. -- like a boxcar on a railroad that you can move to another track -- this creates a new dimension and relationship between the user and MET where you self govern where your MET resides -- we even called our whitepaper an Owner's Manual :-)
I do not think people will be moving their MET around from track to track, but from a longevity and durability standpoint -- it has staying power even if ETH or any other underlying rail goes away in the future (as you can move it).
So we created MET as an expression of many years of watching the crypto space and believed there was room for more innovation.
The other thing that I am proud of is that the proceeds from the auction didn't go to a foundation or a company, they went into code (a smart contract) -- and all that smart contract does is provide liquidity and price support to the MET community through a decentralized exchanger -- all engineered for the benefit of the MET users/community.
https://preview.redd.it/gtn3zeu24cd11.png?width=350&format=png&auto=webp&s=08239f7dda379e731db99b5da3fc68bfa564aa8d
Bianca: Talking about the auction, Metronome used the descending price model during Initial Supply. Did you observe a lower auction price (for instance, due to buyers using bots to do last-minute biddings), thus bringing fewer funds to the pool than you had expected?
Matt: The auction raised about $12MM USD in proceeds during the most difficult week in crypto in 7 months -- we are very proud of the fact that the network launched, the system works, and there were no security issues -- the future is incredibly bright for Metronome!
Most other projects raise money and launch several years out -- MET was made alive at launch! -- again, very difficult to build and create these systems -- I am so proud of the team!
Bianca: What are the differences between working at private equity and crypto investment? How do you normally evaluate a blockchain project?
Matt: OMG sooooo different -- private equity (and even traditional venture) and crypto are two different planets.
The common denominator in how you approach people in PE or VC or crypto is people -- you always back people -- no whitepaper or product roadmap is going to build themselves.
We are in the early days, so great people are raising lots of money with just a whitepaper -- pretty soon the bar will be raised to ensure projects have a working product/protocol -- the bar will raised even further to have users and utility and metrics on that network.
With the total crypto market cap of $250 billion, we are still in the stone ages for crypto -- we have a lot of building and adoption ahead of us -- feels like early Internet or early mobile days -- big fun ahead!
https://preview.redd.it/av8sxmu44cd11.png?width=350&format=png&auto=webp&s=4c9f925974372f126dadb4c545a436a241dde879
Bianca: Vitalik just commented “I definitely hope centralized exchanges go burn in hell.” What’s your take on centralized exchanges such as Bitfinex, Binance, and Fcoin?
Matt: Oh boy, good question -- well I think we are watching the evolution of all of this -- we need certain infrastructure to get from A to B in crypto adoption -- even centralized exchanges and wallets -- they are not for everybody but serve an important purpose and address a market need for folks that have no clue how to manage private keys.
In the exchange space I love watching innovators like CZ and team at Binance -- they created an incredible platform, with a tokenized model that many are trying to emulate -- imitation is the greatest form of flattery ;-) they also have a strategy on how to construct a decentralized exchange.
So if you are not innovating and looking to decentralize, your business model may be at risk in the future -- however decentralized applications like this are hard to build and rely on infrastructure and tech that has not been built or not ready for prime time -- decentralization is a journey.
https://preview.redd.it/jbyfe7l64cd11.png?width=350&format=png&auto=webp&s=54fdc23caa27b1fac15e0d3770282a03b87bb5e4
Bianca: Many governments are tightening on crypto regulations. Where do you think the government policy on crypto can go?
Matt: Historically technology innovation has always outpaced regulations -- we are seeing that play out big time in crypto.
I am inspired by what Singapore, Switzerland, Malta, Barbados and other countries are doing to attract projects and innovation to their boards in our industry.
Lots of jurisdictional arbitrage is playing out -- countries smell the crypto ;-) and want to bring jobs, innovation and investment to their borders.
This happened before with online gaming, hedge funds, etc. -- however with crypto, these networks can be trillion dollar blood vessels of value.
Bianca: Given the current market situation, what suggestions do you have for investors, entrepreneurs, and service providers?
Matt: Never has a technology frontier like crypto had the potential to impact power centers like Wall Street and Silicon Valley -- that is and will continue to be tested with crypto.
MONEY = POWER (old adage)
MONEY = TECHNOLOGY (with crypto)
TECHNOLOGY = POWER (new adage)
https://preview.redd.it/suyc16f84cd11.png?width=350&format=png&auto=webp&s=7a4a906d87a9d519569f60ed3e2ef37f0d265de6
Bianca: Any story you can share when you sent bitcoins to Clinton and Branson? What were their attitudes towards crypto and blockchain?
Matt: Several years back bitcoin was so abstract to people outside of our industry -- I used to always keep a physical bitcoin on me to use as a conversation starter -- I love the Kialara physical bitcoins -- they are works of art and exposes a cool reaction when I give them to people -- the physicality always helps in a discussion over dinner or a drink -- gives tangible to the intangible ;-)
I was fortunate to meet some great people and try to open their minds to this new technology frontier -- I gave bitcoin to: Richard Branson, Bill Clinton, Steve Wozniak, Robin Wright and many more -- Branson is an inspiration for me in how he conducts business and gives so much back to society and the environment.
Bianca: Last question from the group member: do you think the market value of many digital coins will return to zero?
Matt: My sense is that about 90%+ will go to zero -- I think BTC and ETH will continue to do very well as they are the two "gateway cryptos" for new money (institutions) coming into this ecosystem -- that logic will spread to the top 10-20 large and mid-cap cryptos -- speculative network effects will kick in -- we are still in the investment and speculative phase crypto (like it or not) -- once there is real utility, transactions and throughput, we will see which networks wil remain for the long haul -- the potential here is tens of trillions of value -- we have a long way to go…
https://preview.redd.it/6kwrwjja4cd11.png?width=350&format=png&auto=webp&s=b91c4a9be963b771ac8879ef8da9ac4b2343bd95
Bianca: Before you go, would you like to share your feelings today? Do you have any other words for the ladies in the 499 WeChat Group? :)
Matt: Once more, I am so honored to spend time with you all -- super impressed by the women in this group -- this is the best time to build, invest and be a part of one of the most important societal shifts in history!
submitted by ox3tv to u/ox3tv [link] [comments]

Subreddit Stats: btc top posts from 2018-04-20 to 2018-05-20 06:58 PDT

Period: 29.85 days
Submissions Comments
Total 1000 53623
Rate (per day) 33.50 1780.26
Unique Redditors 466 5134
Combined Score 118969 219877

Top Submitters' Top Submissions

  1. 7839 points, 57 submissions: MemoryDealers
    1. If all the 32MB blocks were permanently 100% full, this $400 hard drive could store the blockchain for the next 7 years. (373 points, 352 comments)
    2. The people behind Bitcoin Cash are the ones who created Bitcoin's network effect in the first place. (357 points, 123 comments)
    3. Bitcoin subscribers are now calling for people to report Bitcoin.com to the Internet Crime Complaint Center of the FBI. It's sad that BTC supporters all seem to be statists who yell about hodling their muh store of value all day. (348 points, 288 comments)
    4. I have more emails saved on my computer than the entire BTC or BCH block chains. (319 points, 131 comments)
    5. Bitcoin.com is now sponsoring pro female MMA athletes. (293 points, 121 comments)
    6. CoinGeek will support Bitcoin.com in lawsuit over the real Bitcoin - Coingeek (273 points, 354 comments)
    7. Bitcoin Cash is now on iOS in the world’s most popular crypto wallet. #winning (257 points, 131 comments)
    8. "The vast majority of mining hash power was controlled by people who were psychologically incapable of disobedience to perceived authority." -Mike Hearn (250 points, 194 comments)
    9. "BTC True Believers" Are Boycotting the First National Talk Radio Show that ever Discussed Bitcoin because they accept BCH payments. (245 points, 116 comments)
    10. All I keep hearing is that Bitcoin Cash is an infested cesspool of lawless, leaderless, disrespectful, narcissistic, greedy, scammy, capitalistic anarchists that will never create digital money! I swear I’m getting dejavu! (225 points, 46 comments)
  2. 3965 points, 19 submissions: hunk_quark
    1. Warren Buffet's Berkshire is the single largest stockholder in BoA and WellsFargo. In case you were wondering about his attitude towards Bitcoin. (614 points, 114 comments)
    2. Purse.io is paying its employees in Bitcoin Cash. (447 points, 63 comments)
    3. Shoutout to Kraken for standing up to NY Attorney General. If Schneiderman wants transparency and accountability he should be looking into auditing the fed. (406 points, 28 comments)
    4. Bitcoin is rat poison. The bankers are the rats. (404 points, 56 comments)
    5. Forbes Author Frances Coppola takes blockstream to task. (364 points, 35 comments)
    6. Purse CEO Andrew Lee confirms they are paying employees in BCH and native BCH integration update will be coming soon! (343 points, 43 comments)
    7. PSA: So called 'low-fee' cryptocurrency Litecoin has transaction fees 20x higher than Bitcoin Cash (264 points, 80 comments)
    8. After today's BCH Upgrade, longer posts are now enabled on memo.cash! (250 points, 31 comments)
    9. Jeffrey Tucker is promoting bitcoin.com at Atlanta Bitcoin Embassy. (195 points, 57 comments)
    10. Anti-Bitcoiners, life comes at you fast! (109 points, 26 comments)
  3. 3846 points, 30 submissions: Kain_niaK
    1. Bitcoin Cash has not only removed the cap on transactions but also the cap on development. Something new pops up every time I blink. (368 points, 162 comments)
    2. I am getting flashbacks from when I tried to close my Bank of America account ... (353 points, 155 comments)
    3. Fucking /bitcoin assholes reported my twitter account and now I need to verify with a phone number before I can continue with twitter. (325 points, 218 comments)
    4. Paul Wasensteiner: When is @Twitter going to fix the abuse of the report button by @bitcoincoreorg supporters? Why are supporters of a supposedly censorship-resistant money using censorship at every opportunity? (295 points, 106 comments)
    5. We should pirate the entire piratebay.org website and all it's functionality directly on to the Bitcoin Cash blockchain. The piratebay.org is just magnet links and comments. Then they will say bcash stole our business ... (232 points, 439 comments)
    6. Fees higher than a dollar cent or waiting times longer than a couple of seconds defeat the entire purpose of why Bitcoin was invented. (218 points, 164 comments)
    7. moneybutton.com is a configurable client-side Bitcoin Cash (BCH) wallet in an iframe. When the user makes a payment, a webhook URL is called allowing your app to respond to the payment, such as displaying content behind a pay wall. (189 points, 37 comments)
    8. We proudly present BCHpizza.org! Now the community can create city bounties for pizza shops to incentivize them to accept Bitcoin Cash. First pizza shop in a city to do so gets the bounty! (177 points, 117 comments)
    9. Bitcoin Cash can turn in to the biggest non violent protest against the establishment ever : "We simply stop using their money." Which is a great way of getting edgy teenagers to join us. There is an almost infinite supply of edgy teenagers in the world. (156 points, 42 comments)
    10. We need testers for the Cash Shuffle plugin. (121 points, 17 comments)
  4. 3666 points, 28 submissions: Windowly
    1. "Billion-dollar corporations take note: Bitcoin Cash is open for business! Just try to fill up our blocks, I dare you. There will be no "Fidelity Effect" with BCH. Unlike BTC, we want you to use the Blockchain. BCH never really hits a scale ceiling."~Dr. Peter Rizun (415 points, 177 comments)
    2. "In a discussion group of BCH, lots of investors concerned about the address confusing problem. BCH community should push every software of ecosystem to upgrade to Cashaddr ASAP."~Jihan Wu (366 points, 215 comments)
    3. "Maybe the best way to bring economic freedom to the world is to make an uncensorable Twitter."~Ryan X. Charles (300 points, 114 comments)
    4. Newbie tip! Do yourself a favor, get a Protonmail email account and switch all your crypto exchanges to that email. No reason Google/Gmail need to have your entire crypto history at their fingertips. (299 points, 133 comments)
    5. "On the 15th of May, I'll be popping the champagne, not to celebrate high fees, but to celebrate continued low fees, privacy enablements, smart contract capabilities, and PayPal level throughput capability."~Eli Afram (233 points, 46 comments)
    6. 24% of the trading on GDAX in the last 24 hours was for Bitcoin Cash (BCH)! 😊💃 (185 points, 16 comments)
    7. Yeah!! "We are pleased to announce that the new Bitcoin Cash address format has been implemented on QuadrigaCX. This will help our users to easily distinguish Bitcoin and Bitcoin Cash addresses when funding/withdrawing their account. The BCH legacy addresses will still be supported." (165 points, 8 comments)
    8. ANNOUNCE: Coinbase has blocked the official @WikiLeaks shop from its platform without notice or explanation. You can continue to donate #Bitcoin to WikiLeaks at https://WikiLeaks.org/donate . (164 points, 55 comments)
    9. There is a Bitcoin Unlimited election today. (BU is one of the 6+ development teams that develop clients for Bitcoin Cash (BCH). BU has a unique governance system where developers are not king. . instead members vote on proposals. If you are a member, please vote! (161 points, 29 comments)
    10. Bitpay Adds Bitcoin Cash Support to Checkout Point-of-Sale App - Bitcoin News (151 points, 22 comments)
  5. 2565 points, 15 submissions: BitcoinXio
    1. Bitcoin Cash is upgrading on May 15 to 32MB max block limit (575 points, 335 comments)
    2. Frances Coppola on Twitter: “Congratulations, Blockstream, you have just reinvented the interbank lending market.” (411 points, 139 comments)
    3. Once again Core supporters threaten with lawsuits and government intervention to try to get their way. This is just pathetic and not the foundations of what Bitcoin was built on. These are not bitcoiners. (299 points, 355 comments)
    4. Get ready - Bitcoin Cash is upgrading on May 15th! (198 points, 132 comments)
    5. CobraBitcoin: "Lightning is cool, but nobody should be recommending it to actual merchants for at least the next few years. Merchants like Steam already got hurt by adopting Bitcoin and regretting it later. Lightning needs time to mature and prove itself. Mad hype to rush adoption will harm it." (157 points, 58 comments)
    6. Blockchain on Twitter: “What's that you see? It's all your BCH that now appears in your #ios wallet. Take control of your financial future and #beyourownbank today.” (138 points, 20 comments)
    7. We are living in the digital age of information, which is why censorship has become such an important issue [...] That’s why I’m excited about decentralized social networks built on top of Bitcoin Cash like @BlockPressApp & @memobch. They are new so need work, but the path is being paved. (131 points, 31 comments)
    8. BlockPress published its protocol (123 points, 22 comments)
    9. We have a new alternative public mod logs (96 points, 35 comments)
    10. If Bitcoin Core (BTC) is no longer usable by many people in the world due to being out priced (high tx fees), is it still “borderless”? I’d argue that it’s no longer borderless if people all over the world are excluded from the network. (95 points, 34 comments)
  6. 2030 points, 11 submissions: tralxz
    1. Breaking News: Winklevoss Brothers Bitcoin Exchange Adds Bitcoin Cash support! (508 points, 115 comments)
    2. Jihan Wu was asked "Why are the miners still supporting Bitcoin Core? Is it just a short term profitability play?", he answered: "Yes, exactly." (279 points, 215 comments)
    3. Cobra:"That feeling when Blockstream, [...] release Liquid, a completely centralized sidechain run only by trusted nodes and designed for banks, financial institutions and exchanges." (245 points, 145 comments)
    4. LibreOffice Foundation accepts Bitcoin Cash donations. (191 points, 11 comments)
    5. Breaking News! Vin Armani: "Major mining pools have agreed to establish a treasury and start funding $BCH development from their block rewards. HUGE!!!" (186 points, 80 comments)
    6. CNBC's Fast Money: Ran NeuNer says he would HODL Bitcoin Cash and sell Bitcoin Core. (172 points, 59 comments)
    7. Jihan Wu on Bloomberg predicting Bitcoin Cash at $100,000 USD in 5 years. (172 points, 65 comments)
    8. Let's start the Bitcoin Cash upgrade party. New era for BCH is coming May 15. Privacy tools + smart contracts + PayPal capacity handling. Exciting times ahead! (106 points, 37 comments)
    9. Coindesk: "Florida Tax Collector to Accept Bitcoin, Bitcoin Cash Payments" (60 points, 8 comments)
    10. Adam B.: "Bitcoin is not a democracy". The authoritarian moves by Core makes perfect sense now. (59 points, 46 comments)
  7. 1485 points, 12 submissions: jonald_fyookball
    1. BTCers fundraise for frivolous lawsuit. BCH fundraises to feed Venezuelans. (233 points, 58 comments)
    2. bitcoin admits: best way to use Lightning Network: don't use it. (189 points, 286 comments)
    3. Electron Cash 3.2 is available. Includes new op-codes and fixes for Ledger hardware wallet (180 points, 50 comments)
    4. If you have to call it bcash you've already lost the argument (164 points, 257 comments)
    5. Cash Shuffle plugin 0.2 - Cash Shuffle development continues (131 points, 37 comments)
    6. Claims that BCH is a "centralized coin" are exaggerations at best. (114 points, 83 comments)
    7. (shitpost) philosoraptor meme: if honeybadger don't care... (106 points, 22 comments)
    8. BCH being a minority chain may be a blessing in disguise (97 points, 83 comments)
    9. Another reason to be bullish on BCH (92 points, 18 comments)
    10. BCHpizza already has 4 bounties posted. It's also no longer needed to sign a message to post a bounty. (89 points, 21 comments)
  8. 1393 points, 8 submissions: rdar1999
    1. Naomi Brockwell on Twitter: "[I] won’t succumb to censorship through intimidation." (332 points, 190 comments)
    2. Consensus 2018 sucked hard. Superficial talks, ridiculous ticket price, overcrowded venue. (233 points, 78 comments)
    3. ==> Becash or Begone: reclaiming the "bcash" trolling (213 points, 107 comments)
    4. See in this twitter thread Luke Jr actually arguing that PayPal is cheaper than BCH!! Is this guy in full delirium? Or just spouts misinformation on purpose? (172 points, 227 comments)
    5. ///\ BTC-BCH persists as the most popular trade on ShapeShift.io /// (171 points, 20 comments)
    6. The retard tribalism is so real. SBI japan's financial giant says they will launch a platform with BCH as settlement coin (due to BTC being bad) and XRP as remittances. I provide the link and cryptocurrency shills deny plain literally declared fact. (124 points, 50 comments)
    7. Chris DeRose on Twitter: "So if Roger ver wins the class action lawsuit, I assume that Bitcoin cash can then rightfully sue Bitcoin core proponents for fraud?" (92 points, 61 comments)
    8. Upgrade completed at height 530356! (56 points, 2 comments)
  9. 1377 points, 12 submissions: Egon_1
    1. Genesis Mining:"We are more than happy to announce that Bitcoin Cash is now available as a Native Mining option for all Bitcoin (Sha256) contracts!" (287 points, 22 comments)
    2. Jihan Wu on BCH Lighthouse:”This project was abandoned on BTC Blockchain long time ago, it is very excited to see it is alive again on BCH Blockchain. It can be very huge.” (278 points, 50 comments)
    3. Yahoo Finance: "Bitcoin Goes Lateral as Bitcoin Cash Steals the Show… AGAIN" (189 points, 46 comments)
    4. "Bitcoin Cash is actually more interesting ..." (119 points, 15 comments)
    5. Jeff Garzik:"Just got an earful from a Chicago cabbie, on $LTC He was very grumpy at @SatoshiLite selling, saying it indicated a lack of founder's confidence in his own creation. #StreetCrypto" (100 points, 8 comments)
    6. “Why don't we start saying: "Bitcoin is Cash" It's much harder to refute than "Bitcoin Cash IS Bitcoin"“ (75 points, 49 comments)
    7. "Because Bitcoin Cash is effectively Bitcoin ✌️ (72 points, 22 comments)
    8. Bye Bye P2P Electronic Cash ... (68 points, 88 comments)
    9. Bitcoin.com Wallet needs more useful services integrated... beyond Shapeshift (59 points, 24 comments)
    10. BCH keeps bitcoins minions busy (48 points, 28 comments)
  10. 1291 points, 9 submissions: increaseblocks
    1. Vitalik Buterin says what we've all been saying - CoinDesk is scammy and complicit bad actor in the cryptocurrency world and should be shunned (510 points, 61 comments)
    2. Bitcoin Wallet Mycelium Begins Rolling Out Bitcoin Cash BCH Support (163 points, 39 comments)
    3. Cheddr is a Bitcoin Cash Point Of Sale system that runs in most modern browsers - no server infrastructure required (137 points, 31 comments)
    4. Leaked Telegram chat shows bitcoin.com "fraud" lawsuit was abandoned due to lack of support 😂😂😂 (135 points, 32 comments)
    5. Toshi to expand beyond Ethereum - will add Bitcoin Cash (91 points, 7 comments)
    6. Litecoin transaction fees 20 times higher than Bitcoin Cash (85 points, 44 comments)
    7. DAMN BCH! (68 points, 25 comments)
    8. In honor of the Bitcoin Cash successful upgrade and now we have the true lightning network. I present to you lightningnetwork.cash! (58 points, 22 comments)
    9. Bcore shills are crying right now 😭😭😂😂 (44 points, 10 comments)
  11. 1202 points, 9 submissions: SharkLaserrrrr
    1. Memo is now open source! (361 points, 160 comments)
    2. Based on @BitcoinCashFund report, preliminary calculation: Total spent: $153,138.49 Total spent on Salaries and Travel: $101,996.79 ~66% of donations is spent on themselves, charities/non-profits (official registered ones) limit themselves to less than 10% (161 points, 181 comments)
    3. [PREVIEW] Looks like Lighthouse powered by Bitcoin Cash is coming together nicely thanks to the hard work of an anonymous developer. I wonder how Mike Hearn feels about his project being resurrected. (159 points, 24 comments)
    4. We heard you want a Bitcoin Cash exclusive wallet that uses ‘bits’ and enables you to buy anything online and pay with Bitcoin Cash so we are building one #cashpay #CryptonizeYourPurchases (137 points, 77 comments)
    5. Bitcoin Cash is the real Bitcoin experience. If you have any doubts, go buy something on cryptonize.it, then buy something off a Lightning store and compare what you had to go through to pay for your order. (103 points, 51 comments)
    6. As of today, cryptonize.it shows prices in Bitcoin Cash next to fiat! (81 points, 9 comments)
    7. Incompatible protocols gave us the ’90s web which was not a pretty sight. Let’s not repeat the same mistakes when building censorship resisted social media powered by Bitcoin Cash. Support @MemoBCH protocol. (72 points, 57 comments)
    8. To help developers raise funds, cryptonize.it is sponsoring a Lighthouse server and website so useful projects can be funded by the community directly. (66 points, 7 comments)
    9. $25,- Amazon gift cards back in store, 0-conf. instant delivery, the real bitcoin experience (62 points, 18 comments)
  12. 1189 points, 1 submission: ocist1121
    1. No spend (1189 points, 87 comments)
  13. 1148 points, 6 submissions: BeijingBitcoins
    1. Three years ago today, Mike Hearn published an article explaining exactly what would happen when the 1MB blocksize limit was hit. He was right on all counts. (473 points, 173 comments)
    2. An easy way to visualize the August 1st Hard Fork. Neither of the two branches resulting from a fork can be called "the original road," but only one branch continues towards the same destination. (163 points, 140 comments)
    3. Bitcoin Core fanatics are trying to organize a lawsuit against Bitcoin.com for using the term "Bitcoin (BCH)", while they run around all day labelling it "Bcash" (157 points, 167 comments)
    4. "Bitcoin Cash won't "fork" in May. Instead, Bitcoin Cash will just upgrade." (123 points, 53 comments)
    5. Just launched: Satoshi Pulse, by Bitcoin.com (121 points, 44 comments)
    6. Ryan Charles delivers an epic rant about Lightning Network problems (111 points, 19 comments)
  14. 1085 points, 10 submissions: unitedstatian
    1. Reminder: Blockstream plans to make money from the proprietary solutions it sells, which is why it moved away from the free permissionless blockchain to an abstracted layer on top which requires 3rd party solutions to be cost effective for most users. (220 points, 146 comments)
    2. It seems there's been a massive propaganda campaign to brainwash people into thinking hardforks are bad. (180 points, 56 comments)
    3. BCH could really be missing the new big use case. Gamers would love to have real ownership of game items. The first game which will integrate a digital coin and make it popular will be groundbreaking. (141 points, 76 comments)
    4. The guy had 350 bucks received via Lightning Network but he can't even close the channels to actually withdraw the bitcoins. (139 points, 188 comments)
    5. What gives Core the right to change the model so drastically and still keep the brand name? (119 points, 117 comments)
    6. One of the most ignorant - even anti-crypto - argument I hear around is that BCH is a currency controlled by Chinese miners. (88 points, 74 comments)
    7. The first megabytes are far more crucial than the 100th. Not every MB was born equal and by giving up on adoption for years Core may have given up on adoption forever. (69 points, 20 comments)
    8. In light of the recent ERC-20 bug I think this is a good time to remember these wise words (54 points, 25 comments)
    9. If BCH had decent privacy features it'd gain so much more market share. It's hard to compete with privacy-always-on coins such as XMR but many more coins offer moderate privacy and would be easy to beat. (42 points, 31 comments)
    10. If Memo taught me one thing it's the more uses around the coin the better - can BCH be adopted to help fight counterfeiting? (33 points, 4 comments)
  15. 1055 points, 5 submissions: ForkiusMaximus
    1. MortuusBestia hits on a pitch-perfect way of looking at BCH's value proposition in epic comment on /BitcoinMarkets (604 points, 109 comments)
    2. I am excited that BCH is being irrationally criticized, because it reminds me of 2011 and 2012 when Bitcoin was being irrationally criticized. Any of 2013, when the price rose 100x. (183 points, 82 comments)
    3. Japanese tweeter makes a good point about BTC: "You don't call it an asset if it crumbles away every time you go to use it. You call it a consumable." (144 points, 21 comments)
    4. Jimmy Nguyen: Bitcoin Cash can function for higher level technical programming (80 points, 3 comments)
    5. How NOT to tell which is "the real Bitcoin" (44 points, 15 comments)
  16. 1032 points, 6 submissions: theantnest
    1. Let's start a class action lawsuit against Canada for calling their currency the dollar. I accidentally bought CAD when I wanted USD, and didn't know I could just exchange it again. (511 points, 243 comments)
    2. BTC noobs conned into being concerned about node count to distract them from the real centralization problem: (137 points, 172 comments)
    3. Any real scientist interested in Bitcoin should be happy Bitcoin Cash exists. (110 points, 40 comments)
    4. Blockstream shill admits to exaggerating and slandering Roger purely because he doesn't support BTC. (103 points, 49 comments)
    5. Cognitive Dissonance: It's totally fine to call BCH 'bcash', but it's fraudulent to call it Bitcoin? (93 points, 51 comments)
    6. Be Cash! (78 points, 45 comments)
  17. 1029 points, 7 submissions: zhell_
    1. MEMO NOW SUPPORTS REPLIES, join the Party now ! (208 points, 50 comments)
    2. memo.cash has been generating 2000 tx/day since its start, which is near 10% of all transactions on the BCH network. (201 points, 73 comments)
    3. "Money comes from being the most tradable of all commodities" Austrian Economics (189 points, 104 comments)
    4. Fiat is crashing: Inflation in the US averages at 10%/year in the past 5 years when measured as the price of the top 500 items on which Americans spend their after-tax dollars. (183 points, 49 comments)
    5. Memo.cash breaks a record with 3000 on-chain actions in the last 24h after implementing replies (143 points, 25 comments)
    6. with 2k tx/day, memo.cash is only using ~0.09% of 8MB blocks capacity currently on the BCH network (that would be 0.02% of 32MB blocks) (69 points, 3 comments)
    7. Help! I bought what I thought was Bitcoin and it is now gone! /s (36 points, 8 comments)
  18. 1020 points, 4 submissions: Anenome5
    1. Let's End the War and focus on the TRUE ENEMY (719 points, 349 comments)
    2. Satoshi's original whitepaper talks about "Reclaiming Disk Space" by pruning transactions, what's being done on this front? Core-trolls say we don't need to store forever that you bought a coffee, and that's true, and Satoshi also proposed how to fix that long ago. (200 points, 166 comments)
    3. Core'er says $50 fees "a wtf moment for everyone" but doubts it will ever happen again. Seems they're in for a surprise, BTC is still extremely vulnerable to transaction-fee price-inflation due to low capacity. BTC transaction fees currently 19+ times higher than BCH. (65 points, 30 comments)
    4. Bitcoin Cash, the early years... [OC] (36 points, 16 comments)

Top Commenters

  1. jessquit (3904 points, 368 comments)
  2. Kain_niaK (3058 points, 684 comments)
  3. bambarasta (2674 points, 360 comments)
  4. H0dl (2352 points, 464 comments)
  5. rdar1999 (2352 points, 404 comments)
  6. BitttBurger (2301 points, 313 comments)
  7. Adrian-X (2118 points, 506 comments)
  8. MemoryDealers (2084 points, 102 comments)
  9. trolldetectr (2073 points, 502 comments)
  10. LexGrom (2055 points, 709 comments)
  11. Ant-n (1834 points, 334 comments)
  12. LovelyDay (1820 points, 468 comments)
  13. jimbtc (1734 points, 212 comments)
  14. fruitsofknowledge (1618 points, 469 comments)
  15. ForkiusMaximus (1612 points, 211 comments)
  16. unstoppable-cash (1537 points, 201 comments)
  17. unitedstatian (1485 points, 388 comments)
  18. jonald_fyookball (1481 points, 142 comments)
  19. Bitcoinopoly (1471 points, 175 comments)
  20. BeijingBitcoins (1430 points, 100 comments)
  21. KoKansei (1330 points, 84 comments)
  22. MobTwo (1309 points, 93 comments)
  23. btcnewsupdates (1263 points, 153 comments)
  24. lubokkanev (1252 points, 298 comments)
  25. BitcoinXio (1251 points, 76 comments)
  26. taipalag (1248 points, 250 comments)
  27. mrtest001 (1075 points, 271 comments)
  28. LuxuriousThrowAway (1072 points, 163 comments)
  29. MarchewkaCzerwona (1046 points, 119 comments)
  30. cbeaks (985 points, 175 comments)
  31. SharkLaserrrrr (976 points, 135 comments)
  32. tippr (974 points, 523 comments)
  33. knight222 (963 points, 132 comments)
  34. PsyRev_ (941 points, 189 comments)
  35. radmege (919 points, 62 comments)
  36. Anenome5 (914 points, 182 comments)
  37. Churn (886 points, 75 comments)
  38. 324JL (855 points, 200 comments)
  39. emergent_reasons (854 points, 143 comments)
  40. TiagoTiagoT (841 points, 320 comments)
  41. bahkins313 (831 points, 121 comments)
  42. silverjustice (825 points, 62 comments)
  43. cryptorebel (812 points, 148 comments)
  44. scotty321 (811 points, 121 comments)
  45. DaSpawn (808 points, 113 comments)
  46. homopit (795 points, 100 comments)
  47. AcerbLogic (786 points, 205 comments)
  48. normal_rc (777 points, 59 comments)
  49. fiah84 (774 points, 136 comments)
  50. Deadbeat1000 (753 points, 61 comments)

Top Submissions

  1. No spend by ocist1121 (1189 points, 87 comments)
  2. 1 For whoever questions the utility of Bitcoin, here's banking summarized accurately by rlibec (783 points, 163 comments)
  3. Let's End the War and focus on the TRUE ENEMY by Anenome5 (719 points, 349 comments)
  4. Am I the only one that doesn't mind Bitcoin Cash being called "Bitcoin Cash" instead of just "Bitcoin" (for now)? by d3on (672 points, 401 comments)
  5. Warren Buffet's Berkshire is the single largest stockholder in BoA and WellsFargo. In case you were wondering about his attitude towards Bitcoin. by hunk_quark (614 points, 114 comments)
  6. MortuusBestia hits on a pitch-perfect way of looking at BCH's value proposition in epic comment on /BitcoinMarkets by ForkiusMaximus (604 points, 109 comments)
  7. coincall.io labels BCH a "shitcoin" by groovymash (586 points, 329 comments)
  8. Erik Voorhees: “Roger - please stop referencing me to back up your opinion that Bitcoin Cash is Bitcoin. It isn't. Bitcoin is the chain originating from the genesis block with the highest accumulated proof of work. The Bitcoin Cash fork failed to gain majority, thus it is not Bitcoin.” by sumsaph (585 points, 547 comments)
  9. Can’t believe this was available. My new license plate.. by VanquishAudio (581 points, 113 comments)
  10. Bitcoin Cash is upgrading on May 15 to 32MB max block limit by BitcoinXio (575 points, 335 comments)

Top Comments

  1. 322 points: rdar1999's comment in My dog ate my TREZOR. Check your recovery seeds folks!
  2. 314 points: my_next_account's comment in Erik Voorhees: “Roger - please stop referencing me to back up your opinion that Bitcoin Cash is Bitcoin. It isn't. Bitcoin is the chain originating from the genesis block with the highest accumulated proof of work. The Bitcoin Cash fork failed to gain majority, thus it is not Bitcoin.”
  3. 259 points: everyother's comment in 1 For whoever questions the utility of Bitcoin, here's banking summarized accurately
  4. 225 points: morli's comment in Can’t believe this was available. My new license plate..
  5. 209 points: groovymash's comment in coincall.io labels BCH a "shitcoin"
  6. 206 points: insanityzwolf's comment in Am I the only one that doesn't mind Bitcoin Cash being called "Bitcoin Cash" instead of just "Bitcoin" (for now)?
  7. 183 points: BitttBurger's comment in MoneyTrigz fails to raise more than $3,700 for Bitcoin.com lawsuit. Considers pulling the plug.
  8. 182 points: patrick99e99's comment in I used to think BCH was the bad guy, now I'm beginning to change the way I see it... Convince me that BCH is the real Bitcoin
  9. 175 points: RollieMe's comment in Trying to see both sides of the scaling debate
  10. 156 points: KillerDr3w's comment in My dog ate my TREZOR. Check your recovery seeds folks!
Generated with BBoe's Subreddit Stats
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[Table] IAmA: IAM Peter Vessenes, Executive Director of the Bitcoin Foundation. AMAA!

Verified? (This bot cannot verify AMAs just yet)
Date: 2012-09-28
Link to submission (Has self-text)
Link to my post
Questions Answers
Most proponents of Bitcoin seem to believe that there will be a point where one coin exceeds a value of $100 or even $1000. Sure, that is definitely possible and I can accept that it may happen one day. However, since each coin has this intrinsic potential value.. why would anyone spend them on trivial stuff like food now? How can you spend something that you believe will continue to grow in value effectively to infinity? That seems like a fair complaint to me, in general. In practice, and as opposed to Krugman's thoughts on the matter, we have many thousands of happy Bitcoin transactors, I think people like to spend their bitcoins with others, give them away, and use them for things. I do know some Bitcoin businesses that try never to spend their coins. That said, we have had some periods like last year where EVERYBODY wished they'd spent their coins.. To my mind volatility is a worse 'evil' than being deflationary. As I said above, I think most government economists wish an inflationary currency (and many bitcoiners hate this, and talk a lot about how much they hate it), but I think there's definitely a place in the world for a deflationary value system. An interesting thought experiment for you -- if you forked the Bitcoin blockchain and changed issuance so that it tracked say, USD or USD/EUR inflation rates for issuance, would it have the same uptake or not?
Every once in a while I hear stories about security breaches including 240,000 bitcoins that went missing the other month. How do you ensure security of account holders funds? The practical security aspects of running Bitcoin businesses are a REAL need, and it's something we want to help on with advice, and possibly opt-in certification at some point. I say more about this elsewhere in the AMA.
Furthermore, most sites I've came upon that sell goods seem poorly managed and difficult to use. Is there a Bitcoin equivalent to sites like Ebay and Amazon? Re: bitcoin site usability -- I agree, it's often terrible! I'm not sure why this is, except to say that bitcoins make transacting online so easy that even people who can't afford a designer can do it.
A: How does the intrinsic non-fiat nature of the currency affect its susceptibility to market fluctuation? I.E. Better or worse stability than fiat currency? So far, because market cap is so low, (Roughly $100mm of value), Bitcoin exchange rates are highly susceptible to people pushing it around. This is really tough for everyone. There are a bunch of businesses that might not be viable until you have some exchange rate certainties that extend beyond a short (one day-ish) window.
B: What can be done to improve the resistance to massive fluctuations in value stemming from exchange market manipulation or normal use? There are some macro-economic things that could be done, like exchanges publishing all trades to a central area, and implementing locks if prices rise / fall too suddenly, but those all have their own effects to consider. I think the fundamental thing to do is help Bitcoin acceptance and uptake grow, increasing the size of the pie until there are a much smaller number of parties that could push the price around.
C: Is there anything that can be done to the standard to improve stability or is it all up to the markets to implement safeguards? So, we all do have a part in that stabilization for sure. There's also the angle of creating whole supply chains that are bitcoin denominated -- paying our staff in Bitcoins only is an attempt to work on that angle.
What do you say to people that claim Bitcoin is nothing but a pump-and-dump pyramid scheme designed to benefit it's creators? That they're sitting on a huge pile of bitcoins obtained by them before the currency was made available to the public when mining was far easier then dumping huge batches of Bitcoins destroying the price over and over again to enrich themselves and fuck everybody else? And that they get more chumps into the system to inflate the price again, by going around the internet and promoting Bitcoins as an alternative currency rather than a complete fraud? This borders on the troll-ish, but I will say that the Bitcoin network autosizes coin generation based on how many people wish to do it. That is, people opt in to make the coins and secure the network. Nobody is forced to.
Is the Bitcoin Foundation a non-profit, tax-exempt organization in the United States? Who among the directors and the board has experience running a non-profit? Why is the ED also a member of the board? How does the ED have the time to run the organization given his obligation to CoinLab? Why haven't I seen any of the involved parties at either of the last two Bitcoin conferences? Can we get somebody who isn't a white male involved? We're a 501(c)6, Washington DC Nonprofit.
I have experience launching a non-profit, hence my job.
ED's typically get a salary and work full time at the job; we didn't know if we'd have budget to pay someone who could operate such a thing, so we went with this structure. I anticipate that I will step down from being the ED at the earliest moment we know we have someone better to do it; running CoinLab is plenty of work for me.
Our assistant director Lindsay Holland is not a white male.
In general, Bitcoin is a white male sausage-fest, though. I urge you and all Bitcoiners everywhere to work on changing that.
What is the future of bitcoins? Do you think they will ever make government-issued currency obsolete? I don't know the future of Bitcoin, but I hope that I and the Foundation are a part of it!
I don't believe Bitcoin will ever obsolete a government currency, but I only speak for myself when I say that. Bitcoin is a fascinating and novel technology with a HUGE number of potential benefits to the world, so I'm into it. I don't see a government wishing to cede control of its currency to anything like the technocratic / consensus model that Bitcoins are governed by, though.
That said, I do hope that Bitcoins will be able to help people in areas of the world that need better money features. Mpesa is a great example of something that helps Kenyans (and people from a few other countries) by changing how money is used. Bitcoin has the potential to help people like that, all over the world, whether or not the 'market' is large enough in that country.
I personally think that sort of thing is SUPER exciting.
Could you describe the bitcoin foundation for me? Sure! It's a trade organization, member-driven. Its goal is to promote, protect and help standardize Bitcoin. Our initial goals are to provide funding for the core development team, run a 2013 Silicon Valley Conference, and create some opt-in certification methods and best practices for businesses dealing with Bitcoin.
Join us.. :)
Standardize? I can tell you hate our goals, so I won't spend a long time trying to convince you. But, I will say that businesses often need a long, secure timeframe to make investment decisions, and they need to have some sense that what they work on or invest in will be roughly similar at the end of their investment to the beginning.
Why do you want to "standardize"? For instance, imagine ebay deciding to take bitcoins. The person-hours to get that done inside ebay are staggering to imagine, from wallet scalability issue to accounting treatments, refunds, ... It would be a major endeavor.
What gives you that authority? It would be great for bitcoin if ebay took bitcoins. Seriously great, but they can't right now until they feel there is some generally stable path going forward.
Why is the core development team so deserving of funding when they can't even make a decent client? You might hate everything about that, and that's cool. I urge you to go ahead, fork the code, advocate as much as you like for something else. Bitcoin's free, both the protocol and the software. Nobody is stopping you.
Is there any legal action to be done if someone steals your bitcoins? Yep, if you're in the US, file a police report, and call FBI Cybercrimes division.
As an individual member of the Bitcoin Foundation, what do I get? Any perks or privileges? Email aliases, voting rights, a newsletter, etc? Or are these memberships mostly a way of providing financial support to the foundation? The bylaws are up now, so you can read in great detail what the organization will provide its members: Link to github.com
In short, though, rights to vote people on / off the board of the Foundation, soon access to private forums, probably discounts to the bitcoin 2013 conference, happiness at supporting the dev team.
I would like to provide email aliases, we've got Patrick and Jon working on any possible gotchas there, though.
Many aren't taking bitcoin seriously because of the security issues some have had. What steps are you taking to legitimize this currency? Like Jeff says below, I would distinguish between fundamental protocol security and security practices.
Bitcoins fundamental protocol security seems pretty good at this point; I'm sure we'll all be keeping an eye on that quite intently into the future.
Practical Security has been, largely, terrible in the Bitcoin space for most businesses, Mt. Gox perhaps excepted. The amount of work it takes to secure 80 byte strings that may be valued in the million dollar range is non trivial. Think securing missile codes as to the level of security needed.
Many bitcoin businesses can't afford (or don't wish to) this sort of security. I'm hoping we can provide some tools and pointers for these businesses and their users to help people understand what they're getting into when they transact with a bitcoin business, and what their risks are.
The Bitcoin Foundation Membership (VIP) fees are definitely disproportionate. Why? Are we now heading for a two-tier bitcoin community? We got requests from large supporters to make a more expensive membership tier. I'm slow, but not so slow that I said 'no'.
I'm slow, but not so slow that I said 'no'. - So you said 'YES'? Someone said "Please make higher corporate member fees: Linux Foundation Top Tier member fees are $500k. Your plan is too low."
I said "OK, Thank you for that advice. We should do that."
Is the foundation primarily focused on US or also europe and the rest of the world? Right now Jon Matonis is considered our "Europe Expert" on the board. There's a huge amount of work to do just in keeping track of how Bitcoin is categorized and regulated around the world. I would expect the Foundation to put some time and energy into helping with that process, but it's not our first goal.
What would you or the Fundation do if the government declares Bitcoin ilegal? Advocate that such a thing is silly, unenforceable, and counterproductive.
Thats no answer to the question. Have you got any plans for the "unthinkable"? That really is what I would do. What do you suggest?
What are your thoughts on transparency of the foundation? How much revenue is there and how it is spent, will that info be public? We're aiming to be highly transparent. I proposed today that we publicize our cold wallet public keys so that people can check our balances. This got pushed back a month while we work on some logistics. I will follow up about this, though. I think having auditable books from day one is really cool.
What are your thoughts on fiat currency? I love it and wish more of it. I'm totally grateful that nations have standardized and created currencies for their people, so that I can travel and buy stuff without worrying about the reputability of a local bank when I go to exchange my money.
I read something recently about a Bitcoin based debit card system. How is that coming along? I don't know, but I want one! The Foundation would like one, too. We are trying to run the Foundation with only Bitcoins, so it would be nice to fuel up a debit card for some expenses.
Create an opt-in certification process for Bitcoin businesses. How will you be going about this? What will certification entail? TBD, But I am imagining that businesses could vet their processes and procedures against a set of published standards, pay for an audit, and then be able to help their users understand what level of security they provide, e.g. "Bronze certification -- the site could be trusted with 50 bitcoins of stored value per person."
Does the foundation intend to have control over bitcoin.org and thereby over the main distribution channel for Bitcoin-Qt? We're a member organization. Some of our members do have access to and influence over bitcoin.org and bitcoin-qt. I have no idea if they would like us to help manage bitcoin.org, since we just launched yesterday.
If the decision makers for bitcoin.org and bitcoin-qt want us to help out in those areas, I wouldn't mind. I don't think either of those things is super strategic to helping Bitcoin right now; there's more need for messaging and some financial security for the core team, and the other stuff we said we're going to work on this year. bitcoin.org and -qt publishing don't seem broken to me or risky right now.
Given that Mt Gox has a (rightfully deserved) place on he board, what steps can and will you be taking to ensure that independent exchanges are encouraged and not ignored? Also what steps, if any, can and will you take to ensure the public that the commercial interests of those on the board do not conflict with the decentralised ideals and paradigm of Bitcoin itself? I don't know how we'd encourage or ignore exchanges, since everyone is welcome to join.
I do think this individual / corporate angle is at the heart of the Bitcoin, though; it's got a lot of parties that care about it, passionately. Some are investing millions of dollars. Some are tirelessly advocating for Bitcoin. Many sit around and troll and waste people's time.
I guess that partly we expect our board members will act with integrity, and that if they aren't representing the needs of their member class, they'll get replaced with someone who will.
I also don't know how we would, practically, decentralize Bitcoin, even if we wished such a thing. I don't think anyone on the board thinks Bitcoin is doing badly. We're all really excited about it and want to help. I personally believe if corporations (a small group or just one) ever provably controlled Bitcoin, they would become vastly less appealing and useful. So, we're on watch.
Not as on watch as a paranoid bitcointalk forum troll wants us to be, but we're on watch.
Why do you require a real name and real address, when bitcoins core values are to be anonymous? The Foundation's core values include openness and transparency. I think the Bitcoin anonymous thing is overblown and a bit of a myth, by the way. Every bitcoin transaction links two addresses; often people can be determined from those addresses.
At any rate, we wish to make sure you can't stuff the ballot box during voting, and we wish civil productive discourse among our members, so we need real names and addresses.
If you just want to support us without joining, you can always send money to our vanity donation address: 1BTCorgHwCg6u2YSAWKgS17qUad6kHmtQW.
What is the current, largest obstacle when it comes to wider Bitcoin adoption? I think Bitcoin adoption is growing nicely. There seems to be a sort of stair-step function where people figure out something new and broadly appealing to do with them, and it makes a big jump. I expect we'll see that many times over the next five or ten years.
Doubts about the network's scalability, uncertain status about its legality or something else? Bitcoin's brand seems bad to me; mostly the highly publicized exchange attacks worry people. It's too hard to have a secure cold storage wallet for even a very smart individual. I'd like to see some of those things improved.
Does Bitcoin have any plan to combat criminals using the currency to purchase things on online black markets? I can't speak for Bitcoin, but the Foundation has no criminal combatant plans. We do want our members to use their real names and promise that they only engage in activities legal in their jurisdiction, though.
That's mostly just a way of us saying who we want to hang out with, and expressing some community values we think will help our organization be a success.
Did you expect for the Bitcoin concept to explode as it has? I sort of did, but I definitely didn't put my wallet behind that explosion. Sigh.
Also, where do you see it going in the future? I talk elsewhere in the AMA about what I'm hoping for Bitcoin.
Will the foundation be sponsoring Bitcoin software outside of Bitcoin.org? What do you mean? Like if Jeff Garzik made cool software that would help the Bitcoin world but didn't release it at bitcoin.org would we try and help him?
The answer is yes.
I.e., the Foundation would provide a service with recommendations such as wallet security for an exchange, but I don't think the Foundation should be in the business of "certifying". Yeah, there's an interesting set of questions there about certification. I would LOVE to see a certification that brought with it the ability to be insured against loss and theft. Think how nice it would be for an exchange or wallet business to be able to offer that insurance. That said, I don't know of any bitcoin company that has such insurance yet. I think we have some work to do vetting out the processes and procedures, and then some sales and relationship work with insurance companies first. At any rate, we won't be stumping up security for certified companies through the main Foundation corporate vehicle ever. But I think the membership will want to discuss what a good set of next steps is toward that goal, if we're all sold on trying to make it happen.
What's the advantage to using bitcoins over government issued currency, basically why should I invest my $US in bitcoins? Some people have ideological preferences for Bitcoins money issuance scheme.
Some are nerds, and like it for nerdy reasons.
Some just like being able to pay whom they choose when they choose.
Some deal with payment infrastructures that are scary (Paypal freezes are scary), or slow (wiring money in and out of small country central banks is REALLY slow).
Also, they're neat.
How does it feel to know that a kitten wearing a top hat has more upvotes than you? That kitten is so damn cute. I spent some of my AMA time going "AWWW"
How will you try to keep BIG businesses from buying their way into "THE" Bitcoin Foundation? Bitcoin is inherently free, it's peer to peer, it can be forked, it's not controlled by the Foundation, especially one that's one day old.
So, I look forward to large donations from BIG businesses. We will use that money to further the Foundation's mission. Our members will, no doubt, be highly engaged in discussions about what to do with large donations. I'm looking forward to it.
What is your opinion on Canada's new digital currency, "Mint Chip"? How does this affect Bitcoin? I don't know much about it, but I think it's cool from what I do know, (and is it technically flawed? I don't recall). I'm all for money system experimentation, as you might guess.
You are starting to get increased media/congressional notice. Are you at all worried about being shut down and prosecuted like E-Gold was? Who is we? The Foundation is a member organization, nothing else.
There are some bitcoin exchange operators that actively flout the same AML laws that got the E-Gold founders in trouble.
There are some that try hard to do the right thing, jurisdiction by jurisdiction.
Personally, I don't worry about the ones trying to comply, and I don't transact with the ones flouting the laws.
Why do you have different vote classes, is one class worth more then another? Corporate members vote their seats, Individual members vote theirs.
Anecdotally, there are fewer corporate members, so a corporate membership vote has a greater proportional influence over a board seat than an individual membership.
so a corporate membership vote has a greater proportional influence over a board seat than an individual membership. - So there may be poll when votes of both classes come together? Like asking ALL members to opt out changes to the source code? I would be stunned if we voted on source code, ever. I don't think anyone thinks that is in the remit of the Foundation.
Pragmatically, the dev team is one arm of bitcoin source code governance, and miners are the other, since they can refuse to work with code changes they don't like if they do it in bulk.
The board meets often, and should be listening to its constituents; sign up as a member, and then mail your appropriate rep. As a sample of what we discussed today: "Should we do an AMA? Who will get member signup confirmations out? Can we publicize Patrick's bylaws yet?" were the scintillating topics of conversation.
Will I be getting an e-mail with receipt for my payment confirming my membership subscription? Yes, we are ACTIVELY working on it. Apologies.
What's the dev's payroll? TBD, now that we know what our member signups are.
I don't know if we'll release payroll or budget numbers outside the membership -- something we have to discuss.
What power does this foundation have over Bitcoin? Why did you make Satoshi the founder without his permission? We have no power over Bitcoin whatsoever.
I think we felt a foundation that didn't somehow acknowledge Satoshi would be a bit churlish, like ignoring Linus completely while making the Linux Foundation. Satoshi is, as always, free to participate as he/she chooses.
Has there been a growth in algorithmic trading of Bitcoins in the past year? If so, is that growth in algos added stability to the Bitcoin Market? I have no idea. But I'm curious about this too!
Why hasn't (almost) anybody heard of you before today? I keep a low profile. Until yesterday. Also, I gave up on the forums a long time ago; not productive enough for me.
That was very informative, thanks. Not that hard to grasp when somebody spells it out. The reason you do it is to provide a second element of value to a chain of transactions; the first element of value is consensus -- what everyone else says happens.
Is there a reason for doing this? Or just a way to pace the grinding nature of mining bitcoins? The second, arguably more powerful one is provable computation time spent on creating the consensus. So you can look at a set of bitcoin transactions and say "Ah ha, that had roughly [say] $1mm worth of computation time put in to securing and validating it! I believe it's safe to consider my $55 transaction secure."
Just out of curiosity, do you have any idea how many people have applied so far? Yep. We'll release end of first-month member numbers in 29 days. :)
How does one go about buying bitcoins? Probably the fastest way is to ask a friend who has some.
Next would be to use a service like Link to bitinstant.com.
How long are terms for each board member? Two years.
Will the Bitcoin Foundation promote a Vulnerability Reward Program ? I would like to see that, but I think the first things to do in terms of importance are on our published list.
Will the funds for a permanent memberships be put into an endowment, or will they be spent immediately? We haven't discussed it. Budget discussions are next couple of weeks, now that we have our heads around some numbers.
We also have to discuss if the foundation wishes to go long bitcoin, or instead spend to its annual budget. All TBD; if you have opinions send them on to your member reps.
I'm curious about this too. I'm not sure I understand how they work entirely. Maybe somebody could Explain like i'm five... Totally. They are confusing; it's a truly novel solution. Essentially it mixes something non-intuitive and magical-seeming (public key cryptography) with something very hard to imagine a solution for (distributed timestamping among non-trusted parties).
We will be seeing the concept extended out into a number of technology arenas over the next 25 years I imagine. It's an incredibly powerful solution-space.
I spent maybe an hour on the wiki reading the FAQ and everything, and it still makes references to "blocks" and "mining blocks" and those that mine have the option of transaction fees.. and I'm still not really sure what is happening. Yep, like I said. I've been thinking hard about them for two years, I have a cryptography background, and I still have 'a-ha!' moments weekly, at the very least.
There are a couple pretty good bitcoin explanation videos out there, but I'm not up to date on what the best one is. Maybe someone helpful can post a link.
After establishing support for food and shelter for Gavin, will there be opportunities for other bitcoin developers to apply for grants - maybe for specific implementations or features desperately needed. I'd love it. I think Gavin will be working out the specifics of what we want to do. I'd LOVE to see money put into a huge test suite, personally.
Thank you for furthering the effort of Cryptocurrency, I have written several policy papers in this arena, and look forward to the day where the deep web stigma is removed from the currency. Thanks FapNowPayLater! We genuinely appreciate the support.
Last updated: 2012-10-02 22:30 UTC | Next update: 2012-10-03 04:30 UTC
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CoinSpice Podcast 57 After Satoshi & Gavin, Jeff Garzik was Bitcoin’s Most Prolific Coder #574 BTC Handelsvolumen Jahreshoch, Jeff Garzik Prozess gegen Craig Wright & Krypto Regeln Jeff Garzik - A Bitcoin Status Report Bitcoin in the Beltway - Jeff Garzik Bitcoin in Space Bitcoin News #55 - Bitcoin around the World, Jeff Garzik Launches Token

Jeff Garzik makes up for a substantial portion of the Bitcoin development team. Self-described as a Husband, father, Linux kernel, cloud computing, Bitcoin, armchair foreign policy nerd & kinda sorta libertarian. Jeff Garzik is an American Red Hat engineer and Bitcoin developer. He studied at the Georgia Institute of Technology and currently is employed by… One of the early BTC developers and a true Bitcoin specialist named Jeff Garzik is in the latest cryptocurrency news for revealing his unique opinions. I'm Jeff Garzik, Bloq co-founder and bitcoin hacker. Forum rules The more people that are involved, the more interesting this AMA series will be for everyone. Please help spread the word of this amazing AMA series on your own social media. (YES, EVEN YOURS!) Short URL: AMA.Bitcoin.com Hashtag: #BTCAMA When the AMAs are finished, all the answers will be compiled into a free E-book! 45 posts 1 ... Instead, Garzik’s concept relies on developing a new version of the Bitcoin Core software – the most popular implementation of bitcoin – though one in which the code can support multiple ... Ehemaliger Bitcoin-Core-Entwickler Jeff Garzik: "Die Stablecoin ist da, um zu bleiben", Bitcoin Freedom software . Wahlgerechtigkeit ist für mich also naheliegend, insbesondere was die Identität betrifft. Führerlos, „verteilt“, „dezentralisiert“, resistent gegen empirische Tatsachen, gespickt mit verschwörungstreibender Verachtung dessen, was es variabel als „Mainstream“ oder ...

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CoinSpice Podcast 57 After Satoshi & Gavin, Jeff Garzik was Bitcoin’s Most Prolific Coder

http://www.bitcoin.kn/ Bitcoin core developer Jeff Garzik discusses the developer community. http://www.bitcoin.kn/2015/12/bitcoin... Bitcoin news for the week of Oct 23rd with your host @theonevortex and the panelists: @da1vinci @Bitcoinzuela @francispouliot_ ! Announcements: -Shout to Shanobi and how he defines bitcoin ... TL;DR: After Satoshi Nakamoto and Gavin Andresen, Jeff Garzik was the most prolific coder to Bitcoin Core in its early years. In fact, from Android phones to mining software, Garzik’s work is ... Steve Wozniak interview: Blockchain technology, AI, Crypto, Bitcoin BTC Halving 2020 Wozniak Foundation 45,578 watching Live now How To Secure Your Bitcoins: A Basic Cryptocurrency Security ... http://markets.distributed.com/ Matt Roszak & Jeff Garzik of Bloq sit down with Sanjib Kalita at Distributed: Markets 2017 in Atlanta, Georgia.

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