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/u/phillipsjk
Redditor Since September 24, 2013 (2,475 days old)
Karma Posts: 990 Comments: 22,018 Combined: 23,008
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https://www.reddit.com/r/btc/comments/h7jzz7/you_can_have_a_market_for_blockspace_without_full/

In a recent comment, an r/bitcoin mod claimed that you need full blocks for a fee market. That is simply not true. Over a year ago [I estimated the marginal cost of Bitcoin BCH/BSV transactions](https://old.reddit.com/r/btc/comments/7qi6mf/estimating_the_marginal_cost_of_a_transaction_on/). I got a number of about 2 cents/kB: a number greater than 0, mostly dominated by bandwidth costs. What the Core developers are doing with their "fee market" is gaming the metric. By artificially restricting the supply of blockspace, they made the supply of blockspace inelastic. Goods with inelastic supply tend to have very volatile prices in response to small changes in demand. Wildly varying fees are not a quality you want in a payments system. But it is even worse than that. Note in my analysis that I list POW as a fixed cost. The reason is that due to the nature of hashing, each block header can represent an arbitrary number of transactions for almost no additional work. The asymptotic growth rate of POW with more transactions is O(1). That makes the overhead of processing transactions rounding error for miners. BTC on the other hand, makes POW a marginal cost of transactions. The POW becomes O(n): increasing with the number of transactions processed. The way the BTC "fee market" works: users can bribe miners to spin up more hash-power by spending at least $50/kB (at current prices) to get their transaction in the next block. However, even such a bribe still only provides temporary relief. If too many people do it: the difficulty adjustment algorithm will kick in and re-reduce the supply of blockspace after 2 weeks. Note: this comment was originally a PM to the mod in question. I removed identifying information and link to the other sub.

posted by /u/phillipsjk in /r/btc on June 12, 2020 08:43:00

https://www.reddit.com/r/btc/comments/7qi6mf/estimating_the_marginal_cost_of_a_transaction_on/

Recently, the mempool has not been clearing with every block found. Should we immediately raise the block-size? Perhaps put plans to make the easy relay of sub satoshi/byte transaction on hold? **Assumptions:** * The marginal cost is made up of: hard-drive space (replicated world-wide), bandwidth relaying (also world wide -- partial fixed cost?) * Expanding the UTXO set incurs a further penalty, based on the price of RAM. * Mature network needs about 1000 mining nodes world-wide. Further, these mining nodes avoid the "tragedy of the commons" problem by charging a proportionally higher fee if they are less likely to get a block. * The following are fixed costs: Hashing equipment and maintenance, Space rental, electric, cooling, staff, etc. * I will neglect the CPU time required to validate a transaction since I have no good way to estimate that. * Assuming 1 CAD is 80 cents USD * Based on [this discussion thread](https://np.reddit.com/r/btc/comments/7q62vo/bitcoin_cash_transactions_exploding_right_now/dsn51t8/) I am going to assume 8GB blocks to approximate the limit as the number of transactions go to infinity. Note: Chassis I chose only supports 300TB after parity. **Step 1: find the price of storing a transaction** *Searching NCIX:* * [Supermicro 36bay 4U Chasis](https://www.ncix.com/detail/supermicro-superchassis-847be1c-r1k28lpb-4u-36bays-04-103789.htm) $2,758.47 CAD ($2206.78 USD) * [Supermicro X10DAC Intel Xeon 2xLGA2011 C612 DDR4 10SATA 8SAS LSI3008 6PCIE 2GBE EATX Motherboard](https://www.ncix.com/detail/supermicro-x10dac-intel-xeon-2xlga2011-12-108720.htm) $664.33 CAD (531.46 USD) * [Intel Xeon E5-2603V4 6 Core 1.7G 15M FCLGA2011 64Bit Server CPU](https://www.ncix.com/detail/intel-xeon-e5-2603v4-6-core-1b-135386.htm) $309.99 CAD x2 ($495.98 USD) * [Kingston 32GB (4X8GB) DDR4-2133 ECC Reg CL15 1RX4 Intel Quad Channel Kit Memory](https://www.ncix.com/detail/kingston-32gb-4x8gb-ddr4-2133-ecc-98-116129.htm) $526.11 CAD x2 ($841.78 USD) * Edit: Need something like this as well (not included) [Supermicro AOC-CTGS-I2T-O Microlp 2PT 10GBASE-T Intel X550 PCIe Ethernet Adapter](https://www.ncix.com/detail/supermicro-aoc-ctgs-i2t-o-microlp-2pt-10gbase-t-3a-135254.htm) * **Total overhead** $4076 USD, 36 bays -> $113.22 USD/drive *Calculate the price per TB, assuming 1 is 6 drives are used for parity (30 bays usable storage)* * [Seagate ST10000NM0206 10TB SAS 12GB/S 7200RPM 256MB Cache 3.5in Enterprise Internal Hard Drive OEM](https://www.ncix.com/detail/seagate-st10000nm0206-10tb-sas-12gb-s-4b-141474.htm) $579.14 CAD (($463.32 USD) +$113.22 USD)*5/6/10TB -> $48.05 USD/TB * [HGST Hard Drive 0F27402 HUH721010AL4200 HE10 10TB 3.5 inch 256MB 72KRPM SAS 12Gb/s 4KN Retail](https://www.ncix.com/products/?sku=AS2222196371) $655.40 CAD (($524.32 USD) +$113.22 USD)*5/6/10TB -> $53.13 USD/TB * [Seagate Hard Drive ST6000NM0245 6TB 3.5inch SAS 12Gb/s 7.2K RPM 128M Makara 512n Bare](https://www.ncix.com/products/?sku=AS2222191342) $330.60 CAD (($264.48 USD) +$113.22 USD)*5/6/6TB -> $52.46 USD/TB * [HGST Hard Drive 0S04007 3.5 inch 6TB SAS 6Gb/s 72000RPM NAS Internal Drive Kit Retail](https://www.ncix.com/products/?sku=AS2222196681) $316.92 CAD (($253.54 USD) +$113.22 USD)*5/6/6TB -> $50.94 USD/TB * **Average cost** $51.15/TB * 1000 nodes (replication) -> $51.15/GB -> 0.05115 Mills(1/10 US cent)/kB *Estimate the UTXO premium:* * [Crucial Memory CT32G4RFD4266 32GB DDR4 2666 ECC Registered 288pin Retail]( https://www.ncix.com/products/?sku=AS2222194539) $499.46 CAD/32GB ($399.57 USD) -> $12.49/GB * replication: x1000 -> $12.49 USD/MB -> 12.49 Mills (USD)/kB (1.249 cents/kB) As you can see. miners have a strong incentive to offer free UTXO consolidation transactions: and require bulk UTXO fanning transaction to pay a fee of 494.86sat/kB -- about 0.5 sat/byte. ((0.01249USD/kB)/(2523.96USD/BCH)*100,000,000sat/BCH) Fees are no where near that high due to the block subsidy. For an 8MB block: 1,250,000,000 satoshies/ 8000 kB -> 156,250sat/kB; or more conventionally: 157satosies/byte.. Note that the block subsidy per kB goes down with larger block-sizes. **Step 2: Estimate Bandwidth costs** *Disclaimer: I am not too familiar with commercial bandwidth plans* * According to slide 19 on [this PDF document](http://www2.telegeography.com/hubfs/2017/presentations/telegeography-ptc17-pricing.pdf), you should be able to get IP transit for less than $10/Mbps in major cities (10GB-ethernet pricing). * ~~Let's assume you budget 1Gbps of IP transit for your full node.~~ You are also sharing with at least 8 peers. ~~-> $10,000 USD/month~~ * 8GB blocks work out to 34.560TB/month x8 -> 276TB/month * That implies a utilization of: 64GB/600s*10bits/byte -> 1.066 Gbps -> we need a 10Gbps connection. * **Cost Per kB:** ($100,000/month)/(34.560TB/month)/(1,000,000,000kB/TB) -> 2.89 microdollars/kB (rounding error, unless I messed up the math) * Edit: If we assume the miners average their costs (like earlier) x1000: 2.89Mills/kB (57x the storage costs) **Exercise to the reader:** Re-do these calculations for hobbyist hardware and internet connections. You probably have to assume a smaller block size: such as 100MB.

posted by /u/phillipsjk in /r/btc on January 15, 2018 02:35:08

https://www.reddit.com/r/MoneroMining/comments/6kpi4d/aesni_cpu_undercloking/

I am currently renting a Intel® Xeon® Processor E5-1650 v2 processor on a dedicated server. Performance inexplicably went down about 15%. Is it possible that the webhost set me to 3.0Ghz through IPMI? I am using FreeBSD 10.3. sysctl dev.cpu.0.freq was consistently reporting "3501" I tried setting the frequency to the lowest available setting (after disabling *powerd*): #sysctl dev.cpu.0.freq=1200 ...the hash-rate stayed at it's ~15% slower setting (220H/s, for 5 cores, with affinity). So does that mean the webhost is lying to me, or that only the clock speed of the L2 cache matters? Edit: Intel® Intelligent Power Node Manager 2.0 appears to be able to do what I describe, but I have found only scant details. The simplest way to implement it is to shut down any machine using too much power (obviously not the case here) For completeness (Q6600 machine (no AES-NI)): #sysctl dev.cpu.0.freq=1596 dev.cpu.0.freq: 2394 -> 1596 ...The hash-rate went from 66H/s -> 45 H/s (expected: 44H/s). **UPDATE** according to: # kldload hwpmc # pmcstat -s unhalted-core-cycles -w 1 My mining threads are running at 3.6GHz. I am still stumped why I had reliable performance that dropped off by 15%. 3.9Ghz->3.6Ghz is only an 8% drop. Maybe the answer is that the L2 cache clock dropped (have not been able to find detailed documentation specifying if that is a thing). **UPDATE UPDATE** *Assuming good faith* (on the part of the webhost), I think the rest of the drop in performance can be explained by network load. My local machine got about a 10% boost in hash-rate since I activated the server. Maybe in a couple of weeks, I will try XMR-CPU-Miner with it's "low power" mode. That should allow me to dedicate a core to talking to the Internets (without hurting hash-rate).

posted by /u/phillipsjk in /r/MoneroMining on July 1, 2017 17:13:26
Top
/r/btc/comments/hkxvnc/im_done_with_reddit_what_the_next_best_place_for/fwwzsys/

Normally incidents of illnesses like the flu go down in the summer. [Trump says coronavirus could be thwarted by summer heat, citing DHS study](https://www.marketwatch.com/story/trump-says-coronavirus-could-be-thwarted-by-summer-heat-citing-dhs-study-2020-04-23)

Commented by /u/phillipsjk in /r/btc on July 4, 2020 12:37:14
/r/btc/comments/hkpka0/not_your_vault_not_your_gold_venezuela_denied_820/fwwkptv/

I actually mis-read GP's comment as "bullshit". Had to go back a re-read to find out what you were correcting.

Commented by /u/phillipsjk in /r/btc on July 4, 2020 10:16:01
/r/btc/comments/hkxvnc/im_done_with_reddit_what_the_next_best_place_for/fwwjvxe/

This analisis lays the balme of thousnsad of Coron virtuse-related deaths at his feet: [The 3 Weeks That Changed Everything](https://www.theatlantic.com/politics/archive/2020/06/how-white-house-coronavirus-response-went-wrong/613591/?utm_source=reddit) He inherited an administration that that pandemic contingency plans in place: and then started dismantling the bureaucracy in order to "clean out the swamp". If that was not enough, he claimed that the virus would go away on it's own, with no federal intervention.

Commented by /u/phillipsjk in /r/btc on July 4, 2020 10:07:16
/r/btc/comments/hkctsq/there_is_over_12_times_more_bitcoin_on_ethereum/fwtmkvb/

Don't HLTCs work cross-chains?

Commented by /u/phillipsjk in /r/btc on July 3, 2020 13:21:56
/r/btc/comments/hkctsq/there_is_over_12_times_more_bitcoin_on_ethereum/fwtm9l6/

They discontinued it due to a lack of interest.

Commented by /u/phillipsjk in /r/btc on July 3, 2020 13:19:13
/r/btc/comments/hjytpt/bitcoin_cash_works_as_expected/fwq0b8s/

BTC != Bitcoin. Say either "Bitcoin Cash" or BCH. Don't use the Bank Takeover Coin ticker symbol to talk about Bitcoin Cash.

Commented by /u/phillipsjk in /r/btc on July 2, 2020 14:10:09
/r/btc/comments/hjrabj/genuine_question_why_do_a_lot_of_exchanges_force/fwpqm41/

Only if somebody is willing to pour money into both forks tro keep up the POW. Bitcoin split before: https://blog.bitmex.com/bitcoins-consensus-forks/

Commented by /u/phillipsjk in /r/btc on July 2, 2020 12:53:48
/r/btc/comments/hjrabj/genuine_question_why_do_a_lot_of_exchanges_force/fwppqy9/

If that happens, the reorg protection will essentially cause the exchanges to halt deposits until a winning branch is decided.

Commented by /u/phillipsjk in /r/btc on July 2, 2020 12:46:57
/r/btc/comments/hjrabj/genuine_question_why_do_a_lot_of_exchanges_force/fwpp7xt/

There is a little nuance there. If an attacker manages to split the network, manual intervention will be required to select the "correct" branch. I fully expect that if that happens, the major miners will bring extra hash-power to bear in order to outpace the attack chain. That way SPV wallets and nodes just joining the network will be pulled along.

Commented by /u/phillipsjk in /r/btc on July 2, 2020 12:42:42
/r/btc/comments/hjrabj/genuine_question_why_do_a_lot_of_exchanges_force/fwpoptq/

Satoshi [introduced them with the 0.3.2 release](https://bitcointalk.org/index.php?topic=437). The rolling checkpoints were introduced to counter an apparently active deep reorg attack around the (BSV) fork. Since "legitimate" 10 block reorgs are so rare, it is reasonable to expect manual intervention from node operaters in the event that one occurs. The whitepaper is not a suicide pact.

Commented by /u/phillipsjk in /r/btc on July 2, 2020 12:38:38
/r/btc/comments/hjb8c3/gold_industry_shaken_as_83_tons_of_fake_gold_bars/fwo9vy4/

> Kind of ironic though to be discussing in a fake-bitcoin subreddit an article about fake gold bars that is published on a fake-bitcoin website. Just goes to show that technology can't solve all problems. BCH is not "fake" bitcoin, just a different fork of bitcoin. There is more than one "bitcoin" now. And Bitcoin.com will sell you either BTC or BCH.

Commented by /u/phillipsjk in /r/btc on July 2, 2020 03:49:03
/r/btc/comments/hjctc0/overdraft_fees_are_hitting_vulnerable_communities/fwnuvwd/

True. I have overdraft protection disabled on my checking account. I suspect that many institutions enable it automatically without even telling you that disabling it is an option. I was denied a checking account at a credit union because I had no credit history. I was confused why credit history was even needed for opening a checking account. Overdraft protection I did not even want would explain why.

Commented by /u/phillipsjk in /r/btc on July 2, 2020 00:24:03
/r/btc/comments/hj79y2/bitcoiner_tries_to_ask_reddit_directly_to_censor/fwnly5o/

How do you propose changing the name?

Commented by /u/phillipsjk in /r/btc on July 1, 2020 22:47:32
/r/btc/comments/hjge14/bitcoin_is_buckling_under_ethereums_gravitational/fwm7b0f/

I after years of ignoring ETH. I actually bought some this spring. I have been happy so far.

Commented by /u/phillipsjk in /r/btc on July 1, 2020 15:36:43
/r/btc/comments/hjge14/bitcoin_is_buckling_under_ethereums_gravitational/fwm56ch/

People are just moving to a chain that works. If ETH continues to have growing pains, people may go down the list to BCH.

Commented by /u/phillipsjk in /r/btc on July 1, 2020 15:20:49
/r/btc/comments/hjapbv/banned_youtuber_raises_60k_in_bitcoin_cash_from/fwm4tfp/

Let's just say BSV people are not known for their rational arguments.

Commented by /u/phillipsjk in /r/btc on July 1, 2020 15:18:07
/r/btc/comments/hjb8c3/gold_industry_shaken_as_83_tons_of_fake_gold_bars/fwltmep/

I find it interesting that they did not even use titanium (or lead) to get the weight approximately right. (Though the article did not say what the copper was alloyed with).

Commented by /u/phillipsjk in /r/btc on July 1, 2020 13:55:18
/r/SelfAwarewolves/comments/hj3quc/tomi_lahren_tweeting_about_fearmongering_and/fwlhxle/

I have had fantasies of protestors "Kettling" and arresting cops, but I don't think that would end well.

Commented by /u/phillipsjk in /r/SelfAwarewolves on July 1, 2020 12:24:41
/r/SelfAwarewolves/comments/hj3quc/tomi_lahren_tweeting_about_fearmongering_and/fwlg6vh/

I worry that Trump is trying to provoke police killings that will allow him to declare martial law: and cancel the upcoming elections.

Commented by /u/phillipsjk in /r/SelfAwarewolves on July 1, 2020 12:10:58
/r/btc/comments/hj79y2/bitcoiner_tries_to_ask_reddit_directly_to_censor/fwlfg6y/

His response is still there. Your link in your tweet is broken for me though,

Commented by /u/phillipsjk in /r/btc on July 1, 2020 12:05:01
/r/btc/comments/hjctc0/overdraft_fees_are_hitting_vulnerable_communities/fwle2c7/

I think this is the report they are talking about: https://www.responsiblelending.org/research-publication/banks-must-stop-gouging-consumers-during-covid-19-crisis > A review of 2019 data shows that big banks continue to collect over $11 billion in overdraft related fees each year. Banks engage in a number of abusive practices that combine to drain massive sums from their customers’ checking accounts. The large majority of these fees are shouldered by banks’ most vulnerable customers, often driving them out of the banking system altogether. Bank overdraft fees cause particular harm to low-income consumers and communities of color, who are already disproportionately excluded from the banking mainstream. > This report analyzes the 2019 overdraft-related revenue of banks with assets of $1 billion or more and reviews the overdraft practices of the 10 largest banks in the United States, as well as how they report handling overdraft fees during the COVID-19 crisis. As of mid-May, none of the 10 largest banks has committed to providing sustained relief from overdraft fees during the crisis. > Bank overdraft practices cause many families severe financial distress in the best of times. During the economic crisis caused by COVID-19, the devastating impact of overdraft fees will be only more pronounced. Congress, federal regulators, state regulators, and banks themselves should all ensure overdraft fees are suspended during the crisis—an outcome supported by over three-fourths of Americans polled in April 2020, including 84% of Democrats, 76% of Republicans, and 68% of independents.

Commented by /u/phillipsjk in /r/btc on July 1, 2020 11:53:46
/r/btc/comments/hio7yu/using_uselesscentralizednonfunctional_layers_is/fwk1zmw/

Not every transaction needs the same secutiy. Weaker security is OK for micro-payments. The issue is that when fees are $50; then $500 becomes a micropayement. Bitcoin Cash in contrast, is expected to keep fees below 2cents/kb. That Implies only transaction below about 20 cents will be micropayments.

Commented by /u/phillipsjk in /r/btc on July 1, 2020 01:44:10
/r/btc/comments/hitp6d/latest_cash_register_app_is_not_working_without/fwk1lvc/

One thing that may not be obvious is that it allows your wallet to specify a refund address. Sending the money "back" to the source outputs does not always make sense.

Commented by /u/phillipsjk in /r/btc on July 1, 2020 01:39:01
/r/btc/comments/hi3rxy/free_speech_is_dying/fwiel16/

Not in certain fields of endeavour like bike repair. > **Q: Why do women, trans and non-binary persons have a special program? Don't women already receive equal treatment?** > **A:** We have strong policies supporting equitable treatment for all our patrons and volunteers. > Sadly, gender-based discrimination still pervades all social spaces, and our workshops are still a part of that broader community. We are not interested in preventing those who may harbour (knowingly or unknowingly) discriminatory attitudes from using our shop; we are interested in ensuring that when anybody uses our shop, they are respectful to everyone and aware of the power of their actions. > Because everyone is welcome, and because some of the gender-based assumptions we carry are deeply ingrained, we may still see examples of behaviour from patrons and volunteers, including: > * double-checking the work of a female mechanic with a male mechanic > * asking to speak with a mechanic (making the assumption that a female volunteer must not be a mechanic) > * referring to female mechanics in a diminutive or condescending manner (e.g. the phrase "lovely lady", while appropriate in some contexts, is usually belittling in the context of the bike shop) > * interrupting non-male mechanics while they are explaining technical matters > * making remarks about non-male volunteers' or patrons' appearance > * making sexual advances on patrons or volunteers > * taking tools out of the hands of non-male patrons > None of this behaviour is acceptable, from anyone of any gender or directed towards anyone. But we cannot simply pretend that it doesn't still happen. Our Women, Trans & Gender Non-Binary program is just one part of a larger strategy we have to address these issues. Anti-discrimination training in tandem with strong policies, and active recruitment of non-male volunteers for other programs are also part of our solution. Our goal is to make the shop a space where no group ever dominates to the detriment of others, while encouraging underrepresented or marginalized groups to fully participate in cycling and bike repair. > We look forward to the day when our Women, Trans & Gender Non-Binary program will not be necessary, but for now, they help us to address real and ongoing issues. https://bikeedmonton.ca/women-transgender-non-binary-program

Commented by /u/phillipsjk in /r/btc on June 30, 2020 16:09:14
/r/btc/comments/hinngd/everybody_has_a_scaling_plan_until_they_get/fwi2g88/

^ Not sure if sarcastic or not. Generally White males have privilege that may be difficult, if not impossible, to realize without talking to people with a different perspective. Here is an example of me getting schooled recently: https://old.reddit.com/r/btc/comments/hdys28/almost_half_of_the_worlds_population_live_on_less/fvpku0y/?context=3 Edit: An educational exercise I heard about for men vs women: > Write down the steps you need to take: to safely walk to your car across a parking lot at night. Apparently what invariably happens is: * >!Guys get confused about what is being asked of them. Don't you just walk to your car?!< * >!Gals start writing furiously about all of the safety precautions they need to take: like watching for suspicious people, putting your keys between you knuckles to use as a weapon if needed, call somebody to let them know you are leaving, leave with a friend if possible, etc.!<

Commented by /u/phillipsjk in /r/btc on June 30, 2020 14:33:26
/r/btc/comments/hi82p9/youtube_just_suspended_stephan_molyneuxs_channel/fwi0jnq/

The point is that some little things, like saying some races have lower IQ than others, is racism: even with a veneer of scientific credibility. It is not an isolated thing. The thread I quoted goes into the history of systemic racism in the USA. I don't actually know Stephan's position on gun control. So I am not sure how much of that applies to Stephan's arguments generally. That is why I deferred to you to see it Sexton Yate's criticisms apply to Stephan Molyneux more generally. I was not trying to claim they had the same viewpoint: quite the opposite.

Commented by /u/phillipsjk in /r/btc on June 30, 2020 14:18:54
/r/btc/comments/hih0hu/the_economics_of_a_high_volume_lowfee_bitcoin/fwhylfb/

I believe that only a tiny portion of people "invested" in Bitcoin by buying it on a custodial exchange even know about Bitcoin Cash. (On Kraken, if you set the mode to basic, you can ONLY buy BTC; some "exchanges" only let you "buy" BTC, HODL, then sell at a later date for FIAT) They don't even realize that BTC has been sabotaged because they never actually use it. On fork day, [there was a coordinated push](https://old.reddit.com/r/btc/comments/bko3n6/who_created_the_derogatory_bcash_term_wheres_the/) to erase Bitcoin Cash's name. Edit: that was after [over two years of censorship on the main bitcoin communication channels](https://blog.plan99.net/the-resolution-of-the-bitcoin-experiment-dabb30201f7). That censorship has been effective enough to prevent the mainstream media from even mentioning the fork when talking about bitcoin. So it is not a stretch to say that most "bitcoin" users don't know about BCH. It is not just living under a rock: you have to actively ask questions about other coins to find out about BCH. (People still assume BTC is representative of cryptocurrency because of it's relative dominance.)

Commented by /u/phillipsjk in /r/btc on June 30, 2020 14:03:47
/r/btc/comments/hih0hu/the_economics_of_a_high_volume_lowfee_bitcoin/fwhbin2/

"Consensus" was formed by expelling everyone who disagreed,

Commented by /u/phillipsjk in /r/btc on June 30, 2020 11:00:01
/r/btc/comments/hih0hu/the_economics_of_a_high_volume_lowfee_bitcoin/fwh8pe4/

Essentially. It is inevitable (as long as BCH stays viable) since BTC is unable to grow, People tend to over-estimate exponential growth sort-term, and under-estimate it long-term.

Commented by /u/phillipsjk in /r/btc on June 30, 2020 10:36:06
/r/btc/comments/hih0hu/the_economics_of_a_high_volume_lowfee_bitcoin/fwh8gti/

And capturing the development to keep the blocks at ~1MB, in order to sell side-chain products, was not a corporate hijack?

Commented by /u/phillipsjk in /r/btc on June 30, 2020 10:34:02
/r/btc/comments/hih0hu/the_economics_of_a_high_volume_lowfee_bitcoin/fwh8681/

Segwit only got activated on BTC because Segwit 2x [reached the consensus threshold](https://medium.com/@DCGco/bitcoin-scaling-agreement-at-consensus-2017-133521fe9a77) (75% of blocks I believe) . The Core Devs then [took active steps to block the blocksize increase 3 months later clause](https://github.com/bitcoin/bitcoin/pull/10982). Blockstream also organized a "NO2X UASF" campaign with proof-of-node, proof-of-hat, proof-of-social media to break the consensus. The succeeded in blocking the modest blocksize increase, vindicating the people who forked from the network on August 1, 2017 (which was when BTC lost consensus). At least one major Bitcoin business, bitcoin.com, moved their operations over to Bitcoin Cash as a direct result of the failure of Segwit2x.

Commented by /u/phillipsjk in /r/btc on June 30, 2020 10:31:30
/r/btc/comments/hih0hu/the_economics_of_a_high_volume_lowfee_bitcoin/fwh6mzt/

Kind of pointless if you don't have a good prediction on the price. Historically, the rise in the price of Bitcoin to reflect higher demand has more than offset the halving. This halving it is different: BTC is at capacity, and there are alternative forks like BCH that simply work as Bitcoin used to back in 2013.

Commented by /u/phillipsjk in /r/btc on June 30, 2020 10:18:04
/r/btc/comments/hi82p9/youtube_just_suspended_stephan_molyneuxs_channel/fwgax6a/

At least for psychological studies, the test subjects are often students. Students taking psychology courses are required to participate in psychology studies as part of their course credit. I suppose the male:female ratio may a flipped at some point. White people are still more likely to have the means and opportunity to attend university.

Commented by /u/phillipsjk in /r/btc on June 30, 2020 03:02:59
/r/btc/comments/hi3rxy/free_speech_is_dying/fwgain2/

> How do you even define hate speech? I wondered that myself for a long time until Blaire White (Youtuber) cleared it up for me: Making up lies about an identifiable group. She has the dubious distinction of producing the one an only Youtube video I have ever reported as hate-speech. It was only a clear line because it was obvious she did not believe what she was saying (or at least should have known it to be false): because the source material directly contradicted her. She basically accused loving and sportive parents of child abuse for Internet fame. The the ~10 minute video she cites as proof directly contradicted her assertion that Jazz Jennings was forced to transition for fame and fortune.

Commented by /u/phillipsjk in /r/btc on June 30, 2020 02:56:53
/r/btc/comments/hi82p9/youtube_just_suspended_stephan_molyneuxs_channel/fwg9829/

Yes. Test subjects in scientific research are usually white and male. 13 minute video: [Is COVID racist too? | How Science & Medicine Get It Wrong](https://www.youtube.com/watch?v=TGelSatcacA) Found this with google: [The Disturbing Resilience of Scientific Racism](https://www.smithsonianmag.com/science-nature/disturbing-resilience-scientific-racism-180972243/) > Even more well-meaning epidemiological scientists nonetheless still use race as a crude proxy for myriad social and environmental factors. Saini cites an example of a 2017 study with statistical errors claiming that race and biology indicate that the airways of asthmatic black Americans become more inflamed than those of asthmatic white Americans. Black Americans do suffer more from asthma than whites do, but they’re also affected more by environmental hazards like air pollution from highways and factories as well as disparities in access to high-quality healthcare. These many forms of inequality and structural racism—which sociologists have documented for decades—were swept under the rug in favor of a race variable that led to findings that could be easily misinterpreted.

Commented by /u/phillipsjk in /r/btc on June 30, 2020 02:37:11
/r/btc/comments/hi3rxy/free_speech_is_dying/fwg7jch/

That clause is probably there to allow minorities to orgfanize and build capacity by excluding members of the majority in designated "safe spaces". The women of an organization I was involved with organized "women and transgender only" days. Within a couple of years, we had enough volunteer capacity to open a second location. The success of the opening was a direct result of the capacity building the minority was able to do while excluding the majority (during designated times).

Commented by /u/phillipsjk in /r/btc on June 30, 2020 02:12:50
/r/btc/comments/hi82p9/youtube_just_suspended_stephan_molyneuxs_channel/fwg5u3s/

Actual quotes are in this discussion, but somebody was disputing those too. I was going off the tweets in reply to that twitter status. In particular, IQ tests are more a test of education than intelligence.

Commented by /u/phillipsjk in /r/btc on June 30, 2020 01:49:30
/r/btc/comments/hi3rxy/free_speech_is_dying/fwg5gmm/

If your group forms the majority: is is very unlikely that you are being oppressed. Absent extra information, people are assumed to be members of the majority.

Commented by /u/phillipsjk in /r/btc on June 30, 2020 01:44:29
/r/btc/comments/hi3rxy/free_speech_is_dying/fwg58io/

Hate speech leads to genocide. That is why it is banned in most jurisdictions. The USA is actually fairly unique in classifying it as "free speech".

Commented by /u/phillipsjk in /r/btc on June 30, 2020 01:41:28
/r/btc/comments/hi82p9/youtube_just_suspended_stephan_molyneuxs_channel/fwg25s0/

I have not Studied Stephan Molyneux much, but you can tell me if any of this seems familiar: https://twitter.com/JYSexton/status/1277609370017239041 > All right. > Let's talk about that couple who pointed their guns at peaceful protesters and how the racist, paranoid reality they're drowning in is one of the cornerstones of American life and continues to put all our lives at risk to this very day. > 1/ > I know it's easy to make fun of these people. They look ridiculous. But we cannot lose sight of the fact that they threatened innocent people with loaded guns and a massive tragedy could've played out. > We have to address this and recognize how we got here. > 2/ > All around American paranoid white people are threatening protesters with guns, chainsaws, knives, clubs, bats, waiting for "antifa buses" and hordes of protesters to show up and destroy their towns. > They live in a manufactured alternate reality and are primed for violence. > 3/ > Of course, we must talk about Fox News and Donald Trump and how they have created this tinderbox of racial paranoia, but to start there means that we dismiss America's LONG history of racist paranoia. > We have to confront ourselves and our past if we want to get out of this. > 4/ > We have to go back to the very founding of America, to where a white oligarchy framed a Constitution they weren't even authorized to make and then told states they either authorized it or were going to be subjected to deadly attacks by Native Americans. > That was the appeal. > 5/ > Even back then, in the 18th century, American media framed the narrative as a do-or-die struggle for white people. > They either went along with the plans or else they were going to be subjected to slaughter by people of color. > That's the cornerstone of this country. > 6/ > We like to think about the Confederacy as this aberration, but the Confederates believed they were in line with the Founders, and they seceded citing paranoid conspiracy theories that shadowy organizations were meaning to cause slaves to rise up in violence. > 7/ > The story of America that is largely hidden and kept from people is a story of white paranoia and is tinged with these conspiracy theories that people of color must be controlled lest they spontaneously turn to widespread bloodshed and violence. > It permeates everything. > 8/ > This is something people misunderstand. > White supremacy is about believing that people of color are naturally inferior and violent and susceptible to manipulation. > White supremacists believe they're caring for people of color, that they're stewards for them. > 9/ > Time and time again, white supremacists have de-legitimized protests and movements by people of color by claiming outside manipulators are using them. > For a long time the scapegoat was communists and this led to widespread violence and lynching. > 10/ > This continued into the Civil Rights Movement, where white supremacists rationalized their violence by citing paranoid conspiracy theories that communists were agitating people of color to protest. > In their minds, they were warding off an invasion. > 11/ > These are aspects of our history that are just conveniently left out of our curricula. White paranoia has shaped response to people of color and has directed the scope and breadth of the violence. > It is this fear of potential manipulation and violence that leads to this. > 12/ > Again. > What we are talking about here is white supremacy, or the belief that people of color are just naturally barbaric and unless they are controlled by a superior race they will be manipulated and will simply destroy society. > That's what's happening now. > 13/ > Across the South, during the Civil Rights Movement, people were murdered, beaten, bloodied in the streets. > The people doing it believed they were protecting themselves and fighting a communist invasion. It was weaponized white paranoia turned into violence. > 14/ > And it wasn't just white supremacist politicians in the South stoking that paranoia. > As high up as J Edgar Hoover and Richard Nixon, people believed they were fighting a communist invasion in Civil Rights. They infiltrated groups, harassed them, infringed on their rights. > 15/ > Meanwhile, protesters were brutalized in the streets and treated like animals. > People of color were dehumanized, turned into "savages" or pawns in a larger game of white supremacist control. >White Americans thought they were fighting an invisible war. > 16/ > That idea of an invisible war was forwarded by Neo-Confederate preachers like Jerry Falwell. > If you haven't, please look up my Cult of the Shining City writings for further information, but what he proposed was that communists and Satan were manipulating protesters. > 17/ > Over time, the idea of an invisible war between white supremacists and outside agitators took shape into the New World Order conspiracy, in part because of the tragedies of Ruby Ridge and Waco. > It didn't help, of course, that a Democrat was president at the time. > 18/ > The sad truth is that there was money to make and power to be had in the wake of Ruby Ridge and Waco. > Conspiracy theorists gained purchase in the culture and showed how these tragedies could be juiced for maximum effect. > 19/ > Organizations like the GOP and NRA spun a narrative that liberals were traitors in league with the so-called New World Order and that they, in league with manipulatable minorities, were going to overthrow America and threaten white Americans > This proved incredibly lucrative > 20/ > Using conspiracy theories, Republicans gained power in the government and raised unbelievable amounts from paranoid white people. The NRA grew in stature and raked in the cash. > It was obvious that white paranoia was primed and ready to be cultivated. > 21/ > Of course, this story wouldn't be complete without mentioning the murderous consequences of stoking white paranoia. > Believing he was in an invisible war, Timothy McVeigh bombed the Alfred P. Murrah building in OKC. > He believed the lie wholeheartedly. > 22/ > Despite this and other tragedy, Roger Ailes formed Fox News with the understanding that there was a major marketing niche for selling this paranoid alternate reality to terrified white Americans. > This is the basis of FNC. Always has been, always will be. > 23/ > ox News sells to its viewers a sanitized, cleaned-up version of the New World Order conspiracy theory. > They'll never use the name, but the narrative is explicitly NWO and follows the narrative that cabals and liberal traitors are using minorities as weapons. > 24/ > The way Fox does it is to appeal to white nostalgia, to call back to an America where people of color were quietly oppressed and dissenting voices unheard > They do it as a way of stoking the paranoia that liberal traitors are intentionally destroying the country. > 25/ > In recent years, with Obama and Hillary Clinton, the message has gotten progressively clearer. > They allege a major international conspiracy to undermine America. It is, again, the New World Order conspiracy theory in message and shape. > 26/ > The effect has been a massive spike in gun sales, which is part of the goal. Fox and its partners commodify white paranoia into industries like guns, prepping supplies, gold, and the like. > It's about creating and exploiting fear. > 27/ > That's what prepping is about. The commodification of white paranoia that a race war is coming, that the New World Order is coming to take their guns and put them into white slavery. > It is the fear that pushes the needle for Fox, the GOP, and the NRA. > 28/ > It also happens that this white paranoia wins elections. The GOP can no longer win unless it hatches up the electorate and gets paranoid white people to the polls to vote for protectors against the invisible threat of the New World Order and radicalized people of color. > 29/ > But there are consequences. > Other than widespread racism, people like McVeigh who believe they're soldiers in this invisible war kill on a mass scale. They mow people down. Slaughter them in cold blood. > They live in the reality the GOP, NRA, and FNC have peddled. > 30/ > If you believe the New World Order conspiracy, if you believe there's an invisible war, then murder is acceptable. You are, after all, a soldier defending your family and country. > This is how fascism becomes acceptable, through a fake, propaganda threat people believe. > 31/ > There's nothing innocuous about those people pointing guns at protesters. There have already been mass tragedies coming from this white paranoia. > We'll be INCREDIBLY lucky if we avoid more bloodshed because these people truly believe they're engaged in an invisible war. > 32/32

Commented by /u/phillipsjk in /r/btc on June 30, 2020 01:01:40
/r/btc/comments/hi82p9/youtube_just_suspended_stephan_molyneuxs_channel/fwfzo4s/

We currently have the President of the United States implying it is reasonable to brandish firearms at unarmed protestors. Yesterday (day before yesterday?) Aurora Police put down a "violin" demonstration. It appears the the POUS wants to provoke an incident so that he can declare martial law and cancel the upcoming elections.

Commented by /u/phillipsjk in /r/btc on June 30, 2020 00:31:28
/r/btc/comments/hi82p9/youtube_just_suspended_stephan_molyneuxs_channel/fwfy9rl/

Saying Blacks are stupid, instead of acknowledging systemic racism is kind of racist.

Commented by /u/phillipsjk in /r/btc on June 30, 2020 00:15:02
/r/btc/comments/hi82p9/youtube_just_suspended_stephan_molyneuxs_channel/fwfxzj1/

Lots of anarcho-capitalists like Bitcoin. He has also did a video or two on Bitcoin. I personally can't stand the guy.

Commented by /u/phillipsjk in /r/btc on June 30, 2020 00:11:46
/r/btc/comments/hhzta2/the_emperor_has_no_clothes_why_proof_of_work_does/fwdgtwq/

I wondered about their negative karma score.

Commented by /u/phillipsjk in /r/btc on June 29, 2020 11:15:37
/r/btc/comments/hhzta2/the_emperor_has_no_clothes_why_proof_of_work_does/fwddoln/

Those are examples of the POW actually working. BSV was a failed 51% attack on BCH. BTC is over-secured for what it actually does (about 7tx/second, max)

Commented by /u/phillipsjk in /r/btc on June 29, 2020 10:47:18
/r/btc/comments/hhzta2/the_emperor_has_no_clothes_why_proof_of_work_does/fwddh4u/

What if you want to continue the bitcoin experiment? Divesting alone is not effective without moving to a better alternative.

Commented by /u/phillipsjk in /r/btc on June 29, 2020 10:45:26
/r/btc/comments/hhi05c/ethereums_usd_price_just_passed_bitcoin_cash/fwdcdf0/

I believe that is the ultimate goal of blockstream: to sabotage crypto from within, so that people stick with he old institutions they know.

Commented by /u/phillipsjk in /r/btc on June 29, 2020 10:35:22
/r/btc/comments/hhi05c/ethereums_usd_price_just_passed_bitcoin_cash/fwd8w0x/

We tried to compromise for years, That got us the "NO2X" astroturf campaign and "Bcash" marketing campaign designed to strip Bitcoin Cash of the name "bitcoin". You can't cooperate with underhanded bullies.

Commented by /u/phillipsjk in /r/btc on June 29, 2020 10:01:40
/r/btc/comments/hhi05c/ethereums_usd_price_just_passed_bitcoin_cash/fwcf2hk/

Vitalik originally wanted to build on Bitcoin as a second layer.

Commented by /u/phillipsjk in /r/btc on June 29, 2020 02:47:47
/r/btc/comments/hhi05c/ethereums_usd_price_just_passed_bitcoin_cash/fwc1p04/

No, ETH was started as it's own coin because OP_Return was reduced from 80 bytes to 40 bytes to discourage "coloured coins" on BTC. The ETC/ETH split came later. BCH has always been a drop-in replacement for BTC. BCH even incorporated the more useful Segwit innovations like BIP143 (replay protection, quadratic hashing fix) and the Cashaddr address format (Based on Bech32).

Commented by /u/phillipsjk in /r/btc on June 28, 2020 23:50:34
/r/btc/comments/hhggii/federated_sidechains_8m_in_btc_stuck_in_limbo/fwc16kw/

I have had at least one troll repeatedly badger me to show my work on such simple math: even after linking to a Kraken report that came to the same conclusion (that fees need to be $50/kB to replace the block reward at current prices).

Commented by /u/phillipsjk in /r/btc on June 28, 2020 23:44:39
/r/btc/comments/hhggii/federated_sidechains_8m_in_btc_stuck_in_limbo/fwbbe85/

HSM means Hardware Security Module. I can believe refreshing contracts may be a manual process involving the postal system.

Commented by /u/phillipsjk in /r/btc on June 28, 2020 19:21:11
/r/btc/comments/hhi05c/ethereums_usd_price_just_passed_bitcoin_cash/fwbaaed/

BTC == Bitcoin Trash Coin there is a reason BCH forked. (The same reason ETH forked, actually).

Commented by /u/phillipsjk in /r/btc on June 28, 2020 19:10:30
/r/btc/comments/hhggii/federated_sidechains_8m_in_btc_stuck_in_limbo/fwazklj/

Liquid^TM is like a distributed bank. Federation members have peg-out privileges, where they are allowed to destroy Liquid-pegged-BTC in exchange for BTC. Liquid-pegged-BTC are all controlled with an elaborate set rules designed to make it hard for federation members to cheat. However, because the rules are complex and cumbersome, there is an emergency escape clause. The rules keeping members honest expire after two weeks, and must be refreshed from time to time. This probably makes it easy to add and remove federation members. If the rules are not refreshed within two weeks, like they are supposed to be, they are automatically moved to an address requiring only 2 of 3 people to move the underlying BTC. Edit2: Adam Back explains the funds do move to a new address: > The coins are auto-swept forward as part of the HSM peg process. funds are safe as keys are offline and geo-distributed. we were planning to address via HSM upgrade, which is a manual hands-on process for security, but [Covid-19] lock-downs made that difficult.

Commented by /u/phillipsjk in /r/btc on June 28, 2020 17:34:41
/r/btc/comments/hhggii/federated_sidechains_8m_in_btc_stuck_in_limbo/fwaxzsi/

Lightning was set up for failure by that "NO2X" astroturf campaign. The Lightning whitepaper guesses that 133MB blocks were needed (at scale): and they refused measly 2MB blocks! The LN relies on a functional base-layer for message passing and security.

Commented by /u/phillipsjk in /r/btc on June 28, 2020 17:20:27
/r/btc/comments/hhbhuk/jpmorgan_chase_co_hacked/fwa35ao/

This came up on twitter: [Chase says missing or additional money in bank accounts was technical issue](https://www.pix11.com/news/local-news/chase-investigating-reports-of-missing-additional-money-in-bank-accounts)

Commented by /u/phillipsjk in /r/btc on June 28, 2020 12:51:41
/r/btc/comments/hh09qi/bchbtc_hits_atl/fw9udzz/

> It takes about ten minuets of research to understand that. However I don’t have any answers myself. No, it take more than 10 minutes or research to learn the truth: > **Nobody knows what’s going on** > If you haven’t heard much about this, you aren’t alone. One of the most disturbing things that took place over the course of 2015 is that the flow of information to investors and users has dried up. > In the span of only about eight months, Bitcoin has gone from being a transparent and open community to one that is dominated by rampant censorship and attacks on bitcoiners by other bitcoiners. This transformation is by far the most appalling thing I have ever seen, and the result is that I no longer feel comfortable being associated with the Bitcoin community. > Bitcoin is not intended to be an investment and has always been advertised pretty accurately: as an experimental currency which you shouldn’t buy more of than you can afford to lose. It is complex, but that never worried me because all the information an investor might want was out there, and there’s an entire cottage industry of books, conferences, videos and websites to help people make sense of it all. > That has now changed. > Most people who own Bitcoin learn about it through the mainstream media. Whenever a story goes mainstream the Bitcoin price goes crazy, then the media report on the price rises and a bubble happens. > Stories about Bitcoin reach newspapers and magazines through a simple process: the news starts in a community forum, then it’s picked up by a more specialised community/tech news website, then journalists at general media outlets see the story on those sites and write their own versions. I’ve seen this happen over and over again, and frequently taken part in it by discussing stories with journalists. > In August 2015 it became clear that due to severe mismanagement, the “Bitcoin Core” project that maintains the program that runs the peer-to-peer network wasn’t going to release a version that raised the block size limit. The reasons for this are complicated and discussed below. But obviously, the community needed the ability to keep adding new users. So some long-term developers (including me) got together and developed the necessary code to raise the limit. That code was called BIP 101 and we released it in a modified version of the software that we branded Bitcoin XT. By running XT, miners could cast a vote for changing the limit. Once 75% of blocks were voting for the change the rules would be adjusted and bigger blocks would be allowed. > The release of Bitcoin XT somehow pushed powerful emotional buttons in a small number of people. One of them was a guy who is the admin of the bitcoin.org website and top discussion forums. He had frequently allowed discussion of outright criminal activity on the forums he controlled, on the grounds of freedom of speech. But when XT launched, he made a surprising decision. XT, he claimed, did not represent the “developer consensus” and was therefore not really Bitcoin. Voting was an abomination, he said, because: >> “One of the great things about Bitcoin is its lack of democracy” > So he decided to do whatever it took to kill XT completely, starting with censorship of Bitcoin’s primary communication channels: any post that mentioned the words “Bitcoin XT” was erased from the discussion forums he controlled, XT could not be mentioned or linked to from anywhere on the official bitcoin.org website and, of course, anyone attempting to point users to other uncensored forums was also banned. Massive numbers of users were expelled from the forums and prevented from expressing their views. > As you can imagine, this enraged people. Read the comments on the announcement to get a feel for it. - Mike Hearn, "[The resolution of the Bitcoin experiment](The resolution of the Bitcoin experiment), January 14, 2016.

Commented by /u/phillipsjk in /r/btc on June 28, 2020 11:32:41
/r/btc/comments/hhaa7i/how_are_big_blocks_working_out_for_you_guys/fw9ss9t/

With the [marginal cost of transactions being about 2 cents/kB \(on a functional blockchain\)](https://old.reddit.com/r/btc/comments/7qi6mf/estimating_the_marginal_cost_of_a_transaction_on/). the LN makes no sense outside of microtransactions. Heck, only needing to risk about $2 worth of Bitcoin would mitigate most of my security concerns with the system (and it's hot wallet requirements). On BTC, the LN is [unreliable because Layer 1 is unreliable](https://old.reddit.com/r/btc/comments/gayh4l/new_method_for_stealing_money_from_lightning/).

Commented by /u/phillipsjk in /r/btc on June 28, 2020 11:17:32
/r/btc/comments/hhbhuk/jpmorgan_chase_co_hacked/fw9jzib/

With multi-signature transactions, ecrow can be made more efficient.\ Local.bitcoin.com has a escrow system that only really requires the escrow agent to intervene in the event of a dispute. With traditional escrow agents, the escrow agent has to manage the whole process: which can increase costs.

Commented by /u/phillipsjk in /r/btc on June 28, 2020 09:46:27
/r/btc/comments/hhbhuk/jpmorgan_chase_co_hacked/fw9ewdg/

If you buy cars off of ebay, ebay strongly recommends using their escrow agent. After I sent their escrow agent a letter explain how bitcoin work, [ebay actually produced a video about bitcoin](https://www.youtube.com/watch?v=PrK-152xfy0), but they ultimately never implemented it.

Commented by /u/phillipsjk in /r/btc on June 28, 2020 08:44:10
/r/btc/comments/hh3zj0/btc_maximalists_have_another_hero_to_hate_ross/fw9e7ai/

You were just waiting for somebody to make that comment :)

Commented by /u/phillipsjk in /r/btc on June 28, 2020 08:34:54
/r/btc/comments/hgwy3d/im_contemplating_accepting_a_shameless_bribe/fw9dqcz/

Forks have more than one branch. Both forked. BTC did a "soft-fork", which mean the default option (doing nothing) was to follow their fork. The only way to opt out of a soft-fork is to hard-fork, which BCH did.

Commented by /u/phillipsjk in /r/btc on June 28, 2020 08:28:26
/r/btc/comments/hgz137/blockstream_liquid_utxo_rotation_issue_affected/fw8kimu/

I can literally lose my keys in a boating accident, instead of just figuratively.

Commented by /u/phillipsjk in /r/btc on June 28, 2020 00:48:11
/r/btc/comments/hh3zj0/btc_maximalists_have_another_hero_to_hate_ross/fw83yf4/

Way to bury the lead: Ross Ulbricht is still doing useful research from prison: > “The people behind Maker have created a cryptocurrency that tracks the value of the US dollar (a stable coin),” Ulbricht began. “You get all the benefits of a cryptocurrency without the crazy price swings.” He then goes on to examine DAI and its mechanics with regard to recent collateral problems by way of incentives. Stability fees for those “collateralizing the system” and the DAI token are “constantly being added to by the savings rate,” creating logical perversity: “no one wanted to give up their stable, high-yield DAI for a crashing, negative-yield ether in the liquidation auctions.” > This meant recently the Maker token itself needed backing by way of a stablecoin linked to a direct fiat peg, seemingly thwarting the entire point of DeFi. To curb this dependence, Ulbricht urges “abolishing the savings contract and stabilization fee,” and in fact suggests a negative stability fee. “A simple fix to the current system would be for MakerDAO (who already sets the stability fee and savings rate) to reduce the savings rate to zero and the stability fee to some small negative number, perhaps -1%. This would have to be done such that DAI would simply disappear at a rate of 1% per year, leaving that much more collateral unencumbered than would be otherwise.”

Commented by /u/phillipsjk in /r/btc on June 27, 2020 21:43:40
/r/btc/comments/hgy1bz/noob_question_what_would_be_the_problems_by/fw7ue6y/

> competing for block space to incentivise smart solutions is the whole point :) No it misses the point. Bitcoin was intended to enable "small casual" transactions over the Internet. Forcing artificially high fees by restricting the blockspace makes BTC unsuitable for payments.

Commented by /u/phillipsjk in /r/btc on June 27, 2020 20:01:23
/r/btc/comments/hgy1bz/noob_question_what_would_be_the_problems_by/fw7tlb8/

I suspect 32MB blocks approach spinning rust bottleneck of about 100 IOPS (to handle about 100 tx/s). Raw bandwidth is not the problem.

Commented by /u/phillipsjk in /r/btc on June 27, 2020 19:53:18
/r/btc/comments/hgy1bz/noob_question_what_would_be_the_problems_by/fw7hdo8/

It was originally added as a runimentry anti-spam measure when people were mining Bitcoin for the LOLz. In 2013, the powers that be [decided that the 1MB limit was a feature not a bug](https://www.youtube.com/channel/UCDk4CHELCBQmlNOhG4vD3gg). Don't have the link off-hand, but that video was apparently funded by the CIA.

Commented by /u/phillipsjk in /r/btc on June 27, 2020 17:58:25
/r/btc/comments/hgwy3d/im_contemplating_accepting_a_shameless_bribe/fw7gx6b/

Ok the price of things like food has been going up.

Commented by /u/phillipsjk in /r/btc on June 27, 2020 17:54:32
/r/btc/comments/hgwy3d/im_contemplating_accepting_a_shameless_bribe/fw7gj9g/

Bitcoin Cash is essentially Bitcoin Core with a few minor tweaks: such as raising the blocksize to meet expected transaction demand. However, since the expected "flippening" was halted on about November 13, 2017, it makes sense to differentiate from the Core coin. Nearly 3 years on, BTC has so far avoided self-destructing. Even if it does: enough noobs bought BTC thinking that it was bitcoin that we really need to differentiate ourselves.

Commented by /u/phillipsjk in /r/btc on June 27, 2020 17:51:12
/r/btc/comments/hgy1bz/noob_question_what_would_be_the_problems_by/fw7f69i/

In 2015 the [Core Developers decided to change Bitcoin's economic model](https://medium.com/@jgarzik/bitcoin-is-being-hot-wired-for-settlement-a5beb1df223a) by encouraging high transaction fees. Bitcoin Cash (BCH) forked in 2017 to restore the [failed Bitcoin experiment](https://medium.com/@jgarzik/bitcoin-is-being-hot-wired-for-settlement-a5beb1df223a). The harm or raising the blocksize would be: * Eject [obstructionists](http://trilema.com/2016/the-necessary-prerequisite-for-any-change-to-the-bitcoin-protocol/) (sometimes NSFW) from the community * Blockstream Liquid^TM side-chain would have no reason to exist.

Commented by /u/phillipsjk in /r/btc on June 27, 2020 17:39:08
/r/btc/comments/hgz137/blockstream_liquid_utxo_rotation_issue_affected/fw7dt8q/

* [They are a person](https://en.wikipedia.org/wiki/Singular_they) * The term [tranny](https://www.urbandictionary.com/define.php?term=tranny) is ambiguous: referring to both transvestites and transexuals (and probably transgendered people as well).

Commented by /u/phillipsjk in /r/btc on June 27, 2020 17:26:29
/r/btc/comments/hg33r4/why_a_premature_feemarket_is_unsustainable_for_btc/fw7a6r0/

Buying BTC certainly would not help me. It is not a "narrative": the Core Developers [deliberately](https://medium.com/@jgarzik/bitcoin-is-being-hot-wired-for-settlement-a5beb1df223a) broke bitcoin. Blockstream, or a common entity funding blockstream, then spun some narritive that 'bcash' is no 'bitcoin' with a [coordinated marketing push](https://old.reddit.com/r/btc/comments/bko3n6/who_created_the_derogatory_bcash_term_wheres_the/) on fork day.

Commented by /u/phillipsjk in /r/btc on June 27, 2020 16:53:01
/r/btc/comments/hg33r4/why_a_premature_feemarket_is_unsustainable_for_btc/fw6wl8i/

BTC lost exclusive rights to the name 'bitcoin' the moment it lost consensus. Business owners like Roger Ver were willing to compromise with Segwit 2x. It was mainly Business owners: because they actually use the system.

Commented by /u/phillipsjk in /r/btc on June 27, 2020 14:55:30
/r/btc/comments/hgnv48/found_something_weird_today/fw549wo/

Kraken uses XBT as well.

Commented by /u/phillipsjk in /r/btc on June 27, 2020 01:49:57
/r/btc/comments/hgjv9z/how_does_the_bitcoin_cash_community_feel_about/fw4lhh8/

Some core maximalist probably told them it breaks bitcoin. At least, that Is how I read it.

Commented by /u/phillipsjk in /r/btc on June 26, 2020 22:06:10
/r/btc/comments/hg33r4/why_a_premature_feemarket_is_unsustainable_for_btc/fw4hubi/

Consensus broke August 1, 2017. I did not consent to crippling bitcoin by not raising the blocksize to meet expected transaction demand. The 1 MB limit was introduced when people were still mining for the LOLz from home connections. In that environment, a series of 30MB blocks could have been detrimental to the network: and cheap to produce. Now, each block costs thousands of USD to produce. We now have industrial miners that can either rent datacenter space, or set aside a closet in their mining farm to process blocks. The bitcoin exchanges and payment processors are now large enough to do the same. SPV, as outlined in the whitepaper, [Now has viable implementations](https://github.com/breadwallet).

Commented by /u/phillipsjk in /r/btc on June 26, 2020 21:28:34
/r/btc/comments/hg33r4/why_a_premature_feemarket_is_unsustainable_for_btc/fw39d2q/

When satoshi [was first answering questions about the proposed system](https://satoshi.nakamotoinstitute.org/emails/cryptography/2/) they were describing what the system would look like with an average blocksize of 350MB.

Commented by /u/phillipsjk in /r/btc on June 26, 2020 14:49:32
/r/btc/comments/hg33r4/why_a_premature_feemarket_is_unsustainable_for_btc/fw2k5kn/

It is the BTC deve that think a "fee market" is just something you "switch on". The are gaming the metric by making the supply of blockspace inelastic. Miners are not able to increase supply in response to demand.

Commented by /u/phillipsjk in /r/btc on June 26, 2020 11:29:18
/r/btc/comments/hg33r4/why_a_premature_feemarket_is_unsustainable_for_btc/fw2jtl9/

The difference is that with full blocks: blockspace becomes an inelastic commodity. Miners are not able to raise supply in response to demand: leading to very volatile prices for transaction inclusion. A payments systems with unpredictable fees is functionally useless for anything other than speculation. For the bitcoin forks with plenty of blockspace, I [estimated the marginal transaction cost](https://old.reddit.com/r/btc/comments/7qi6mf/estimating_the_marginal_cost_of_a_transaction_on/) to be around 2cents/kB (dominated by bandwidth costs). While that is higher than the currently subsidized price, it would not break anything other than microtransactions and spamming the blockchain. Heck the Lightning Network may actually have a viable purpose if that comes to pass ($1-2 is not a burdensome amount to lock up for microtransactions).

Commented by /u/phillipsjk in /r/btc on June 26, 2020 11:26:31
/r/btc/comments/hg4zzo/the_australian_post_office_accepts_and_supports/fw2azco/

the bitcoin.com.au domain is a little suspicious. Probably some maximalist upset at bitcoin.com selling BCH.

Commented by /u/phillipsjk in /r/btc on June 26, 2020 10:09:40
/r/btc/comments/hfomxh/kraken_grants_150000_to_opensource_bitcoin/fw2aafh/

With the price of BCH falling relative to BTC (as the trolls like to point out), it is not too late. Once BCH price achieves parity: it will be too late.

Commented by /u/phillipsjk in /r/btc on June 26, 2020 10:03:18
/r/btc/comments/hfnxxk/all_you_need_to_know_about_the_differences/fw0tuwk/

Why do you think it is a scam? Because Blockstream told you to call it 'bcash', and not 'bitcoin'?

Commented by /u/phillipsjk in /r/btc on June 25, 2020 22:41:30
/r/btc/comments/hfomxh/kraken_grants_150000_to_opensource_bitcoin/fvyrwir/

IMO, BTCpayserver is not fit for purpose: because it uses BTC (a broken coin) as a unit of account.

Commented by /u/phillipsjk in /r/btc on June 25, 2020 12:02:08
/r/btc/comments/hfbb6r/it_has_started_btc_maxis_are_trying_to_take_over/fvwz1y2/

Feature length film on "cancel culture": [Canceling | ContraPoints](https://www.youtube.com/watch?v=OjMPJVmXxV8)

Commented by /u/phillipsjk in /r/btc on June 24, 2020 22:12:00
/r/btc/comments/hfb1c9/showerthought_why_do_so_many_people_that_i/fvwynkx/

And by deleting their post, they deprive real newbies of the wisdom you imparted on them.

Commented by /u/phillipsjk in /r/btc on June 24, 2020 22:08:07
/r/btc/comments/hec0cb/breaking_every_single_711_cvs_rite_aid_in_america/fvrp0nh/

There is a size limit, but it depends on your node hardware. A rasberry PI will have a smaller mempool.

Commented by /u/phillipsjk in /r/btc on June 23, 2020 14:30:06
/r/btc/comments/hdys28/almost_half_of_the_worlds_population_live_on_less/fvpl01m/

The idea is to get the poor hooked on facebook. It is a loss-leader for them. Edit: https://www.theguardian.com/world/2016/aug/01/facebook-free-basics-internet-africa-mark-zuckerberg

Commented by /u/phillipsjk in /r/btc on June 23, 2020 00:05:46
/r/btc/comments/hdys28/almost_half_of_the_worlds_population_live_on_less/fvpku0y/

Smartphones + Simplified Payment Verification. According to this [paywalled page](https://www.statista.com/statistics/203734/global-smartphone-penetration-per-capita-since-2005/) worldwide smartphone penetration is approaching 40%. The third world largely skipped landlines and went straight to wireless communications.

Commented by /u/phillipsjk in /r/btc on June 23, 2020 00:03:50
/r/btc/comments/hdys28/almost_half_of_the_worlds_population_live_on_less/fvphzv0/

Nope, no /s required. In 2015, the Core Developers [changed Bitcoin's economic model](https://medium.com/@jgarzik/bitcoin-is-being-hot-wired-for-settlement-a5beb1df223a). The new paradigm was [imposed on the community through censorship and propaganda](https://blog.plan99.net/the-resolution-of-the-bitcoin-experiment-dabb30201f7). When the fees predictably spiked with a weeks long transaction backlog, the Core Devs said [everything was working as intended](https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-December/015455.html). You can't make this shit up.

Commented by /u/phillipsjk in /r/btc on June 22, 2020 23:32:33
/r/btc/comments/hdys28/almost_half_of_the_worlds_population_live_on_less/fvo6ok5/

[Bitcoin Cash Stress Test Results: 2.1 Million Transactions Cause No Surge in Fees ](https://cointelegraph.com/news/bitcoin-cash-stress-test-results-21-million-transactions-cause-no-surge-in-fees)

Commented by /u/phillipsjk in /r/btc on June 22, 2020 16:12:42
/r/btc/comments/hdwulr/bitcoin_is_an_awesome_opportunity_for_black/fvo4z51/

2 days is shorter than the holds my bank puts on my checks. Edit: [There is no block limit](https://old.reddit.com/r/btc/comments/hc604s/there_is_no_spoon/).

Commented by /u/phillipsjk in /r/btc on June 22, 2020 15:58:36
/r/btc/comments/hdwulr/bitcoin_is_an_awesome_opportunity_for_black/fvo4tqf/

It can actually handle the influx of millions of users?

Commented by /u/phillipsjk in /r/btc on June 22, 2020 15:57:22
/r/btc/comments/hdsxix/reminder_the_ifp_started_as_an_idea_exchanged/fvn27vx/

The game theory is interesting, but the implementation details matter a lot.

Commented by /u/phillipsjk in /r/btc on June 22, 2020 10:34:13
/r/btc/comments/hdj6lt/first_step_to_collaboration_dont_be_so_defensive/fvmy1o2/

I have heard conflicts are sometimes a sign that a team is actually starting to work together. When people initially meet: they tend to be extra polite.

Commented by /u/phillipsjk in /r/btc on June 22, 2020 09:53:55
/r/btc/comments/hdddjw/why_dont_we_all_try_to_descalate_the_situation/fvklawg/

Nothing in the definition of politics says that politicians must delay until there is a crisis: > the activities associated with the governance of a country or other area, especially the debate or conflict among individuals or parties having or hoping to achieve power. Rival politicians may have an incentive to point out a crisis in order to gain power: since a crisis may indicate mismanagement on the part of the incumbent.

Commented by /u/phillipsjk in /r/btc on June 21, 2020 16:44:44
/r/btc/comments/gewfhz/bch_blocks_are_really_huge_these_days/fvkgk6k/

What conspiracy theory? It is simple math; miner revenue is down after the halving. I was just wrong about how severe the consequences would be.

Commented by /u/phillipsjk in /r/btc on June 21, 2020 16:00:48
/r/piratepartyofcanada/comments/hd9dz7/greta_thunberg_the_climate_and_ecological_crisis/fvjrwqd/

She spent about a year speaking to politicians. She concludes that pre-existing agreements prevent politicians and businesses from taking the drastic steps required to solve the crisis. She repeats over and over again that meeting the Paris agreement commitments (possible within the current system, but still unlikely) will still result in an unacceptable level of warming in the next century (3-4 degrees instead of the 1.5 degrees recommended by the IPCC in their 2018 [Global warming of 1.5°C](https://www.ipcc.ch/sr15/) report). She believes that the short time-frame (7 years left in our carbon budget at current rates) requires us to treat the climate crisis as an emergency: with a similar urgency the pandemic is being treated with.

Commented by /u/phillipsjk in /r/piratepartyofcanada on June 21, 2020 12:18:44
/r/btc/comments/hcnk7g/lets_compete_in_reddits_scaling_bakeoff_with_slp/fvjbaeo/

[There is no spoon.](https://old.reddit.com/r/btc/comments/hc604s/there_is_no_spoon/)

Commented by /u/phillipsjk in /r/btc on June 21, 2020 09:25:41
/r/btc/comments/hd55gy/can_someone_explain_the_pros_and_cons_of_a_fully/fvja90t/

The lighning network may have a niche for handling mcorotransactions. The problem is that it was pushed as some kind of scaling solution, when it is not. The LN [does not work reliably](https://old.reddit.com/r/btc/comments/gayh4l/new_method_for_stealing_money_from_lightning/) with full blocks.

Commented by /u/phillipsjk in /r/btc on June 21, 2020 09:12:44
/r/btc/comments/hd3bza/why_dont_we_do_another_stress_test_on_bitcoin/fvj9wf1/

Transactions generated just to flood the network are spam by definition: even if they have a postage stamp attached.

Commented by /u/phillipsjk in /r/btc on June 21, 2020 09:08:15
/r/btc/comments/gewfhz/bch_blocks_are_really_huge_these_days/fvj7ded/

Everybody is fallible. That is why I even bother debating core proponents.

Commented by /u/phillipsjk in /r/btc on June 21, 2020 08:34:41
/r/btc/comments/gewfhz/bch_blocks_are_really_huge_these_days/fvilmdt/

To replace all the lost revenue, yes. Perhaps mining was more profitable that I thought.

Commented by /u/phillipsjk in /r/btc on June 21, 2020 02:34:01
/r/btc/comments/hcr959/great_2013_bitcoinorg_linked_wiki_post_on_how_to/fvhlrdh/

SPV is still viable with TeraByte sized blocks. Miners won't all use one node: due to DDOS risk, and redundancy considerations. If EVERYBODY is using bitcoin, MANY organizations will have both reasons and the means to run nodes.

Commented by /u/phillipsjk in /r/btc on June 20, 2020 19:48:44
/r/btc/comments/hcr959/great_2013_bitcoinorg_linked_wiki_post_on_how_to/fvhl11u/

That kind of adoption won't happen overnight. Computer hardware and networking is expected to continue to improve; barring some catastrophic societal collapse.

Commented by /u/phillipsjk in /r/btc on June 20, 2020 19:41:37
/r/btc/comments/hcr959/great_2013_bitcoinorg_linked_wiki_post_on_how_to/fvhczaz/

You don't need infinite scaling for a finite population; which has other things to do than buy things all day.

Commented by /u/phillipsjk in /r/btc on June 20, 2020 18:24:16
/r/btc/comments/hcn8n6/calinstradamus_preditcion_12341_ifp_20_coming_in/fvgxqgs/

If Amaury gets his funding, is suspect he may be willing to move on that point. [There is a mechanism](https://old.reddit.com/r/btc/comments/hbz54k/why_bitcoin_cash_need_the_bmp/) for miners to negotiate in a pseudospoof resistant way.

Commented by /u/phillipsjk in /r/btc on June 20, 2020 16:00:53
/r/btc/comments/hc604s/there_is_no_spoon/fvfpab8/

Here is Satoshi's first answer to questions about the then proposed system: > ... > The bandwidth might not be as prohibitive as you think. A typical transaction would be about 400 bytes (ECC is nicely compact). Each transaction has to be broadcast twice, so lets say 1KB per transaction. Visa processed 37 billion transactions in FY2008, or an average of 100 million transactions per day. That many transactions would take 100GB of bandwidth, or the size of 12 DVD or 2 HD quality movies, or about $18 worth of bandwidth at current prices. > ... That works out to an average of 700MB blocks (assuming 144 blocks/day), which implies a maximum blocksize of at least 1GB (because not every block will be completely full). https://satoshi.nakamotoinstitute.org/emails/cryptography/2/

Commented by /u/phillipsjk in /r/btc on June 20, 2020 08:47:50
/r/btc/comments/hcbnsr/btc_scam_running_on_youtube/fvenksn/

When you see that kind of thing, about all your can do is use the report button.

Commented by /u/phillipsjk in /r/btc on June 19, 2020 23:27:08
/r/btc/comments/hc604s/there_is_no_spoon/fvelobh/

> There are no technological limits that would stop us from having 10GB(not 1GB, but 10GB) blocks tomorrow. > Hardware and operating systems fully support it. P2P technology capable of such speeds is already present (Bittorrent). The bitcoin software would need to start using 64 bit integers for the blocksize. (2GB is the signed 32bit limit, 4GB if unsigned)

Commented by /u/phillipsjk in /r/btc on June 19, 2020 23:06:05
/r/btc/comments/hc4e2c/procryptocurrency_congress_candidate_douglas/fvcz0cw/

The republicans are a "big tent" party. There are some moderates in the party who don't support the confederates and Nazis. Whether that is enough to change the leadership remains to be seen.

Commented by /u/phillipsjk in /r/btc on June 19, 2020 14:01:04
/r/btc/comments/hbz54k/why_bitcoin_cash_need_the_bmp/fvc55mj/

I support this and made a tweet about it.

Commented by /u/phillipsjk in /r/btc on June 19, 2020 09:46:38
/r/btc/comments/hb4ibj/blockstream_is_not_as_dominant_as_i_had_thought/fv9drsn/

Weren't they selling NO2X hats?

Commented by /u/phillipsjk in /r/btc on June 18, 2020 15:09:36
/r/btc/comments/hb4ibj/blockstream_is_not_as_dominant_as_i_had_thought/fv9dfs5/

Where does Lightning Labs get funding? AXA and friends paid Blockstream as a means to an end.

Commented by /u/phillipsjk in /r/btc on June 18, 2020 15:06:49
/r/btc/comments/haysrn/just_bought_my_first_bch/fv6yjl1/

If you are feeling anxious when the price drops 50%: you are probably over-invested, and should sell some when convenient/prudent.

Commented by /u/phillipsjk in /r/btc on June 17, 2020 22:39:51
/r/btc/comments/haysrn/just_bought_my_first_bch/fv6yala/

There was a [whole thing about it](https://blog.plan99.net/the-resolution-of-the-bitcoin-experiment-dabb30201f7). Short version is bitcoin development got captured by incumbents, and this is where all of the dissidents hang out.

Commented by /u/phillipsjk in /r/btc on June 17, 2020 22:37:21
/r/btc/comments/haqfnc/saudi_arabia_is_turning_to_blockchain_technology/fv4fxc6/

Wow, the small block propaganda has been incredibly effective. When speaking about blockchains and distributed ledger technology in a general sense, the article drops this bomb: > A single block can store up to 1 MB of data, depending on the size of the transactions, which means that it can house a few thousand transactions in one batch.

Commented by /u/phillipsjk in /r/btc on June 17, 2020 10:01:22
/r/btc/comments/hafier/did_you_ever_wonder_about_annoyingly_long_time_to/fv4fifn/

The BCH DAA probably follows that text more closely: since BTC just uses a fixed two week window for computing the difficulty adjustment.

Commented by /u/phillipsjk in /r/btc on June 17, 2020 09:57:26
/r/btc/comments/haod4a/newbie_question/fv4excy/

You should know that the "bitcoin" you probably heard about (BTC) has random fee spikes and transactions backlogs. It is because the Core Developers have consistently refused even modest blocksize increases [since 2015](https://blog.plan99.net/the-resolution-of-the-bitcoin-experiment-dabb30201f7) (18min read). Bitcoin Cash (BCH) routed around the censorship in 2017 by forking: but has been viciously attacked for it.

Commented by /u/phillipsjk in /r/btc on June 17, 2020 09:51:59
/r/btc/comments/ha71xi/if_core_wants_to_change_the_white_paper_then_let/fv1ljzj/

That is not a serious suggestion: it is simply [overton window](https://en.wikipedia.org/wiki/Overton_window) shifting to make the current stagnation look (sensible).

Commented by /u/phillipsjk in /r/btc on June 16, 2020 15:15:56
/r/btc/comments/ha7iq3/bitpay_statistics/fv1l0jk/

Took me a minute to figure out how you got that chart. You apparently click every currency *except* the one you want.

Commented by /u/phillipsjk in /r/btc on June 16, 2020 15:12:45
/r/btc/comments/ha7iq3/bitpay_statistics/fv1kjr6/

I think owning an entire bitcoin (BTC) would have insurance implications for me :P

Commented by /u/phillipsjk in /r/btc on June 16, 2020 15:09:08
/r/btc/comments/ha7iq3/bitpay_statistics/fv1k0fv/

It should still be on your old phone.

Commented by /u/phillipsjk in /r/btc on June 16, 2020 15:05:38
/r/btc/comments/h8627v/the_main_reason_why_i_support_bitcoin_cash_over/fv1jqus/

No one entity is control, permissionless entry and exit for miners, 4-5 independent implementations to choose from. What makes you think it is not decentralized? BTC is actually more centralized, if that is the point of comparison.

Commented by /u/phillipsjk in /r/btc on June 16, 2020 15:03:34
/r/btc/comments/ha31op/the_cash_register_app_by_bitcoincom_could_have_a/fv0pxm0/

Except, I live in Canada. With world events, the price of the USD has been volatile compared to other currencies lately. I think underwriting merchants as, they sometimes do in Australia, may be a more useful in most cases.

Commented by /u/phillipsjk in /r/btc on June 16, 2020 11:28:26
/r/btc/comments/h9q3ah/no_adam_youre_simply_wrong_by_jessquit/fv0mmku/

>> I am opposed to it because bitcoin BTC failed to scale. > It hasn't, it's still in the process of doing so. Why do bch proponents think that, just because they say something, that makes it true? It doesn't. It is not just us saying so: the entirely predictable fee spike of 2017 caused negative adoption, and [bitcoin dominance](https://coinmarketcap.com/charts/) (lower chart) to fall to record lows. The Bitcoin Cash fork was vindicated within 3 months: with the failure of the Segwit2x compromise, and record fees and transaction backlogs. The Core developer's response: [working as intended](https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-December/015455.html).

Commented by /u/phillipsjk in /r/btc on June 16, 2020 11:00:47
/r/btc/comments/h9q3ah/no_adam_youre_simply_wrong_by_jessquit/fv0j5fi/

I am apposed to it because bitcoin BTC failed to scale. The promotion of the lightning network appears to be a stalling tactic; also set up for failure. The LN does not work without reliable transaction confirmations on the base layer: yet the Core devs actively blocked a modest 2MB base blocksize increase. The LN whitepaper says that eventually 133MB blocks will be required: so the core developers are effectively choking the LN the same way L1 was made unusable for commerce. The goal of Blockstream is to sell access to their Liquid^TM side-chain. Liquid has no reason to exist if bitcoin is actually functional.

Commented by /u/phillipsjk in /r/btc on June 16, 2020 10:31:05
/r/btc/comments/h9q3ah/no_adam_youre_simply_wrong_by_jessquit/fv0bs5f/

> > Segwit was specifically designed to not allow more transaction outputs per block than legacy 1MB blocks can handle. >I'm aware of how segwit works, you've no reason to be trying to tell me this. You should perform some research yourself. Yet you say: >> Segwit does not really allow you to increase the number of transactions in a block. Segwit only makes it cheaper the spend transaction outputs. > Yes it does, it's a blocksize increase = more transactions may now fit into a.block. The fact/methodology that made it backwards compatible appears to be confusing you somewhat. Honestly, Segwit IS confusing (I suspect it is deliberately so). That is one of the reason a straight-forward blocksize is the better way to scale.

Commented by /u/phillipsjk in /r/btc on June 16, 2020 09:22:12
/r/btc/comments/h9q3ah/no_adam_youre_simply_wrong_by_jessquit/fv0a3ot/

>> BTC caps the growth rate at about 2300 transactions per block > Block 634999 held 3,217 transactions and we're only at around 50% Segwit adoption. You're talking rubbish and you're also ignoring the many, many thousands of transactions that each one of those could facilitate within L2. I should have specified "average size" transactions. Yes, you can fit 4000 250 byte transactions in 1MB. Segwit does not really allow you to increase the number of transactions in a block. Segwit only makes it cheaper the spend transaction outputs. If you [look at the largest blocks](https://blockchair.com/bitcoin/blocks?s=size\(desc\)\#) you can see that most of them have less than 1000 transactions. Which kind of brings up the elephant in the room: not all transactions are equal. One of the goals of a contained blocksize in to encourage transaction batching: so just talking about the number of transactions can be misleading. Segwit was specifically designed to not allow more transaction outputs per block than legacy 1MB blocks can handle. > Segwit improves the situation here by making signature data, which does not impact the UTXO set size, cost 75% less than data that does impact the UTXO set size. This is expected to encourage users to favour the use of transactions that minimise impact on the UTXO set in order to minimise fees, and to encourage developers to design smart contracts and new features in a way that will also minimise the impact on the UTXO set. > Because segwit is a soft-forking change and does not increase the base blocksize, the worst case growth rate of the UTXO set stays the same. https://bitcoincore.org/en/2016/01/26/segwit-benefits/

Commented by /u/phillipsjk in /r/btc on June 16, 2020 09:04:56
/r/btc/comments/h9q3ah/no_adam_youre_simply_wrong_by_jessquit/fv00ogt/

https://twitter.com/adam3us/status/1271971187288047620

Commented by /u/phillipsjk in /r/btc on June 16, 2020 07:06:47
/r/btc/comments/h9q3ah/no_adam_youre_simply_wrong_by_jessquit/fv00bat/

the 40% segwit discount does nto chnage the big picture. The way POW works, you can include an arbitrary number of transactions in a block for negligible incremental work. The asymptotic growth rate, with respect to the number of transactions is O(1). BTC caps the growth rate at about 2300 transactions per block: requiring miners to expend about $50 with of energy per kB of blockspace at current prices. That is [far and above the marginal cost of processing transactions](https://old.reddit.com/r/btc/comments/7qi6mf/estimating_the_marginal_cost_of_a_transaction_on/) (closer to 2cents/kB -- mostly bandwidth costs).

Commented by /u/phillipsjk in /r/btc on June 16, 2020 07:01:16
/r/btc/comments/h9q3ah/no_adam_youre_simply_wrong_by_jessquit/fuzznqt/

Was your initial mention of The Dunning-Kruger Effect rhetorical flourish, or are you suffering from that yourself?

Commented by /u/phillipsjk in /r/btc on June 16, 2020 06:51:17
/r/btc/comments/h9wpbd/is_it_becoming_obvious_that_some_state_actor_is/fuzzb3s/

Alternative explanation: it could be the banks, or other incumbents, de-stabilizing bitcoin because they don't like competition. Not sure it has been established that the state and banks are the same entity. The banks have effective lobbying in place, granted. during the 2008 financial crisis, not one banker went to jail for fraud. But that could possibly explained by "too big to fail" doctrine, winch encourages even more risky behavior.

Commented by /u/phillipsjk in /r/btc on June 16, 2020 06:45:57
/r/btc/comments/h8rtod/adam_back_ceo_of_blockstream_maybe_we_should_get/fuzyu52/

I don't see anything that has changed in 10 years to indicate it "can't scale". All I have seen is [refuses to scale to try a bank settlement token instead](https://medium.com/@jgarzik/bitcoin-is-being-hot-wired-for-settlement-a5beb1df223a).

Commented by /u/phillipsjk in /r/btc on June 16, 2020 06:38:42
/r/btc/comments/h9p2rz/do_any_bitcoin_core_maintainers_have_jobs_other/fuzcpbg/

She has actually been asking some interesting questions [since January](https://twitter.com/angela_walch/status/1222991758285582348): > And, since there are now 3 core Bitcoin developers on Avanti's engineering staff (but I don't believe Avanti has disclosed which ones), whose interests are these core devs supposed to prioritize? Is this made explicit by contract? https://twitter.com/angela_walch/status/1270507849337241600

Commented by /u/phillipsjk in /r/btc on June 16, 2020 00:59:29
/r/btc/comments/h9oxmg/the_big_short_a_true_story_based_on_tether/fuzb3x4/

Until the collapse happens, it is a lot more stable than other cryptocurrencies. This can be useful if you want to use it in commerce.

Commented by /u/phillipsjk in /r/btc on June 16, 2020 00:40:12
/r/btc/comments/h9q3ah/no_adam_youre_simply_wrong_by_jessquit/fuzaukv/

The pivot happened in 2015, for the new people: [Bitcoin is Being Hot-Wired for Settlement](https://medium.com/@jgarzik/bitcoin-is-being-hot-wired-for-settlement-a5beb1df223a)

Commented by /u/phillipsjk in /r/btc on June 16, 2020 00:37:08
/r/btc/comments/h8rtod/adam_back_ceo_of_blockstream_maybe_we_should_get/fuza4jb/

> and to spell it out: giga blocks are not likely to be censorship resistant. both forks hashrate could be wiped out by several miners and pools for example - how is that secure. In [his first response to questions about the system](https://satoshi.nakamotoinstitute.org/emails/cryptography/2/), Satoshi explained that the blocks would be about 700MB ((100GB/day)/(144Blocks/day)) at Visa scale. Wanting to raise the blocksize is not religious dogma: it is an attempt to resume the [aborted Bitcoin experiment](https://blog.plan99.net/the-resolution-of-the-bitcoin-experiment-dabb30201f7).

Commented by /u/phillipsjk in /r/btc on June 16, 2020 00:28:33
/r/btc/comments/h9ptkq/adam_back_ceo_of_blockstream_trying_to_gaslight/fuz9chg/

He got downvoted too much: now it does not show up when you use a 'www' link.

Commented by /u/phillipsjk in /r/btc on June 16, 2020 00:19:31
/r/btc/comments/h95tfy/youtube_is_becoming_a_tool_for_social_media/fuwia2u/

May have been a selfie stick.

Commented by /u/phillipsjk in /r/btc on June 15, 2020 10:11:48
/r/btc/comments/h8t9j7/bitcoincoms_appeal_letter_to_youtube_over_the/fuwc9qw/

I am saying it is useful to the **users** by being faster and cheaper than alternatives.

Commented by /u/phillipsjk in /r/btc on June 15, 2020 09:10:13
/r/btc/comments/h95tfy/youtube_is_becoming_a_tool_for_social_media/fuvhbty/

I am currently in the correct country: but inter-provincial travel is not recommended at the moment.

Commented by /u/phillipsjk in /r/btc on June 15, 2020 01:32:40
/r/btc/comments/h8t9j7/bitcoincoms_appeal_letter_to_youtube_over_the/fuuz48v/

Look up the velocity of money. With a closed-loop economy, cryptocurrency can provide value, other than selling to new "investors".

Commented by /u/phillipsjk in /r/btc on June 14, 2020 22:03:51
/r/btc/comments/h95tfy/youtube_is_becoming_a_tool_for_social_media/fuuxzwf/

I was agreeing with you ;)

Commented by /u/phillipsjk in /r/btc on June 14, 2020 21:52:44
/r/btc/comments/h95tfy/youtube_is_becoming_a_tool_for_social_media/fuuwwio/

Have you heard of sepcialization? I think Bitcoin.com has enough projects on the go without developing a new video streaming service.

Commented by /u/phillipsjk in /r/btc on June 14, 2020 21:41:39
/r/btc/comments/h95tfy/youtube_is_becoming_a_tool_for_social_media/fuuwmsp/

> Many, including Satoshi himself believed that Bitcoin can already scale, with current technology, at least to Visa-levels of transactions per second. Citation, literally Satoshies' first response to questions about the system: https://satoshi.nakamotoinstitute.org/emails/cryptography/2/

Commented by /u/phillipsjk in /r/btc on June 14, 2020 21:38:54
/r/btc/comments/h95tfy/youtube_is_becoming_a_tool_for_social_media/fuuw9px/

Centralized services: * https://vimeo.com/ (I think they charge you for the bandwidth used) * https://www.floatplane.com/discover (Linus Tech Tips' contingency plan if youtube shuts them down)

Commented by /u/phillipsjk in /r/btc on June 14, 2020 21:35:12
/r/btc/comments/h8xv7o/a_10000_btc_bounty_for_an_open_source_tool_to/fuub8vi/

Why is it payable in BTC, but denominated is what I assume to be US dollars?

Commented by /u/phillipsjk in /r/btc on June 14, 2020 18:14:43
/r/btc/comments/h82sd2/did_youtube_close_bitcoincom_channel/fuu7gkj/

BCH actually has more volume: just like Tether has more volume than BTC.

Commented by /u/phillipsjk in /r/btc on June 14, 2020 17:40:40
/r/btc/comments/h82sd2/did_youtube_close_bitcoincom_channel/futeg4a/

I think more likely [they go down the list of popular coins](https://www.coingecko.com/en) when the most popular one fails to meet their needs.

Commented by /u/phillipsjk in /r/btc on June 14, 2020 13:15:35
/r/btc/comments/h8ofpk/splitting_bchbsv_held_on_hardware_wallet/fute8wt/

You don't need to move the funds off the hardware wallet to split them. If you send schnorr-signed dust to the wallet, then use Electron Cash to move all of the inputs: that transaction will not be valid on Bitocin-SV.

Commented by /u/phillipsjk in /r/btc on June 14, 2020 13:13:45
/r/piratepartyofcanada/comments/h8vchl/will_this_pandemics_legacy_be_a_universal_basic/futbu0t/

Well in theory, that money will be spent in the economy, leading to tax revenue.

Commented by /u/phillipsjk in /r/piratepartyofcanada on June 14, 2020 12:51:46
/r/btc/comments/h8mjjz/protest_the_fed_with_bitcoin_cash/fut95w0/

That actually IS a common form of protest.

Commented by /u/phillipsjk in /r/btc on June 14, 2020 12:27:05
/r/btc/comments/h8mjjz/protest_the_fed_with_bitcoin_cash/fut90ly/

I had to look that one up, and disagree.

Commented by /u/phillipsjk in /r/btc on June 14, 2020 12:25:42
/r/btc/comments/h8us37/bitcoin_cash_survival_shows_it_has_staying_power/fut8im5/

I think for now, China tolerates Bitcoin because it has the potential to undermine the USA dollar. But yes, the concentration of miners in one political jurisdiction is concerning.

Commented by /u/phillipsjk in /r/btc on June 14, 2020 12:21:00
/r/btc/comments/h8t9j7/bitcoincoms_appeal_letter_to_youtube_over_the/fussy30/

I have been holding off on my own Bitcoin business until I am regulatory compliant, so I think we are going to have to disagree on that one.

Commented by /u/phillipsjk in /r/btc on June 14, 2020 09:45:16
/r/btc/comments/h8g1xm/bch_should_make_a_wrapped_btc_token_how_ironic/fusspvr/

If BCH gets wide use, it will have better security than BTC.

Commented by /u/phillipsjk in /r/btc on June 14, 2020 09:42:37
/r/btc/comments/h8t9j7/bitcoincoms_appeal_letter_to_youtube_over_the/fuss7hl/

Roger is a libertarian, in case you did not know. Effective communication often involves tailoring your message for your target audience. In this case, his audience is a large, regulator compliant corporation. It helps establish some common ground.

Commented by /u/phillipsjk in /r/btc on June 14, 2020 09:36:48
/r/btc/comments/h8627v/the_main_reason_why_i_support_bitcoin_cash_over/fusr48h/

Bitcoin Cash also implemented a modified version of BIP143 as replay protection, and to implement the quadratic hashing fix (which makes raising the blocksize safer). Bitcoin Core did it as a soft-fork, so on that chain: the quadratic hashing fix only applies to Segwit transactions. The Difficulty Adjustment Algorithm was also changed twice. Once to keep the chain viable by lowering the diffculty if block production was too slow. The second time to make the DAA raise the difficulty in response to hashpower just as quickly.

Commented by /u/phillipsjk in /r/btc on June 14, 2020 09:24:17
/r/btc/comments/h82sd2/did_youtube_close_bitcoincom_channel/furp8eo/

When people say dollar on TV, they usually mean USD, but I rarely use USD in my daily life. When my VOIP provider quotes in USD, I have to remember to multiply the cost by the exchange rate.

Commented by /u/phillipsjk in /r/btc on June 13, 2020 23:54:08
/r/btc/comments/h8hyg1/digital_dollar_in_play_for_trump_to_counter_china/furo8uy/

https://www.honestcoin.io/

Commented by /u/phillipsjk in /r/btc on June 13, 2020 23:42:36
/r/btc/comments/h82sd2/did_youtube_close_bitcoincom_channel/furnpyv/

If you have not been paying attention, most people have been moving to ETH, not BCH.

Commented by /u/phillipsjk in /r/btc on June 13, 2020 23:36:21
/r/btc/comments/h82sd2/did_youtube_close_bitcoincom_channel/furnlla/

> If you aren’t even aware of the difference then I can see how someone could make the mistake. Which is why I think it is dishonest to claim that BTC is the one and only bitcoin. Bitcoin Cash forked for a reason: BTC abandoned the original experiment for some new Bank settlement Token Coin.

Commented by /u/phillipsjk in /r/btc on June 13, 2020 23:34:58
/r/btc/comments/h8c8dw/bitcoin_cash_next_block_fees_almost_zero_bitcoin/furm65b/

Imagine if you had electronic money that worked over the Internet: using public-key cryptography. With the coronavirus pandemic going on, it can serve as a cash substitute as well. Many businesses are strongly recommending contactless payment methods; and even refusing Cash.

Commented by /u/phillipsjk in /r/btc on June 13, 2020 23:18:47
/r/btc/comments/h8627v/the_main_reason_why_i_support_bitcoin_cash_over/furldlf/

You have to take additional steps.

Commented by /u/phillipsjk in /r/btc on June 13, 2020 23:10:02
/r/btc/comments/h8627v/the_main_reason_why_i_support_bitcoin_cash_over/fur5hto/

[Why Some People Call Bitcoin Cash ‘bcash’. This Will Be Shocking to New Readers.](https://medium.com/@jonaldfyookball/why-some-people-call-bitcoin-cash-bcash-this-will-be-shocking-to-new-readers-956558da12fb) But to answer your question, BCH has the same inflation schedule that BTC does.

Commented by /u/phillipsjk in /r/btc on June 13, 2020 20:17:59
/r/btc/comments/h8g1xm/bch_should_make_a_wrapped_btc_token_how_ironic/fuqwqew/

I was under the impression it was abandoned due to lack on interest.

Commented by /u/phillipsjk in /r/btc on June 13, 2020 18:49:55
/r/btc/comments/h8erjh/this_is_why_i_am_in_bitcoin_cash/fuqwath/

Looks like 10X the tx/block over 7 days: https://fork.lol/tx/txs The shorted time-frames are not appropriate for direct comparison because of DAA gaming. Unfortunately fork.lol no longer has a tx/day metric.

Commented by /u/phillipsjk in /r/btc on June 13, 2020 18:45:34
/r/btc/comments/h8f72u/we_dont_need_blockchainbased_social_media_we_need/fuqtg9z/

So only slave owners are allowed to discuss politics?

Commented by /u/phillipsjk in /r/btc on June 13, 2020 18:17:37
/r/btc/comments/h7rgib/why_are_people_still_using_bitcoin_and_paying/fuqhbez/

The sabotage started in Ernest in 2015: * [Bitcoin is Being Hot-Wired for Settlement](https://medium.com/@jgarzik/bitcoin-is-being-hot-wired-for-settlement-a5beb1df223a) * [The resolution of the Bitcoin experiment](https://blog.plan99.net/the-resolution-of-the-bitcoin-experiment-dabb30201f7)

Commented by /u/phillipsjk in /r/btc on June 13, 2020 16:28:57
/r/btc/comments/h7uj3j/gavin_andresen_i_think_there_is_a_reasonably_good/fuprcbn/

Kind of glad I finally bought some ETH this spring. Up like 20% for me. I have previously stayed away from it due to the relative complexity (and short block times the other person mentioned).

Commented by /u/phillipsjk in /r/btc on June 13, 2020 12:38:35
/r/btc/comments/h7f4gv/how_the_fuck_did_0conf_become_so_fast/fupprp9/

In initially after the fork (first 12 hours or so?) BSV did not seem to have a lot of hashpower publishing blocks. That could be plausibly explained by technical issues or variance: but it fits with a hypothetical attack chain.

Commented by /u/phillipsjk in /r/btc on June 13, 2020 12:24:22
/r/btc/comments/h89zrw/can_someone_help_me_understand_this_i_have_2009/fupoeu7/

There is already a thread in r/btc: https://old.reddit.com/r/btc/comments/h852vt/can_someone_help_me_understand_this_i_have_2009/

Commented by /u/phillipsjk in /r/btc on June 13, 2020 12:11:54
/r/btc/comments/h7f4gv/how_the_fuck_did_0conf_become_so_fast/fupm708/

Prior to the fork, CSW was promising to double-spend exchanges and make it impossible to spend transactions using the new OP-codes that BSV did not support. At the time, the BSV side had amassed about 2Ph/s: about 50% of the Bitcoin Cash hashrate. I suspect CSW was trying to bait BCH miners into "attacking" BSV with empty blocks (leaving BCH vulnerable to reorg attacks): which would be ineffective with 128MB blocks. They never published it, but I believe than they were mining a hidden attack chain: planning a deep reorg back to the fork block. That explains why they were so upset when the 10 block rolling reorg protection was deployed on ABC. Another part of the BSV attack, that actually back-fired, was enough spam transactions to fill 32MB blocks. Again, BSV's 128MB blocks would be able to accommodate both the spam and legitimate transactions. However, as the hash-power diverged between the chains, the nlocktime diverged enough that "satohies' shotgun" transactions were no longer valid on the BCH chain. So in effect, all "satoshies shotgun" did was DOS the BSV chain.

Commented by /u/phillipsjk in /r/btc on June 13, 2020 11:50:57
/r/btc/comments/h852vt/can_someone_help_me_understand_this_i_have_2009/fupknqi/

I think the word the person you are arguing with is looking for is "custodial". Blockchain.info was the first non-custodial web wallet. Not like mybitcoin.com that turned out to be an exit scam.

Commented by /u/phillipsjk in /r/btc on June 13, 2020 11:36:07
/r/btc/comments/h852vt/can_someone_help_me_understand_this_i_have_2009/fupk9yt/

Why don't YOU explain what happened to thier money then? Blame the victim for: * not using Segwit * not using Lighting * choosing the "wrong" wallet that errs on higher fees? With BCH, the user does not need to worry about those things.

Commented by /u/phillipsjk in /r/btc on June 13, 2020 11:32:21
/r/btc/comments/h852vt/can_someone_help_me_understand_this_i_have_2009/fupjx8h/

The [mempool emptied last night](https://jochen-hoenicke.de/queue/#0,24h). It is possible that OP paid ~10 in fees to send to that wallet, and is now wondering where the rest of their balance went.

Commented by /u/phillipsjk in /r/btc on June 13, 2020 11:28:51
/r/btc/comments/h852vt/can_someone_help_me_understand_this_i_have_2009/fupjqhv/

The transaction sending BTC to that wallet may have paid a $10 fee.

Commented by /u/phillipsjk in /r/btc on June 13, 2020 11:27:00
/r/btc/comments/h8627v/the_main_reason_why_i_support_bitcoin_cash_over/fupiz99/

Some people have suggested changing the 0-conf wording to "authorized" (indicating that a signed transaction was broadcast on the network). Absent of DAA gaming, the next block is always expected in about 10 minutes.

Commented by /u/phillipsjk in /r/btc on June 13, 2020 11:19:32
/r/btc/comments/h82sd2/did_youtube_close_bitcoincom_channel/fupi0p3/

Flat Earthers don't directly impact human health if their lies get spread to the general population.

Commented by /u/phillipsjk in /r/btc on June 13, 2020 11:10:02
/r/btc/comments/h7f4gv/how_the_fuck_did_0conf_become_so_fast/fuphhpc/

As I said, if it becomes known that 0-conf is unreliable for retail use, the value of BCH as a whole suffers. This reputational damage happens whether or not they broadcast anonymously. During the BCH-BSV split, miners showed they were willing to protect BCH from attack (presumably because they see long-term value in it). On [May 15, 2019](https://blog.coinbase.com/a-deep-dive-into-the-recent-bch-hard-fork-incident-2ee14132f435) some BCH miners showed that they were willing to orphan blocks blatantly stealing funds.

Commented by /u/phillipsjk in /r/btc on June 13, 2020 11:04:44
/r/btc/comments/h7f4gv/how_the_fuck_did_0conf_become_so_fast/fupg2w9/

Miners may want compensation to mitigate the risk to their reputation from honouring double-spend transactions. If it happens often enough, it may reduce the value of BCH: since waiting for 1 confirmation sucks for retail. Might as well use Dash if 0-conf is unreliable. Renting hash-power allows you to bypass reputational risks: but for most transactions, it would not be worth the trouble.

Commented by /u/phillipsjk in /r/btc on June 13, 2020 10:50:33
/r/btc/comments/h7f4gv/how_the_fuck_did_0conf_become_so_fast/fupdqti/

My point is that if you have to pay miners to honor your double-spend, then there is some risk. Double-spending does not require a double-spend attack, but it *does* require that your double-spend transaction get into the next block: before the "first-seen" transaction does.

Commented by /u/phillipsjk in /r/btc on June 13, 2020 10:26:09
/r/btc/comments/h8627v/the_main_reason_why_i_support_bitcoin_cash_over/fupclg0/

Translation for the blind or users fetching only HTML: **Bitcoin Cash** * Decentralized, censorship-resistant, peer-to-peer electronic cash system for every person on the planet. * Fast transactions: Transact in seconds. Get confrimed in minutes. * Low fees: Send any amount, anywhere, anytime. * Privacy: BCH has a fully decentralized privacy protocol that shuffles your Bitcoin Cash with other network participants. * Tokenization: Create and manage your own tokens than runs (sic) directly on top of BCH. * Smart Contracts: CashScript is a high level language for writing BCH smart contracts that transpikes down to Script OP Codes.

Commented by /u/phillipsjk in /r/btc on June 13, 2020 10:13:47
/r/btc/comments/h82sd2/did_youtube_close_bitcoincom_channel/fupbkl9/

The answer is that it is easy to find and report the Youtube channel of a reputable business. It is not easy to find a report all of these scam channels that pop up. Youtube has this problem where they over-rely on automation for channel policing.

Commented by /u/phillipsjk in /r/btc on June 13, 2020 10:02:26
/r/btc/comments/h82sd2/did_youtube_close_bitcoincom_channel/fupbaqp/

You are being deliberately obtuse.

Commented by /u/phillipsjk in /r/btc on June 13, 2020 09:59:22
/r/btc/comments/h7vdbe/blockstream_folks_not_amused_about_competition/fupb32l/

Bitcoin Cash changed the number to an 8.

Commented by /u/phillipsjk in /r/btc on June 13, 2020 09:56:59
/r/btc/comments/h0jh01/mom_is_denying_me_to_buy_bitcoin_how_can_i_change/fupaz9y/

No, credit cards charge 3% so they can give you that 3% cash back. You are over-thinking it.

Commented by /u/phillipsjk in /r/btc on June 13, 2020 09:55:48
/r/btc/comments/h7f4gv/how_the_fuck_did_0conf_become_so_fast/fupavby/

The merchant only needs to wait a few seconds to make sure that your payment is broadcast to the network. You need to bribe a miner to include your doublespend transaction instead of the one you paid the merchant. Even then, the odds are slim that your particular miner will get the next block. The 1 hour attack cost of doing the mining yourself is [$10,000](https://www.crypto51.app/).

Commented by /u/phillipsjk in /r/btc on June 13, 2020 09:54:34
/r/btc/comments/h805y7/photoshop_contest_winner/fuod13o/

Man, I am probably closer to boomer than zoomer at this point.

Commented by /u/phillipsjk in /r/btc on June 13, 2020 01:13:19
/r/btc/comments/h7s2gq/us_financial_services_committee_hearing_discussed/funx2ae/

It is the [same thing that happened to r/trees and r/marijuanaenthusiasts](https://www.reddit.com/r/OutOfTheLoop/comments/1y1pcn/why_is_rtrees_the_marijuana_subreddit_while/). People were forced out of the "proper" subreddit into one that seems to have an incongruent title.

Commented by /u/phillipsjk in /r/btc on June 12, 2020 22:10:19
/r/btc/comments/h7s2gq/us_financial_services_committee_hearing_discussed/funw55q/

OH, you are new. Read the FAQ, if you have not yet.

Commented by /u/phillipsjk in /r/btc on June 12, 2020 22:00:50
/r/btc/comments/h7u96n/this_should_be_fixed/funvugt/

IMO, the best way to contact Internet companies is paper mail. But that may be just wishful thinking.

Commented by /u/phillipsjk in /r/btc on June 12, 2020 21:57:48
/r/btc/comments/h7vdbe/blockstream_folks_not_amused_about_competition/funv068/

Well, to this day, the 1 never got changed to a 2. So you need awkward work-arounds.

Commented by /u/phillipsjk in /r/btc on June 12, 2020 21:49:16
/r/btc/comments/h7u96n/this_should_be_fixed/funusyk/

No the real scam, that bitcoin.com perpetuates to this day, is pretending BTC is still bitcoin.

Commented by /u/phillipsjk in /r/btc on June 12, 2020 21:47:14
/r/btc/comments/h7o2kg/steam_bring_back_bitcoin/funo0jw/

People have been [burning down telephone masts](https://www.businessinsider.com/77-phone-masts-fire-coronavirus-5g-conspiracy-theory-2020-5) over that "joke". Edit: the corona virus conspiracy is just a new twist.

Commented by /u/phillipsjk in /r/btc on June 12, 2020 20:38:41
/r/piratepartyofcanada/comments/gzqk3o/ethan_zuckerman_why_filming_police_violence_has/funnse8/

Tweet from somebody advocating defunding the police: https://twitter.com/MeryamHd2020/status/1271070650023673857

Commented by /u/phillipsjk in /r/piratepartyofcanada on June 12, 2020 20:36:25
/r/btc/comments/h7o2kg/steam_bring_back_bitcoin/funmqb1/

Microwave radiation is generally regarded as safe at the power levels 5G uses. Your WiFi uses approximately the same frequency band and power.

Commented by /u/phillipsjk in /r/btc on June 12, 2020 20:25:51
/r/btc/comments/h7jzz7/you_can_have_a_market_for_blockspace_without_full/fun0v2h/

> The issue is propagating a block with unlimited transactions (unknown size) to all other nodes in the network. I think that is one reason the BCH limit is still at 32MB for the time being. A proper fix is to include a blocksize field in the block-header. > Hashpower has no relation to the number of transactions that can be processed. In the long term. But if the fees match the block reward, miners can justify doubling the hash-power in the sort term (doubling the blocks per hour). Even without that effect, you can calculate the marginal POW: since BTC can only process about 2300 transactions/block.

Commented by /u/phillipsjk in /r/btc on June 12, 2020 17:04:57
/r/btc/comments/h7f4gv/how_the_fuck_did_0conf_become_so_fast/fulykbd/

By raising the block-size and removing the RBF kludge that made doublespending an expected wallet feature. RBF was only needed because transactions were not reliably confirming on the BTC network. For larger purchases, over about $1000 or so, it may be worth the trouble to try to double-spend. In those cases, merchants will still want to wait for at least on confirmation.

Commented by /u/phillipsjk in /r/btc on June 12, 2020 12:00:35
/r/btc/comments/h7jzz7/you_can_have_a_market_for_blockspace_without_full/fulpd42/

Thanks. Now I have to figure out where that money went :P

Commented by /u/phillipsjk in /r/btc on June 12, 2020 10:56:26
/r/btc/comments/h7f4gv/how_the_fuck_did_0conf_become_so_fast/fuleump/

Speed of light delays for going around the globe are on the order of 150ms.

Commented by /u/phillipsjk in /r/btc on June 12, 2020 09:17:33
/r/btc/comments/h7f4gv/how_the_fuck_did_0conf_become_so_fast/fuldr0v/

It is true that doing 0-conf on BTC requires either trust, to a negotiated contract like an open Lighning channel. BCH solved the trust problem by actually making transaction confirmation reliable. Thus, it takes substantial effort to double-spend.

Commented by /u/phillipsjk in /r/btc on June 12, 2020 09:05:46
/r/btc/comments/h7f4gv/how_the_fuck_did_0conf_become_so_fast/fuld94j/

Limited by the speed of light. u/JonathanSilverblood seems to be suggesting you can ignore the speed of light by putting the onus on the merchant to broadcast the signed transaction. The broadcast does serve a purpose: full nodes only relay valid transactions. Before block inclusion they are not authenticated in any way though (vulnerable to pseudospoofing).

Commented by /u/phillipsjk in /r/btc on June 12, 2020 09:00:17
/r/btc/comments/h15ndn/bch_vs_btc_why_is_there_such_a_war_between_this/ful7jxv/

Welcome to the club. Many if not most of us were banned there as well.

Commented by /u/phillipsjk in /r/btc on June 12, 2020 07:51:13
/r/btc/comments/h15ndn/bch_vs_btc_why_is_there_such_a_war_between_this/ftrs9jv/

I thought that was possible until about November 13, 2017. Now too many noobs bought fake bitcoin thinking it was a functional currency. They won't flood into BCH: they will leave crypto for good.

Commented by /u/phillipsjk in /r/btc on June 12, 2020 00:13:00
/r/btc/comments/h137sh/pentagon_documents_reveal_the_us_has_planned_for/ftrqzlh/

My guess is bidet controls.

Commented by /u/phillipsjk in /r/btc on June 11, 2020 23:58:44
/r/btc/comments/h15ndn/bch_vs_btc_why_is_there_such_a_war_between_this/ftrccy8/

Blockstream (and others) captured bitcoin development by paying the Core Developers. By about 2015, [it was decided to change Bitcoin's economic model](https://medium.com/@jgarzik/bitcoin-is-being-hot-wired-for-settlement-a5beb1df223a0). The [small-block propaganda video]( https://read.cash/@KeepBitcoinFree.org/why-i-created-keepbitcoinfreeorg-148f1aab) was from 2013. Before that, everyone understood that bitcoin would scale with [~700MB blocks handling hundreds of millions of transactions per day](https://satoshi.nakamotoinstitute.org/emails/cryptography/2/). On fork day, it appears that [Blockstream deliberately stole the name with an organized marketing campaign](https://np.reddit.com/r/CryptoCurrency/comments/gmo0c6/xbtusd_went_to_0_on_bitmex_futures_and_the/fr9v75k/). More [(evidence) not conclusively tied to blockstream](https://old.reddit.com/r/btc/comments/guy0sl/loving_the_meme_pack/fsnpawx/). Bitcoin Cash is the big block fork restoring the original experiment that was [concluded in early 2016](https://blog.plan99.net/the-resolution-of-the-bitcoin-experiment-dabb30201f7).

Commented by /u/phillipsjk in /r/btc on June 11, 2020 21:26:10
/r/btc/comments/h0yism/also_i_would_repeal_the_bank_secrecy_act/ftr9d4s/

Not familiar with that book.

Commented by /u/phillipsjk in /r/btc on June 11, 2020 20:56:09
/r/btc/comments/h0sdps/nightmare_come_true_user_pays_26_million_in/ftpcweb/

Don't know about eth, be detailed log entries on bitcoind are like 80 bytes or so (plain text). The good news is that you can compress them in a daily log rotation.

Commented by /u/phillipsjk in /r/btc on June 11, 2020 11:28:09
/r/btc/comments/h0sdps/nightmare_come_true_user_pays_26_million_in/ftpbpz7/

Yes, but that has nothing to do with when a specific node receives it. If a third-party node received the transaction before the miner published the block: you can surmise it was not secretly handed directly to the miner. I am doubtful anybody (other than the NSA or similar agencies) keeps logs that detailed though.

Commented by /u/phillipsjk in /r/btc on June 11, 2020 11:18:20
/r/btc/comments/h0sdps/nightmare_come_true_user_pays_26_million_in/ftpaa5k/

People with ETH nodes may be able to check their logs. Would have to be fairly detailed logging to get every new transaction in the mempool though.

Commented by /u/phillipsjk in /r/btc on June 11, 2020 11:06:17
/r/btc/comments/h0yism/also_i_would_repeal_the_bank_secrecy_act/ftp3or6/

The role of an electoral system is to convince everyone involved which candidates won and lost. If people are claiming the whole system is rigged: then it is failing at one of it's most basic purposes. Based on recent events, [there are rumblings](https://newrepublic.com/article/157949/fascism-america-trump-anti-police-george-floyd-protests) that the USA is going full fascist dictatorship. If that is true, there may not even be elections this fall.

Commented by /u/phillipsjk in /r/btc on June 11, 2020 10:08:53
/r/btc/comments/h0jh01/mom_is_denying_me_to_buy_bitcoin_how_can_i_change/ftp1z9k/

To pay for ~~webhosting~~ domain renewals no less.

Commented by /u/phillipsjk in /r/btc on June 11, 2020 09:53:01
/r/btc/comments/h0jh01/mom_is_denying_me_to_buy_bitcoin_how_can_i_change/fto8wu5/

I suspect when bitcoin was invented, that option was not available. When I was trying to make online purchases without a credit card I had to mail checks. Last time I tried it, my bank took the money out of the wrong account and charged me $100 in overdraft fees for a pair of $15 transactions.

Commented by /u/phillipsjk in /r/btc on June 11, 2020 03:19:31
/r/btc/comments/h0jh01/mom_is_denying_me_to_buy_bitcoin_how_can_i_change/fto8kmd/

Now you can experience how bitcoin worked back in 2014!

Commented by /u/phillipsjk in /r/btc on June 11, 2020 03:14:23
/r/btc/comments/h0jh01/mom_is_denying_me_to_buy_bitcoin_how_can_i_change/fto8gg1/

If you are thinking of credit cards, they charge merchants 3% or so. And because the payments are reversible, merchants have to hassle their customers for more information than they would need otherwise.

Commented by /u/phillipsjk in /r/btc on June 11, 2020 03:12:39
/r/btc/comments/h0gipj/50_in_bch_to_the_first_person_who_makes_a_video/ftnxwzq/

They are probably batching transactions, so it is hard to charge an appropriate fee for your individual request.

Commented by /u/phillipsjk in /r/btc on June 11, 2020 00:49:55
/r/btc/comments/h0gipj/50_in_bch_to_the_first_person_who_makes_a_video/ftnohx3/

Why is it surprising? The fee of 0.0005 BTC is 10% at that point.

Commented by /u/phillipsjk in /r/btc on June 10, 2020 23:08:23
/r/btc/comments/h0gipj/50_in_bch_to_the_first_person_who_makes_a_video/ftnl2ey/

No, the minimum BTC withdrawal ammount is 0.005 BTC. https://old.reddit.com/r/btc/comments/h0gru8/my_futuristic_money_is_stuck/

Commented by /u/phillipsjk in /r/btc on June 10, 2020 22:34:56
/r/btc/comments/h0gipj/50_in_bch_to_the_first_person_who_makes_a_video/ftnjowx/

Kraken has a minimum withdrawal amount of about $50 (for BTC).

Commented by /u/phillipsjk in /r/btc on June 10, 2020 22:22:03
/r/btc/comments/h0cxe7/this_proposal_on_the_bitcoin_mining_parliament/ftnj4dk/

Why not both? Once state actors are miners, a BMP may be used in place of war to resolve (some) conflicts.

Commented by /u/phillipsjk in /r/btc on June 10, 2020 22:16:50
/r/piratepartyofcanada/comments/h0p3gv/how_the_free_press_worldwide_is_under_threat/ftngx3w/

From Elizabeth May retweeting on twitter: [Teargassed, beaten up, arrested: what freedom of the press looks like in the US right now](https://www.theguardian.com/us-news/2020/jun/06/george-floyd-protests-reporters-press-teargas-arrested)

Commented by /u/phillipsjk in /r/piratepartyofcanada on June 10, 2020 21:56:59
/r/btc/comments/h0gipj/50_in_bch_to_the_first_person_who_makes_a_video/ftngq5r/

I resemble that remark :P

Commented by /u/phillipsjk in /r/btc on June 10, 2020 21:55:20
/r/btc/comments/h0gipj/50_in_bch_to_the_first_person_who_makes_a_video/ftnad7q/

It depends if the mempool is full or not: [Yup, it is loaded to 8MB](https://jochen-hoenicke.de/queue/#0,24h) Demonstration: [WARNING: Bitcoin BTC Unsafe for Business, Attack Vector Dangerously Easy to Exploit](https://www.youtube.com/watch?v=lLkiu8zs318)

Commented by /u/phillipsjk in /r/btc on June 10, 2020 20:57:41
/r/btc/comments/h0j1nj/how_prohashing_earned_11158_of_nicehash_on_june_9/ftmthoh/

I have e-mailed nicehash letting them know I would be more interested in using their services if they supported BCH as even an optional base currency.

Commented by /u/phillipsjk in /r/btc on June 10, 2020 18:28:17
/r/btc/comments/h0gru8/my_futuristic_money_is_stuck/ftmjojz/

The exchange does not want to pay more than about 10% of the withdrawal amount for a network fee. The [exchange turns out to be Kraken](https://old.reddit.com/r/btc/comments/h0gru8/my_futuristic_money_is_stuck/ftmdozb/) with does have lower minimum withdrawal amounts for *functional* cryptocurrencies.

Commented by /u/phillipsjk in /r/btc on June 10, 2020 17:09:35
/r/btc/comments/h0gru8/my_futuristic_money_is_stuck/ftme66b/

The withdrawal fee may be lower in BCH, so converting to BCH may allow OP to get their money back.

Commented by /u/phillipsjk in /r/btc on June 10, 2020 16:25:44
/r/btc/comments/h0gipj/50_in_bch_to_the_first_person_who_makes_a_video/ftmdgyx/

From the headline, I was thinking of a different kind of coke.

Commented by /u/phillipsjk in /r/btc on June 10, 2020 16:20:06
/r/btc/comments/gzy72t/not_so_private_99_of_zcash_and_dash_transactions/ftl6vju/

When very few people use the feature, you are left with a small privacy set. The mere act of mixing may help identify you. Bitcoin Cash will have the same problem if Cashfusion only becomes a niche thing.

Commented by /u/phillipsjk in /r/btc on June 10, 2020 10:26:03
/r/btc/comments/gzy72t/not_so_private_99_of_zcash_and_dash_transactions/ftl6i4r/

Depending of the Monero experience, BCH or BTC could implement a "tail emission" in the future. Monero had a very steep emission curve, [due to it's cryptonote heritage](https://bitcointalk.org/index.php?topic=740112.0).

Commented by /u/phillipsjk in /r/btc on June 10, 2020 10:22:51
/r/btc/comments/gzp9ou/greg_maxwell_caught_brigading_with_paid_accounts/ftjwt9r/

Almost nobody bought at the peak. I suspect shenanigans were at play. Just about every major bitcoin exchange went offline at the same time. The BSV split hurt, but for people with little use for BSV, the BSV tokens offset the "loss" by near 50%.

Commented by /u/phillipsjk in /r/btc on June 10, 2020 00:19:46
/r/btc/comments/gzmzvh/ask_a_big_blocker_ask_anything_and_we_try_our/fthq725/

The rolling checkpoints make hidden attack chains uneconomic to even try. Thereby, it reinforces the mining incentives.

Commented by /u/phillipsjk in /r/btc on June 9, 2020 12:48:46
/r/btc/comments/gzmzvh/ask_a_big_blocker_ask_anything_and_we_try_our/fthp9f7/

[Analyzing the 2013 Bitcoin fork: centralized decision-making saved the day](https://freedom-to-tinker.com/2015/07/28/analyzing-the-2013-bitcoin-fork-centralized-decision-making-saved-the-day/)

Commented by /u/phillipsjk in /r/btc on June 9, 2020 12:41:31
/r/btc/comments/gzmzvh/ask_a_big_blocker_ask_anything_and_we_try_our/fthmrmd/

That is exactly how bitcoin is supposed to work: > The proof-of-work also solves the problem of determining representation in majority decision making. If the majority were based on one-IP-address-one-vote, it could be subverted by anyone able to allocate many IPs. Proof-of-work is essentially one-CPU-one-vote. The majority decision is represented by the longest chain, which has the greatest proof-of-work effort invested in it. If a majority of CPU power is controlled by honest nodes, the honest chain will grow the fastest and outpace any competing chains. To modify a past block, an attacker would have to redo the proof-of-work of the block and all blocks after it and then catch up with and surpass the work of the honest nodes. Honest nodes use POW to express their decision making.

Commented by /u/phillipsjk in /r/btc on June 9, 2020 12:21:55
/r/btc/comments/gzmzvh/ask_a_big_blocker_ask_anything_and_we_try_our/fthijc8/

They are an opt-in soft-fork. Nothing wrong with that! More seriously, they allow companies actually using bitcoin to "freeze" their transaction processing if something "weird" happens. Reorgs deeper than 2 blocks are extremely rare: and indicate either an attack, or unprecedented network partition, or software bug that requires manual intervention anyway. Once economically relevant parties decide which side of the split to support: it is a simple matter of using the 'reconsiderblock' command to unstick nodes on the "wrong" side of the split. **Miners would then bring extra hashpower to bear in order to pull along SPV nodes, as well as others just connecting to the network.**

Commented by /u/phillipsjk in /r/btc on June 9, 2020 11:48:01
/r/btc/comments/gzfz2a/bitcoin_cash_is_now_green_on_coinmarketcapcom/fthgi1m/

I had /u/trilli0nn jump in [when I was possibly antagonizing u/nullc ](https://old.reddit.com/r/btc/comments/gxfepx/bitcoin_core_miners_vs_all_other_miners_why_do/ft8mf1f/?context=3). I got the impression that it may have been another person from the Core team.

Commented by /u/phillipsjk in /r/btc on June 9, 2020 11:31:20
/r/btc/comments/gxfepx/bitcoin_core_miners_vs_all_other_miners_why_do/fthgals/

Did not see your reply earlier. Generally, the larger the blocksize, the more organizations have incentives to run nodes (because they actually use the network). In my opinion, as long as [off-the shelf hardware](https://old.reddit.com/r/btc/comments/7qi6mf/estimating_the_marginal_cost_of_a_transaction_on/) can handle it, decentralization is not hurt by larger blocks.

Commented by /u/phillipsjk in /r/btc on June 9, 2020 11:29:40
/r/btc/comments/gzfz2a/bitcoin_cash_is_now_green_on_coinmarketcapcom/fthaiar/

I think he is trying to make fun of the New York Agreement because the Core Developers were not present. (I may be mistaken, but I think they were invited and refused.) To be honest, since the "core developers" have no authority over Bitcoin, it does not matter if they showed up or not. (That is me making fun of his claim that: the Core Developers that agreed to look into a 2MB blockize increase for the Hong Kong agreement had no authority to do so.)

Commented by /u/phillipsjk in /r/btc on June 9, 2020 10:40:28
/r/btc/comments/gyfoh3/btc_coin_flash_moves_are_getting_more_violent/ftfuftg/

I never lost 83% of my value in the first place!

Commented by /u/phillipsjk in /r/btc on June 8, 2020 23:17:11
/r/btc/comments/gykc05/ethereum_moons/fte0pzx/

There used to be tip bots for BTC, but they don't exist anymore (killed by $50+ transaction fees in late 2017). There is apparently a Lighting network tip bot; banned in this subreddit.

Commented by /u/phillipsjk in /r/btc on June 8, 2020 13:36:15
/r/btc/comments/gysl6h/former_btc_maximalist_now_onboards_merchants_to/ftdb726/

BCH IS and upgrade over BTC. Not sure what you are trying to say.

Commented by /u/phillipsjk in /r/btc on June 8, 2020 09:56:52
/r/btc/comments/gyfoh3/btc_coin_flash_moves_are_getting_more_violent/ftdaxr8/

Explain to me how the November 15, 2018 dip (and following 3 month trend) was caused by BCH and BSV following BTC, and not the other way around.

Commented by /u/phillipsjk in /r/btc on June 8, 2020 09:54:22
/r/btc/comments/gyfoh3/btc_coin_flash_moves_are_getting_more_violent/ftcevqm/

Those two statements can't BOTH be true. Either BCH has it's own movement, or BCH should never lose value against BTC.

Commented by /u/phillipsjk in /r/btc on June 8, 2020 02:11:56
/r/btc/comments/gygdjs/can_we_talk_about_decreasing_the_block_time/ftcb79j/

It is true the microwave links improve the speed of light by about 50% over fiber optics or copper (or put another way, light is 33% slower in a transmission line).

Commented by /u/phillipsjk in /r/btc on June 8, 2020 01:23:18
/r/btc/comments/gykc05/ethereum_moons/ftbr1z3/

I think you may need ETH to transfer them. Though there is some protocol for having tokens pay for their own gas fees by burning some.

Commented by /u/phillipsjk in /r/btc on June 7, 2020 21:36:14
/r/btc/comments/gygdjs/can_we_talk_about_decreasing_the_block_time/ftbd3ru/

Increasing the blocksize does increase the orphan rate a little bit. However, you get some first hop latencies you can not avoid due to the speed of light. From the [block propagation data](https://medium.com/@j_73307/block-propagation-data-from-bitcoin-cashs-stress-test-5b1d7d39a234) Jonathan Toomim compiled during the 2018 "stress test", you can see the slower nodes are taking several seconds to see a block. On 15 second blocks, a 6 second dealy is nearly half the block interval. Note: that is not all speed of light delay. My node (Edmonton, CA) appeared to be disk limited during the test.

Commented by /u/phillipsjk in /r/btc on June 7, 2020 19:19:33
/r/btc/comments/gwhk3j/where_is_the_real_bitcoin_site/ftbc65f/

It is not really something that can be changed.

Commented by /u/phillipsjk in /r/btc on June 7, 2020 19:10:33
/r/btc/comments/gygdjs/can_we_talk_about_decreasing_the_block_time/ftay7ai/

Interesting how ETH has a 40X shorter block interval, yet only improves the user experience by 10X.

Commented by /u/phillipsjk in /r/btc on June 7, 2020 17:01:48
/r/btc/comments/gwhk3j/where_is_the_real_bitcoin_site/ftaxzkj/

Read the FAQ: the name was chosen before the split: because the "big blockers" were banned from r/bitcoin.

Commented by /u/phillipsjk in /r/btc on June 7, 2020 16:59:52
/r/btc/comments/gydj5j/southern_district_of_new_york_tether_and_bitfinex/ftajbf0/

There are 4 separate lawsuits merged into one. This is a class action, afaik.

Commented by /u/phillipsjk in /r/btc on June 7, 2020 14:46:52
/r/btc/comments/gygdjs/can_we_talk_about_decreasing_the_block_time/ftagxkh/

That would be due to DAA gaming, not the 10 minute target block time. That 'bobtail' proposal would fix your problem: by making each block use many less difficult hashes for POW. It has the side-effect of making the block headers much larger. Which may not play well with SPV wallets or hashing equipment assuming an 80 byte header.

Commented by /u/phillipsjk in /r/btc on June 7, 2020 14:25:08
/r/Jobs4Crypto/comments/gxrq0d/manual_webscrabing/ftadv7d/

To match my pay washing dishes in a first-world country, I would have to do 77 entries per hour. That does not give time to verify the information in any way.

Commented by /u/phillipsjk in /r/Jobs4Crypto on June 7, 2020 13:57:55
/r/btc/comments/gygdjs/can_we_talk_about_decreasing_the_block_time/ftad3gs/

Lowering the block time reduces transaction throughout by increasing orphan rates. For retail payments, you are still going to want to use 0-conf transactions: because even 30 seconds is too long to wait. For large purchases, 10 minutes is not too long to wait (but due to variance the first confirmation could take hours): doing the paper work would probably take more time.

Commented by /u/phillipsjk in /r/btc on June 7, 2020 13:51:05
/r/btc/comments/gxv1nm/what_bch_wallet_do_you_use/ft9qdtf/

AFAIK, moneybutton is BSV only.

Commented by /u/phillipsjk in /r/btc on June 7, 2020 10:21:07
/r/btc/comments/gxvitk/anybody_else_get_those_ln_success_remindme/ft9pqav/

Mainly because it has been pushed as a BTC scaling solution, when it is not appropriate for most payments. It may have a niche for micropayments, but to be reliable, it still requires a blocksize increase: that is not forthcoming on BTC.

Commented by /u/phillipsjk in /r/btc on June 7, 2020 10:14:16
/r/btc/comments/gxruoa/any_bitrefill_alternative_available_for_bitcoin/ft9o34w/

All you need to prevent people from sending money to the wrong chain is to use a bech32 address for BTC and a Cashaddr for BCH. I suppose somebody really determined to screw up could still use an address converter.

Commented by /u/phillipsjk in /r/btc on June 7, 2020 09:56:33
/r/btc/comments/gxruoa/any_bitrefill_alternative_available_for_bitcoin/ft9nwzv/

IMO, what is misleading is the BTC maximalists insisting that 'bitcoin' *always* refers to (BTC): pretending that the second most viable bitcoin fork has no legitimacy. Edit: it is very common in the "real world" for competing currencies to share currency units.

Commented by /u/phillipsjk in /r/btc on June 7, 2020 09:54:42
/r/btc/comments/gxo9qf/bitcoin_core_there_hasnt_been_a_single_real/ft9nirf/

Monero was just the most viable community fork of that scam.

Commented by /u/phillipsjk in /r/btc on June 7, 2020 09:50:16
/r/btc/comments/gxo9qf/bitcoin_core_there_hasnt_been_a_single_real/ft8uqma/

[Blowing the lid off the CryptoNote/Bytecoin scam (with the exception of Monero)](https://bitcointalk.org/index.php?topic=740112.0)

Commented by /u/phillipsjk in /r/btc on June 7, 2020 02:29:31
/r/btc/comments/gxfepx/bitcoin_core_miners_vs_all_other_miners_why_do/ft8rpyx/

Segwit was a small increase in the most convoluted way possible. The whole soft-forking thing and "Block weight" make it difficult to actually discuss the subject without people calling you out on technicalities. Yes, *technically* the blocks are now larger than 1MB: but the increase was tiny. Nearly all blocks are still less than 2MB (there were about 141 blocks over 2MB: about 0.2% since the fork). If you look at adoption curves, you will see that the steepest part of the curve is typically the "early adopter" phase. The Bitcoin Core developers decided that bitcoin should never reach the "early adopter" phase: by severely limiting transaction growth. THAT is what I am pissed off about. The Core Developers [changed bitcoin's economic model](https://medium.com/@jgarzik/bitcoin-is-being-hot-wired-for-settlement-a5beb1df223a) without having the decency to do it as an alt-coin.

Commented by /u/phillipsjk in /r/btc on June 7, 2020 01:46:03
/r/btc/comments/gxfepx/bitcoin_core_miners_vs_all_other_miners_why_do/ft8mf1f/

Thing is you did it as a soft-fork: so saying 1MB forever remains valid if you are talking about the "stripped" block-size. You seem to be indicating you still feel 4MB (the max block weight) is still too much ("bit excessive"). Bitcoin and ETH are not directly comparable. ETH has VERY SHORT blocktimes, limiting their overall transaction throughput, ETH is also Turing complete and account based, rather than UTXO based. That has the effect of making order important for processing (non doublespend) transactions.

Commented by /u/phillipsjk in /r/btc on June 7, 2020 00:38:17
/r/btc/comments/gxruoa/any_bitrefill_alternative_available_for_bitcoin/ft8jxuu/

As far as I know, BTCpayserver converts alt-coins into BTC automatically. Since BTC is the most unreliable and expensive currency to use, that makes the overall system expensive and unreliable: no matter which currency you choose.

Commented by /u/phillipsjk in /r/btc on June 7, 2020 00:09:21
/r/btc/comments/gxfepx/bitcoin_core_miners_vs_all_other_miners_why_do/ft8js33/

It shows that 2MB was not an unreasonable request. [Summary of Major Blocksize Proposals](https://old.reddit.com/r/btc/comments/3zuhnu/summary_of_major_blocksize_proposals/) (Jan 7, 2016) Edit: Back's proposal was watered down, expanded on, and formalized as [BIP 107](https://en.bitcoin.it/wiki/BIP_0107) (2015-09-11)

Commented by /u/phillipsjk in /r/btc on June 7, 2020 00:07:35
/r/btc/comments/gxfepx/bitcoin_core_miners_vs_all_other_miners_why_do/ft80jzt/

Really, Adam Back was supporting a 2-4-8MB increase at the time. The proposals put forward were not even close to that.

Commented by /u/phillipsjk in /r/btc on June 6, 2020 20:54:05
/r/btc/comments/gxksfr/this_video_explains_how_jeffrey_epstein_was_an/ft66tjw/

The date for stopping autorun from CD-ROM drives was later. I have at least one portable hard-drive that mounted it's included utilities as a CD-ROM drive. Edit: looks like maybe Windows 7 (released October 22, 2009) is when they changed that for CD-ROM drives: https://support.microsoft.com/en-ca/help/967715/how-to-disable-the-autorun-functionality-in-windows Edit: apparently Windows 10 asks you what your want to do with the drive: https://www.howtogeek.com/236241/how-to-enable-disable-and-customize-autoplay-in-windows-10/

Commented by /u/phillipsjk in /r/btc on June 6, 2020 15:35:06
/r/btc/comments/gxruoa/any_bitrefill_alternative_available_for_bitcoin/ft4t61t/

..which would imply they charge BTC transaction fees for alternate currencies then.

Commented by /u/phillipsjk in /r/btc on June 6, 2020 11:17:29
/r/btc/comments/gxksfr/this_video_explains_how_jeffrey_epstein_was_an/ft4osnn/

Forget what BSV proponent commented from second-hand knowledge: but the laptop was apparently bought from a random store and still sealed in its box. They did not have to tamper with the laptop if the USB key with the "Satoshi" keys had an autorun script that tampered with the laptop.

Commented by /u/phillipsjk in /r/btc on June 6, 2020 10:48:10
/r/btc/comments/gxfepx/bitcoin_core_miners_vs_all_other_miners_why_do/ft4nlbn/

IMO, it goes back to the [Hong Kong agreement](https://medium.com/@bitcoinroundtable/bitcoin-roundtable-consensus-266d475a61ff) where the miners agreed to run Bitcoin Core (compatible) software exclusively (instead of big block forks like Bitcoin XT, Bitcoin Classic or Bitcoin Unlimited). The Core Developers never honored the 2MB blocksize increase after 3 months concession. The way u/nullc tells it, they were locked in a room until 4am before they agreed to that. When they got home, they reasoned they did not have the authority to make such a concession.

Commented by /u/phillipsjk in /r/btc on June 6, 2020 10:41:51
/r/btc/comments/gxruoa/any_bitrefill_alternative_available_for_bitcoin/ft4luu8/

Have you tried asking them to support BCH? They support freakn' DOGE coin.

Commented by /u/phillipsjk in /r/btc on June 6, 2020 10:32:47
/r/btc/comments/gxng23/what_are_the_downsides_of_decreasing_block/ft4kvzp/

RBF was just a symptom of a much larger problem: unreliable transaction confirmation.

Commented by /u/phillipsjk in /r/btc on June 6, 2020 10:27:51
/r/btc/comments/gxo9qf/bitcoin_core_there_hasnt_been_a_single_real/ft4i702/

* BIP143 is used as replay protection and the quadratic hashing fix * Bech 32 (BIP 0173) is modified for the Cashaddr address format * Bitcoin Cash has implemented schnorr signatures to address transaction malleability concerns (allowing cross chain swaps and the lightning network).

Commented by /u/phillipsjk in /r/btc on June 6, 2020 10:14:04
/r/btc/comments/gx9v04/btc_payment_charges/ft2iurg/

Part of the $20 charge may be FIAT conversion, but must be OTC or a bitcoin ATM at those prices. (I [looked up the fees](https://billfodl.com/pages/bitcoinfees): less than $1 for simple transactions today.)

Commented by /u/phillipsjk in /r/btc on June 6, 2020 02:36:33
/r/btc/comments/gxhkn3/if_bitcoin_cash_and_ethereum_dont_hold_up_bitcoin/ft2e98e/

The alts probably follow BTC because many exchanges still rely on BTC as settlement currency. So every time BTC moves, it makes it look like the alt-coins also move: even if they did not. Edit: I wonder if BTC negated charts would be possible. You would have to choose an alternate reference: such as USD (preferably not USDT). Edit2: Arbitrage bots probably make my thought experiment meaningless.

Commented by /u/phillipsjk in /r/btc on June 6, 2020 01:59:15
/r/btc/comments/gwxqzu/bring_back_bitcoin_on_steam/ft1lw64/

The subreddit existed since before the fork. The Bitcoin Core fork managed to retain the name and ticker symbol. This leads noobs to think (BTC) still works the way (bitcoin) used to: even though (BTC) is now unsuitable for payments.

Commented by /u/phillipsjk in /r/btc on June 5, 2020 22:09:08
/r/btc/comments/gxaat5/send_bitcoin_cash_to_any_email_address/ft1kq4n/

Looks like a lot of pump and dump scams for reviews.

Commented by /u/phillipsjk in /r/btc on June 5, 2020 22:00:24
/r/btc/comments/gxaat5/send_bitcoin_cash_to_any_email_address/ft1kbyo/

That is how Interac^TM works. A service like this should be educating people on best practices: like sending a secret out-of-band for authentication.

Commented by /u/phillipsjk in /r/btc on June 5, 2020 21:57:36
/r/btc/comments/gx8kvu/can_we_end_the_rolling_checkpoints_on_bitcoin/ft1h3wv/

That is why rolling checkpoints are no substitute for POW if a split eventually does happen.

Commented by /u/phillipsjk in /r/btc on June 5, 2020 21:33:45
/r/btc/comments/gx8kvu/can_we_end_the_rolling_checkpoints_on_bitcoin/fszrtg3/

It is a useful feature for exchanges. Reorgs longer than 2 blocks are exceedingly rare. They usually indicate either an attack, or a bug that needs manual intervention by node operators anyway. Once the businesses and mining pools decide on the "right" fork: the "reconsiderblock" command can be used to unstick nodes on the "wrong" side of the split.

Commented by /u/phillipsjk in /r/btc on June 5, 2020 13:34:29
/r/btc/comments/gwxqzu/bring_back_bitcoin_on_steam/fszq73d/

At least at early as 2015, the Core Developers [decided to change Bitcoin's economic model](https://medium.com/@jgarzik/bitcoin-is-being-hot-wired-for-settlement-a5beb1df223a) (6 min read). The new paradigm was imposed on the community through [censorship and propaganda](https://blog.plan99.net/the-resolution-of-the-bitcoin-experiment-dabb30201f7) (18 minute read). For the visual learners: consider why the 'mempool', meant to temporarily hold transactions until they can be added to a block, has been [interesting enough to graph since about 2017](https://jochen-hoenicke.de/queue/#0,24h) (15 min read). Edit: to specifically answer your question: BTC has been so badly mis-managed, that it appears to be deliberate sabotage.

Commented by /u/phillipsjk in /r/btc on June 5, 2020 13:21:37
/r/btc/comments/gwjcin/todays_xkcd_is_about_bitcoin_which_pioneered_the/fszna6q/

Doing small purchases on-chain allows a website or bricks and mortar store to use a "watch only" wallet. Off-chain solutions like the Lightning network force you to use a "hot wallet" which is a security risk. For handling cash, businesses routinely use a "drop safe" that cashiers do not have the keys to. If you use the Bitcoin Cash Register app with a "watch only wallet": every BCH transaction can be sent directly to off-site, off-line, geographically (distributed) locations. Using a watch only-wallet on a webserver is just best practice: for the same reason you are not supposed to store clear-text passwords. Modern computer systems are inherently insecure due to their complexity and bottom-dollar development model.

Commented by /u/phillipsjk in /r/btc on June 5, 2020 12:58:23
/r/btc/comments/gx4q8y/miners_are_a_bunch_of_asic_hardware_are_they_a/fsziw60/

Yes, bitcoin has the potential to allow our robot overloads to hold down jobs. [Could driverless cars own themselves? ](https://www.bbc.com/news/technology-30998361) Edit: the BBC apparently took a year to notice (~~the original article~~) : https://medium.com/@abatalion/screw-flying-cars-i-want-cars-that-own-and-maintain-themselves-fc4689fe8a63

Commented by /u/phillipsjk in /r/btc on June 5, 2020 12:23:35
/r/btc/comments/gx4q8y/miners_are_a_bunch_of_asic_hardware_are_they_a/fszah8e/

ASIC stands for Application-Specific Integrated Circuit. Bitcoin hashers are good at one thing only: hashing an 80 byte header with sha-256 twice, then checking if the required number of leading zeros are met. If not, a nonce in incremented and hashing is tried again.

Commented by /u/phillipsjk in /r/btc on June 5, 2020 11:15:54
/r/btc/comments/gx2v3q/whats_wrong_with_segwit_they_ask/fsz9cin/

I had the same question.

Commented by /u/phillipsjk in /r/btc on June 5, 2020 11:06:36
/r/btc/comments/gx2v3q/whats_wrong_with_segwit_they_ask/fsz8s74/

Um, Bitcoin Cash ALSO implements BIP143 (as replay protection and a quadratic hashing fix). Edit: was the problem that it was done as a soft-fork, rather than hard-fork?

Commented by /u/phillipsjk in /r/btc on June 5, 2020 11:01:57
/r/btc/comments/gwjcin/todays_xkcd_is_about_bitcoin_which_pioneered_the/fsz7wbe/

The problem is forcing people to use second layers when they are not suitable for the purpose. Doing things on-chain provides a lot of redundancy that is hard to replicate off-chain.

Commented by /u/phillipsjk in /r/btc on June 5, 2020 10:54:27
/r/btc/comments/gv971y/why_i_have_zero_respect_for_the_police/fsz7equ/

When I reported my bicycle stolen, I am pretty sure the police followed me for a while.

Commented by /u/phillipsjk in /r/btc on June 5, 2020 10:50:21
/r/btc/comments/gwzk2v/how_exactly_does_blockstream_benefit_financially/fsy9c65/

They [already have with the rejection of segwit2x](https://github.com/bitcoin/bitcoin/pull/10982). The Lightning Whitepaper calls for 133MB blocks at scale.

Commented by /u/phillipsjk in /r/btc on June 5, 2020 03:44:26
/r/btc/comments/gwzk2v/how_exactly_does_blockstream_benefit_financially/fsy6z4w/

I think the lightning network hype was just a stalling tactic until they could get their Liquid^TM side-chain up and running. Otherwise, they would have raised the blocksize by now: because the lightning network is unreliable with a congested base layer.

Commented by /u/phillipsjk in /r/btc on June 5, 2020 03:10:34
/r/btc/comments/gwt10n/zoom_wont_offer_free_encrypted_calls_europol/fsy6hy0/

[Better than Zoom: Try these free software tools for staying in touch ](https://www.fsf.org/blogs/community/better-than-zoom-try-these-free-software-tools-for-staying-in-touch)

Commented by /u/phillipsjk in /r/btc on June 5, 2020 03:03:52
/r/btc/comments/gwxqzu/bring_back_bitcoin_on_steam/fsy62s0/

Sad people think you are talking about cripple-coin, when you specifically say Bitcoin cash. The Bitcoin Core camp has caused a lot of "[buyer confusion](https://fortune.com/2017/08/07/bitcoin-cash-bch-hard-fork-blockchain-usd-coinbase/)" with their insistence that there is only one true bitcoin.

Commented by /u/phillipsjk in /r/btc on June 5, 2020 02:58:02
/r/btc/comments/gwk6aa/it_seems_like_theres_millions_of_americans_who/fsxx2ld/

A lot of libertarians congregate here.

Commented by /u/phillipsjk in /r/btc on June 5, 2020 01:03:34
/r/btc/comments/gwf1md/why_doesnt_bitcoincashorg_use_the_green_theme/fsx5g8i/

I think many colour blind people are unable to tell the difference between the two. So you need to distinguish by something other than colour anyway.

Commented by /u/phillipsjk in /r/btc on June 4, 2020 20:26:33
/r/btc/comments/gwk6aa/it_seems_like_theres_millions_of_americans_who/fsx1gyg/

I have heard is was white people trying to stir up trouble. [Black Protesters Who Want To Demonstrate Peacefully Are Calling Out White People Who Instigate Violence](https://www.buzzfeednews.com/article/clarissajanlim/protesters-violence-george-floyd).

Commented by /u/phillipsjk in /r/btc on June 4, 2020 19:49:53
/r/btc/comments/gwjcin/todays_xkcd_is_about_bitcoin_which_pioneered_the/fswnuh7/

Eventual consistency tells you what happens in the event of a partition. Bitcoin uses the heaviest POW branch to decide which branch to keep. Bitcoin Core is attempting to change this with transient mempools and off-chain transactions.

Commented by /u/phillipsjk in /r/btc on June 4, 2020 17:52:56
/r/btc/comments/gwhk3j/where_is_the_real_bitcoin_site/fsvh4mx/

Unlike with r/bitcoin and r/bitcoinbeginners, you are allowed to acknowledge that bitcoin split into two coins on August 1, 2017. Through either 2 years of planning and subterfuge, (or just dumb luck), The Bitcoin Core fork appropriated the name and ticker symbol. The primary method was upgrading with a "soft-fork" rather than a "hard-fork": then blocking a planned hard-forking upgrade 3 months after the soft-fork. A soft-fork means that you have to take specific action (hard-forking) in order to opt-out of the fork. There is also [evidence](https://np.reddit.com/r/btc/comments/guy0sl/loving_the_meme_pack/fsn202j/?context=3) of an organized marketing push to take the name, and paint the large-block fork as a "scam".

Commented by /u/phillipsjk in /r/btc on June 4, 2020 12:22:04
/r/btc/comments/gwjcin/todays_xkcd_is_about_bitcoin_which_pioneered_the/fsvgbb9/

New accounts are looked upon with suspicious because we have been subject to aggressive trolling for 3+ years. Also, affiliate links are frowned upon (and actually against the rules in this subreddit).

Commented by /u/phillipsjk in /r/btc on June 4, 2020 12:15:39
/r/btc/comments/gwjcin/todays_xkcd_is_about_bitcoin_which_pioneered_the/fsve897/

Welcome to reddit! What made you decide to create an account, if you don't mind me asking? In case you are not aware, this sub tends to have a Bitcoin Cash bias. That is a forbidden subject in r/bitcoin and r/bitcoinbeginners .

Commented by /u/phillipsjk in /r/btc on June 4, 2020 11:59:14
/r/btc/comments/gvykc9/to_amplify_the_blm_movement_consider_this/fsv5ala/

No pocket is a mozzila thing where they recommend articles to you. I was aware of the statistics you talk about. That kind of raises the question: why are black people more likely to be in gangs? As far as I know, most kids don't aspire to a life of crime when they are young. As for the second article, it does not really talk about wealth accumulation at all. It talks about how the *same individuals* in the *same jobs* get treated differently based on their gender presentation. Only transgendered people are able to experience that first-hand. If you read the article, you would know they also covered the case of at least one trans male person as well. > The effects of FTM transition, however, aren’t universally positive. Race, it seems, has the ability to overshadow gender when it comes to others’ esteem. Black transmen, for instance, found they were perceived as a “dangerous” post transition. One subject said he went from being “obnoxious black woman” to “scary black man”—and was now always asked to play the “suspect” in training exercises.

Commented by /u/phillipsjk in /r/btc on June 4, 2020 10:47:45
/r/btc/comments/gw612i/where_should_i_donate_for_bch_development/fsu7f0b/

To be fair, I don't think relaxing the limit is the same thing as actually removing it. One takes more work.

Commented by /u/phillipsjk in /r/btc on June 4, 2020 03:51:36
/r/btc/comments/gvykc9/to_amplify_the_blm_movement_consider_this/fsu6scf/

Let me see if I have this straight: * There is no "systemic" racism * 99% of people are not racist * yet black people are lazy/or more likely to be gang members? I was recommended an article that can be interpreted to mean that race, by itself is not as important as being in the privileged class: especially if you are white. They still found black men from affluent neighborhoods were not as likely to achieve higher education. Apparently the difference based on race is less pronounced in poorer neighborhoods. [Unpacking the Power of Privileged Neighborhoods](https://getpocket.com/explore/item/unpacking-the-power-of-privileged-neighborhoods?utm_source=reddit) BTW, gender discrimination does exist: independent of any natural differences. I mainly avoided the subject to stay mostly on-topic. [Why Aren't Women Advancing At Work? Ask a Transgender Person.](https://newrepublic.com/article/119239/transgender-people-can-explain-why-women-dont-advance-work)

Commented by /u/phillipsjk in /r/btc on June 4, 2020 03:42:11
/r/btc/comments/gvykc9/to_amplify_the_blm_movement_consider_this/fsta0lz/

It appears that I added some edits while you were writing your comment: > Edit2: In case it was not clear: the purpose of having white people repeat the BLM message is to use their position of relative privilege to spread it. > Edit4: This article may be more digestible (it specifically talks about the specific biases these discussions challenge): > [Why It’s So Hard to Talk to White People About Racism](https://www.huffpost.com/entry/why-its-so-hard-to-talk-to-white-people-about-racism_b_7183710) ----- > Great, so you agree that the original commenter you replied to was not unjustified in not wanting to support Black Lives Matter, which is all about that. Supporting black lives matter is not about "white guilt": it is about examining structural racism in society. Denying that racism exists is essentially victim blaming: when black people continue to be killed at a higher rate compared to the rest of the population.

Commented by /u/phillipsjk in /r/btc on June 3, 2020 21:30:46
/r/btc/comments/gvykc9/to_amplify_the_blm_movement_consider_this/fst37x4/

I think we agree that "white guilt" is not very productive. However, you are not going to address structural racism by ignoring the problem. In my searching I found links to many books on the subject. Here is an article that appears to be free to view: [Color-Blindness Is Counterproductive](https://www.theatlantic.com/politics/archive/2015/09/color-blindness-is-counterproductive/405037/) Edit: search term used: "how well meaning people reinforce racism" Edit3: did not find the article I recently read that I was ACTUALLY looking for. Edit2: In case it was not clear: the purpose of having white people repeat the BLM message is to use their position of relative privilege to spread it. Edit4: This article may be more digestible (it specifically talks about the specific biases these discussions challenge): [Why It’s So Hard to Talk to White People About Racism](https://www.huffpost.com/entry/why-its-so-hard-to-talk-to-white-people-about-racism_b_7183710)

Commented by /u/phillipsjk in /r/btc on June 3, 2020 20:27:36
/r/btc/comments/gvykc9/to_amplify_the_blm_movement_consider_this/fst1rse/

Just saying "all lives matter" ignores the systemic racism that causes black people to die at a higher rate.

Commented by /u/phillipsjk in /r/btc on June 3, 2020 20:14:27
/r/btc/comments/gw612i/where_should_i_donate_for_bch_development/fst1asl/

Bitcoin ABC has been asking for donations: https://www.bitcoinabc.org/ Edit: to be clear, there are multiple development groups to choose from.

Commented by /u/phillipsjk in /r/btc on June 3, 2020 20:10:15
/r/btc/comments/gvykc9/to_amplify_the_blm_movement_consider_this/fst0y2k/

I saw no "white guilt" in that clip. Maybe anger that you even have to explain that black lives matter (as much as white lives).

Commented by /u/phillipsjk in /r/btc on June 3, 2020 20:07:04
/r/btc/comments/gvykc9/to_amplify_the_blm_movement_consider_this/fssyj5z/

The first link is cut short (removes context) The second part seems fake: "Black lives matter" is not a company. [Slate: The Black Feminists Who Saw the Alt-Right Threat Coming](https://getpocket.com/explore/item/the-black-feminists-who-saw-the-alt-right-threat-coming?utm_source=reddit) Edit Depending how sarcastic the guy in the last clip was, it may be the same thing; r/whyweretheyfilming (with a high quality microphone no less)

Commented by /u/phillipsjk in /r/btc on June 3, 2020 19:45:49
/r/btc/comments/gw3sdv/doing_some_eth_transactions_after_a_year_of/fssrxo0/

I complained about the 5 cent network fee after making a donation with ETH: was told BTC, ETH and LTC was enough to choose from.

Commented by /u/phillipsjk in /r/btc on June 3, 2020 18:48:50
/r/btc/comments/gvykc9/to_amplify_the_blm_movement_consider_this/fsspyrl/

I see you believe that [luck plays no part in becoming]( https://np.reddit.com/r/AmItheAsshole/comments/gvqv48/aita_for_calling_my_brother_an_uptight_loser_and/fsrqvwg/?context=3) a "self made" billionaire. Yes, changing your social class takes a lot of work. That in no way implies that everybody has the same opportunity to do so.

Commented by /u/phillipsjk in /r/btc on June 3, 2020 18:32:14
/r/btc/comments/gvykc9/to_amplify_the_blm_movement_consider_this/fss9zzz/

You probably don't have to worry about being assaulted just because of your appearance. When people talk about white cis male privilege, it does not imply that they necessarily live on easy street. It implies that many minorities face even larger hurdles: that are often compounded by intersectionality. For example: a black trans woman is often seen as more "threatening" than a white trans woman.

Commented by /u/phillipsjk in /r/btc on June 3, 2020 16:24:47
/r/btc/comments/gvykc9/to_amplify_the_blm_movement_consider_this/fss8ttt/

Spoken like somebody with privilege. First google result for "What is privilege"?: https://qz.com/work/1373190/what-is-privilege-a-simple-definition-from-the-founder-of-backstage-capital/ Analogy used in that page: > If trying to understand sharing your inherent privilege, think: when someone shorter than you needs to see the stage better at a show, you usually let them stand in front of you, right? You both get to enjoy the show, it’s only a slight inconvenience, and you. don’t. shrink.🙂

Commented by /u/phillipsjk in /r/btc on June 3, 2020 16:15:27
/r/btc/comments/gvzt3t/this_is_what_coinmarketcap_with_toggleable_filter/fss7fg8/

I am still amazed how well it seems to perform.

Commented by /u/phillipsjk in /r/btc on June 3, 2020 16:04:35
/r/btc/comments/gvzt3t/this_is_what_coinmarketcap_with_toggleable_filter/fss74pb/

Wait, Bitcoin Gold is on the list? It had a pre-mine after the fork block. Nice to see Monero at number 4.

Commented by /u/phillipsjk in /r/btc on June 3, 2020 16:02:17
/r/btc/comments/gvwu2e/bitcoin_0200_released_today_although_there_are/fss6bsq/

It converts everything to BTC so that merchants never realize how much better alternatives work.

Commented by /u/phillipsjk in /r/btc on June 3, 2020 15:56:08
/r/btc/comments/gvnem3/what_determens_the_size_of_bch_transactions/fsriew9/

No, the fee only depends on the number of inputs, not the nominal value of those inputs. This means that transactions below a certain value are considered "dust"; because they are uneconomic to spend. On BCH, the dust value is very low: less than a cent. On BTC, the dust value is more like $5, depending on the day.

Commented by /u/phillipsjk in /r/btc on June 3, 2020 12:53:04
/r/btc/comments/gvx1jy/my_first_day_on_reddit/fsrf5a6/

That isn't even remotely on-topic. You can see the general topics for each community on the side-bar.

Commented by /u/phillipsjk in /r/btc on June 3, 2020 12:27:29
/r/btc/comments/gvwu2e/bitcoin_0200_released_today_although_there_are/fsrdtup/

So much for using it for payments. Edit: because OP apparently asked: [Frequently Asked Questions About BitPay and Payment Protocol (BIP70) ](https://support.bitpay.com/hc/en-us/articles/360015839672-Frequently-Asked-Questions-About-BitPay-and-Payment-Protocol-BIP70-) https://github.com/bitcoin/bips/blob/master/bip-0070.mediawiki

Commented by /u/phillipsjk in /r/btc on June 3, 2020 12:17:03
/r/btc/comments/gv971y/why_i_have_zero_respect_for_the_police/fsqyewx/

That is exactly what the agent-provacatuers want. If it goes violent, they have an excuse to crack down. https://www.nbcchicago.com/news/local/fbi-seeks-to-identify-those-inciting-violence-following-george-floyds-death/2282151/

Commented by /u/phillipsjk in /r/btc on June 3, 2020 10:12:10
/r/btc/comments/gv971y/why_i_have_zero_respect_for_the_police/fsqxkjg/

My theory is that they did do something, but refused to discuss details with the suspect in an active investigation. I suspect the story leaves out some details (for good reason), like how they out about internal locks.

Commented by /u/phillipsjk in /r/btc on June 3, 2020 10:04:47
/r/btc/comments/gvrd10/btc_ratio/fsqf578/

difficult to say. The problems with BTC have been obvious [since 2015](https://blog.plan99.net/the-resolution-of-the-bitcoin-experiment-dabb30201f7). When BCH came close to "flippening" BTC on about Nov 13, 2017, every major exchange mysteriously went offline at the same time. Hard to say if it was DDOS, organic load causing the trading engines to crash, or the exchanges themselves halting trading in the cases they over-rely on BTC as a base for their trading pairs.

Commented by /u/phillipsjk in /r/btc on June 3, 2020 06:30:33
/r/btc/comments/gvpzhl/bitmex_bigget_short_squeeze_after_btc_surge/fsqdrbl/

Isn't this TA out of date already? the price dropped back down again within hours.

Commented by /u/phillipsjk in /r/btc on June 3, 2020 06:09:16
/r/btc/comments/gv8dde/tether_prints_millions_time_to_move_the_markets/fspnoo7/

> Even if the above weren't true, it would help your argument greatly if you looked at charts that covered as many days as you think there should be bullets in gun magazines. OT: but that would be 5 days for people in Canada. ;)

Commented by /u/phillipsjk in /r/btc on June 3, 2020 00:11:34
/r/btc/comments/gv8dde/tether_prints_millions_time_to_move_the_markets/fspnhet/

Looks like aspergers to me. That said, remote diagnosis has it's pitfalls. Shadow may be playing a persona, which may impact their social interactions.

Commented by /u/phillipsjk in /r/btc on June 3, 2020 00:09:21
/r/btc/comments/gvmm4a/btc_movement/fspn8pl/

Normally [Tether printing is used to prop up the price](https://old.reddit.com/r/btc/comments/gv6zib/200000000_usdt_200009427_usd_printed_at_tether/). But day to day price movements are not usually predictable.

Commented by /u/phillipsjk in /r/btc on June 3, 2020 00:06:50
/r/btc/comments/gvfllv/ecdsa_in_bitcoin/fspmtgd/

Until the last sentence, I was not sure if the article was about Bitcoin Core or Bitcoin Cash. For Bitcoin Cash, the Schnorr signatures are already live. For Bitcoin Cash they also serve to prevent transaction malleability (since BCH does not implement Segregated Witness). https://news.bitcoin.com/schnorr-signatures-are-coming-to-bitcoin-cash-heres-what-you-should-know/

Commented by /u/phillipsjk in /r/btc on June 3, 2020 00:02:18
/r/btc/comments/gv971y/why_i_have_zero_respect_for_the_police/fspkzpd/

I thought of one possible explanation: the FBI may have been investigating (Roger) for possible insurance fraud. It would be very unusual to have a theft of specialized equipment: only to have the thief (or fence) call the manufacturer to offer the product for sale. The mail interception may have been law enforcement checking if your were mailing devices previously reported stolen. (Roger) can correct me if I am wrong, but I doubt transceivers are smart enough to be of interest to the NSA for remote wiretapping.

Commented by /u/phillipsjk in /r/btc on June 2, 2020 23:43:04
/r/btc/comments/gvf3ch/rbitcoin_deception_mods_removed_positive_coinbase/fspfimi/

I disagree: the "huge sin" was probably mentioning that BTC is no long suitable for even transferring less than $45 between exchanges.

Commented by /u/phillipsjk in /r/btc on June 2, 2020 22:48:19
/r/btc/comments/gvf3ch/rbitcoin_deception_mods_removed_positive_coinbase/fspf6ur/

Even with one party, party members are allowed to discuss things. Maybe not in a public forum though.

Commented by /u/phillipsjk in /r/btc on June 2, 2020 22:45:10
/r/btc/comments/gv4yhc/that_feel_when_you_make_more_in_24_hours_with_bch/fspezml/

Whenever the value of my holdings start to go parabolic, I usually sell some. Predicted ~the $1300 and $20,000 peak that way (+- a month).

Commented by /u/phillipsjk in /r/btc on June 2, 2020 22:43:14
/r/btc/comments/guy0sl/loving_the_meme_pack/fsog4kl/

Bitcoin Cash was a minimum viable fork (to raise the blocksize), after over 2 years of effort. Bitcoin Gold did a pre-mine, changed the POW algorithm, and at one point, the website was pointing to coin stealing malware (eerily similar to the malware people were being [cautioned against for "claiming" bcash](https://np.reddit.com/r/btc/comments/bko3n6/who_created_the_derogatory_bcash_term_wheres_the/emj088d/)).

Commented by /u/phillipsjk in /r/btc on June 2, 2020 17:27:40
/r/btc/comments/guy0sl/loving_the_meme_pack/fsnpawx/

If you dig deep enough, the reddit comment links to this post: [who created the derogatory 'bcash' term? Where's the first documented usage?](https://old.reddit.com/r/btc/comments/bko3n6/who_created_the_derogatory_bcash_term_wheres_the/) That thread was posted about a year after the fork. The marketing push is only clear in hindsight after pulling together all of the evidence. The comment I linked was specifically focusing on Blockstream involvement. So I left out the part about [the two main Bitcoin communication channels](https://np.reddit.com/r/btc/comments/bko3n6/who_created_the_derogatory_bcash_term_wheres_the/emj088d/) also using the term at the same time (since they consistently deny being paid by Blockstream). Edit: two possible explanations on that last point (assuming the moderators in question are telling the truth): 1. The term got an organic following extremely quickly: but since the earliest known use was only 5 days ahead, I find it unlikely. 2. There was some central coordination from an organization other than Blockstream. I find this more plausible.

Commented by /u/phillipsjk in /r/btc on June 2, 2020 13:57:46
/r/btc/comments/gv4yhc/that_feel_when_you_make_more_in_24_hours_with_bch/fsn35s6/

It is actually scary because it can drop just as fast.

Commented by /u/phillipsjk in /r/btc on June 2, 2020 11:00:09
/r/btc/comments/guy0sl/loving_the_meme_pack/fsn29yw/

Litter scam coin apparently developed to my Bitcoin Cash looks bad by association. That is why it is called "Bitcoin Gold" and not "Bgold" by BTC maximalists.

Commented by /u/phillipsjk in /r/btc on June 2, 2020 10:52:46
/r/btc/comments/guy0sl/loving_the_meme_pack/fsn202j/

You should not mislead the noobs liuke that. The Core Developer [changed bitcoin's economic model](https://medium.com/@jgarzik/bitcoin-is-being-hot-wired-for-settlement-a5beb1df223a). Then, to add insult to injury, [Blockstream stole the name](https://np.reddit.com/r/CryptoCurrency/comments/gmo0c6/xbtusd_went_to_0_on_bitmex_futures_and_the/fr9v75k/) when we finally forked to preserve the initial experiment.

Commented by /u/phillipsjk in /r/btc on June 2, 2020 10:50:30
/r/btc/comments/gv3rct/3_months_roi_on_this_new_antminer_should_i_grab/fsn0mck/

Modern hashers are also loud unless you modify them for liquid cooling or something.

Commented by /u/phillipsjk in /r/btc on June 2, 2020 10:38:44
/r/btc/comments/guo9yc/anyone_else_here_who_at_first_hated_bitcoin_cash/fsmzf21/

Was [referring to code they pushed that literally disconnects from Segwit2xnodes](https://github.com/bitcoin/bitcoin/pull/10982). It would be a stretch to call that a DDOS.

Commented by /u/phillipsjk in /r/btc on June 2, 2020 10:28:20
/r/btc/comments/guo3jh/so_what_happened_with_bitcoin_hashrate_death/fsm5m29/

I am expecting to pump as far as 20K, so no short squeeze yet. On coinex, I actually use BTC as collateral: so my liquidation price is listed as infinity at low leverage.

Commented by /u/phillipsjk in /r/btc on June 2, 2020 03:56:27
/r/btc/comments/guo9yc/anyone_else_here_who_at_first_hated_bitcoin_cash/fslq1v3/

I have like 100% of my savings in crypto because I am poor. No point in buying stocks and the like. Currently experimenting with ways to reduce the volatility.

Commented by /u/phillipsjk in /r/btc on June 2, 2020 00:34:00
/r/btc/comments/guo9yc/anyone_else_here_who_at_first_hated_bitcoin_cash/fslpdka/

> Thing that finally flipped me was article by some former BTC dev I think. Might be someone super popular but I basically knew no names back then. It was quite long and went into some detail how malicious tiny blockers were pre and post fork, also easy to understand for someone that was kinda dumb at the time. If anyone read this far and has idea what article it may be I'd really appreciate if you'd link it here. Sounds like Mike Hearn's "[The resolution of the Bitcoin experiment](https://blog.plan99.net/the-resolution-of-the-bitcoin-experiment-dabb30201f70)" from January of 2016. At the time. I thought he was over-reacting when he sold all of his coins. He just saw the writing on the wall 18 months before I did.

Commented by /u/phillipsjk in /r/btc on June 2, 2020 00:26:27
/r/btc/comments/guo9yc/anyone_else_here_who_at_first_hated_bitcoin_cash/fslov6e/

So is that why ETH is up 20% this week? (And BTC is tether pumping again?)

Commented by /u/phillipsjk in /r/btc on June 2, 2020 00:20:49
/r/btc/comments/guo9yc/anyone_else_here_who_at_first_hated_bitcoin_cash/fslolw6/

Collected evidence (sorry for the multiple levels of hyperlinks): https://np.reddit.com/r/CryptoCurrency/comments/gmo0c6/xbtusd_went_to_0_on_bitmex_futures_and_the/fr9v75k/

Commented by /u/phillipsjk in /r/btc on June 2, 2020 00:18:00
/r/btc/comments/guo9yc/anyone_else_here_who_at_first_hated_bitcoin_cash/fslobnk/

Based on the NO2X astroturf campaign and the core developers actively disconnecting Segwit2x nodes: I think the 2MB blocksize increase was just a bait and switch or vaporware. The goal was to steal momentum from big block initiatives like Bitcoin XT, Bitcoin Classic, Bitcoin Unlimited, and even Bitcoin ABC: by promissing some modest scaling, eventually. To this day, we see the occasional BTC troll lamenting the lack of a big block movement for BTC. The core developers (except Luke JR) maintain that they support a blocksize increase when it is appropriate. To clearly state that no blocksize increase is forthcoming would be admitting that we were right all along.

Commented by /u/phillipsjk in /r/btc on June 2, 2020 00:14:54
/r/btc/comments/gu6zhh/empirical_evidence_most_transactions_propagate/fskfdve/

Replace by fee as a concept differs from replace by fee (commonly referred to as RBF) as a client-side flag added as a clumsy work-around for full blocks. Edit: without the RBF flag, you essentially need to use a "transaction accelarator" to replace a transaction.

Commented by /u/phillipsjk in /r/btc on June 1, 2020 17:18:21
/r/btc/comments/gu50kz/with_riots_erupting_in_us_cities_using_tools_of/fskdo04/

Tangentially relevant: [The Epidemic of Fake Disease](https://www.youtube.com/watch?v=yNzQ_sLGIuA)

Commented by /u/phillipsjk in /r/btc on June 1, 2020 17:04:11
/r/btc/comments/gunc9u/btcpayserver_supports_a_lot_of_actual_shitcoins/fskbm4f/

The supported currencies are community maintained plug-ins. The question is: does the BCH community want to maintain a BCH plugin, rather than just making a fork that uses BCH as the base currency.

Commented by /u/phillipsjk in /r/btc on June 1, 2020 16:47:33
/r/btc/comments/gubq2p/does_lightning_strike/fsk7no1/

Evidence: [\[bitcoin-dev\] Total fees have almost crossed the block reward](https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-December/015455.html) Older evidence: [Bitcoin is Being Hot-Wired for Settlement](https://medium.com/@jgarzik/bitcoin-is-being-hot-wired-for-settlement-a5beb1df223a)

Commented by /u/phillipsjk in /r/btc on June 1, 2020 16:15:20
/r/btc/comments/guo9yc/anyone_else_here_who_at_first_hated_bitcoin_cash/fsk4ht2/

With respect, I [thought hijacking the project to experiment with high fees](https://medium.com/@jgarzik/bitcoin-is-being-hot-wired-for-settlement-a5beb1df223a) was a bad idea.

Commented by /u/phillipsjk in /r/btc on June 1, 2020 15:49:45
/r/btc/comments/guo3jh/so_what_happened_with_bitcoin_hashrate_death/fsk3gqt/

I stand corrected. Just seemed clear if you did not scroll down to the bottom chart (mempool size in MB).

Commented by /u/phillipsjk in /r/btc on June 1, 2020 15:41:32
/r/btc/comments/guo3jh/so_what_happened_with_bitcoin_hashrate_death/fsk2wwi/

It is, but noobs keep getting tricked into thinking BTC (which is also bitcoin) still has the properties that made Bitcoin popular.

Commented by /u/phillipsjk in /r/btc on June 1, 2020 15:37:07
/r/btc/comments/guo3jh/so_what_happened_with_bitcoin_hashrate_death/fsk2mx8/

I hope you are right. A sudden collapse would scare away the average user for years; and possibly invite onerous regulation.

Commented by /u/phillipsjk in /r/btc on June 1, 2020 15:34:53
/r/btc/comments/guo3jh/so_what_happened_with_bitcoin_hashrate_death/fsk256e/

The mempool DID finally clear over the weekend. I was surprised too.

Commented by /u/phillipsjk in /r/btc on June 1, 2020 15:30:51
/r/btc/comments/guqz6s/simple_way_to_issue_coins/fsk1xva/

You mention EOS and Trx, but don't discuss them at all.

Commented by /u/phillipsjk in /r/btc on June 1, 2020 15:29:11
/r/btc/comments/gu6zhh/empirical_evidence_most_transactions_propagate/fsjqyij/

Do you still use BTC, not BCH, for pizza?

Commented by /u/phillipsjk in /r/btc on June 1, 2020 14:01:10
/r/btc/comments/gu6zhh/empirical_evidence_most_transactions_propagate/fsjqx1q/

> I recall that they had switched to 1-conf in 2016 or so, because of the huge BTC backlogs and RBF becoming the "official" policy. Have they returned to 0-conf? BCH does not even implement RBF! (or have long backlogs)

Commented by /u/phillipsjk in /r/btc on June 1, 2020 14:00:51
/r/btc/comments/guo3jh/so_what_happened_with_bitcoin_hashrate_death/fsjmbpo/

I am still shorting it. Now that 1sat transactions are confirming the hash-rate will probably drop again. Edit: if you look at the [fee market development graph](https://fork.lol/) at the bottom of fork.lol, it shows that fees dropped from 30% of the block reward to only 8%.

Commented by /u/phillipsjk in /r/btc on June 1, 2020 13:23:58
/r/btc/comments/gui0hg/bitcoin_marketing_its_electronic_cash_internet/fsj0yw4/

You know, [the two may be related](https://np.reddit.com/r/CryptoCurrency/comments/gmo0c6/xbtusd_went_to_0_on_bitmex_futures_and_the/fr9v75k/) and you are just here to deflect attention. Noobs have been mislead into thinking BTC still has the properties that made bitcoin popular.

Commented by /u/phillipsjk in /r/btc on June 1, 2020 10:17:58
/r/btc/comments/gujqwn/thanks_to_bitcoin_psbts_it_is_possible_to_open_20/fsj0ad4/

Yes, but who does more than 1000 transactions in a month (33/day, 1.38/hour)? Might have a niche for micropayemtns, but not much else.

Commented by /u/phillipsjk in /r/btc on June 1, 2020 10:11:26
/r/btc/comments/gujqwn/thanks_to_bitcoin_psbts_it_is_possible_to_open_20/fsiy3et/

You decide ahead of time every business you are going to visit over the month? Sounds like it takes a lot of pre-planning.

Commented by /u/phillipsjk in /r/btc on June 1, 2020 09:49:56
/r/btc/comments/gu7ahm/why_bitcoin_cash_failed_to_take_over_the_bitcoin/fsitx4o/

Blockstream: https://np.reddit.com/r/CryptoCurrency/comments/gmo0c6/xbtusd_went_to_0_on_bitmex_futures_and_the/fr9v75k/

Commented by /u/phillipsjk in /r/btc on June 1, 2020 09:05:38
/r/btc/comments/gu7rpg/but_bitcoin_cant_scale_harddrive_edition/fsipyro/

The trust is nearly equivalent to trusting a "full" observer node. The difference is that there are some hard-forking changes an "full node" can detect, than a SPV node can only detect by the existence of a persistent fork. Observer nodes fail to detect soft-forking changes like segregated witness. You need to be mining and have your otherwise valid block rejected by the network for that.

Commented by /u/phillipsjk in /r/btc on June 1, 2020 08:18:51
/r/btc/comments/gufxhi/im_done_with_bitcoin_is_money/fsin15i/

Maybe he is acknowledging that "alts" like Etherium and "bcash" (sic) exist because the design was not respected.

Commented by /u/phillipsjk in /r/btc on June 1, 2020 07:38:39
/r/btc/comments/gu50kz/with_riots_erupting_in_us_cities_using_tools_of/fsimn6a/

Been there for my last municipal election.

Commented by /u/phillipsjk in /r/btc on June 1, 2020 07:32:57
/r/btc/comments/gu4633/to_my_friends_who_want_to_know_why_im_so_pro_bch/fshw7qs/

Light clients, as described in section 8 of the whitepaper download about 12KB of blockheaders/day (maybe more if the header format is changed). They then download log2n transactions from the merkle tree to get to their transactions. For a 1tx, 1kB block, that works out to 1. For a 2500tx, 1MB block, that works out to 12. For a 2,500,000tx, 1GB block, that works out to 22 For a 2,500,000,000tx, 1TB block, that works out to 32. I think even current cellphones can handle accessing 1TB blocks with SPV.

Commented by /u/phillipsjk in /r/btc on June 1, 2020 00:53:24
/r/Games/comments/gu0n55/a_look_at_lgbt_playable_characters_in_competitive/fshtlcs/

So Sgt Bilko was an exception? There was a specific disclaimer at the end that the army refused to help with the film.

Commented by /u/phillipsjk in /r/Games on June 1, 2020 00:22:54
/r/btc/comments/gu702x/100000000_usdt_100268859_usd_printed_at_tether/fshs0x0/

No source other than my interpretation of the charts at the time. It seemed every week a new "alt-coin" was pumping, followed by a BTC bump.

Commented by /u/phillipsjk in /r/btc on June 1, 2020 00:05:35
/r/btc/comments/gu5p5f/banned_from_rbitcoin_for_asking_to_see_lightning/fshr3x8/

[Due to popular demand: Lightning Network Vs. Bitcoin Cash: Onboarding, Spending, Reliability.... Enjoy 🌶!](https://old.reddit.com/r/btc/comments/aol0zu/due_to_popular_demand_lightning_network_vs/)

Commented by /u/phillipsjk in /r/btc on May 31, 2020 23:55:42
/r/btc/comments/gubq2p/does_lightning_strike/fshq4d2/

Meanwhile, the folks in r/bitcoin and r/bitcoinbeginners fool noobs into thinking BTC has any resemblance to the Bitcoin of yesteryear.

Commented by /u/phillipsjk in /r/btc on May 31, 2020 23:45:06
/r/btc/comments/gu702x/100000000_usdt_100268859_usd_printed_at_tether/fshmn9t/

They actually started pumping a random alt-coin back in 2017 or so. Too easy to front-run them otherwise.

Commented by /u/phillipsjk in /r/btc on May 31, 2020 23:08:58
/r/btc/comments/gubq2p/does_lightning_strike/fshm2nj/

> What is the benefit for having larger funds on it ? Lightning also has a stupid limitation where you can not receive more money than you already have. Though you can apparently pay people to loan you incoming capacity. A bidirectional lighting channel is set up with two on-chain bitcoin transactions. Rules on the lightning network are enforced by forfeiting the channel funds in the event "cheating" is detected (this has the effect that you can not safely backup old state). [Current network fees are around 10%](https://billfodl.com/pages/bitcoinfees) of the $50 example, so you may want to lock up a larger amount to save on fees. Or, simply use Bitcoin Cash and avoid all the hassle.

Commented by /u/phillipsjk in /r/btc on May 31, 2020 23:03:07
/r/btc/comments/gubq2p/does_lightning_strike/fshl1oj/

I don't recommend the LN for business purposes: because it has a technical limitation of requiring a "hot wallet". Because computers are inherently insecure due to their complexity, I have my doubts any such wallet can stay secure long-term. Bitcoin Cash on the other hand (and Bitcoin Core for larger purchases), supports a "watch only" wallet. With a "watch only" wallet, your funds are safe if your webserver gets compromised. If you have a bricks and mortar business, you may want to look into the Bitcoin Cash Register app. It also supports "watch only" wallets. Such a wallet acts as a drop-safe for every cryptocurrency transaction. Unlike with traditional banking, there is no password reset. I suggest keeping copies of your wallet derivation keywords in two geographically distinct, private locations. "Private" because anybody with access to those keywords can spend your funds.

Commented by /u/phillipsjk in /r/btc on May 31, 2020 22:52:55
/r/btc/comments/gu7rpg/but_bitcoin_cant_scale_harddrive_edition/fshjqrs/

Yes, but 1 million of them can each chip in $0.003 in fees.

Commented by /u/phillipsjk in /r/btc on May 31, 2020 22:39:58
/r/btc/comments/gu7rpg/but_bitcoin_cant_scale_harddrive_edition/fshjdvf/

I think their tests were highly simplified. But yes I [estimated the marginal cost of transactions](https://old.reddit.com/r/btc/comments/7qi6mf/estimating_the_marginal_cost_of_a_transaction_on/) assuming GB scale blocks.

Commented by /u/phillipsjk in /r/btc on May 31, 2020 22:36:24
/r/btc/comments/gubvy8/way_late_but_how_can_i_see_how_much_bsv_i_might/fshixeh/

It used to be all you had to do was point it to a Bitcoin-SV server: but I am not sure if that is still supported.

Commented by /u/phillipsjk in /r/btc on May 31, 2020 22:31:53
/r/btc/comments/gu50kz/with_riots_erupting_in_us_cities_using_tools_of/fsh7np1/

I flunked a university--level stats course. [Alberta is not using the rapid testing kits yet due to dubious accruacy](https://edmontonjournal.com/news/local-news/company-behind-rapid-testing-set-to-be-used-in-alberta-recalls-devices). So Alberta health is only doing PCR testing: > RT-PCR tests are considered the gold standard for detecting many viruses, and a number of companies are making them. > Researchers at the Foundation for Innovative New Diagnostics, a nonprofit research center in Geneva, tested five COVID-19 RT-PCR tests and found that all five achieved 100% sensitivity on positive samples, and at least 96% specificity on negative samples in a laboratory setting. > In the real world, testing conditions and process are far from perfect, and accuracy suffers. Researchers still don’t know what the real-world false positive rate is, but clinical sensitivity of RT-PCR tests ranges from 66% to 80%. That means nearly one in three infected people who are tested will receive false negative results. https://theconversation.com/coronavirus-tests-are-pretty-accurate-but-far-from-perfect-136671 Edit: This article discusses the differences across Canada: [Finding value in daily COVID-19 numbers despite provincial testing differences](https://globalnews.ca/news/6816524/daily-coronavirus-numbers-alberta-provinces-testing/)

Commented by /u/phillipsjk in /r/btc on May 31, 2020 20:43:00
/r/btc/comments/gu50kz/with_riots_erupting_in_us_cities_using_tools_of/fsh6k6t/

You appear to be denying facts because you did not personally conduct the experiment. During isolation, I was following the daily updates from my local officer of health (not much else to do). They kept expanding testing criteria because their testing capacity exceeded the number of people with symptoms. I have read in the states some apparently sick prisoners were denied testing because their ID was confiscated: but I don't think that was happening in my country.

Commented by /u/phillipsjk in /r/btc on May 31, 2020 20:32:30
/r/btc/comments/gu6zhh/empirical_evidence_most_transactions_propagate/fsh5tnt/

Didn't they rip that out immediately after the "stress test"?

Commented by /u/phillipsjk in /r/btc on May 31, 2020 20:25:34
/r/btc/comments/gu50kz/with_riots_erupting_in_us_cities_using_tools_of/fsh5kuc/

I suppose you don't believe that CO2 emissions are causing ocean acidification either. Not *everything* is some shadowy conspiracy to keep the little people down.

Commented by /u/phillipsjk in /r/btc on May 31, 2020 20:23:19
/r/btc/comments/gty4sk/north_queenslands_bch_economy_expanding_as/fsh4uuh/

Patent trolling appears to be benign compared to what nChain did. They said: "you can use our patents, so long as you use Bitcoin Cash". Then they tried to take over the governance of Bitcoin Cash. That destroyed at least a year of work with all of the companies nChain invested in. I suspect Digital Currency Group had a similar "you must use Bitcoin Core" clause for the investments they made as well (but can't really prove it). A simpler explanation may be that hijacking the ticker symbol trough a soft-fork may have been enough.

Commented by /u/phillipsjk in /r/btc on May 31, 2020 20:16:27
/r/btc/comments/gu50kz/with_riots_erupting_in_us_cities_using_tools_of/fsh1ls7/

Umm, I did? The people claiming Covid-19 cases are vastly under-reported are coming from jurisdictions with inadequate testing. Alberta is testing people with even mild symptoms, as well as asymptomatic people in outbreak settings.

Commented by /u/phillipsjk in /r/btc on May 31, 2020 19:45:47
/r/btc/comments/gtrlsv/btc_supporters_what_does_the_perfect_endgame_look/fsh03m1/

The people doing "legitimate" security audits do. Sounds like you want the RAT out-of-scope ;)

Commented by /u/phillipsjk in /r/btc on May 31, 2020 19:31:49
/r/btc/comments/gtrlsv/btc_supporters_what_does_the_perfect_endgame_look/fsgwvzx/

> Are you joking here? You're joking, right? Why don't you just send me a file containing a RAT and I'll open it on my machine for you? You implied you could arbitrarily and very easily just "fingerprint" and hack my node. Easy peasy. So do it then. If you're this proficient, you can find all of this info out for yourself. I need that [to avoid attacking the 1455 public Lightning Nodes you do NOT own](https://www.shodan.io/search?query=9745). Edit: I was not claiming to be proficient at it. Was considering sub-contracting the task to somebody specializing in security audits.

Commented by /u/phillipsjk in /r/btc on May 31, 2020 19:02:27
/r/btc/comments/gtrlsv/btc_supporters_what_does_the_perfect_endgame_look/fsguj08/

> yes, you claimed it both does and doesn't work in your comments. Are you conflating my comments about segwit with my comments about the Lightning Network? Now that BCH has also fixed transaction malleability, the LN can be done on BCH as well: more reliably than on BTC. > I agree that segwit takes some time to get your head around but the whole "1MB base block size" was due to the fact that this thing had to be made backwards compatible in the aim of making all parties happy and not forcing these things on users like with a hard fork. A soft-fork is an opt-out change you can only opt out of by a hard-fork. By halting transaction growth, the Core developers forced a hard-fork. > > It would be immoral for me to fingerprint your LN node, then try to break in as soon as a new exploit for your OS or listening servers was found, then force-close your channels, then send the proceeds to my wallet. > Tell you what, go ahead and try. I am not great with project management, but to attempt it I would need: * your node's IP address * a signed message from your LN node's private key authorizing me to attempt it. * probably set up at least a passive LN node to verify there is a LN node corresponding to your public key at that address * To buy a small quantity of BTC? (yech). * A statement as to what is in or out of scope. (For example: is your VM host (if any) fair game?) I guess for demonstration purposes, I can send the money to one of your addresses. I have no use for BTC.

Commented by /u/phillipsjk in /r/btc on May 31, 2020 18:41:34
/r/btc/comments/gtrlsv/btc_supporters_what_does_the_perfect_endgame_look/fsgotqw/

That is the old page, according to the blogpost u/oomem linked, the 8GB option only became available 3 days ago.

Commented by /u/phillipsjk in /r/btc on May 31, 2020 17:51:11
/r/btc/comments/gu50kz/with_riots_erupting_in_us_cities_using_tools_of/fsgof1e/

The point is to reduce corruption by providing a method to get corrupt politicians out of office. It is better than alternatives like: "The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants.” I do not live in a country with the right to bear arms enshrined in the constitution, so there may be a cultural disconnect here.

Commented by /u/phillipsjk in /r/btc on May 31, 2020 17:47:36
/r/btc/comments/gtrlsv/btc_supporters_what_does_the_perfect_endgame_look/fsgnml9/

>> The growth of UTXO set is clearly proportional to transaction growth. Further, segwit does not reduce the asymptotic growth rate of the UTXO set (reducing it by 75% or a constant factor, O(1). > Now you're saying it does so something and also it doesn't - at the same time. This is opinion. No, [asymptotic growth](https://en.wikipedia.org/wiki/Big_O_notation) is used to estimate the impact at-scale. Segwit reduces the growth by a constant factor, which is not considered important when talking about asymptotic growth. > > The real way Segwit reduced the growsth rate is by not raising the blocksize. > Segwit **is a blocksize increase**. (How) else do you think were seeing 2+MB blocks now? This is the most ridiculous claim. This is exactly the confusion I complain about in discussing the blocksize. The Core Developers I quoted were careful to say that the *base* blocksize does not change. You are only allowed to go above 1MB if you are reducing the UTXO set; or more precisely, not expanding it more than a 1MB block would. This has the effect of limiting how many people can get paid in a Segwit block to about the same as you would find in a 1MB legacy block. > They (signaled) for its activation voluntarily. With the understanding that the base blocksize would be increased to 2MB (we already "debunked" each other on that point). > I've been using the LN since March 2018 now with not a single satoshi lost and my oldest LN channel is 1.5 years old, no losses. It would be immoral for me to fingerprint your LN node, then try to break in as soon as a new exploit for your OS or listening servers was found, then force-close your channels, then send the proceeds to my wallet.

Commented by /u/phillipsjk in /r/btc on May 31, 2020 17:40:38
/r/btc/comments/gty4sk/north_queenslands_bch_economy_expanding_as/fsglrsa/

Emergent Coding is patented. Patents allow the patent holder to take their ball and go home. You can understand why we were so wary of this only 6 months after nChain did exactly that.

Commented by /u/phillipsjk in /r/btc on May 31, 2020 17:24:30
/r/btc/comments/gtrlsv/btc_supporters_what_does_the_perfect_endgame_look/fsgjyzg/

>> But that is not even the real issue: Segwit is designed to reduce transaction growth before Bitcoin even hits the "early adopter" phase > This is just opinion posed as fact. I cited the source: > Segwit improves the situation here by making signature data, which does not impact the UTXO set size, cost 75% less than data that does impact the UTXO set size. This is expected to encourage users to favour the use of transactions that minimise impact on the UTXO set in order to minimise fees, and to encourage developers to design smart contracts and new features in a way that will also minimise the impact on the UTXO set. The growth of UTXO set is clearly proportional to transaction growth. Further, segwit does not reduce the asymptotic growth rate of the UTXO set (reducing it by 75% or a constant factor, O(1)). The real way Segwit reduced the growth rate is **by not raising the blocksize.** > Because segwit is a soft-forking change and does not increase the base blocksize, the worst case growth rate of the UTXO set stays the same. ----- > Their criticisms are valid here, Those were not criticisms: those were the "benefits" of Segregated Witness, written up by the Core Developers themselves. To my knowledge, miners made no request for this change. If miners wanted to reduce the UTXO set: all they would have to do is publish a fee schedule offering free UTXO consolidation transactions (and charging proportionally more for transactions expanding the UTXO set). > Better to use L2 and sidechains where privacy is build right into their respective protocols and active by default. This is safer & cheaper for newcomers too. I disagree: as long as L1 is unreliable, L2 is not safe. Hopefully Bitcoin Cash will be able to roll out Cash Fusion to most wallets in the coming months. Some work needs to be done on batching to make if suitable for payments (that is to say spending one output at a time at different merchants is a very distinctive signature: if you could pay multiple merchants in one transaction, that would be amazing).

Commented by /u/phillipsjk in /r/btc on May 31, 2020 17:08:47
/r/btc/comments/gu50kz/with_riots_erupting_in_us_cities_using_tools_of/fsgdgvr/

[Viral photo shows line of white people between police, black protesters at Thursday rally](https://www.courier-journal.com/story/news/local/2020/05/29/breonna-taylor-photo-white-women-between-police-black-protesters/5286416002/) [Black Protesters Who Want To Demonstrate Peacefully Are Calling Out White People Who Instigate Violence](https://www.buzzfeednews.com/article/clarissajanlim/protesters-violence-george-floyd)

Commented by /u/phillipsjk in /r/btc on May 31, 2020 16:12:03
/r/btc/comments/gtzbeh/building_a_simple_store_in_less_than_300loc_with/fsgclxt/

found a typo: >... We are then setting an event listener for the **broadcoasted** event so that we can make additional changes to the front-end state

Commented by /u/phillipsjk in /r/btc on May 31, 2020 16:04:40
/r/btc/comments/gty4sk/north_queenslands_bch_economy_expanding_as/fsg7inz/

At fork time I was anticipating 3 months, but when it was about to happen (Nov 13, 2017) every major exchange mysteriously went offline. Despite that, BCH was seeing impressive growth until the BSV fork gutted the community (November 15, 2018). At the moment, I don't even want to speculate on a timeframe. We may have dodged the November 2019 bullet thanks to [u/Shadowofharbringer warning us about Code Valley](https://old.reddit.com/r/btc/comments/d6c6ks/early_warning_spotting_bullshit_is_my_specialty_i/).

Commented by /u/phillipsjk in /r/btc on May 31, 2020 15:20:56
/r/btc/comments/gtrlsv/btc_supporters_what_does_the_perfect_endgame_look/fsg49nd/

The technical differences between BCH and BSV are not substantial. [BUIP098 explains the main technical differences at fork time](https://bitco.in/forum/threads/buip098-passed-bitcoin-unlimited%E2%80%99s-strategy-for-the-november-2018-hard-fork.22380/) > It is ironic that these changesets are mutually compatible, yet both groups reject the other’s changes. There may be some specific critiques (see Appendix B) of various proposals, but the core the rationale behind the rejections seem to be the same used to block Group tokenization -- fewer changes are better because every change introduces risk. Additionally, there is concern that the blocking of certain features is happening due to undisclosed patented technologies that compete with the proposed features. By blocking the feature, the patent remains valuable. So it was a political, rather than technical dispute.

Commented by /u/phillipsjk in /r/btc on May 31, 2020 14:52:47
/r/btc/comments/gth9jh/is_there_a_wallet_that_can_be_used_both_for/fsfw607/

It is open source, so I guess I can check.

Commented by /u/phillipsjk in /r/btc on May 31, 2020 13:43:47
/r/btc/comments/gtrlsv/btc_supporters_what_does_the_perfect_endgame_look/fsfvxcr/

Well, my BCH node already has 8GB.

Commented by /u/phillipsjk in /r/btc on May 31, 2020 13:41:44
/r/btc/comments/gtrlsv/btc_supporters_what_does_the_perfect_endgame_look/fsfvrop/

Looks like they changed that recently: https://web.archive.org/web/20200101213815/https://www.raspberrypi.org/products/raspberry-pi-4-model-b/specifications/

Commented by /u/phillipsjk in /r/btc on May 31, 2020 13:40:26
/r/btc/comments/gtrlsv/btc_supporters_what_does_the_perfect_endgame_look/fsfulf4/

>1 vMB, not MB. > Honestly, I think this is ultimately why some people just don't like Segwit, it's not easy to understand at first glance. No that is exactly why I don't like segwit; but it is not from a lack of understanding. It is like it was deliberately designed to be confusing. So that when it suits them Segwit supporters can claim "it is a blocksize increase", and when people complain about the forced upgrade, the answer is: "no it is an optional change! A 2013 node can still sync the chain!" But that is not even the real issue: **Segwit is designed to reduce transaction growth before Bitcoin even hits the "early adopter" phase.** I am still on the fence it the Core Devs are "useful idiots" or actively trying to sabotage bitcoin. > **Reducing UTXO growth** > The Unspent Transaction Output (UTXO) database is maintained by each validating Bitcoin node in order to determine whether new transactions are valid or fraudulent. For efficient operation of the network, this database needs to be very quick to query and modify, and should ideally be able to fit in main memory (RAM), so keeping the database’s size in bytes as small as possible is valuable. > This becomes more difficult as Bitcoin grows, as each new user must have at least one UTXO entry of their own and will prefer having multiple entries to help improve their privacy and flexibility, or to provide as backing for payment channels or other smart contracts. > Segwit improves the situation here by making signature data, which does not impact the UTXO set size, cost 75% less than data that does impact the UTXO set size. This is expected to encourage users to favour the use of transactions that minimise impact on the UTXO set in order to minimise fees, and to encourage developers to design smart contracts and new features in a way that will also minimise the impact on the UTXO set. > Because segwit is a soft-forking change and does not increase the base blocksize, the worst case growth rate of the UTXO set stays the same. https://bitcoincore.org/en/2016/01/26/segwit-benefits/

Commented by /u/phillipsjk in /r/btc on May 31, 2020 13:30:32
/r/btc/comments/gtrlsv/btc_supporters_what_does_the_perfect_endgame_look/fsftfqh/

Honestly, I don't thing the "anyone can spend" thing is the hill we want to die on. Segwit merely leverages Pay-to-script-Hash transactions, which are also "anyone can spend" transactions to [unupgraded nodes](http://therealbitcoin.org/).

Commented by /u/phillipsjk in /r/btc on May 31, 2020 13:20:42
/r/btc/comments/gtrlsv/btc_supporters_what_does_the_perfect_endgame_look/fsfsppu/

In his first [response to questions about the system](https://satoshi.nakamotoinstitute.org/emails/cryptography/2/) Satoshi was explaining how big blocks are likely to get. Big blocks are how the system was expected to work.

Commented by /u/phillipsjk in /r/btc on May 31, 2020 13:14:28
/r/btc/comments/gtrlsv/btc_supporters_what_does_the_perfect_endgame_look/fsfs8pu/

Was confused as to why I had to make the same correction twice.

Commented by /u/phillipsjk in /r/btc on May 31, 2020 13:10:22
/r/btc/comments/gt6zr4/bitcoin_cash_lead_developer_amaury_séchet_drops/fsfqohv/

> Lots of free bch were never even claimed from the fork. At the current BCH price, it makes sense to just keep it as a hedge. > Whereas the 70 odd forks of Bitcoin never even caused so much as a blip on the radar for us. You'd think that bch could handle the situation given that it's supposed to be so superior .. Incorrect: during the BSV split (November 15, 2018) the price of BTC also dropped substantially, and did nor recover for months. I am guessing people notices the drop in hashpower, because the blocks are full. BTC had it's own companies, like Digital Currency Group, throwing money around. I am not privy to any details of those agreements. Those deals may specify that only Bitcoin Core compatible consensus rules can be followed > We have a functional base layer. There is not point in continuing this discussion if you are going to deny reality. It has been [known since 2015 the the blocks were getting full](https://blog.plan99.net/the-resolution-of-the-bitcoin-experiment-dabb30201f7) and that [Bitcoin's economic incentives were being radically changed](https://medium.com/@jgarzik/bitcoin-is-being-hot-wired-for-settlement-a5beb1df223a). All BTC has going for it is name recognition that was stolen trough subterfuge.

Commented by /u/phillipsjk in /r/btc on May 31, 2020 12:56:51
/r/btc/comments/gt6zr4/bitcoin_cash_lead_developer_amaury_séchet_drops/fsfl46c/

> Bitcoin dominance has rallied from 30% to 65% over the last 2 years. Have you taken note of bch dominance? That is because noobs were tricked into thinking BTC was actually Bitcoin. BCH has still not recovered from that whole BSV split. NChain funded a lot of Bitcoin Cash startups with patented strings attached. When they said Bitcoin SV is true version of Bitcoin, and threatened to sue any who disagreed: they took many of the most productive members of the community with them. >> A fixed blocksize is inelastic and leads to an unstable fee market. Having a hard-blockize cap far in excess of demand, but with individual miners enforcing their own "soft-cap" would allow a stable fee market to form. The reason is that if there is a spike in fee paying transactions, the miners would be able to expand the blocks to accommodate them. > > There is no such limit in L2. And nobody is electing to use bch anyhow. That makes no sense: you can't have L2 without a functional base layer. BCH supporters are not opposed to second layers. > > Segwit activation history > I debunked all of this already. Where? were you using a different account at the time? When I was arguing with u/nullc, [he said that Core developers did not have time to merge the patch](https://old.reddit.com/r/btc/comments/gp9qca/whats_the_maximum_block_size_the_bch_network_can/frparey/?context=3)

Commented by /u/phillipsjk in /r/btc on May 31, 2020 12:08:04
/r/btc/comments/gtncw7/this_has_never_been_more_relevant_in_the_crypto/fsfj6f8/

Wher do you thin the "better" sources do their research? If you avoid reddit, you are just doing your research on reddit with extra steps.

Commented by /u/phillipsjk in /r/btc on May 31, 2020 11:50:24
/r/btc/comments/gt6zr4/bitcoin_cash_lead_developer_amaury_séchet_drops/fsfij7c/

> Look at the empty mempool for proof. Based on the [Bitcoin dominance chart](https://coinmarketcap.com/charts/) it looks like they mostly went to Etherium. Fixed blocksizes are inelastic and leads to an unstable fee market. Having a hard-blockize cap far in excess of demand, but with individual miners enforcing their own "soft-cap" would allow a stable fee market to form. The reason is that if the is a spike in fee paying transactions, the miners would be able to expand the blocks to accommodate them. > (Blockstream) can't arbitrarily block nor implement things. It they could, segwit wouldn't have taken 2 years to pass, it would have taken 1 month. Think about it. [They had a meeting with miners at the time](https://medium.com/@bitcoinroundtable/bitcoin-roundtable-consensus-266d475a61ff). Miners agreed to only run the Bitcoin Core (compatible) software (instead of Bitcoin XT, Bitcoin Classic, Bitcoin Unlimited): in exchange of a modest 2MB blocksize increase 3 months after Segwit activation. The issue is the the Core Developers never proposed a patch for the requisite 2MB blockisize increase. [So miners and Bitcoin businesses proposed their own patch](https://medium.com/@DCGco/bitcoin-scaling-agreement-at-consensus-2017-133521fe9a77). The Bitcoin Core developer [took active steps to block that one](https://github.com/bitcoin/bitcoin/pull/10982). When the blocks predictably filled up. [Greq was popping champagne](https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-December/015455.html) over the high fees. Again, if you look at the Bitcoin dominance chart, many people moved over to Etherium at that point. It looks like the Segwit soft-fork now, hard-fork later proposal was a bait-and-switch. If they actually planned to hijack the BTC ticker symbol (and Bitcoin name) with their alt-coin, it show years to pre-planning.

Commented by /u/phillipsjk in /r/btc on May 31, 2020 11:44:35
/r/btc/comments/gth9jh/is_there_a_wallet_that_can_be_used_both_for/fsffdd9/

I suspected that was what you meant, but was unsure. Connecting to a known server, but still checking the block headers is still SPV.

Commented by /u/phillipsjk in /r/btc on May 31, 2020 11:15:16
/r/btc/comments/gt6zr4/bitcoin_cash_lead_developer_amaury_séchet_drops/fsfemf5/

>We currently have way more capacity for on chain transactions than demand exists, the mempool is empty again. The plan is to scale to meet demand as it grows, organically. Not provide capacity for demand that does not and may never actually exist. Horsepucky. Riddle me this: how do you measure demand in excess of capacity if you let the blocks get full? The simple answer is that you set the blocksize cap well above transaction demand. That way, as transactions grow, you can plan accordingly. If demand grows too quickly, miners can start charging their marginal costs to encourage people to use second layer solutions (which work better, faster, and cheaper on Bitocin Cash). > This was at only at around 12% Segwit adoption, don't forget and not much transaction batching Actual tx/day are more lik 250,000. I was being generous. > We also have Schnorr and further signature aggregation tech coming down the pipeline. Bitcoin Cash implemented that already. In theory it allows mutisignaure transactions to appear as a simple P2KH transaction on-chain. Bitcoin is not a religion, but an experiment: with very clear goals laid out in the whitepaper. Blockstream captured development, and perverted the goals of bitcoin to become a settlement system where they can get a cut of transaction fees on their liquid side-chain. Based on the core developers actively blocking (instead of implementing as they had promised to at least look into) Segwit2x and the LN network requirements (133MB blocks at scale) outlined in the Lightning whitepaper: I think the LN is being set up for failure. Again, so that Blockstream can sell you their liquid side-chain.

Commented by /u/phillipsjk in /r/btc on May 31, 2020 11:08:12
/r/btc/comments/gsl2kz/hmmmm_an_alternative_is_needed/fsfd7ag/

No, I was only saying I was more sympathetic with people expressing their genuine beliefs. I did actually vote communist last election (think it was based on their environmental record), but I am not sure why you are trying to rile me up with the "Free Hong Kong" line.

Commented by /u/phillipsjk in /r/btc on May 31, 2020 10:54:31
/r/btc/comments/gt6zr4/bitcoin_cash_lead_developer_amaury_séchet_drops/fseiqbf/

> However, bch is unable to facilitate millions of transactions per second as is already possible with the LN, even at this early stage in its development. Sure you can do many microtransactions off-chain, but you don't scale the number of users at all. Every user still needs the ability to make on-chain transactions in the case that something goes wrong with the lightning channel. At 500,000 tx per day, I estimate BTC is limited to about 1 million users. This assumes they may all have cause to use the chain within a day or two on occasion. For example, a large LN hub going down could force a lot of channel closings. > The basic trade off is that with Bitcoin's chosen scaling path, it is slower and far more complex but the end result is definitely preferable I'm my opinion. What do you actually gain from the added complexity? You save a little on a full node, but then you need to run a Lighting Node, with all of the technical and financial complexity involved. Scaling on-chain is straight-forward, and how the system was intended to function since [before the genesis block](https://satoshi.nakamotoinstitute.org/emails/cryptography/2/). Just in case the "small blockers" had a point, [I even estimated the marginal transaction costs](https://old.reddit.com/r/btc/comments/7qi6mf/estimating_the_marginal_cost_of_a_transaction_on/): about 2cents/kB with GB-scale blocks, assuming ~1000 pruned nodes, current technology.

Commented by /u/phillipsjk in /r/btc on May 31, 2020 03:46:17
/r/btc/comments/gt6zr4/bitcoin_cash_lead_developer_amaury_séchet_drops/fsef9xg/

Best practice is to design your system so that it tolerates compromises to a certain extent. For example, if you are storing passwords, it is best practice to use salted password hashes. This prevents immediate password dumps in the event of a database compromise. If you want to accept payments with bitcoin (cash) on your website, best practice is to use a "watch only" wallet. That way, if your webserver is compromised, the private keys are stored elsewhere (preferably offline in geographically distinct locations). The LN, requiring access to the private keys to generate invoices is unable to match that security. For a bricks and mortar store, handling cash can be a security risk. This is often mitigated through the use of a "drop safe" where the cashier drops money: but does not have access to the key. With the Bitcoin Cash Register app, you can again use a "watch only" wallet. This essentially makes every BCH transaction a direct deposit into a "drop safe". Again, the LN is unable to match that security: because that little tablet the cashier hands the customer needs access to the private keys to generate an invoice.

Commented by /u/phillipsjk in /r/btc on May 31, 2020 02:57:08
/r/btc/comments/gt6zr4/bitcoin_cash_lead_developer_amaury_séchet_drops/fse6z9c/

I used to think computers could be made reasonably secure until I learned of this paper: [Can DREs Provide Long-Lasting Security? The Case of Return-Oriented Programming and the AVC Advantage](https://static.usenix.org/events/evtwote09/tech/full_papers/checkoway.pdf) TL;DR: They reverse-engineered an old voting machine that actually made some effort be secure (unlike modern machines running MS windows and anti-viruses). The machine used a Harvard architecture, meaning that the program code was read only. At the time of reading that study, I was under the impression that software running from ROM was reasonably secure. In their reverse engineering, researchers found a stack overflow bug in the one of the configuration routines. The leveraged that, with a new programming paradigm called "Return Oriented Programming", into a full machine compromise. Return Oriented Programming works by executing small snippets of code that have side-effects that the attacker wants: before returning to the calling code. Even on the relatively constrained ROM, they were able to leverage enough code to do everything they wanted. Modern software does not run on a harvard architecture. The OS footprint is hundreds of megabytes, if not gigabytes in size. Software is most commonly developed using ad-hoc debugging, rather than taking the time to prove correctness. I have no confidence that "hot wallets" can stay secure long-term.

Commented by /u/phillipsjk in /r/btc on May 31, 2020 01:10:02
/r/btc/comments/gt9i6l/bitcoin_only_rises_to_stop_the_rise_of_other/fsd5iux/

Your link defaults to showing only the past week. ~~If you select the 1Week increment it gives the full chart.~~ ~~You can see that BCH was climbing rapidly against BTC until just about every major exchange suddenly stopped trading on Nov 13, 2017.~~ Edit, no, that is also cut off. Since then, it has all been Tether manipulation to prevent a repeat.

Commented by /u/phillipsjk in /r/btc on May 30, 2020 18:46:29
/r/btc/comments/gth9jh/is_there_a_wallet_that_can_be_used_both_for/fsd3ihm/

> Unfortunately they have removed SVP for BCH How would they do that without a lot of work? and who is "they"?

Commented by /u/phillipsjk in /r/btc on May 30, 2020 18:27:48
/r/btc/comments/gt6zr4/bitcoin_cash_lead_developer_amaury_séchet_drops/fsd2rhv/

If so, then you would not be claiming the system was not changed. The lightning network does not provide nearly the same security guaranties: mainly because you are suddenly required to keep your funds on "hot wallets". I suppose you can keep your LN wallet offline intermittently, and only connect it weekly for channel maintenance.

Commented by /u/phillipsjk in /r/btc on May 30, 2020 18:20:44
/r/btc/comments/gt6zr4/bitcoin_cash_lead_developer_amaury_séchet_drops/fscdvm7/

Sorry, I did not realize you were new. Seriously, [read the introduction to the whitepaper](https://bitcoin.org/bitcoin.pdf).

Commented by /u/phillipsjk in /r/btc on May 30, 2020 15:48:16
/r/btc/comments/gt6zr4/bitcoin_cash_lead_developer_amaury_séchet_drops/fsc8uee/

Nothing changed from a user perspective except high fees and slow confirmation times. Re-read the intro to the whitepaper. Properly managed, cryptocurrency is faster and cheaper than traditional payment methods.

Commented by /u/phillipsjk in /r/btc on May 30, 2020 15:17:26
/r/btc/comments/gtddcv/anyhedge_safe_boundaries_for_contracts/fsc6a6y/

Because bitcoin does 32bit (signed) integer math for the most part; you need to take care that your "smart contracts" don't loose too much precision.

Commented by /u/phillipsjk in /r/btc on May 30, 2020 15:02:40
/r/btc/comments/gt6zr4/bitcoin_cash_lead_developer_amaury_séchet_drops/fsc4uzg/

That is an appropriate response [to people changing the economics of how bitcoin works](https://medium.com/@jgarzik/bitcoin-is-being-hot-wired-for-settlement-a5beb1df223a) without any discussion on the matter.

Commented by /u/phillipsjk in /r/btc on May 30, 2020 14:54:16
/r/btc/comments/gt3aos/how_to_speed_up_confirmations/fsbmiva/

An obvious criticism of Bitcoin is it's ability to scale. In his [first response to questions about Bitcoin](https://satoshi.nakamotoinstitute.org/emails/cryptography/2/), Satoshi had to refer specifically to section 8 of the whitepaper.

Commented by /u/phillipsjk in /r/btc on May 30, 2020 13:07:31
/r/btc/comments/gt9i6l/bitcoin_only_rises_to_stop_the_rise_of_other/fsbl9kw/

The whole cryptospace has been insane since at least 2015. Check the FAQ when you have time. [Mike Hearn's article from 4 years ago may serve as a good primer as well](https://blog.plan99.net/the-resolution-of-the-bitcoin-experiment-dabb30201f7).

Commented by /u/phillipsjk in /r/btc on May 30, 2020 12:59:30
/r/btc/comments/gt9i6l/bitcoin_only_rises_to_stop_the_rise_of_other/fsbjujx/

relevant: https://www.theblockcrypto.com/post/52634/market-manipulation-lawsuit-against-bitfinex-tether-has-been-revised-and-refiled https://modernconsensus.com/cryptocurrencies/tether-bitfinex-face-fourth-market-manipulation-suit/ https://ca.finance.yahoo.com/news/plaintiffs-combine-market-manipulation-lawsuits-220556977.html

Commented by /u/phillipsjk in /r/btc on May 30, 2020 12:50:24
/r/btc/comments/gt1v4d/btc_coin_user_quite_unhappy_about_btc_coin/fsbhytk/

That does not say how long it took to confirm. The whale may have also used a [transaction accelarator](https://pushtx.btc.com/) to pay the fee in BCH.

Commented by /u/phillipsjk in /r/btc on May 30, 2020 12:37:55
/r/btc/comments/gt1v4d/btc_coin_user_quite_unhappy_about_btc_coin/fsbgwre/

At that time, it was the mining fee. [High fees are now a design goal](https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-December/015455.html).

Commented by /u/phillipsjk in /r/btc on May 30, 2020 12:30:22
/r/btc/comments/gt1v4d/btc_coin_user_quite_unhappy_about_btc_coin/fsbfk98/

That happened on November 15, 2018, when half of the BCH ecosystem was forced to leave after accepting nChain money, I think we are getting better at it. [u/Shadowofharbringer called out Code Valley](https://old.reddit.com/r/btc/comments/d6c6ks/early_warning_spotting_bullshit_is_my_specialty_i/) with their odd-ball, PATENTED, coding technique in 2019.

Commented by /u/phillipsjk in /r/btc on May 30, 2020 12:18:44
/r/btc/comments/gt6zr4/bitcoin_cash_lead_developer_amaury_séchet_drops/fsbervt/

Satoshi handed the keys over to Gavin Andresen who got his commit access revoked after Craig Wright managed to fake a key signing in front of him. The Core Devs never restored Gavin's access when it became clear he was not compromised.

Commented by /u/phillipsjk in /r/btc on May 30, 2020 12:12:20
/r/btc/comments/gt3aos/how_to_speed_up_confirmations/fsbcjlm/

Keeping the blocks small makes more sense if you accept the premise that SPV (described in section 8 of the whitepaper) is (a lot) more insecure than a "full node". Full node in scare quotes, because nodes as described in the whitepaper produce blocks. I obviously think that by including a section on SPV in the whitepaper, but nothing about things like the coin emission schedule: Satoshi was indicating that the ability to use SPV is more important than enforcing some 21Million coin limit at the client level.

Commented by /u/phillipsjk in /r/btc on May 30, 2020 11:55:24
/r/btc/comments/gt9oj2/sometimes_the_spreading_of_a_coin_starts_after_a/fsbazpl/

Current fees on ETH would quickly eat up that dollar you gave her :P

Commented by /u/phillipsjk in /r/btc on May 30, 2020 11:40:57
/r/btc/comments/gssld5/looking_for_who_to_sell_bitcoin/fsbaq8b/

For BTC, you may want to try a local Bitcoin ATM.

Commented by /u/phillipsjk in /r/btc on May 30, 2020 11:38:14
/r/btc/comments/gsoeu5/uk_uses_feudal_system_law_to_seize_150_million/fsb94uh/

Upvoted, then cancelled my up vote when I went back to reading and was confronted with a "Plan B guide" interstitial.

Commented by /u/phillipsjk in /r/btc on May 30, 2020 11:11:38
/r/btc/comments/gt3aos/how_to_speed_up_confirmations/fsb7kx0/

Are you conceding that the BCH approach was the more conservative one; less prone to error?

Commented by /u/phillipsjk in /r/btc on May 30, 2020 10:56:39
/r/btc/comments/gtecnw/funny_memories_are_pricless/fsb76rz/

The technique is called forum sliding. It gets more productive posts off of the front page. I should check page 2 or 3 for productive posts that need upvoting. https://cryptome.org/2012/07/gent-forum-spies.htm

Commented by /u/phillipsjk in /r/btc on May 30, 2020 10:52:49
/r/btc/comments/gt9oj2/sometimes_the_spreading_of_a_coin_starts_after_a/fsb5dew/

Looks like most to tokens she wants to use are ERC-20 (etherium), not SLP (Bitcoin cash) based.

Commented by /u/phillipsjk in /r/btc on May 30, 2020 10:34:40
/r/btc/comments/gt3aos/how_to_speed_up_confirmations/fsb2m8v/

Easier to move 2Exahashes to another coin than 200Exahashes.

Commented by /u/phillipsjk in /r/btc on May 30, 2020 10:06:11
/r/btc/comments/grtbft/its_not_about_the_tech_yet_gavin_andresen/fsb2b6x/

> It can and [does work with altcoins](http://docs.btcpayserver.org/Altcoins/#altcoins) which have communities of developers who care about this kind of open and trustless solutions. BCH isn't in the list, surprise, surprise. There is a reason for that: supporting BCH is pointless when BTCpayserver will just convert to BTC and give the merchant a bad experience.

Commented by /u/phillipsjk in /r/btc on May 30, 2020 10:03:02
/r/btc/comments/gsyywc/roger_ver_im_sorry_everyone_but_i_have_to_have_a/fsa1dw1/

I get the impression he does not want to make such an announcement on behalf of a sovereign nation. It is even possible that the meeting did not go well: and no announcement will be forthcoming.

Commented by /u/phillipsjk in /r/btc on May 30, 2020 01:05:57
/r/btc/comments/gt3aos/how_to_speed_up_confirmations/fs9z27p/

That is why the 2 block reorg made the news: an innocent third-party (prohashing) was hurt.

Commented by /u/phillipsjk in /r/btc on May 30, 2020 00:37:59
/r/btc/comments/gt1v4d/btc_coin_user_quite_unhappy_about_btc_coin/fs9yr8t/

I think I paid something stupid like $40 for M.2 screws (after shipping costs) from newegg just so I could pay with BCH. Still cheaper than writing off the Motherboard I wanted to fix.

Commented by /u/phillipsjk in /r/btc on May 30, 2020 00:34:28
/r/btc/comments/gt1v4d/btc_coin_user_quite_unhappy_about_btc_coin/fs9ybhs/

That BSV split (November 15, 2018) really took a lot of momentum.

Commented by /u/phillipsjk in /r/btc on May 30, 2020 00:29:20
/r/btc/comments/gt3aos/how_to_speed_up_confirmations/fs9xt5x/

That assumes the "honest" miners don't ignore the attack blocks as a matter of general principle. It takes 100 blocks to claim the block reward. > Another problem with that site's computation (and mine) is that the attackers may aim to reverse many separate transactions in the same attack. Then the possible bribe amount would be some fraction of the sum of those transactions You are not the first person to mention that one. Have not yet come up with an adequate mitigation for that.

Commented by /u/phillipsjk in /r/btc on May 30, 2020 00:23:27
/r/btc/comments/gt31b7/if_you_believe_btc_will_bring_freedom_to_the/fs9jhtf/

So like beanie babies then?

Commented by /u/phillipsjk in /r/btc on May 29, 2020 21:49:39
/r/btc/comments/gt3aos/how_to_speed_up_confirmations/fs9iu0u/

The [1 hour attack cost](https://www.crypto51.app/) is about $8000. That makes in impractical to bribe miners to double spend 0-conf transactions for purchases under about $1000. Edit: the reason is that you can not predict which miner will win the next block: the non-doublespend transaction (with more network propagation) is more likely to go through. If the mempool was not clearing on almost every block, that would change things. > Whereas a payment worth 1500 USD would require at least 10 confirmations, and one worth 15'000 would call for 100 confirmations. Most exchanges run ABC with 10 block reorg protection. Even a [2 block reorg makes news](https://blog.coinbase.com/a-deep-dive-into-the-recent-bch-hard-fork-incident-2ee14132f435).

Commented by /u/phillipsjk in /r/btc on May 29, 2020 21:42:56
/r/btc/comments/gt3aos/how_to_speed_up_confirmations/fs9ighr/

MOAR hashrate would make manipulation less pronounced as well.

Commented by /u/phillipsjk in /r/btc on May 29, 2020 21:39:06
/r/btc/comments/gt31b7/if_you_believe_btc_will_bring_freedom_to_the/fs9i8xk/

Money is a medium exchange. Not really a medium of exchange if the average person is only allowed one transaction per lifetime.

Commented by /u/phillipsjk in /r/btc on May 29, 2020 21:36:57
/r/btc/comments/gsxcys/my_mom_sending_bitcoin_for_the_first_time/fs9hw05/

Legacy Bitcoin addresses are deprecated (should use either the bech32 or cashaddr format). Plus rule 2.

Commented by /u/phillipsjk in /r/btc on May 29, 2020 21:33:22
/r/btc/comments/gt1v4d/btc_coin_user_quite_unhappy_about_btc_coin/fs9f5zz/

Contemplate why this graph even has a reason to exist, and you may have your answer: https://jochen-hoenicke.de/queue/#0,24h Hint: the mempool was only ever intended to hold transactions temporarily until they can be added to a block. That is why it was stored in memory, not on disk like Flowee The Hub does.

Commented by /u/phillipsjk in /r/btc on May 29, 2020 21:06:34
/r/btc/comments/gsl2kz/hmmmm_an_alternative_is_needed/fs9dsq0/

Hate speech, aka making up lies about an identifiable group, is illegal in many jurisdictions for a reason. It leads to genocide. I was not sure where I drew the line on hate speech until I came across a popular Youtuber accusing supportive parents of child abuse, for Internet points. Inciting a hate-mob over your what you believe to be true facts is one thing. But in this incident, the source material (a 10 minute speech) directly contradicted the popular Youtuber's assertions. Edit: that is to say, the Youtuber using clips from that speech should have known her argument was incorrect. As far as I recall, that is the only Youtube video I ever reported as "hate speech". Last I checked, it was still up.

Commented by /u/phillipsjk in /r/btc on May 29, 2020 20:53:02
/r/btc/comments/gsxftl/i_spent_2_hours_of_my_time_trying_to_pay_for_one/fs8ax5a/

If they bought the BTC just for paying for VPN access, I can see it. [$4 is about the current price of BTC transactions](https://billfodl.com/pages/bitcoinfees) Should have just used Bitcoin (the peer to peer cash system) instead. Edit: alternate explanation: > She was probably using an exchange account. They allow you to deduct the fee automatically. https://twitter.com/BitcoinAustrian/status/1266291019210866688

Commented by /u/phillipsjk in /r/btc on May 29, 2020 15:10:18
/r/btc/comments/gsriho/craig_wright_loses_appeal_against_bitcoincoms/fs835zi/

Maybe he is trying to game the "expensive messages tend to be honest ones" metric. Having his mining pool mine to the Genesis address would be a little more convincing for me.

Commented by /u/phillipsjk in /r/btc on May 29, 2020 14:08:58
/r/btc/comments/grtbft/its_not_about_the_tech_yet_gavin_andresen/fs786kg/

> Also BTCPay Server is not "cumbersome", I called it cumbersome because it only supports converting "alt-coins" into BTC: the worst-performing alt-coin to them all. Correct me if I am wrong. > You just decided to infer who it was and their motives I did not. sorry If I gave that impression. I know at least one group of "small blockers" (on #trilema on freenode back in the day) faced similar attacks. > No credible business (yes bitcoin.com is not credible, they've deceptively tried to sell "Bitcoin Cash" under the name "Bitcoin" in the past and still to this day mislead people into buying BCH with buttons labelled "Buy Bitcoin"), That would not be misleading if users were allowed to even know about the existence of the fork. Competing currencies routinely share currency units. The claim that there is only one "bitcoin" is misleading. Bitcoin Cash supporters, as a general rule, WANT people to realize there is a difference between BTC and BCH. BTC gives a really bad first impression to cryptocurrency: with high fees, slow confirmation times, and complex setup (LN) if you want to actually spend it.

Commented by /u/phillipsjk in /r/btc on May 29, 2020 09:59:41
/r/btc/comments/gs91ta/an_application_that_can_turn_everything_into_bch/fs73ala/

Is it like a BCH version of BTCpayserver? My understanding is that it lets you convert from just about any "alt-coin" to BTC. That has the effect that no coin can outperform BTC. Forking BTC payserver to use BCH as the common currency may be possible: but still a lot of work.

Commented by /u/phillipsjk in /r/btc on May 29, 2020 09:12:42
/r/btc/comments/grtbft/its_not_about_the_tech_yet_gavin_andresen/fs71dq5/

Businesses get bullied into using the cumbersome BTCPayserver rover Bitpay because Bitpay has the gall to show both options, with their fees side-by-side. Large block implementations got DDOS'ed off the internet. On fork day, [Blockstream launched the 'Bcash' marketing campaign to strip Bitocin Cash of the name 'bitcoin'](https://np.reddit.com/r/CryptoCurrency/comments/gmo0c6/xbtusd_went_to_0_on_bitmex_futures_and_the/fr9v75k/). > Obviously as long as you'll try to usurp the name Bitcoin without specifying you're actually talking about "Bitcoin Cash" you'll be called crazy by a majority of people because virtually nobody outside of this echo chambers refers to BCH as Bitcoin. Yet you fail to condemn people for calling BTC Bitcoin without specifying they are actually talking about Bitcoin Core, [despite the economic model being changed drasitcally](https://medium.com/@jgarzik/bitcoin-is-being-hot-wired-for-settlement-a5beb1df223a).

Commented by /u/phillipsjk in /r/btc on May 29, 2020 08:52:36
/r/btc/comments/gs81rn/the_ridiculous_notion_of_must_have_100/fs70akh/

That was published before BTC failed to scale. The lightning network [does not work without a reliable base layer](https://old.reddit.com/r/btc/comments/gayh4l/new_method_for_stealing_money_from_lightning/).

Commented by /u/phillipsjk in /r/btc on May 29, 2020 08:40:43
/r/btc/comments/gs81rn/the_ridiculous_notion_of_must_have_100/fs6zvit/

Bitcoin was only invented after Technology "caught up". It would not have been possible only 10 years earlier. By my [estimates](https://old.reddit.com/r/btc/comments/7qi6mf/estimating_the_marginal_cost_of_a_transaction_on/), current technology can handle 1GB blocks (assuming a pruned node).

Commented by /u/phillipsjk in /r/btc on May 29, 2020 08:35:59
/r/btc/comments/gs81rn/the_ridiculous_notion_of_must_have_100/fs6zbop/

Big blocks help decentralization by supporting more users. The more users a cryptocurrency has, the more users (sometimes well-funded users) have reason to run nodes. There may be an optimal blocksize for maximum node/miner decentralization: but 1MB is certainly not it, 1TB may be too large.

Commented by /u/phillipsjk in /r/btc on May 29, 2020 08:29:39
/r/btc/comments/gs9wr7/merchants_if_you_dont_know_what_bitcoin_cash_or/fs6ynlm/

Wish that source was more credible, but thank-you for the link. Sad things have not changed much since the last report.

Commented by /u/phillipsjk in /r/btc on May 29, 2020 08:21:47
/r/btc/comments/gsl2kz/hmmmm_an_alternative_is_needed/fs6xokm/

The inherent difficulty is that spreading new lies takes less effort than doing fact checking. Stories also tend to get distorted a bit in the retelling as well. > A lie can travel half way around the world while the truth is putting on its shoes. - Mark Twain Any system that tries to slow the spread of rumours or outright lies is going to have some upset users: due to the sheer asymmetric nature of the task.

Commented by /u/phillipsjk in /r/btc on May 29, 2020 08:09:57
/r/btc/comments/gsogqe/lightning_network_is_having_a_slow_death/fs6wtuk/

Do they use BTCPayserverm which charges BTC rates for using other cryptocurrencies by chance?

Commented by /u/phillipsjk in /r/btc on May 29, 2020 07:59:04
/r/btc/comments/gsriho/craig_wright_loses_appeal_against_bitcoincoms/fs6wlak/

It is long-running. Gaving Andresen had his Bitcoin commit access revoked over it.

Commented by /u/phillipsjk in /r/btc on May 29, 2020 07:55:59
/r/btc/comments/gs91ta/an_application_that_can_turn_everything_into_bch/fs6w2cz/

Honestly, you don't provide enough detail to pass my BS filter. I get that it is complex, but you don't even explain the basic mechanism. Things like trying to prove you sent money by logging into you bank have been explored by others in the past. That probably failed because that does not work around fraud problems -- in fact, it would make them worse. Any time you exchange a reversible currency for a "[harder one](https://blog.stakeventures.com/articles/the-may-scale-of-money-hardness-and-bitcoin)", you have the potential for fraud.

Commented by /u/phillipsjk in /r/btc on May 29, 2020 07:49:07
/r/btc/comments/gsbqqf/soonish_send_bitcoin_cash_to_any_email_address/fs69oq9/

I am guessing you need to be a Coinbase customer to receive the payment?

Commented by /u/phillipsjk in /r/btc on May 29, 2020 02:14:26
/r/btc/comments/gsbqqf/soonish_send_bitcoin_cash_to_any_email_address/fs694xl/

Are you aware that in Canada you can initiate Interac(TM) transfers by e-mail? They send you a link to the the Interac^TM website of the form: https://etransfer.interac.ca/CAmXx6i9/88e225fb75608df46554dcf95a0cd9a9 That prompts you to log into your online banking. Your bank then prompts you with the challenge question the sender set. You then have 3 tries (and one week) to get the correct case-sensitive, no special character, response (also set by the sender per-recipient, not per transaction). You can also include an optional memo to send with the payment receipt messages. TL;DR: This system does not rely on the security of the e-mail provider. If the e-mail is compromised, they may be able to redirect you to a phishing site at best. The various bank login portals may detect that (YMMV). If they follow the link themselves, they are unlikely to get the challenge question in 3 tries (especially if you use a randomly generated code).

Commented by /u/phillipsjk in /r/btc on May 29, 2020 02:07:09
/r/btc/comments/gsfyty/when_the_fee_is_too_high_they_mock_me_for_not/fs67mmu/

I like how u/nullc and I [use the same data to reinforce our points of view](https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-December/015455.html) * Greg thinks it is a sign that his proposed "fee market" is working. * I think it is a sign that BTC has failed at the goal of being money for the wolrd.

Commented by /u/phillipsjk in /r/btc on May 29, 2020 01:47:53
/r/btc/comments/gs91ta/an_application_that_can_turn_everything_into_bch/fs6208g/

How does it differ from services like: * https://changelly.com/ -- started fast and easy, but was later forced to add KYC * https://sideshift.ai/ -- suspect they are staying under the radar by limiting membership initially. If your work is very similar, it may be prudent to join an existing project.

Commented by /u/phillipsjk in /r/btc on May 29, 2020 00:40:31
/r/btc/comments/grv7vw/bch_cheatsheet_refers_to_bch_as_just_bitcoin/fs5o4dz/

Consensus was never the goal: otherwise, they would allow discussion of competing proposals. Consensus failed the day BCH forked from BTC.

Commented by /u/phillipsjk in /r/btc on May 28, 2020 22:16:04
/r/btc/comments/grv7vw/bch_cheatsheet_refers_to_bch_as_just_bitcoin/fs5nlkb/

Probably takes longer than that to set up redundant copies of the wallet derivation keywords (you would want to store at least 1 copy off-site).

Commented by /u/phillipsjk in /r/btc on May 28, 2020 22:10:56
/r/btc/comments/gsbge3/btc_coin_this_30_was_sent_4_days_ago_still_waiting/fs5mq8p/

BTC had FUD back in the day as well. I remember an acquaintance calling me to let me know: "they cancelled Bitcoin!" when Mtgox went bankrupt. I am like: "Buddy, I have a node processing and relaying transactions right now!".

Commented by /u/phillipsjk in /r/btc on May 28, 2020 22:02:33
/r/btc/comments/gs9wr7/merchants_if_you_dont_know_what_bitcoin_cash_or/fs5lx7i/

I suspect the existing POS hardware could be made to work: but good luck convincing the incumbent banks to add a crypto option.

Commented by /u/phillipsjk in /r/btc on May 28, 2020 21:54:55
/r/btc/comments/gsfyty/when_the_fee_is_too_high_they_mock_me_for_not/fs5jfz9/

The most frustrating part is that I don't feel the BTC supporters proved me "wrong". They never explained why a miniscule blocksize increase will lead to "centralization." They point at manipulated markets and say: "SEE! my numbers went up more than yours did!".

Commented by /u/phillipsjk in /r/btc on May 28, 2020 21:31:14
/r/btc/comments/gsfyty/when_the_fee_is_too_high_they_mock_me_for_not/fs5a2og/

According to your account age, you were around for when we tried to raise the blocksize [through more diplomatic channels](https://medium.com/@bitcoinroundtable/bitcoin-roundtable-consensus-266d475a61ff). Within 2 years of that meeting, the [core developers blocked Segwit2x instead of merging the patch or implementing their own version](https://github.com/bitcoin/bitcoin/pull/10982).

Commented by /u/phillipsjk in /r/btc on May 28, 2020 20:02:31
/r/btc/comments/grtbft/its_not_about_the_tech_yet_gavin_andresen/fs55zg2/

When the controlling ex prohibits her from seeing new people, because it "may cause confusion", then yes, it is removing her agency.

Commented by /u/phillipsjk in /r/btc on May 28, 2020 19:25:19
/r/btc/comments/gq8419/craig_steven_wright_is_a_liar_and_a_fraud_he/fs55lua/

If they do that, they risk having the value of their coins collapse. The ultimate remedy is to fork like Bitcoin Cash did.

Commented by /u/phillipsjk in /r/btc on May 28, 2020 19:21:56
/r/btc/comments/grtbft/its_not_about_the_tech_yet_gavin_andresen/fs34gma/

The price chart of every cryptocurrency looks the same: because too many exchanges still use BTC as the "base" trading pair. So when BTC moves, everything moves with it. The BCH-BSV hashwar you mentioned was notable because it was enough to move BTC as well.

Commented by /u/phillipsjk in /r/btc on May 28, 2020 09:24:44
/r/btc/comments/grtbft/its_not_about_the_tech_yet_gavin_andresen/fs1ow48/

I think using two unknown cryptocurrencies as an example was appropriate here. It removes confounding factors.

Commented by /u/phillipsjk in /r/btc on May 27, 2020 22:22:42
/r/btc/comments/grv7vw/bch_cheatsheet_refers_to_bch_as_just_bitcoin/fs1o7zi/

I was wondering how the accounting was handled. Looks like they are recording it as a "bank check" for accounting purposes.

Commented by /u/phillipsjk in /r/btc on May 27, 2020 22:16:08
/r/btc/comments/grtbft/its_not_about_the_tech_yet_gavin_andresen/fs1lnn3/

I stopped reading at the "crazy EX line". It suggested to me that your POV was not as interesting as if first appears. Edit: To expand on that a bit, calling the ex-girlfriend "crazy" is designed to remove her agency. It encourages people who encounter her to not believe what she says. This is done to maintain control over the relationship. It makes it harder for the ex-girlfriend to leave the failed relationship behind. By using that analogy, you were taking away our agency in the same manner.

Commented by /u/phillipsjk in /r/btc on May 27, 2020 21:51:39
/r/btc/comments/gq8419/craig_steven_wright_is_a_liar_and_a_fraud_he/fs1irye/

> I can't see how that would be distinct from something like 1000 banks in the world implementing a faster, more reliable SWIFT like service that handled currency conversion smoothly to be more interoperable. Neat, sure, but certainly not that different that the world today, given they'd have complete control over it. I am counting them not agreeing on everything so that the economic incentives win. If they fail to act honorably, others can replace them.

Commented by /u/phillipsjk in /r/btc on May 27, 2020 21:24:20
/r/btc/comments/grtbft/its_not_about_the_tech_yet_gavin_andresen/fs1ibm1/

BTC needs to stop being the controlling ex-boyfriend.

Commented by /u/phillipsjk in /r/btc on May 27, 2020 21:20:05
/r/btc/comments/gq8419/craig_steven_wright_is_a_liar_and_a_fraud_he/fs0iqwy/

> I can’t imagine how it could avoid being a paid service, Too cheap to meter.

Commented by /u/phillipsjk in /r/btc on May 27, 2020 16:11:40
/r/btc/comments/grfpam/same_question_and_for_both_btc_and_bch/frzi8rh/

I am not sure you realize how unsafe it is. Otherwise, you would not be asking the question unless it was for one of those "find the hidden Bitcoin in this picture" things.

Commented by /u/phillipsjk in /r/btc on May 27, 2020 11:17:59
/r/btc/comments/gq8419/craig_steven_wright_is_a_liar_and_a_fraud_he/frz9reg/

They connect directly to one of the nodes, as described in the whitepaper. Optionally, they can connect to a electrum style wallet server as well. > Do you not think it would be a problem when all the network operators are publicly identifiable? As long as they are politically distributed, I don't forsee it being too much of a problem. That said, the USA likes to assert that their laws apply world-wide: especially if any Americans use the service.

Commented by /u/phillipsjk in /r/btc on May 27, 2020 10:03:54
/r/btc/comments/gr4tou/breaking_bitcoincom_to_launch_an_email_service/fryct0c/

There is more to bitcoin than just BTC.

Commented by /u/phillipsjk in /r/btc on May 27, 2020 02:26:44
/r/btc/comments/gqurl1/why_are_you_all_keep_saying_that_bitcoin_cash_is/fry41br/

IMO, feasibility was established [in late 2008](https://satoshi.nakamotoinstitute.org/emails/cryptography/2/). The dangers or raising the blocksize are overblown by those with a vested interest in keeping bitcoin a niche product.

Commented by /u/phillipsjk in /r/btc on May 27, 2020 00:32:31
/r/btc/comments/gqurl1/why_are_you_all_keep_saying_that_bitcoin_cash_is/fry33le/

I want to follow up on that study I heard about suggesting most Monero transactions are faked. If true, that is VERY BAD for privacy on Monero. Edit: Monero makes transactions private by including about 11 decoy outputs when spending the coin. If most of those decoys are owned by a TLA, that TLA can trace your transactions.

Commented by /u/phillipsjk in /r/btc on May 27, 2020 00:21:27
/r/btc/comments/gqurl1/why_are_you_all_keep_saying_that_bitcoin_cash_is/fry2vv3/

At this point, it is rounding error compared to POW, and will be for years. Miners care more about latency and orphaning risk. BTW: I came across a study (not sure if it was peer reviewed) estimating marginal cost on BTC. This may be it: [Bitcoin price and its marginal cost of production: support for a fundamental value](https://arxiv.org/pdf/1805.07610.pdf). They consider the the POW a marginal cost for BTC because the block can only hold a limited number of transactions. If (the maximum blocksize >> transaction demand), POW becomes a fixed cost for marginal cost calculations.

Commented by /u/phillipsjk in /r/btc on May 27, 2020 00:18:55
/r/btc/comments/gqurl1/why_are_you_all_keep_saying_that_bitcoin_cash_is/frw2ncf/

Have you [estimated how much doing things on-chain would cost](https://old.reddit.com/r/btc/comments/7qi6mf/estimating_the_marginal_cost_of_a_transaction_on/)? The intro the the whitepaper explains why it is typically cheaper than traditional payment systems: despite the apparent inefficiency of a global broadcast domain.

Commented by /u/phillipsjk in /r/btc on May 26, 2020 13:32:36
/r/btc/comments/gqurl1/why_are_you_all_keep_saying_that_bitcoin_cash_is/frw1cyk/

Should Have Used Monero.

Commented by /u/phillipsjk in /r/btc on May 26, 2020 13:22:34
/r/btc/comments/gqurl1/why_are_you_all_keep_saying_that_bitcoin_cash_is/frw0x45/

People get over-invested in their preferred coin. Sometimes they feel they can protect their investment by attacking the competition. (If you are over invested in a high risk asset, the correct response is to sell some.) BTC now fails spectacularly at [the goal](https://www.bitcoin.com/bitcoin.pdf) of enabling "small casual transactions" and "non-reversible payments for non-reversible services." I suspect it was developer capture by the big banks in order to keep bitcoin a niche product. There is even evidence, like Blockstream getting a large chunk of their series A funding from AXA strategic ventures. For more empirical evidence: [the mempool, meant to temporarily store transactions before they are added to a block, is now interesting enough to graph](https://jochen-hoenicke.de/queue/#0,24h).

Commented by /u/phillipsjk in /r/btc on May 26, 2020 13:19:11
/r/btc/comments/gqurl1/why_are_you_all_keep_saying_that_bitcoin_cash_is/frvzg06/

Cryptocurrenty uses public key cryptography to authorize transactions. Your private keys allow you to spend any coins that were sent to your public address (a hash of your public key). There is no password reset in cryptocurrency, so I suggest storing private keys in geographically distinct, offline, and private locations. I say private because anybody with access to your keys can spend your money.

Commented by /u/phillipsjk in /r/btc on May 26, 2020 13:07:38
/r/btc/comments/gqurl1/why_are_you_all_keep_saying_that_bitcoin_cash_is/frvywak/

You are probably perfectly hedged then, unless you were convinced to sell your "bcash air-drop". Honestly, this may be the best place to hear both sides of the argument. Check the people with a single digit number of downvotes. (Double digit downvotes probably indicate a troll).

Commented by /u/phillipsjk in /r/btc on May 26, 2020 13:03:19
/r/btc/comments/gqurl1/why_are_you_all_keep_saying_that_bitcoin_cash_is/frvyfcn/

I don't think so. The soft-forking segwit changes mean that if exchanges follow the default option (doing nothing) they are supporting the segwit fork. If segwit2x went ahead, it would have likely had it's own ticker: because it is a hard-fork exchanges need to make an effort to support. In hindsight, in looks like the [big blockers got played](https://medium.com/@bitcoinroundtable/bitcoin-roundtable-consensus-266d475a61ff) by that segwit soft-fork first, 2MB hard fork 3 months later thing.

Commented by /u/phillipsjk in /r/btc on May 26, 2020 12:59:31
/r/btc/comments/gqurl1/why_are_you_all_keep_saying_that_bitcoin_cash_is/frvxd1k/

Segwit was an omnibus package of changes; pushed on the community in lieu of a blocksize increase. https://bitcoincore.org/en/2016/01/26/segwit-benefits/ I decided to oppose it because of this section: > **Reducing UTXO growth** >The Unspent Transaction Output (UTXO) database is maintained by each validating Bitcoin node in order to determine whether new transactions are valid or fraudulent. For efficient operation of the network, this database needs to be very quick to query and modify, and should ideally be able to fit in main memory (RAM), so keeping the database’s size in bytes as small as possible is valuable. >This becomes more difficult as Bitcoin grows, as each new user must have at least one UTXO entry of their own and will prefer having multiple entries to help improve their privacy and flexibility, or to provide as backing for payment channels or other smart contracts. > Segwit improves the situation here by making signature data, which does not impact the UTXO set size, cost 75% less than data that does impact the UTXO set size. This is expected to encourage users to favour the use of transactions that minimise impact on the UTXO set in order to minimise fees, and to encourage developers to design smart contracts and new features in a way that will also minimise the impact on the UTXO set. >Because segwit is a soft-forking change and does not increase the base blocksize, the worst case growth rate of the UTXO set stays the same. That is premature optimization AT BEST. That 75% discount on signature data increases the blocksize a little bit: yet transactions predictably took weeks to process in late 2017, and again now. If miners really had a problem with the growing UTXO database, they are free to publish a fee schedule offering free UTXO consolidation transactions. Bitcoin Cash did implement BIP143: the quadratic hashing fix explained under the "Linear scaling of sighash operations" heading in the above link. However, because we did it as a hard fork instead of a soft fork: all transactions benefit.

Commented by /u/phillipsjk in /r/btc on May 26, 2020 12:51:03
/r/btc/comments/gqurl1/why_are_you_all_keep_saying_that_bitcoin_cash_is/frvvuwf/

And what happens if you need to broadcast a punishment transaction on one of the 100 channels because your counter-party stole funds? You are talking about paying $50 (or more) to recover $50 (or more, any less would not be worth the trouble).

Commented by /u/phillipsjk in /r/btc on May 26, 2020 12:39:00
/r/btc/comments/gq8419/craig_steven_wright_is_a_liar_and_a_fraud_he/frvsnjl/

That was fixed immediately, and was only present on ABC. The Core developers had added code to slow down transaction propagation "for privacy".

Commented by /u/phillipsjk in /r/btc on May 26, 2020 12:13:08
/r/btc/comments/gqn7m6/hypothetically_if_bitcoin_cash_overtook_bitcoin/frum5t4/

I think most of the confusion comes from BTC maximalists insisting that "Bitcoin" always refers to BTC. To the average man on the street, this is obviously not the case. Many people see the word 'Bitcoin' as a synonym for cryptocurrency. The other day, I had somebody ask me about Bitcoin Verge. In the real world, it is common for different currencies to share currency units. One day I had a banker try to tell me that European Bitcoin differs from Canadian Bitcoin. That intuition probably came from how Canadian Dollars are not the same as Australian dollars: even if they are both made out of plastic.

Commented by /u/phillipsjk in /r/btc on May 26, 2020 03:39:08
/r/btc/comments/gqmd3u/2009_bitcoin_address_holder_signs_message_calling/frull5f/

Or, just maybe miners wanted larger blocks because they make more money that way.

Commented by /u/phillipsjk in /r/btc on May 26, 2020 03:30:10
/r/btc/comments/gqcujy/secondly_is_this_mysterious_entity_which_has_been/fruj6wr/

Could even be a pro-BCH actor; since the activity messes with fee estimators. I don't think anybody really benefits if any BTC collapse is sudden.

Commented by /u/phillipsjk in /r/btc on May 26, 2020 02:53:27
/r/btc/comments/gqn7m6/hypothetically_if_bitcoin_cash_overtook_bitcoin/fruil1l/

According to [fork.lol](https://fork.lol/security/chain) it would take about 550 days for BCH to surpass BTC's accumulated POW anyway.

Commented by /u/phillipsjk in /r/btc on May 26, 2020 02:44:33
/r/btc/comments/gqmd3u/2009_bitcoin_address_holder_signs_message_calling/fru1dkk/

Not BSV? BSV is like a parody of BCH: "You want big blocks? I'll give you big blocks!"

Commented by /u/phillipsjk in /r/btc on May 25, 2020 23:07:38
/r/btc/comments/gplm7q/the_scarcity_of_bch/frsxcgd/

If you have all the money in the world, you have no money (money is a social concept). The very large whales, with 1 million coins or more, may see the value of their remaining coins go up if they sell some.

Commented by /u/phillipsjk in /r/btc on May 25, 2020 16:41:18
/r/btc/comments/gq8419/craig_steven_wright_is_a_liar_and_a_fraud_he/frsruhh/

BCH transactions are cheap, not free. That is enough to move scaling from "physically impossible" to "[can be done with current technology at a cost of 2 cents/kB](https://old.reddit.com/r/btc/comments/7qi6mf/estimating_the_marginal_cost_of_a_transaction_on/)". 2 cents/kB would price out a lot of microtransactions, possibly justifying the use of second layers for those use-cases.

Commented by /u/phillipsjk in /r/btc on May 25, 2020 15:52:56
/r/btc/comments/gqcujy/secondly_is_this_mysterious_entity_which_has_been/frsqhfe/

On BTC the blockspace is inelastic (meaning the supply is mostly fixed). As with all inelastic goods, tiny changes to demand can result in huge price fluctuations. On BCH miners simply have to raise the soft-cap a bit if there are extra transactions waiting for confirmation.

Commented by /u/phillipsjk in /r/btc on May 25, 2020 15:40:51
/r/btc/comments/gqbles/my_mom_asked_what_bitcoins_were_this_morning/frspd43/

They probably had spending money on a local phone wallet. As long as the amount sent is more than the network fees, it should work. Heck sending less than the network fees should work as well; but that would be just a "dust" transaction.

Commented by /u/phillipsjk in /r/btc on May 25, 2020 15:31:00
/r/bsv/comments/gq8ao1/more_than_100_addresses_with_unmoved_bitcoin/frslguh/

Use the "find" function. Check the "Expand a search beyond a specific library or folder" heading on [this page](https://www.geeksinphoenix.com/blog/post/2009/12/08/Search-and-find-a-file-or-folder-in-Windows-7.aspx) Edit: if searching the whole hard-drive ("Computer") does not work, and you are sure there was a wallet.dat: your only hope is to scan the whole disk sector by sector for wallet.dat fragments. The less disk (writing) activity the better if you are going to resort to that (assuming file is deleted and not just "hidden" like I mentioned).

Commented by /u/phillipsjk in /r/bsv on May 25, 2020 14:56:41
/r/bsv/comments/gq8ao1/more_than_100_addresses_with_unmoved_bitcoin/frsbwm4/

I would try a search for "wallet.dat" on the old machine.

Commented by /u/phillipsjk in /r/bsv on May 25, 2020 13:34:18
/r/bsv/comments/gq8ao1/more_than_100_addresses_with_unmoved_bitcoin/frsa6qj/

Why can't you run core on the old CPU? I presume you have seen this page: https://en.bitcoin.it/wiki/Data_directory You mention a macbook; is the old machine a mac? ~~Because MacOS is unix based, the bitcoin folder in your user directory may be hidden (starting with a '.').~~ Edit: no, that page explicitly shows that is the Linux client. Edit2: I think windows may hide some of those files by default as well. In options menu of file explorer, select "show hidden files"

Commented by /u/phillipsjk in /r/bsv on May 25, 2020 13:19:56
/r/btc/comments/gp9qca/whats_the_maximum_block_size_the_bch_network_can/frs98kt/

IMO, Bitcoin uses decentralization as a means to an end (being money for the world). Fees going from less than a penny to over $50 certainly changes the economics of what is viable. There is no rush to develop a healthy "fee market". We are not even in the "early adopter" stage yet. The block reward tapers of over more than a century. I would argue that with the inelastic block space, the BTC "fee market" is actually unhealthy. When the block cap is a developer imposed hard-cap, rather than a miner-enforced soft-cap, miners are no longer able to process more transactions in response to demand. This leads to very volatile transaction fees, making BTC unsuitable for most payment use-cases. IMO, in a healthy "fee market" the fees will [approach the marginal cost of processing transactions](https://old.reddit.com/r/btc/comments/7qi6mf/estimating_the_marginal_cost_of_a_transaction_on/) (about 2 cents/kB at scale with current technology).

Commented by /u/phillipsjk in /r/btc on May 25, 2020 13:11:54
/r/bsv/comments/gq8ao1/more_than_100_addresses_with_unmoved_bitcoin/frs7rts/

The specific instructions would depend on what wallet you used back in the day. I suggest looking into electrum (for BTC)/electron (BCH) as a versatile wallet. Electron will move BSV as well if you connect to a BSV node (when moving BCH you may want to use schnorr signatures to prevent BSV replay). If the amount of money is significant, it is probably worth the trouble of checking PGP signatures of any wallets you download. If nothing changed, other than old coins you don't own moving, I suggest you just get some sleep. Odds are your coins are coins will stay where they are for a little while longer. Were you actually running Windows 7 or vista when running the core software? Did you back up your wallet anywhere and possibly delete the old Bitcoin folder?

Commented by /u/phillipsjk in /r/bsv on May 25, 2020 12:59:26
/r/btc/comments/gp9qca/whats_the_maximum_block_size_the_bch_network_can/frs3jrk/

I think that problem (of node centralization) is over-stated, and that [anybody changing the economics of how Bitcoin works](https://medium.com/@jgarzik/bitcoin-is-being-hot-wired-for-settlement-a5beb1df223a) should have forked off with their own alt-coin; instead of hijacking the project. Something with wide usage is difficult for authorities to suppress. If it is banned in one or more jurisdictions, VPNs (combined with SPV) would allow you to connect to a jurisdiction where bitcoin is still allowed to operate. I expect that if that comes to pass, state actors will start to mine bitcoin for national security purposes. The countries banning it will try to attack, while the countries allowing it will protect it as an essential component of their economy.

Commented by /u/phillipsjk in /r/btc on May 25, 2020 12:23:05
/r/bsv/comments/gq8ao1/more_than_100_addresses_with_unmoved_bitcoin/frs20k5/

You appear to be panicking. Unless your camera was active, your phone probably did not record whatever was on your legal pad. An even if it did, it is unlikely to be doing image processing looking for Bitcoin keys. You have time to research how to do things correctly. It should be safe to enter the public address into the Block explorer of your choice.

Commented by /u/phillipsjk in /r/bsv on May 25, 2020 12:09:40
/r/btc/comments/gq8419/craig_steven_wright_is_a_liar_and_a_fraud_he/frrywkq/

I think the LN was really oversold to the point that I think it is being set up for failure. Yes, it allows users to move frequent, small, transactions off-chain. However, it does nothing to scale the number of users supported by layer 1. The lightning network [fails when the base layer does not allow reliable message passing](https://old.reddit.com/r/btc/comments/gayh4l/new_method_for_stealing_money_from_lightning/). The lightning network may have a niche in enabling sub 30 cent micro-transactions, but it is not a scaling solution.

Commented by /u/phillipsjk in /r/btc on May 25, 2020 11:42:09
/r/btc/comments/gq8419/craig_steven_wright_is_a_liar_and_a_fraud_he/frrxue4/

There are many more likely explanations than CSW playing 4D chess to call himself a liar and a fraud. He IS in the middle of a Billion dollar lawsuit though. He could use this as evidence he does not have access to the money.

Commented by /u/phillipsjk in /r/btc on May 25, 2020 11:32:41
/r/btc/comments/gq8419/craig_steven_wright_is_a_liar_and_a_fraud_he/frrxb70/

I claimed mine as compensation for the damage to the community they did. Edit: I felt no need to hedge, because I do not think BSV is viable long term, but I also sold my accessible BTC long ago too (so may be more of a BCH extremist than average).

Commented by /u/phillipsjk in /r/btc on May 25, 2020 11:27:54
/r/btc/comments/gp9qca/whats_the_maximum_block_size_the_bch_network_can/frrvc5s/

You may not be aware, but every node was also a miner in the early days of Bitcoin. I am aware. Even tried CPU mining (just before the option was removed from the client) before going straight to an ASIC. The part you may have missed in the Satoshi e-mail I linked earlier: > Long before the network gets anywhere near as large as that, it would be safe for users to use Simplified Payment Verification (section 8) to check for double spending, which only requires having the chain of block headers, or about 12KB per day. Only people trying to create new coins would need to run network nodes. At first, most users would run network nodes, but as the network grows beyond a certain point, it would be left more and more to specialists with server farms of specialized hardware. A server farm would only need to have one node on the network and the rest of the LAN connects with that one node. 12KB per day while the network is processing 100GB per day. He clearly expected the average user (or even business) to use SPV to avoid processing transactions they are not interested in.

Commented by /u/phillipsjk in /r/btc on May 25, 2020 11:09:53
/r/btc/comments/gq75ep/the_attempted_come_back_of_coinex_chinas/frrty87/

Just checked, and BSV futures actually do have more volume on that exchange: [BTC](https://www.coinex.com/perpetual?market=BTCUSD): 2,151,507 Cont/24hr [BSV](https://www.coinex.com/perpetual?market=BSVUSD): 317,092 Contracts/24h [BCH](https://www.coinex.com/perpetual?market=BCHUSD): 104,153 Cont/24hr It may be an apples-oranges comparison, since Coinex is one of the few exchanges still supporting BSV.

Commented by /u/phillipsjk in /r/btc on May 25, 2020 10:56:51
/r/btc/comments/gp9qca/whats_the_maximum_block_size_the_bch_network_can/frrruhc/

Section 8 of the whitepaper was devoted to Simplified Payment Verification because that criticism was obvious during the design: and addressed. > The current system where every user is a network node is not the intended configuration for large scale. That would be like every Usenet user runs their own NNTP server. The design supports letting users just be users. The more burden it is to run a node, the fewer nodes there will be. Those few nodes will be big server farms. The rest will be client nodes that only do transactions and don't generate. https://bitcointalk.org/index.php?topic=532.msg6269#msg6269

Commented by /u/phillipsjk in /r/btc on May 25, 2020 10:36:14
/r/btc/comments/gq8419/craig_steven_wright_is_a_liar_and_a_fraud_he/frrovuu/

You can tell your peers about BCH.

Commented by /u/phillipsjk in /r/btc on May 25, 2020 10:05:25
/r/btc/comments/gp9qca/whats_the_maximum_block_size_the_bch_network_can/frrnf03/

No, the design goals are to facilitate "small casual transactions" and "non-reversible payments for non-reversible services." BTC failed at both.

Commented by /u/phillipsjk in /r/btc on May 25, 2020 09:49:20
/r/btc/comments/gp9qca/whats_the_maximum_block_size_the_bch_network_can/frrjc33/

I was not a segwit2x supporter, but BTC's failure in late 2017 was entirely predictable.

Commented by /u/phillipsjk in /r/btc on May 25, 2020 09:02:16
/r/btc/comments/gp9qca/whats_the_maximum_block_size_the_bch_network_can/frqvd02/

> For months, 70% of the hashpower (i.e., Bitmain), refused to signal readiness for the segwit softfork, stalling activation. The activation mechanism did not anticipate for a unique set of circumstances to occur: The way I see it, they were waiting for a viable patch to raise the blocksize to 2MB. The Core Developers never did it, despite promising to look into it in 2016, so the miners came up with their own patch a year later. The Core Devs then ignored THAT patch. Full blocks are Economically Damaging to the largest bitcoin miner because it makes the network unusable, causing the price to crash.

Commented by /u/phillipsjk in /r/btc on May 25, 2020 02:43:52
/r/btc/comments/gozq11/btc_future_transaction_price_increase/frqtyfl/

Yes, the site you mentioned is full of broken links. The search engine you suggested used fuzzy string matching, and did not bring up one specific page. I honestly have no idea what you are on about. The overall point was that the choice of payment does not generally change the negotiated price much. When you talk about the energy investment a single bitcoin represents, you seem to ignore the velocity of money. As the velocity of money increases, the price should drop because the energy investment is spread out over more transactions. The full blocks on BTC actually temporarily raise the price (by the velocity of money formula). I guess that is a round about way of saying I expect the more efficient payment system to prevail. People have no reason to continue to chose the more expensive coin: because the substitute coins work at any price.

Commented by /u/phillipsjk in /r/btc on May 25, 2020 02:23:34
/r/btc/comments/gptr12/_/frqsbgx/

If they actually show you your actual password, it can be a sign it was weak. For my Bitcointalk password, there was at least 60bits of entropy, so they just leave the password blank. You may want to check out: https://haveibeenpwned.com/

Commented by /u/phillipsjk in /r/btc on May 25, 2020 02:00:42
/r/btc/comments/gq54gz/forget_making_money_seriously_we_need_to_51/frqrncq/

There has been a successful censorship and propaganda campaign in place since 2015 in not 2011. To the average person, BTC is synonymous with crypto-currency. Most exchanges over-rely on BTC as a common currency for most of their trading pairs. What exactly do you think will happen if is suddenly collapses? Do you think all of the BTC maximalists will say: "Aww shucks, you bcashers were right!"? You seem to be new. What you are advocating is exactly what Craig Wright and Calvin Ayre tried to do to BCH with the BSV split. It did not work: unless the goal was only to split the community. In fact, with a POW coin, trying to attack a fork you do not like actually makes you weaker. That is why the bitcoin system is so ingenious: miners have a financial incentive to play by the rules. I suspect that CSW knew this when he was bragging about double-spending exchanges leading up to the fork. He was trying to play the boogie-man: to bait his opponents into "attacking" his high capacity chain with empty blocks.

Commented by /u/phillipsjk in /r/btc on May 25, 2020 01:51:36
/r/btc/comments/gpxm0x/blockstream_tries_to_hide_the_fact_that_liquid/frq17b8/

Feel free to take a break. People will still be wrong in a month or two.

Commented by /u/phillipsjk in /r/btc on May 24, 2020 20:50:44
/r/btc/comments/gp9qca/whats_the_maximum_block_size_the_bch_network_can/frpxrfl/

About 97% of BTC users seem to think it is safer to run the "reference" implementation. You can contrast that with BCH nodes where only 41.48% run the "reference" (ABC) implementation.

Commented by /u/phillipsjk in /r/btc on May 24, 2020 20:15:34
/r/btc/comments/gozq11/btc_future_transaction_price_increase/frpxadj/

> BTW, POW shall be defined as the global understanding of the constant marginal cost of the coin production, not in the transaction level. Well, there is where we disagree. with full blocks, POW becomes a marginal cost of transactions: because miners are not able to include any more fee-paying transactions in a block. On BCH and BSV, miners are free to include more fee paying transactions because the blocks are not full. They can include an arbitrary number, up to the blocklimit, for the same POW. > For high frequency transaction such as those tx people purchase the food per day, the fee would be like 0.5% * 1/365 which is almost neglectable covered in the pricing of the food and people will not notice. However, for low frequency transaction such as those tx people purchase a house per 30 years, the fee would be like 0.5% * 30 and you see the high commission for a house agent and other fee items in the transaction contract explicitly. Does this calculation change if FIAT, BTC, BCH, Dash or Monero is used? Normally when you buy a house, the commissions you pay have little to do with the actual transaction costs. If I go to a grocery store to buy food, I am charged the same amount (within 3 cents) if I pay by cash, credit card, or debit. The typical transaction costs are included in the price of food.

Commented by /u/phillipsjk in /r/btc on May 24, 2020 20:10:52
/r/btc/comments/gp9qca/whats_the_maximum_block_size_the_bch_network_can/frptxuk/

It is not much of a distinction because the code is the spec. Currently, [97.53% of BTC nodes run the Core software](https://coin.dance/nodes/share).

Commented by /u/phillipsjk in /r/btc on May 24, 2020 19:37:11
/r/btc/comments/gp9qca/whats_the_maximum_block_size_the_bch_network_can/frpsva5/

Well the Core developers were not exactly rushing to implement the XT, Classic, and Unlimited signalling flags.

Commented by /u/phillipsjk in /r/btc on May 24, 2020 19:26:27
/r/btc/comments/gpushi/how_does_smart_contract_scripting_capacity_of/frpqikq/

This part may not be (completely) true anymore: > On top of that, Ethereum also requires metering. This means, when evaluating an Ethereum contract, every instruction also needs to keep track of how expensive the contract has been so far. If the contract runs over the gas limit, it will cancel the execution. All of that isn‘t required for Bitcoin Cash. Instead, a node can calculate beforehand if a contract runs into the opcode limit—it just counts the number of opcodes in the contract. If the number exceeds the opcode limit (currently, 201), the transaction is rejected. For the May 15, 2020 fork: Edit: Since Sigops are expensive operations, it makes sense to execute them as a dummy template first before committing CPU time. Sigops still count towards the (per input) opcode limit, AFAIK. > **Motivation** > Since early days, Bitcoin has had a SigOps counting rule for limiting the amount of CPU usage possible in a given transaction or block, based on the principle that signature verifications are by far the most CPU-intense operations. >Although partly effective, there are well known issues with sigops, which mainly stem from the fact that SigOps are judged by parsing scripts, rather than executing them. Bitcoin splits scripts into two transactions (the scriptPubKey of the transaction that creates a coin, and the scriptSig of the transaction that spends it), yet the actual CPU work of verifying a transaction solely happens in the spending transaction, and this leads to some paradoxical situations: a transaction/block that contains high sigops might involve very little CPU work, and conversely a transaction with low sigops may require very high CPU work. >The essential idea of SigChecks is to perform counting solely in the spending transaction, and count actual executed signature check operations. > ... > **Counting rule** > The proposed counting rule is easy to implement, but it's not the simplest / most obvious approach. There is one primary design feature we wanted to ensure: The proposed counting rule means that the sigchecks count can be evaluated by executing a script with a 'dummy'/deferred signature verifier, i.e., without performing any CPU-intensive elliptic curve math. > ... https://github.com/bitcoincashorg/bitcoincash.org/blob/master/spec/2020-05-15-sigchecks.md

Commented by /u/phillipsjk in /r/btc on May 24, 2020 19:03:41
/r/btc/comments/gozq11/btc_future_transaction_price_increase/frpmkqu/

I am still not getting it: if payments are approximately instant, where is the risk premium? If buyer and seller agree that a good is worth a certain amount, why are fee calculations needed? Why not use [the marginal transaction cost](https://old.reddit.com/r/btc/comments/7qi6mf/estimating_the_marginal_cost_of_a_transaction_on/)? Using the marginal cost calculation, we can predict the BTC hash-rate dropping after the halving due to limited block space (the POW becomes a marginal cost of processing transactions; instead of a fixed cost).

Commented by /u/phillipsjk in /r/btc on May 24, 2020 18:25:42
/r/btc/comments/gp9qca/whats_the_maximum_block_size_the_bch_network_can/frpc284/

> S2X was announced just weeks ahead. Even if the public knew it was coming-- an impossibility because it had recently been created by a closed room corporate conspiracy I suspect that happened because a predictable crunch on blockspace was coming: yet they saw no movement from the Core Developers on the issue after more than a year to propose a patch. From [late 2015](https://blog.plan99.net/the-resolution-of-the-bitcoin-experiment-dabb30201f7) it was known that the blocks were getting full, and that the (northern hemisphere) fall normally has a spike in traffic on the network. I was not a party to those meetings, but it appears to me that you deliberately stalled on any proposed blocksize increase until it was too late to act. Were you scared of the big bad [Mircea Popescu](http://trilema.com/2016/the-necessary-prerequisite-for-any-change-to-the-bitcoin-protocol/#selection-13.0-13.14) (Sometimes NSFW)?

Commented by /u/phillipsjk in /r/btc on May 24, 2020 16:59:25
/r/btc/comments/gp9qca/whats_the_maximum_block_size_the_bch_network_can/frp9864/

In that meeting the miners agreed to exclusively run the Bitcoin Core software: instead of Bitcoin XT, Bitcoin Classic, or Bitcoin Unlimited. As a concession, the miners agreed to activate your unpopular Segregated witness upgrade. It only got more than 30% miner support after [miners reminded you](https://medium.com/@DCGco/bitcoin-scaling-agreement-at-consensus-2017-133521fe9a77) that a blocksize increase had wide industry support. They were giving you at least (6) months to validate the Segwit2x patch in that communiqué. Edit: the wording is a little ambiguous if the 6 month timer starts after Segwit activation or not (I think the code said 3 months). Hindsight shows the blocksize increase was in fact needed by November.

Commented by /u/phillipsjk in /r/btc on May 24, 2020 16:37:22
/r/btc/comments/gp9qca/whats_the_maximum_block_size_the_bch_network_can/frp7pu0/

As for your last point: I called Segwit (non-2x) an "upgrade" about 3 hours ago: https://np.reddit.com/r/btc/comments/gp9qca/whats_the_maximum_block_size_the_bch_network_can/frohygk/ I don't know if you actually set out to sabotage Bitcoin, or if you are just a "useful idiot". > and the extremely hasty S2X timeline didn't give an opportunity for that. S2X's creators had published EC2 node images and were promoting spinning up a massive number of nodes, so there was a real concern that this DOS attack would be a real risk and people felt obligated to deploy a mitigation. You had since at least February 2016 to prepare, as I linked in the above linked post. Checking the signatories, I see Gregory Maxwell is not actually there, but we have: Cory Fields, Johnson Lau, Luke Dashjr, Matt Corallo, Peter Todd, and Adam Back listed as signatories. The obvious solution to avoid a network split is to upgrade the Bitcoin Core software to support the slightly larger blocks. You opted not to do that because your think [congestion on the network is a good thing](https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-December/015455.html). The introduction to the Whitepaper explicitly says that part of the motivation for developing the system was to reduce transaction costs, to enable "small casual transactions". You have to know that fees comparable to wire transfers eliminate a lot of use-cases.

Commented by /u/phillipsjk in /r/btc on May 24, 2020 16:26:09
/r/btc/comments/gplm7q/the_scarcity_of_bch/frp4o8r/

If the wales care about BCH, they would incrementally sell as the price rises: to stabilize the price. That should have the effect of improving the coin distribution once new users start flooding in.

Commented by /u/phillipsjk in /r/btc on May 24, 2020 16:04:22
/r/btc/comments/gppi4e/mailchimp_banned_my_entire_account_for_saying_the/froodt9/

You are normally allowed to send up to about 100 e-mails per day without too much trouble.

Commented by /u/phillipsjk in /r/btc on May 24, 2020 13:47:30
/r/btc/comments/gpmjse/mullvad_vpn_accepting_bch_again_with_10_discount/fron11r/

Smart money sells a portion at an obvious (potential) peak like that.

Commented by /u/phillipsjk in /r/btc on May 24, 2020 13:35:35
/r/btc/comments/gp9qca/whats_the_maximum_block_size_the_bch_network_can/frohygk/

At 144 blocks/day, that is something like 0.1% of blocks since the upgrade. The segwit soft-fork makes it difficult to make clear statements about the blocksize. For practical purposes, the maximum average blocksize on BTC is now about 1.5MB.

Commented by /u/phillipsjk in /r/btc on May 24, 2020 12:54:27
/r/btc/comments/gp9qca/whats_the_maximum_block_size_the_bch_network_can/frofxq6/

> Bitcoin increased its block size by more than a factor 2 No it did not. Did you miss the whole "NO2X" astroturf campaign? There [are only 114 BTC blocks larger than 2MB](https://blockchair.com/bitcoin/blocks?s=size\(desc\)&q=size\(2000000..\)\#). Edit to clarify: The new "blockweight" measure allows some degenerate blocks to exceed 2MB, but it is not common. You can see (most of the top 13) large blocks have less than 200 transactions; instead of the more typical 2000 in a full block. The Core Developers [actively blocked the Segwit2x upgrade](https://github.com/bitcoin/bitcoin/pull/10982).

Commented by /u/phillipsjk in /r/btc on May 24, 2020 12:37:43
/r/btc/comments/gpo5gs/adams_strategy_to_get_exchanges_to_include_liquid/froe4d5/

I think the CIA/NSA coin was actually [Crytponote](https://bitcointalk.org/index.php?topic=740112.0). The privacy features are on-point: until you realize that the hidden 80% pre-mine allows the organization that created the coin to trace every transaction. If you discount the time it was supposedly circulating on the "dark web", it was written shortly after the [Silkroad bust](https://en.wikipedia.org/wiki/Silk_Road_\(marketplace\)\#History).

Commented by /u/phillipsjk in /r/btc on May 24, 2020 12:22:56
/r/btc/comments/gpp116/adam_back_is_not_pleased_with_rbtc/fro5xjv/

The virus is very survivable as well. We are talking 2.3% death rate is the health system is not overwhelmed.

Commented by /u/phillipsjk in /r/btc on May 24, 2020 11:18:58
/r/btc/comments/gp9qca/whats_the_maximum_block_size_the_bch_network_can/fro508w/

The consequences are relatively easy to understand. The snags we ran into with mempool acceptance were due to the core developers making it deliberately difficult to raise the blocksize (I think the justification was something about delaying relayed transaction for privacy). What was untested was the implications of giving signature data a 75% "Block weight" discount.

Commented by /u/phillipsjk in /r/btc on May 24, 2020 11:12:12
/r/btc/comments/gpo5gs/adams_strategy_to_get_exchanges_to_include_liquid/fro4ehs/

Shouldn't that be a 'NP" link? It was already discussed here as well: https://np.reddit.com/r/btc/comments/gpc5c7/adam_back_i_created_the_problem_now_buy_my/

Commented by /u/phillipsjk in /r/btc on May 24, 2020 11:07:52
/r/btc/comments/gp9qca/whats_the_maximum_block_size_the_bch_network_can/fro2vnx/

Not really. Raising the blocksize was the more conservative change once the blocks got full. As you can see with BTC, congested first layers make any second layers like [lightning unreliable](https://old.reddit.com/r/btc/comments/gayh4l/new_method_for_stealing_money_from_lightning/).

Commented by /u/phillipsjk in /r/btc on May 24, 2020 10:55:59
/r/btc/comments/gppi4e/mailchimp_banned_my_entire_account_for_saying_the/fro1t4q/

If you self-host, you have a high chance of being blocked.

Commented by /u/phillipsjk in /r/btc on May 24, 2020 10:46:41
/r/btc/comments/gpp116/adam_back_is_not_pleased_with_rbtc/fro1mgr/

BTC can't even handle 1% of the world's population regularly using it.

Commented by /u/phillipsjk in /r/btc on May 24, 2020 10:45:02
/r/btc/comments/gpp116/adam_back_is_not_pleased_with_rbtc/fro1bb0/

If you are still interested in Bitcoin Cash, there is r/bitcoincash

Commented by /u/phillipsjk in /r/btc on May 24, 2020 10:42:10
/r/btc/comments/gp9qca/whats_the_maximum_block_size_the_bch_network_can/fro0ka7/

I think any future "stress test" should be done on testnet.

Commented by /u/phillipsjk in /r/btc on May 24, 2020 10:35:29
/r/btc/comments/gphv6v/couldnt_we_end_this_bch_vs_bsv_thing_with_one/frmm4t9/

If you check recent [BSV blocks](https://blockchair.com/bitcoin-sv/blocks) you can see that VIABTC and one of the unknown miners appears to be using a 1MB softcap on that chain as well.

Commented by /u/phillipsjk in /r/btc on May 24, 2020 03:32:05
/r/btc/comments/gp81cu/bch_success_has_to_rely_on_bch_progress_not_btc/frmhri5/

Bitcoin has seen a lot of changes since I considered registering as a MSB in about 2013 or 2014. If I do finally pull the trigger, I will have to dispel misinformation anyway. When people hear "Bitcoin" they think it is some kind of stock, or a generic term for cryptocurrency, or that thing sold as BTC/XBT on many exchanges.

Commented by /u/phillipsjk in /r/btc on May 24, 2020 02:23:51
/r/btc/comments/gpk0ev/im_thinking_of_buying_a_linux_server_1k_with/frmf2cy/

For Double-SHA256 mining, you needed an ASIC since 2013. There are some coins that aim to be ASIC resistent, like Monero: but last I checked, my "white elephant" machine (64 cores of AMD Bulldozer) makes only 50 Cents on the dollar mining that. When I was using free power for mining, I limited myself to an 80W miner+overhead (maybe 120W). Modern ASICs are noisy industrial machines drawing ~1500W.

Commented by /u/phillipsjk in /r/btc on May 24, 2020 01:44:57
/r/btc/comments/gphvzn/previous_halvings_and_their_effects_on_hashrate/frmeesp/

Still looks too early to draw conclusions.

Commented by /u/phillipsjk in /r/btc on May 24, 2020 01:35:50
/r/btc/comments/gozq11/btc_future_transaction_price_increase/frmaaa8/

> time preference rate Can you explain why time preference factors into it for a payment system? Time preference is usually used to describe loans or investments. Based on the 2.00 coins you came up with, I think you are working backwards to try to justify 2BTC/block fees.

Commented by /u/phillipsjk in /r/btc on May 24, 2020 00:41:09
/r/btc/comments/gphv6v/couldnt_we_end_this_bch_vs_bsv_thing_with_one/frm9jwe/

[I engaged with some BSV folk yesterday](https://np.reddit.com/r/bitcoincashSV/comments/goxpin/roger_ver_is_not_ready_to_exit_bch_but_wants_to/). Some of them do not like the permissionless innovation aspect of BCH.

Commented by /u/phillipsjk in /r/btc on May 24, 2020 00:32:10
/r/btc/comments/gpglye/ava_vs_bch_in_what_ways_do_you_think_ava_is/frm6svn/

>> With POS you always need permission from the existing stakeholders to start staking > Buy it anonymously, or better yet, earn it anonymously Does not matter. If I am a majority stake-holder, I have no incentive to ever sell enough to lose controlling interest. With POW mining, my equipment becomes obsolete, and requires constant management to stay efficient.

Commented by /u/phillipsjk in /r/btc on May 23, 2020 23:58:58
/r/btc/comments/gpgpi7/its_not_about_hard_drive_space_we_dont_have_fast/frm60yn/

I think we are already at point where burstable bandwidth usage can exceed the [sustained writes speeds of some common hard-drives]( https://np.reddit.com/r/DataHoarder/comments/dn3f8b/smr_drives_sustained_rewrite_speeds/) (though SSDs mitigate that).

Commented by /u/phillipsjk in /r/btc on May 23, 2020 23:49:58
/r/btc/comments/gpglye/ava_vs_bch_in_what_ways_do_you_think_ava_is/frm56vj/

With POS you always need permission from the existing stakeholders to start staking. With POW, you do not (unless permissioned mining becomes a thing).

Commented by /u/phillipsjk in /r/btc on May 23, 2020 23:40:42
/r/btc/comments/gpaabj/100000000_usdt_99862447_usd_printed_at_tether/frm4bib/

I wonder if people will wake up when it "flippens" BTC.

Commented by /u/phillipsjk in /r/btc on May 23, 2020 23:30:55
/r/piratepartyofcanada/comments/gpi36g/leonard_french_us_copyright_office_recommends/frm2wpo/

About 18 minutes it looks like safe harbor related to recommendations is most at risk. Youbube relies on a broad interpretation of 512(c): which provides safe harbor for storing files at a user's direction.

Commented by /u/phillipsjk in /r/piratepartyofcanada on May 23, 2020 23:14:58
/r/btc/comments/gp9qca/whats_the_maximum_block_size_the_bch_network_can/frls5md/

> wget youku.com 69.4KB/s 280 ms ping time, from the Canadian prairies.

Commented by /u/phillipsjk in /r/btc on May 23, 2020 21:20:40
/r/btc/comments/gp22xw/one_day_all_btc_wallets_containing_less_than_100/frlrcbk/

I suspect that is the real reason many don't cotton on. They hear about high fees, go check in a few weeks, and find things are "normal" again.

Commented by /u/phillipsjk in /r/btc on May 23, 2020 21:12:25
/r/btc/comments/gp22xw/one_day_all_btc_wallets_containing_less_than_100/frlqdnp/

> It's rarely expensive to move bitcoin like they claim. Only because the people with two braincells to rub together leave when the fees spike.

Commented by /u/phillipsjk in /r/btc on May 23, 2020 21:02:40
/r/btc/comments/gpbfbp/if_want_to_be_a_currency_must_be_stable_if_want/frlq29e/

I suspect a lot of businesses are looking for contactless payments right about now. Doing it on-chain allow the Bitcoin Cash Register app, or a webserver to simply monitor an offline, offsite, "watch only" wallet for accepting payments. The Lightning Network that BTC suggest to avoid high fees is unable to do this. A LN node need access to the private keys in order to generate an invoice. As people have pointed out in other discussions: FAIT payments have advanced quite a bit. Credit cards now support contactless payments. They are less secure, but possibly more convenient.

Commented by /u/phillipsjk in /r/btc on May 23, 2020 20:59:29
/r/btc/comments/ghow01/bitcoin_unmasking_satoshi_nakamoto/frlotba/

The computing complexity for processing more transactiions on BCH or BSV is O(1). On BTC is is O(n) due to the limited blocksize making the POW a marginal, rather than fixed, cost.

Commented by /u/phillipsjk in /r/btc on May 23, 2020 20:46:46
/r/btc/comments/gpc5c7/adam_back_i_created_the_problem_now_buy_my/frlol13/

That's not even an old quote.

Commented by /u/phillipsjk in /r/btc on May 23, 2020 20:44:24
/r/bitcoincashSV/comments/goxpin/roger_ver_is_not_ready_to_exit_bch_but_wants_to/frl0494/

Well, good luck with that. I doubt it will work long-term.

Commented by /u/phillipsjk in /r/bitcoincashSV on May 23, 2020 16:47:20
/r/btc/comments/gp9qca/whats_the_maximum_block_size_the_bch_network_can/frkzm9e/

TCP has a slow start, so if you are only downloading for 6 seconds, you can never take advantage of the full bandwidth available. Edit: that quote also mentions packet loss. That causes TCP to back off.

Commented by /u/phillipsjk in /r/btc on May 23, 2020 16:42:44
/r/btc/comments/gpaabj/100000000_usdt_99862447_usd_printed_at_tether/frky9rk/

Is the reply from Paolo Ardoino basically admitting it is not backed at all? > PSA: 100M USDt inventory replenish on Tron Network. Note this is a authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests. https://twitter.com/paoloardoino/status/1264235926026420224

Commented by /u/phillipsjk in /r/btc on May 23, 2020 16:30:12
/r/bitcoincashSV/comments/goxpin/roger_ver_is_not_ready_to_exit_bch_but_wants_to/frkxinc/

Well, we agree on that quote. By governance, I mean miners need a way to negotiate changes without resorting to a disruptive "hashwar". We have seen the dangers of relying on a single dev team with a "reference implementation" with the Bitcoin Core developers. BSV has not been completely "set in stone". The BSV devs keep making improvements.

Commented by /u/phillipsjk in /r/bitcoincashSV on May 23, 2020 16:23:10
/r/btc/comments/gpav3l/if_long_term_most_transactions_happen_on/frkww3w/

https://blockstream.com/liquid/

Commented by /u/phillipsjk in /r/btc on May 23, 2020 16:17:19
/r/bitcoincashSV/comments/goxpin/roger_ver_is_not_ready_to_exit_bch_but_wants_to/frkvfm3/

How do you reconcile that quote with this one: > [Bitcoin 0.3.2 released](https://bitcointalk.org/index.php?topic=437) > Download links available now on bitcoin.org. Everyone should upgrade to this version. > - Added a simple security safeguard that locks-in the block chain up to this point. > - Reduced addr messages to save bandwidth now that there are plenty of nodes to connect to. > - Spanish translation by milkiway. > - French translation by aidos. > The security safeguard makes it so even if someone does have more than 50% of the network's CPU power, they can't try to go back and redo the block chain before yesterday. (if you have this update) > I'll probably put a checkpoint in each version from now on. Once the software has settled what the widely accepted block chain is, there's no point in leaving open the unwanted non-zero possibility of revision months later. My reconciliation is that 0.1 was actually a typo. He meant to say 1.0, which was a bit of a joke: because the versioning scheme he was using never really reaches 1.0 until the product is mature. Edit: Actually read the link and found a better explanation: > The receiver of a payment does a template match on the script. Currently, receivers only accept two templates: direct payment and bitcoin address. Future versions can add templates for more transaction types and nodes running that version or higher will be able to receive them. All versions of nodes in the network can verify and process any new transactions into blocks, even though they may not know how to read them. When he said the 0.1 protocol was "set in stone", he was talking about not needing to update every client every time you add an OP-code.

Commented by /u/phillipsjk in /r/bitcoincashSV on May 23, 2020 16:03:30
/r/btc/comments/gpav3l/if_long_term_most_transactions_happen_on/frkusnm/

The Lightning Network [does not even work properly with full blocks](https://old.reddit.com/r/btc/comments/gayh4l/new_method_for_stealing_money_from_lightning/). The Lightning Whitepaper calls for 133MB blocks for a reason. Thus, logically, refusing even modest blocksize increases does not make sense unless you want BTC to fail. At this point, it looks like they want the LN to fail as well: their proprietary Liquid sidechain is where they make all the money. Supporting the LN may have been a stalling tactic to delay large blocks.

Commented by /u/phillipsjk in /r/btc on May 23, 2020 15:57:31
/r/bitcoincashSV/comments/goxpin/roger_ver_is_not_ready_to_exit_bch_but_wants_to/frkrj4w/

There are several O(nlogn) sorting algorithms. It is not too much of a slow down. You may be correct about OP_DSV changing incentives. How it was counted was [changed in the May 2020 fork](https://github.com/bitcoincashorg/bitcoincash.org/blob/master/spec/2020-05-15-sigchecks.md).

Commented by /u/phillipsjk in /r/bitcoincashSV on May 23, 2020 15:26:56
/r/bitcoincashSV/comments/goxpin/roger_ver_is_not_ready_to_exit_bch_but_wants_to/frkqngf/

The mempool acceptance bottleneck was removed immediately after the "stress test". What really needs to happen to safely scale to large blocks is the blocksize as a field in the block header. Otherwise, it is very easy to generate a huge, fake, block that never validates.

Commented by /u/phillipsjk in /r/bitcoincashSV on May 23, 2020 15:18:40
/r/bitcoincashSV/comments/goxpin/roger_ver_is_not_ready_to_exit_bch_but_wants_to/frk7mfa/

Have you read the whitepaper? It really does not go into that much detail. It is a vision document, rather than a technical specification. The 21Million coin limit is not even mentioned. That was just an implementation detail. The BCH blockcap is 32MB, though most miners use a soft cap of 2MB. Could not help but notice those miners use the same soft cap on BSV as well.

Commented by /u/phillipsjk in /r/bitcoincashSV on May 23, 2020 12:25:15
/r/btc/comments/gp2ngv/44_tb_per_second_i_think_bitcoin_can_handle_big/frjwgla/

Cooldownbot calmly explains the problem. Excessive swearing can indicate you are upset. Sometimes it is justified: but more likely, you will just say something you later regret.

Commented by /u/phillipsjk in /r/btc on May 23, 2020 10:36:50
/r/btc/comments/gp2ngv/44_tb_per_second_i_think_bitcoin_can_handle_big/frjw6pm/

44Terabits per second is only 5.5 Terabytes/s

Commented by /u/phillipsjk in /r/btc on May 23, 2020 10:33:58
/r/btc/comments/gotce2/roger_ver_is_not_ready_to_exit_bch_but_wants_to/frjvnnc/

I think you may have us confused with [r/bitcoin moderators](https://old.reddit.com/r/btc/comments/gl5lfd/seems_like_i_ran_into_rbitcoin_censorship/fqx8a3k/) on the SPV thing.

Commented by /u/phillipsjk in /r/btc on May 23, 2020 10:28:18
/r/btc/comments/gp22xw/one_day_all_btc_wallets_containing_less_than_100/frjuf9i/

You know the BTC fees are the world-wide, right? The headline is speculation, but we saw fees around that level in late 2017. Greg Maxwell [was celebrating](https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-December/015455.html) the high fees at the time, instead of taking it as a sign that BTC was broken.

Commented by /u/phillipsjk in /r/btc on May 23, 2020 10:15:08
/r/btc/comments/gp0w2d/please_enlighten_me_what_is_the_point_of_the/frjtcgs/

First look at the BTC mempool, then check the mempool of ANY OTHER COIN. https://jochen-hoenicke.de/queue/#0,24h The mempool is only supposed to temporarily hold transactions until the next block. It is a boring implementation detail. The only reason a graph exists of it, going back to 2017, is that BTC is so broken.

Commented by /u/phillipsjk in /r/btc on May 23, 2020 10:03:18
/r/btc/comments/gp0w2d/please_enlighten_me_what_is_the_point_of_the/frjt0ez/

I think for statistical purposes you only need to be looking for work to be considered unemployed. That means if you are hopeless and give up, unemployment goes down. The firing vs quitting only matters for benefits.

Commented by /u/phillipsjk in /r/btc on May 23, 2020 09:59:33
/r/btc/comments/goybfv/btc_fees_3_plus/frjmtdj/

If you signed up to try the world's flagship cryptocurrency, would you not expect it to be functional and cheap? The intro to the whitepaper explains that be removing mediation costs, small and casual transactions become possible.

Commented by /u/phillipsjk in /r/btc on May 23, 2020 08:42:30
/r/btc/comments/goybfv/btc_fees_3_plus/frjml48/

The term pre-dates core. The first alt-coin, namecoin was actually quite innovative.

Commented by /u/phillipsjk in /r/btc on May 23, 2020 08:39:16
/r/btc/comments/gozq11/btc_future_transaction_price_increase/frjlnbb/

People have viable substitutes now. There is no (technical) reason cryptocurrency transactions, designed to reduce intermediation costs, should cost more than about $1. On blockchains with less constrained blockspace, miners can take more fees by processing more cheap transactions. The extra processing costs are rounding error to them. Hashing is O(1) with respect to the number of transactions processed.

Commented by /u/phillipsjk in /r/btc on May 23, 2020 08:25:49
/r/bitcoincashSV/comments/goxpin/roger_ver_is_not_ready_to_exit_bch_but_wants_to/frjkhnl/

I did not support BSV because I saw it as a hostile takeover of the governance of Bitcoin Cash. People may be right to be wary of the dominance of Bitcoin ABC, but it was not worth splitting the community over. (u/UndercoverPatriot obviously disagrees). BSV supporters were consistently asked for any technical reason the ABC changes were bad. The best Rayn X Charles could come up with is that the OP_DSV transactions were "unfairly cheap" read: more efficient. CTOR was also contentious, but the specific order does not matter: only that it is predictable. I will acknowledge the benefits for propagating large blocks are still only theoretical at the moment.

Commented by /u/phillipsjk in /r/bitcoincashSV on May 23, 2020 08:08:43
/r/btc/comments/goi8lh/ethereum_is_feeling_the_fee_pressure_bch_not/frjjvec/

No, you only get a 40% discount on transactions in a clogged mempool if you use the new system.

Commented by /u/phillipsjk in /r/btc on May 23, 2020 07:59:07
/r/btc/comments/gozq11/btc_future_transaction_price_increase/friz0r4/

To retain the pre-halving hash-power, fees need to be $25/tx, assuming the price stays steady. The reason is that the blocks are limited to about 2300 transactions (that need to make up 6.25BTC). The reason is the the Bitcoin Core developers [decided to do premature optimization to encourage high fees](https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-December/015455.html), gaming the metric. The Bitcoin Cash (BCH) and Bitcoin SV (BSV) approach is to have many low-fee transactions add up to more revenue than a few high fee transactions. This has the nice side-effect of actually being functional as a medium of exchange.

Commented by /u/phillipsjk in /r/btc on May 23, 2020 01:59:02
/r/btc/comments/goybfv/btc_fees_3_plus/friy6od/

The short version is the the Bitcoin Core developers decided [congestion and high fees were a design goal](https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-December/015455.html). As others have mentioned, Bitcoin Cash (BCH) focuses on the permissionless money for the world use-case. You can see a nice graph of the backed-up transactions here: https://jochen-hoenicke.de/queue/#0,24h Check ANY of the non-BTC tabs to see how a proper blockchain clears blocks.

Commented by /u/phillipsjk in /r/btc on May 23, 2020 01:47:03
/r/bitcoincashSV/comments/go5un5/building_my_first_full_node_0_this_is_funny_and/friuaj9/

Did not realize it was a cross-post: was confused why OP would handicap themselves with such a constrained computer. My BCH node is in a standard mid-tower because it actually has a space for the redundant drives. The slightly aging motherboard has a socketed CPU, and RAM that has double the capacity of even a high-end PI. Fridge logic: with no case, where do they mount the stickers?

Commented by /u/phillipsjk in /r/bitcoincashSV on May 23, 2020 00:53:45
/r/bitcoincashSV/comments/goxpin/roger_ver_is_not_ready_to_exit_bch_but_wants_to/frim4ns/

This was posted in r/btc. I was surprised to learn they were discussing BCH vs BSV. Honestly, the subject is a lot more interesting than the tired BCH vs BTC debate.

Commented by /u/phillipsjk in /r/bitcoincashSV on May 22, 2020 23:15:28
/r/btc/comments/gotce2/roger_ver_is_not_ready_to_exit_bch_but_wants_to/frijkyx/

The debate appears to be mainly discussing BCH vs BSV. I guess BCH vs BTC is not actually interesting.

Commented by /u/phillipsjk in /r/btc on May 22, 2020 22:46:44
/r/btc/comments/goi8lh/ethereum_is_feeling_the_fee_pressure_bch_not/fri6p8c/

Oh? what do you call Segwit? it was a big rule change. I understand that non-segwit tainted BTC fetches a premium in some markets.

Commented by /u/phillipsjk in /r/btc on May 22, 2020 20:31:47
/r/btc/comments/goqwe1/as_someone_who_travels_a_lot_and_suffers_from/fri5l1n/

Are you aware of Bitcoin Cash (BCH)? It works even better than Bitcoin (BTC).

Commented by /u/phillipsjk in /r/btc on May 22, 2020 20:20:35
/r/btc/comments/goi8lh/ethereum_is_feeling_the_fee_pressure_bch_not/frgy13v/

When I [estimated the maginal cost of transactions on BCH (and BSV)](https://old.reddit.com/r/btc/comments/7qi6mf/estimating_the_marginal_cost_of_a_transaction_on/) I came up with a figure of about 2cents/KB. All you are saying is that BSV miners subsidize transactions more than BCH miners do. Presumably, this is done to encourage adoption. I think a cost of $0.003 for a transaction is "cheap enough" for transactions, but expensive enough to discourage outright spam.

Commented by /u/phillipsjk in /r/btc on May 22, 2020 13:56:32
/r/btc/comments/goi8lh/ethereum_is_feeling_the_fee_pressure_bch_not/frgxhum/

The technical differences between BCH and BSV are not that great. It was a political split.

Commented by /u/phillipsjk in /r/btc on May 22, 2020 13:52:12
/r/btc/comments/goi8lh/ethereum_is_feeling_the_fee_pressure_bch_not/frgx3qr/

OK, I checked the page: the the word "fees" does not appear anywhere.

Commented by /u/phillipsjk in /r/btc on May 22, 2020 13:48:58
/r/btc/comments/gogpp4/in_the_last_two_weeks_80_btc_transaction_paid_a/frgwd6g/

That is what ineslastic block-space looks like. Commodities with inelastic supply have very volatile prices. On BCH, I expect fees to eventually rise to the marginal cost of transaction processing: [which is pennies per kB](https://old.reddit.com/r/btc/comments/7qi6mf/estimating_the_marginal_cost_of_a_transaction_on/). Note: you may have seen a paper including the POW as part of the marginal cost on BTC. That is only true because the blocksize is artificially restricted. On BCH and BSV, the POW becomes a fixed cost: because the same POW can secure an arbitrary number of transactions in each block (for no (measurable) additional work).

Commented by /u/phillipsjk in /r/btc on May 22, 2020 13:42:55
/r/btc/comments/goa0i1/im_tired_of_hearing_how_terrible_btc_is_around/frgvf28/

I have been down-voting the lower quality posts.

Commented by /u/phillipsjk in /r/btc on May 22, 2020 13:35:11
/r/btc/comments/go0h7n/why_bitcoin_cash_needs_to_target_the_689_billion/frgpmhw/

Probably relevant: [CoinText To Deactivate Access Numbers in 30 Regions, Transfer Funds If You're In These Countries](https://old.reddit.com/r/btc/comments/gm08kf/cointext_to_deactivate_access_numbers_in_30/) I personally never trusted Cointext because they claim to be non-custodial. (That implies incompetence or lying; not sure which I would prefer.)

Commented by /u/phillipsjk in /r/btc on May 22, 2020 12:48:23
/r/btc/comments/goglqi/insufficient_funds_on_bitcoincom/frgm6z3/

Because Bitcoin has more than one fork. The people in r/bitcoin will tell you there is only one bitcoin: BTC. (Edit: I was banned from there for saying otherwise). BCH (Bitcoin Cash) forked from BTC in 2017 because BTC is no longer fit for purpose (payments).

Commented by /u/phillipsjk in /r/btc on May 22, 2020 12:20:42
/r/btc/comments/gofbjk/help_with_a_stuck_transaction_that_i_need_to/frgkkht/

After some [googling](https://bitcoin.stackexchange.com/questions/68894/how-do-i-double-spend-using-electrum), came across this tutorial: https://steemit.com/bitcoin/@profitgenerator/tutorial-how-to-fix-unconfirmed-transactions

Commented by /u/phillipsjk in /r/btc on May 22, 2020 12:07:29
/r/btc/comments/gochp5/the_definition_of_bitcoin_according_to_a_maxi/frgjf1i/

That guy may be using old numbers for Paypal scale, But by [my estimates, it can be done in 4U](https://old.reddit.com/r/btc/comments/7qi6mf/estimating_the_marginal_cost_of_a_transaction_on/). Cryptocurrencies (except BItcoin Core, and Ethrium recently) should be cheaper that traditional payment methods to process transactions. The reason is one of the motivations for inventing Bitcoin in the first place: > Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model.Completely non-reversible transactions are not really possible, since financial institutions can not avoid mediating disputes. **The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions,and there is a broader cost in the loss of ability to make non-reversible payments for non-reversible services. With the possibility of reversal, the need for trust spreads. Merchants must be wary of their customers, hassling them for more information than they would otherwise need. A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party.** > What is needed is an electronic payment system based on cryptographic proof instead of trust,allowing any two willing parties to transact directly with each other without the need for a trusted third party. Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers. In this paper, we propose a solution to the double-spending problem using a peer-to-peer distributed timestamp server to generate computational proof of the chronological order of transactions. The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes. (Bold mine)

Commented by /u/phillipsjk in /r/btc on May 22, 2020 11:58:01
/r/btc/comments/gochp5/the_definition_of_bitcoin_according_to_a_maxi/frgib0s/

PayPal transaction processing has gone up over the years. You may want to recheck your figures.

Commented by /u/phillipsjk in /r/btc on May 22, 2020 11:48:52
/r/btc/comments/gochp5/the_definition_of_bitcoin_according_to_a_maxi/frghzo0/

> The current system where every user is a network node is not the intended configuration for large scale. That would be like every Usenet user runs their own NNTP server. The design supports letting users just be users. The more burden it is to run a node, the fewer nodes there will be. Those few nodes will be big server farms. The rest will be client nodes that only do transactions and don't generate. > **Quote from: bytemaster on July 28, 2010, 08:59:42 PM** >> Besides, 10 minutes is too long to verify that payment is good. It needs to be as fast as swiping a credit card is today. > See the snack machine thread, I outline how a payment processor could verify payments well enough, actually really well (much lower fraud rate than credit cards), in something like 10 seconds or less. If you don't believe me or don't get it, I don't have time to try to convince you, sorry. > http://bitcointalk.org/index.php?topic=423.msg3819#msg3819 https://bitcointalk.org/index.php?topic=532.msg6306#msg6306

Commented by /u/phillipsjk in /r/btc on May 22, 2020 11:46:17
/r/btc/comments/gochp5/the_definition_of_bitcoin_according_to_a_maxi/frghmmb/

With how many transactions that storage can process, storage technology does not need to advance much to keep the system cheap for Billions of users. [When I estimated the marginal costs](https://old.reddit.com/r/btc/comments/7qi6mf/estimating_the_marginal_cost_of_a_transaction_on/) I came up with a figure of about 2cents/kB. The big cost was network bandwidth, not storage. Caveat: the storage solution I described would only support a pruned node with GB scale blocks.

Commented by /u/phillipsjk in /r/btc on May 22, 2020 11:43:15
/r/btc/comments/gochp5/the_definition_of_bitcoin_according_to_a_maxi/frgh00r/

The second bitcoin should not be capitalized because they were not talking about one specific fork.

Commented by /u/phillipsjk in /r/btc on May 22, 2020 11:38:01
/r/btc/comments/gochp5/the_definition_of_bitcoin_according_to_a_maxi/frgggn4/

Validating nodes can support SPV traffic. Not sure of a revenue model for them other than spying on users though.

Commented by /u/phillipsjk in /r/btc on May 22, 2020 11:33:28
/r/btc/comments/gognry/dont_forget_that_blockstream_is_lying_todays/frgfe06/

MIners, payment processors procesisng many transactions, universities and spooks studying the blockchain. The average user does not need to run a full node: SPV is almost equivalent security, for a lot less data used.

Commented by /u/phillipsjk in /r/btc on May 22, 2020 11:24:24
/r/btc/comments/gognry/dont_forget_that_blockstream_is_lying_todays/frgetll/

Currently My BCH node is 5 year old hardware, save for a pair of botton-dollar 1TB drives. You don't need to scale up the hardware until the usage climbs a lot. I think the important point is that the hardware required for scaling is readily available to anybody with the budget. You don't have to go into exotic supercomputing or clustering.

Commented by /u/phillipsjk in /r/btc on May 22, 2020 11:19:32
/r/btc/comments/gochp5/the_definition_of_bitcoin_according_to_a_maxi/frgc5db/

An order of magnitude is a factor of 10. The original source said 100GB/day, which I divided by 144blocks/day for you.

Commented by /u/phillipsjk in /r/btc on May 22, 2020 10:56:25
/r/btc/comments/goe3c4/i_need_to_buy_some_miners_if_this_is_going_to_be/frfny4f/

NIceHash relies on BTC to settle, AFIAK.

Commented by /u/phillipsjk in /r/btc on May 22, 2020 06:06:12
/r/btc/comments/gofbjk/help_with_a_stuck_transaction_that_i_need_to/frfmowa/

You can try to double-spend the transaction. The basic idea is to spend the same coin outputs with a different fee, and hope the miners process the more expensive one. You may be more successful if you find a node with low RAM to relay the replacement transaction (the low fee transaction is more likely to be evicted from the mempool). Normally wallets prevent you from accidentally doing that (unless it was an RBF transaction: then there may be a option to do it easily). I am unsure which ones would make that easy. You would need one that gives you "coin control" so that you can spend exactly the same inputs the previous transaction uses.

Commented by /u/phillipsjk in /r/btc on May 22, 2020 05:44:21
/r/btc/comments/gochp5/the_definition_of_bitcoin_according_to_a_maxi/frfm3tn/

In [one of his earliest e-mails about Bitcoin](https://web.archive.org/web/20081224103058/https://www.mail-archive.com/cryptography%40metzdowd.com/msg09964.html), Satoshi explained the practicality of serving "hundreds of millions of users" with ~700MB blocks. That is within 1 order of magnitude of serving Billions of users.

Commented by /u/phillipsjk in /r/btc on May 22, 2020 05:34:12
/r/btc/comments/goe3c4/i_need_to_buy_some_miners_if_this_is_going_to_be/frflgco/

I have two of my computers running at night: during the lowest power demand part of the day. As you say, coal and nuclear can not shutdown very easily at all. So I figure I am making the grid slightly more efficient by only running at night.

Commented by /u/phillipsjk in /r/btc on May 22, 2020 05:22:58
/r/btc/comments/goe3c4/i_need_to_buy_some_miners_if_this_is_going_to_be/frfjncm/

For those confused, Britain now has enough solar power that during the day they have too much electricity supplied to the grid. https://youtu.be/nui7VAqvINY?t=140

Commented by /u/phillipsjk in /r/btc on May 22, 2020 04:52:05
/r/btc/comments/go6npi/bitcoin_has_insane_fees_im_looking_to_get_into/frfdybc/

Not sure when you posted that (apparently an hour ago), but when [I checked bitcoinfees.earn.com](https://bitcoinfees.earn.com/), it said the next block fee was more like 200 Sat/byte. The price is very volatile because the miners are not able to offer more block space in response to fees (inelastic supply).

Commented by /u/phillipsjk in /r/btc on May 22, 2020 03:19:19
/r/btc/comments/goa0i1/im_tired_of_hearing_how_terrible_btc_is_around/frf6pnr/

i don't often agree with you...

Commented by /u/phillipsjk in /r/btc on May 22, 2020 01:34:46
/r/btc/comments/goa0i1/im_tired_of_hearing_how_terrible_btc_is_around/frf6ha2/

> It's far time to move on from how terrible x-girlfriend BTC was ... My spidy senses tingle every time I see this terrible analogy. We are countering a comprehensive censorship and propaganda program dating back [five](https://blog.plan99.net/the-resolution-of-the-bitcoin-experiment-dabb30201f7) to [seven](https://www.youtube.com/watch?v=cZp7UGgBR0I) years. Ignoring the problem won't make it go away. Every day new users try "Bitcoin", only to find it fails to live up to the hype. Many will probably never return for years.

Commented by /u/phillipsjk in /r/btc on May 22, 2020 01:31:37
/r/btc/comments/goaitf/craig_wrights_fraudulent_tulip_trust_list_is_now/frf5hz1/

> ... I'm only interested to understand if and when 1,000,000 bitcoin are going to start entering the market. I hope you have enough hedging in place that you are OK if it never happens. I guess I would have to fall back on my Monero hedge if it did happen: but I am not worried.

Commented by /u/phillipsjk in /r/btc on May 22, 2020 01:18:28
/r/btc/comments/goaitf/craig_wrights_fraudulent_tulip_trust_list_is_now/frf4qff/

> Those addresses are from the just released Tulip Trust List, allegedly delivered to Craig by a bonded courier and certified as accurate by Craig numerous times while under oath. Wait, Craig was dumb enough to claim the "bonded courier" actually arrived? Googling produced this (Dated May 6th, ignored February results): https://modernconsensus.com/people/lawyers-craig-wrights-bonded-courier-provided-phony-bitcoin-addresses/

Commented by /u/phillipsjk in /r/btc on May 22, 2020 01:08:27
/r/btc/comments/go6npi/bitcoin_has_insane_fees_im_looking_to_get_into/fred7bn/

Store a copy your wallet seed words in a geographically distinct location. There is no "password reset" for getting back your coins if you lose those seed words. Also, there is no transaction reversal if somebody finds those seed words and spends all of your money. (So I suggest at least an envelope to discourage prying eyes in public spaces like bank vaults.)

Commented by /u/phillipsjk in /r/btc on May 21, 2020 20:17:04
/r/btc/comments/gnu9cd/all_my_money_is_stuck_in_the_shitty_wallet_named/fre9ky0/

It is not your fault for assuming that the most popular cryptocurrency in the world would actually be functional. The Bitcoin Core developers [decided to change Bitcoin's economic model at least 5 years ago](https://medium.com/@jgarzik/bitcoin-is-being-hot-wired-for-settlement-a5beb1df223a). As a result, very little was done to solve the congestion problem: [because it is now a design goal](https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-December/015455.html). The main Bitcoin communication channels have been censored for a similar amount of time, [as explained here](https://blog.plan99.net/the-resolution-of-the-bitcoin-experiment-dabb30201f7). This restricted communication filters into the mainstream media and institutions doing "due diligence" as well; as Mike Hearn explains: > Stories about Bitcoin reach newspapers and magazines through a simple process: the news starts in a community forum, then it’s picked up by a more specialised community/tech news website, then journalists at general media outlets see the story on those sites and write their own versions. I’ve seen this happen over and over again, and frequently taken part in it by discussing stories with journalists. So if somebody doing research on Bitcoin checks the main Bitcoin communication forums, they get no indication that they are getting a very curated message. My old posts on the bitcointalk.org forum lend the forum history and credibility: but I am no longer allowed to post there. The reasoning they use is that [(non Bitcoin Core) Bitcoin forks are "alt-coins"](https://old.reddit.com/r/Bitcoin/comments/3h9cq4/its_time_for_a_break_about_the_recent_mess/), and thus off-topic in the forum. In my opinion, the Bitcoin Cash fork was the more conservative fork. The Bitcoin Core fork radically changed the economic model of Bitcoin. However, since the actual code changes they made to the software were backwards-compatible (a soft fork): they kept the ticker symbol by default. The Bitcoin Cash fork was explicitly opt-in due to the hard-fork. There are technical reasons for doing a hard-fork: like implementing [the quadratic Hashing fix for all transactions](https://github.com/bitcoin/bips/blob/master/bip-0143.mediawiki). For Bitcoin Core, only Segwit transactions get that fix.

Commented by /u/phillipsjk in /r/btc on May 21, 2020 19:42:47
/r/btc/comments/gnzr1h/i_have_been_banned_from_rbitcoin/frdsln6/

The word choice of "experimented" seems off. From context, I expected the word "experienced". For an experiment, you generally have a hypothesis that you want to test. While "experience" suggests a more passive participation.

Commented by /u/phillipsjk in /r/btc on May 21, 2020 17:13:00
/r/btc/comments/gnqj0e/btc_now_has_a_17_hour_backlog_100mb_mempool/frdqqmp/

[Raspberry Pi 4 product page says up to 4GB](https://www.raspberrypi.org/products/raspberry-pi-4-model-b/specifications/)

Commented by /u/phillipsjk in /r/btc on May 21, 2020 16:57:13
/r/btc/comments/gnzr1h/i_have_been_banned_from_rbitcoin/frdjpn1/

You are allowed to talk about the BTC, LTC, and Liquid alt-coins all day.

Commented by /u/phillipsjk in /r/btc on May 21, 2020 15:58:06
/r/btc/comments/gnzr1h/i_have_been_banned_from_rbitcoin/frdjb2i/

You must have "monero" on a google search notification or something.

Commented by /u/phillipsjk in /r/btc on May 21, 2020 15:54:47
/r/CryptoCurrency/comments/gnbp3n/a_recently_mined_block_contained_fees_totaling/frcrm9v/

A portion of your lightning channel is reserved for a closing fee in the event a "punishment transaction" is needed. This has the effect that funds in your LN channels become unspendable if the network fee exceeds the balance in the channel.

Commented by /u/phillipsjk in /r/CryptoCurrency on May 21, 2020 12:07:56
/r/btc/comments/gnu9cd/all_my_money_is_stuck_in_the_shitty_wallet_named/frclbet/

The solution is for OP to ask the recipient if they are willing to use the more reliable Bitcoin fork. To spend BTC, OP has to wait for the weekend, as was suggested over in r/bitcoin

Commented by /u/phillipsjk in /r/btc on May 21, 2020 11:16:22
/r/btc/comments/gny3uv/thats_one_way_to_reduce_tx_fees_i_suppose/frcl0ru/

...which the miners then sell for FIAT to pay for expenses charged in FIAT.

Commented by /u/phillipsjk in /r/btc on May 21, 2020 11:13:54
/r/btc/comments/gnu9cd/all_my_money_is_stuck_in_the_shitty_wallet_named/frcknmb/

IMO, BCH is the solution. Not sure why you think BCH does not have better fees. Even assuming [Gigabyte-scale blocks on current technology](https://old.reddit.com/r/btc/comments/7qi6mf/estimating_the_marginal_cost_of_a_transaction_on/) the marginal cost of transaction processing is only about 2cents/kB.

Commented by /u/phillipsjk in /r/btc on May 21, 2020 11:10:48
/r/btc/comments/gny3uv/thats_one_way_to_reduce_tx_fees_i_suppose/frcje6k/

Miner expenses are still predominantly in FIAT currency. When [estimating the marginal cost of (Bitcoin Cash) transactions](https://old.reddit.com/r/btc/comments/7qi6mf/estimating_the_marginal_cost_of_a_transaction_on/) I used FIAT. BTC is a little different, because the POW becomes a marginal cost due to the limited blocksize. So for miners to keep up the hashrate, fees need to go up to compensate.

Commented by /u/phillipsjk in /r/btc on May 21, 2020 11:00:06
/r/btc/comments/gnxlql/怎么为比特币现金协议开发提供资金_how_to_fund_bitcoin_cash/frcibdm/

I may have confused you with BU or something. Would have been about a year ago.

Commented by /u/phillipsjk in /r/btc on May 21, 2020 10:50:50
/r/btc/comments/gnxlql/怎么为比特币现金协议开发提供资金_how_to_fund_bitcoin_cash/frch2lo/

I am a little confused as to why you feel compliance costs of donations would be so expensive. If I recall correctly, you turned down a large donation because it did not have a thorough enough paper trail.

Commented by /u/phillipsjk in /r/btc on May 21, 2020 10:39:57
/r/btc/comments/gnx4r6/onchain_scaling/frcg8t1/

This is actually an [old criticism](https://web.archive.org/web/20081224103058/https://www.mail-archive.com/cryptography%40metzdowd.com/msg09964.html) that Satoshi anticipated (as evidenced by section 8 of the Whitepaper), > Long before the network gets anywhere near [hundreds of millions of users], it would be safe for users to use Simplified Payment Verification (section 8) to check for double spending, which only requires having the chain of block headers, or about 12KB per day. Only people trying to create new coins would need to run network nodes. At first, most users would run network nodes, but as the network grows beyond a certain point, it would be left more and more to specialists with server farms of specialized hardware. A server farm would only need to have one node on the network and the rest of the LAN connects with that one node. > The bandwidth might not be as prohibitive as you think. A typical transaction would be about 400 bytes (ECC is nicely compact). Each transaction has to be broadcast twice, so lets say 1KB per transaction. Visa processed 37 billion transactions in FY2008, or an average of 100 million transactions per day. That many transactions would take 100GB of bandwidth, or the size of 12 DVD or 2 HD quality movies, or about $18 worth of bandwidth at current prices. > If the network were to get that big, it would take several years, and by then, sending 2 HD movies over the Internet would probably not seem like a big deal. > Satoshi Nakamoto

Commented by /u/phillipsjk in /r/btc on May 21, 2020 10:32:35
/r/btc/comments/gnxlql/怎么为比特币现金协议开发提供资金_how_to_fund_bitcoin_cash/frcfbyd/

Seems like a slightly old document: > We are carrying out a fundraiser during the month of Apr 2020 at fund.bitcoinabc.org that includes these options.

Commented by /u/phillipsjk in /r/btc on May 21, 2020 10:24:26
/r/btc/comments/gnu9cd/all_my_money_is_stuck_in_the_shitty_wallet_named/frcetql/

Additionally, BTC.com supports Bitcoin Cash! I find it annoying the BTC wallet get prominence though; it is useless to me.

Commented by /u/phillipsjk in /r/btc on May 21, 2020 10:19:52
/r/btc/comments/gnvwk6/selling_unsplit_btc/frceilv/

The Bitcoin-SV forked lacked replay protection. It may be advisable to use Schnorr signatures that BSV does not support when spending BCH.

Commented by /u/phillipsjk in /r/btc on May 21, 2020 10:17:04
/r/btc/comments/gnvk9m/bitcoin_fees/frcdky0/

They can't make the censorship obvious to genuine newbies. That is why they check your post history for knowledge of the space before deleting such comments as "concern trolling".

Commented by /u/phillipsjk in /r/btc on May 21, 2020 10:08:23
/r/btc/comments/gnvk9m/bitcoin_fees/frcd01e/

u/ZeroRobot (tagged because I am banned in r/bitcoin as an "alt-coin scammer") Not sure if you are talking about a physical merchant, but Bitcoin Cash would be superior to the lightning network in that case. If you use the Bitcoin.com Bitcoin Cash Register app, you can set it up to send money to a "Watch only" wallet. A "watch only" wallet is like a drop-safe for every transaction. The private keys can be geographically distributed and stored off-line (practically you would need a hardware wallet or dedicated machine to keep it air-gapped). The Lighting Network has a technical requirement for a "hot wallet" to send an invoice. This is a security risk because computers are inherently insecure, and there is literal money on the line. The Core Developers have a [goal of encouraging high fees to force your to use awkward second layers like lightning](https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-December/015455.html) or side-chains like liquid.

Commented by /u/phillipsjk in /r/btc on May 21, 2020 10:02:53
/r/btc/comments/gnrqvt/support_bitcoin_cash/frcaqx0/

Wait, I am confused: what would proton mail use a suggestion platform that requires a facebook or google signin?

Commented by /u/phillipsjk in /r/btc on May 21, 2020 09:41:26
/r/btc/comments/gnqj0e/btc_now_has_a_17_hour_backlog_100mb_mempool/frc915y/

The large mempool actually makes it harder on the RasPis due to limited RAM.

Commented by /u/phillipsjk in /r/btc on May 21, 2020 09:24:11
/r/CryptoCurrency/comments/gnbp3n/a_recently_mined_block_contained_fees_totaling/frbm1nn/

If you don't like Mike Hearn, Jeff Garzik made a similar warning in December 2015: [Bitcoin is Being Hot-Wired for Settlement](https://medium.com/@jgarzik/bitcoin-is-being-hot-wired-for-settlement-a5beb1df223a).

Commented by /u/phillipsjk in /r/CryptoCurrency on May 21, 2020 03:45:45
/r/btc/comments/gnlb0d/barely_sociable_jesus_christ_these_people_are_so/frbivxv/

Adam Back is not Satoshi.

Commented by /u/phillipsjk in /r/btc on May 21, 2020 02:55:08
/r/btc/comments/gnqj0e/btc_now_has_a_17_hour_backlog_100mb_mempool/frbioze/

> The only way to stop the backlog from growing is by demand for onchain transactions falling. conflicts with: > I believe that the last chance for sub-$10k BTC will soon pass,

Commented by /u/phillipsjk in /r/btc on May 21, 2020 02:52:06
/r/btc/comments/gnlb0d/barely_sociable_jesus_christ_these_people_are_so/frbhf40/

It is not a technical issue because BTC is nowhere near the technical limitations of the software. > And this debate started well before blockstream existed. * Blockstream: [funded November 2014](https://blockstream.com/about/) * Edit: December 2014 copy of "Keep Bitcoin Free" was a mirror. Do you have any sources pre-dating November 2014? * [Keep Bitcoin Free Propaganda video](https://www.youtube.com/watch?v=cZp7UGgBR0I): May 2013 * [40 byte OP_Return](http://www.talkcrypto.org/blog/2016/12/30/op_return-40-to-80-bytes/): February 2014 * [Luke-Jr Blacklists luckybit](https://gitlab.com/bitcoin/luke-jr-bitcoin/commit/5f8e7180c4b34d5f46c61a6dd2242f4249b5f79a): March 2014 > Saying you know better than everyone who disagrees with you is arrogant. If you want to start your own project, don't steal the name of an existing one. The basic Bitcoin concept works. There was no reason to radically change it. > And the small block chain has continued to be valued higher by the free market. [Dubious](https://cointelegraph.com/news/plaintiffs-in-tether-bitcoin-price-manipulation-case-will-not-drop-complaint). The "counter study" does not appear to invalidate the claims of the first study: since Tether injections only happen when the price dips anyway. > I need to trust others to validate my transactions. Read Section 8 of the whitepaper, or install BRD wallet (but turn off fast Bitcoin syncing).

Commented by /u/phillipsjk in /r/btc on May 21, 2020 02:32:34
/r/btc/comments/gnlb0d/barely_sociable_jesus_christ_these_people_are_so/frbek5b/

IMO, it is not a technical issue, it is a political one. For it to be a technical issue, the Core Developers would have to be incompetent.

Commented by /u/phillipsjk in /r/btc on May 21, 2020 01:49:46
/r/btc/comments/gnlb0d/barely_sociable_jesus_christ_these_people_are_so/frbdx8q/

> Don't let your opinions on blocksize influence this. There are heaps of smart people on both sides of that deabate, and its very reasonable to think that Satoshi is not on the same side you are (along with blockstream). Satoshi is [on record saying he expected 700MB blocks](https://web.archive.org/web/20081224103058/https://www.mail-archive.com/cryptography%40metzdowd.com/msg09964.html). (100GB/day)/(144blocks/day)

Commented by /u/phillipsjk in /r/btc on May 21, 2020 01:40:27
/r/btc/comments/gnlb0d/barely_sociable_jesus_christ_these_people_are_so/frbchbt/

Did you miss the "5 eyes" downloading the Internet to analyze the traffic at their leisure? Canada [spent over $1 Billion on their CSEC headquaters](https://www.cbc.ca/news/politics/inside-canada-s-top-secret-billion-dollar-spy-palace-1.1930322) That is tiny compared to the [Utah datacenter](https://en.wikipedia.org/wiki/Utah_Data_Center) Britain's [GCHQ has similar capability](https://en.wikipedia.org/wiki/Tempora)

Commented by /u/phillipsjk in /r/btc on May 21, 2020 01:20:25
/r/btc/comments/gnmqsw/btc_coin_block_size_reduction_is_the_solution_for/frazx6c/

It sucks that most exchanges seem to rely on BTC as a base trading pair.

Commented by /u/phillipsjk in /r/btc on May 20, 2020 22:55:07
/r/CryptoCurrency/comments/gna4ee/bitcoin_pizza_day_celebrating_the_worlds_most/frazhk7/

No, Laszlo did not spend millions on pizza. He set a Bitcoin floor price of $20/10,000(bitcoin) by posting an open request for pizza in exchange for Bitcoin.

Commented by /u/phillipsjk in /r/CryptoCurrency on May 20, 2020 22:50:48
/r/btc/comments/gn96to/btc_coin_best_way_to_avoid_high_fees_long/fraz5a0/

They still celebrate Bitcoin Pizza day. They kind of miss the point when they claim he spent "millions" on a Pizza. No, he gave Bitcoin a floor price of $20/10,000bitcoin.

Commented by /u/phillipsjk in /r/btc on May 20, 2020 22:47:25
/r/btc/comments/gnmqsw/btc_coin_block_size_reduction_is_the_solution_for/fraynj5/

I divested from BTC due to the systemic risk of not being able to process expected transaction demand. You say you don't like the fees, but high fees are now a design goal of the Bitcoin Core software (made explicit in my first link). The Segwit2x upgrade would have also relieved fee pressure for some time (but the patch linked above disconnects Segwit2x nodes).

Commented by /u/phillipsjk in /r/btc on May 20, 2020 22:42:31
/r/btc/comments/gnmqsw/btc_coin_block_size_reduction_is_the_solution_for/frawykb/

[Then why do you hold BTC](https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-December/015455.html)? The Core Developers [actively blocked a modest 2MB blocksize increase](https://github.com/bitcoin/bitcoin/pull/10982).

Commented by /u/phillipsjk in /r/btc on May 20, 2020 22:26:01
/r/btc/comments/gnmqsw/btc_coin_block_size_reduction_is_the_solution_for/frawhlo/

I suspect Luke-jr's role is to shift the [Overton Window](https://en.wikipedia.org/wiki/Overton_window). You need an extremist calling for a blocksize reduction in order to make the current stagnation look sensible by comparison.

Commented by /u/phillipsjk in /r/btc on May 20, 2020 22:21:25
/r/CryptoCurrency/comments/gn5ckg/dear_reddit_whats_the_main_cryptocurrency_youre/frau27w/

Because nobody mentioned it, Bitcoin Cash (BCH). The "Bitcoin" (Bitcoin Core, BTC) you heard about has been [known to be dysfunctional for about 5 years now](https://blog.plan99.net/the-resolution-of-the-bitcoin-experiment-dabb30201f7). The Segregated Witness upgrade only increased the capacity by something like 50%. Bitcoin Cash is a continuation of the original Bitcoin experiment (with larger blocks, and thus, more capacity (and no segregated witness except BIP143)).

Commented by /u/phillipsjk in /r/CryptoCurrency on May 20, 2020 21:58:01
/r/btc/comments/gncau9/someone_is_moving_around_coins_from_february_2009/frarj1j/

The BCH-BSV split was a bitter one. It is a reminder to not get into a nasty argument.

Commented by /u/phillipsjk in /r/btc on May 20, 2020 21:34:01
/r/btc/comments/gncau9/someone_is_moving_around_coins_from_february_2009/fraes8a/

The most valuable fork is currently BTC.

Commented by /u/phillipsjk in /r/btc on May 20, 2020 19:35:29
/r/btc/comments/gnbscb/btc_is_on_a_controlled_demolition_schedule/fradxv5/

I have difficulty imagining any "flippening" scenario that is not over very quickly. BTC holders may have a week to get their money out, at best. The only thing that may slow things down is actually the transaction fees as people rush to get their money out. (And that assumes most BTC is stored off-exchanges.) Fees over $25/tx can sustain mining at current prices for a while. If the price starts to drop, the fees would have to climb to over $50/tx to keep up the current hash-rate. The good news is that BTC stuck on-chain will temporarily keep the price up: because it is not available to be sold on exchanges. If the price of BCH exceeds the price of BTC for any extended period of time, BTC is essentially dead in the water. BTC's sole benefit over BCH is liquidity for exchange usage. If the price drops substantially, you will see longer block times (and thus reduced transaction throughput) for weeks.

Commented by /u/phillipsjk in /r/btc on May 20, 2020 19:27:28
/r/btc/comments/gnbscb/btc_is_on_a_controlled_demolition_schedule/fracoaa/

BCH only exists because BTC was sabotaged, with the sabotage being covered up on a grand scale. I feel like a loony conspiracy theorist every time I explain it.

Commented by /u/phillipsjk in /r/btc on May 20, 2020 19:14:43
/r/CryptoCurrency/comments/gnbp3n/a_recently_mined_block_contained_fees_totaling/fra4ife/

It was [predicted 4 years ago]( https://blog.plan99.net/the-resolution-of-the-bitcoin-experiment-dabb30201f7) by Mike Hearn.

Commented by /u/phillipsjk in /r/CryptoCurrency on May 20, 2020 17:02:55
/r/CryptoCurrency/comments/gnbp3n/a_recently_mined_block_contained_fees_totaling/fra4a52/

If [only somebody could have warned us in early 2016](https://blog.plan99.net/the-resolution-of-the-bitcoin-experiment-dabb30201f7) that this would happen.

Commented by /u/phillipsjk in /r/CryptoCurrency on May 20, 2020 17:01:10
/r/CryptoCurrency/comments/gnbp3n/a_recently_mined_block_contained_fees_totaling/fra3vku/

Only because they have been lied to, though censorship and propaganda. Fees 1000x the marginal transaction cost (neglecting POW) are not the sign of a healthy system. I neglect POW in the marginal cost calculation because it is actually a fixed cost if you allow the blocksize to grow. Miners worry more about orphan risk (due to latency) than the cost of bandwidth, processing, and storage.

Commented by /u/phillipsjk in /r/CryptoCurrency on May 20, 2020 16:58:01
/r/CryptoCurrency/comments/gnbp3n/a_recently_mined_block_contained_fees_totaling/fra3088/

Satoshi predicted racks of computers and [700MB blocks](https://web.archive.org/web/20081224103058/https://www.mail-archive.com/cryptography%40metzdowd.com/msg09964.html). The idea of fees replacing the bock subsidy is predicated on usage. The Core Developer gamed the metric by making the blocksize inelastic. Since the miners are no longer able to raise the blocksize to accommodate more transactions: the fees are extremely volatile as a result.

Commented by /u/phillipsjk in /r/CryptoCurrency on May 20, 2020 16:51:18
/r/CryptoCurrency/comments/gnd0oo/50_btc_minted_in_2009_have_been_moved_for_the/fr9xnpc/

https://bitslog.com/2019/04/16/the-return-of-the-deniers-and-the-revenge-of-patoshi/

Commented by /u/phillipsjk in /r/CryptoCurrency on May 20, 2020 16:08:52
/r/CryptoCurrency/comments/gmo0c6/xbtusd_went_to_0_on_bitmex_futures_and_the/fr9v75k/

It appears that the whole 'bcash' thing was a (successful) Blockstream marketing campaign with two primary goals: 1. Strip "Bitcoin Cash" of the Bitcoin name 2. Paint Bitcoin Cash as a scam, especially if we take back the name. Note how literal scam forks, like Bitcoin Gold, were allowed to keep "Bitcoin" in the name. [Evidence](https://np.reddit.com/r/btc/comments/bko3n6/who_created_the_derogatory_bcash_term_wheres_the/): * Jimmy Song ([Venture Partner, Block Chain Capital](https://www.coindesk.com/bitcoin-dev-jimmy-song-is-now-a-blockchain-capital-partner), shareholder of Blockstream) had [the earliest known use](https://np.reddit.com/r/btc/comments/bko3n6/who_created_the_derogatory_bcash_term_wheres_the/emilv3y/) * Samson Mow (Chief Strategy Officer at Blockstream) [Wrote a piece for institutional readers emphasizing how dangerous a fork can be](https://fortune.com/2017/08/07/bitcoin-cash-bch-hard-fork-blockchain-usd-coinbase/) (and included the term, despite it being out of place in a "professional" report) * Adam Back (CEO of blockstream) [actively encouraged people to use the term](https://np.reddit.com/r/btc/comments/92twd4/did_adam_back_erase_his_tweet_about_calling_bch/)

Commented by /u/phillipsjk in /r/CryptoCurrency on May 20, 2020 15:50:03
/r/btc/comments/gncau9/someone_is_moving_around_coins_from_february_2009/fr9sps7/

I thought it was the Kleinman estate going to court with CSW.

Commented by /u/phillipsjk in /r/btc on May 20, 2020 15:30:50
/r/btc/comments/gncau9/someone_is_moving_around_coins_from_february_2009/fr9scae/

One of the talking points during the split was that using the wallets from forked coins was dangerous. The Bitcoin Gold website linked to a literal coin stealing wallet just to drive the point home. That last statement is dangerously close to slander, but from what I have seen, it was a literal scam fork to make Bitcoin Cash look bad by association.

Commented by /u/phillipsjk in /r/btc on May 20, 2020 15:27:59
/r/btc/comments/gnbafs/my_four_year_vpn_provider_astrill_dropped_support/fr9ocwi/

Based on the screenshot, I suspect Bitpay just stopped making the cheaper Bitcoin Cash option obvious. May check myself; need to renew some domains at namecheap.

Commented by /u/phillipsjk in /r/btc on May 20, 2020 14:56:12
/r/btc/comments/gn48cf/isnt_it_all_pretty_convenient/fr943bx/

If you want a 4th example, the small blockers in #trilema (now #Bitcoinassets (or similar)) on freenode got DDOS'd as well. The mitigation is to request a cloak if you want to lurk.

Commented by /u/phillipsjk in /r/btc on May 20, 2020 12:15:24
/r/btc/comments/gncqe9/an_11_year_old_utxo_has_just_been_spent_btc/fr8wf7w/

Previous discussion: https://old.reddit.com/r/btc/comments/gncau9/someone_is_moving_around_coins_from_february_2009/

Commented by /u/phillipsjk in /r/btc on May 20, 2020 11:12:09
/r/btc/comments/gnbscb/btc_is_on_a_controlled_demolition_schedule/fr8toj9/

I am guessing it is a LARP, but the underlying weakness of BTC is real. The Core Developers opted to halt transaction growth: hoping high fees will sustain the chain. That can't go on: so long as alternatives, like Bitcoin Cash, exist.

Commented by /u/phillipsjk in /r/btc on May 20, 2020 10:48:27
/r/btc/comments/gnbscb/btc_is_on_a_controlled_demolition_schedule/fr8sm99/

Nitpick: the Core devs refused to attend the later New York agreement meeting. [Hong Kong Agreement](https://medium.com/@bitcoinroundtable/bitcoin-roundtable-consensus-266d475a61ff) [New York Agreement](https://medium.com/@DCGco/bitcoin-scaling-agreement-at-consensus-2017-133521fe9a77)

Commented by /u/phillipsjk in /r/btc on May 20, 2020 10:39:05
/r/btc/comments/gncau9/someone_is_moving_around_coins_from_february_2009/fr8s9c3/

Checked [Blockchair.com](https://blockchair.com/bitcoin/address/17XiVVooLcdCUCMf9s4t4jTExacxwFS5uh): the [BCH](https://blockchair.com/bitcoin-cash/address/17XiVVooLcdCUCMf9s4t4jTExacxwFS5uh) and [BSV]( https://blockchair.com/bitcoin-sv/address/17XiVVooLcdCUCMf9s4t4jTExacxwFS5uh) coins have not moved yet.

Commented by /u/phillipsjk in /r/btc on May 20, 2020 10:35:54
/r/btc/comments/gnbafs/my_four_year_vpn_provider_astrill_dropped_support/fr8qpvw/

Be sure to let them know that giving into bullies is causing them to lose business. Edit: did you check the drop-down list top right?

Commented by /u/phillipsjk in /r/btc on May 20, 2020 10:21:54
/r/btc/comments/gn48cf/isnt_it_all_pretty_convenient/fr8ot2i/

What makes you think all the nodes were run in a single location?

Commented by /u/phillipsjk in /r/btc on May 20, 2020 10:04:00
/r/btc/comments/gn48cf/isnt_it_all_pretty_convenient/fr8ony1/

If the nodes are actually validating and relaying transactions, it is not pseudospoofing. Observer nodes have a role to play in serving SPV nodes and using up the resources of any would-be attacker.

Commented by /u/phillipsjk in /r/btc on May 20, 2020 10:02:39
/r/btc/comments/gn48cf/isnt_it_all_pretty_convenient/fr8o19v/

For the August 1, 2017 fork, I rented a "So You Start" server at OVH. They are big enough to provide some DDOS protection. If enough people do the same, with different providers, they can't take down all the nodes.

Commented by /u/phillipsjk in /r/btc on May 20, 2020 09:56:38
/r/btc/comments/gn48cf/isnt_it_all_pretty_convenient/fr8nhmy/

That is exactly why I paid $80/month for a dedicated server for several months to host ABC (part of the expense was extra core so I could mine Monero, but never found blocks). I figured I could reasonably spend half my crypto savings to make sure that Bitcoin Cash does not die on the vine. Aslo bough my "white elephant" computer for Monero mining and a Bitcoin Cash node with used hardware.

Commented by /u/phillipsjk in /r/btc on May 20, 2020 09:51:24
/r/btc/comments/gmnbc8/if_you_need_to_explain_the_benefits_of_bitcoin/fr7chru/

I find that format for webpages frustrating. I leave before I find any "meat". I am not neurotypical though (have high attention to detail). For example, I found https://anyhedge.com/ unreadable.

Commented by /u/phillipsjk in /r/btc on May 19, 2020 23:10:18
/r/btc/comments/gmq7s6/every_box_we_ship_to_sell_on_amazon_now_includes/fr7b6t3/

The bot may have outlived it's usefulness. People got banned from the community after heated arguments. The bot lets you know not to feed the troll.

Commented by /u/phillipsjk in /r/btc on May 19, 2020 22:56:37
/r/btc/comments/gmkb8f/thank_you_for_helping_to_secure_the_network/fr7auou/

People say 'no' when I offer Bitcoin Cash often enough.

Commented by /u/phillipsjk in /r/btc on May 19, 2020 22:53:07
/r/btc/comments/gmfzd7/mmw_ethereum_will_overtake_bitcoin_if_there_is_an/fr6e5y8/

The lack of consensus was evident by the Bitcoin Cash fork. Consensus is a *VERY* high bar for making decisions on a world-wide basis. All it takes is [one person](http://trilema.com/2016/the-necessary-prerequisite-for-any-change-to-the-bitcoin-protocol/) (NSFW) to block all progress.

Commented by /u/phillipsjk in /r/btc on May 19, 2020 17:43:47
/r/btc/comments/gmfzd7/mmw_ethereum_will_overtake_bitcoin_if_there_is_an/fr6bekb/

The core devs agreed to the compromise in 2016! > In the rest of your comment, you are denying reality. You are literally delusional. Methinks you are projecting a bit.

Commented by /u/phillipsjk in /r/btc on May 19, 2020 17:20:37
/r/btc/comments/gmfzd7/mmw_ethereum_will_overtake_bitcoin_if_there_is_an/fr69c0j/

> So you agree that Segwit2x was not a compromise No? I am saying the core developers refused to compromise. Segwit was very unpopular. It only got activated after miners [reminded the Core Developers](https://medium.com/@DCGco/bitcoin-scaling-agreement-at-consensus-2017-133521fe9a77) that a blocksize increase had wide industry support. I concede the core devs refused to attend that meeting. > 2MB+segwit... that's what we got. No, we got 1MB+Segwit.

Commented by /u/phillipsjk in /r/btc on May 19, 2020 17:03:05
/r/btc/comments/gmfzd7/mmw_ethereum_will_overtake_bitcoin_if_there_is_an/fr67onw/

1. What evidence do you have that "Roger feigned support for Segwit2x"? 2. You are disputing my assertion that segwit2x was a compromise, not that the Core Developers actively blocked it. The Core Developers got everything they wanted and conceded nothing. 3. Have you read the HKA? The Core Developers agreed to a blocksize increase of about 2MB+segwit; and in return, the miners agreed to only run the Core software (Instead of Bitcoin XT, Bitcoin Classic, or Bitcoin Unlimited). If the Core Developers did not like the specific Segwit2X implementation, they were free to code their own. Based on their actions, it was the Core Developers who "feigned support for Segwit2x". I speculate that is why the HKA specified a 3 month delay for the hard-fork: they never intended to follow though.

Commented by /u/phillipsjk in /r/btc on May 19, 2020 16:49:13
/r/btc/comments/gmq2ku/ama_request_the_two_no2x_guys_from_arnhem_at_the/fr66709/

> So just ditch the Peer to Peer part of P2P e-cash then? Not sure where you get that. The whitepaper explicitly assumes the miners are "honest". What keeps miners in check is the prospect of buring energy for no financial benefit. > Fraud proofs have proven to be either far more difficult than Satoshi imagined, or impossible (within reasonable efficiency). In the above scenario, you need only one group monitoring an observer node to notice something is going on. Even at scale, it will be within the means of many organizations to verify the claims. Such a scandal would cause the price to crash. If the problem is found fast enough to do a reorg (within 100 blocks?) , those blocks may be worthless. >But they cannot be fooled into accepting invalid blocks. They can be if there is a soft fork that miners enforce that the full node does not know about.

Commented by /u/phillipsjk in /r/btc on May 19, 2020 16:36:48
/r/btc/comments/gmfzd7/mmw_ethereum_will_overtake_bitcoin_if_there_is_an/fr656cw/

I don't see your citations.

Commented by /u/phillipsjk in /r/btc on May 19, 2020 16:28:27
/r/btc/comments/gmq7s6/every_box_we_ship_to_sell_on_amazon_now_includes/fr61tzs/

The BSV fork did a lot of damage to the community. nChain threw a lot of money around, and allowed start-ups to use their patented technology, so long as they only supported "Bitcoin Cash". nChain then tried to take over the direction of the protocol in a hostile takeover ("accidentally" forking with BSV). The November 15, 2018 drop in the price of BTC was just some of the fallout. Edit: forgot my point: many Bitcoin Cash exclusive startups became Bitcoin SV exclusive startups. As far as I can tell, this was against the wishes of some of the owners. Ryan X Charles (moneybutton and yours.org) was practically begging us to kill off BSV somehow. Edit: Did not find citation in video form of the last point, [but Ryan X Charles explicitly said he went with SV over the threat of patent litigation](https://old.reddit.com/r/btc/comments/9yaf8j/nchain_will_sue_my_company_if_i_choose_bch_over/).

Commented by /u/phillipsjk in /r/btc on May 19, 2020 16:00:31
/r/btc/comments/gmq2ku/ama_request_the_two_no2x_guys_from_arnhem_at_the/fr60bj4/

> **8.Simplified Payment Verification** > It is possible to verify payments without running a full network node. A user only needs to keep a copy of the block headers of the longest proof-of-work chain, which he can get by querying network nodes until he's convinced he has the longest chain, and obtain the Merkle branch linking the transaction to the block it's timestamped in. He can't check the transaction for himself, but by linking it to a place in the chain, he can see that a network has accepted it. If the miners are lying (about the transaction being valid), it takes just one business or watchdog group with an observer node to call shenanigans. > As such, the verification is reliable as long as honest nodes control the network, but is more vulnerable if the network is overpowered by an attacker. While network nodes can verify transactions for themselves, the simplified method can be fooled by an attacker's fabricated transactions for as long as the attacker can continue to overpower the network. One strategy to protect against this would be to accept alerts from network nodes when they detect an invalid block, prompting the user's software to download the full block and alerted transactions to confirm the inconsistency. Businesses that receive frequent payments will probably still want to run their own nodes for more independent security and quicker verification. Section 11 estimates how likely an attacker is to overpower the network. Note that full observer nodes would also be fooled by a 51% attack, unless the attacker's transactions are completely baseless.

Commented by /u/phillipsjk in /r/btc on May 19, 2020 15:47:59
/r/btc/comments/gmq2ku/ama_request_the_two_no2x_guys_from_arnhem_at_the/fr5zbgc/

Observer nodes have essentially the same security as SPV nodes: because just about any change, no matter how contentious, can be done as a "soft-fork".

Commented by /u/phillipsjk in /r/btc on May 19, 2020 15:39:46
/r/btc/comments/gmlb4q/i_have_tried_supporting_bitcoin_but_the/fr5xr0q/

> The checkpoints is a mechanism to let minority hash override majority hash. They were brought in to discourage people from even *trying* to do a deep reorg. During the November 15, 2018 fork: miners showed that they were willing to defend the BCH chain from attack. They temporarily doubled the BCH hash-rate, despite it being uneconomic in the short-term. What the 10-block reorg protection does is automatically freeze transaction processing during an attack. Miners would then pull hashpower from BTC to out-pace the attack chain, The ultimate solution is for BCH to become the majority chain. However, BTC may be "too big to fail" at this point; miners may be reluctant to let it collapse.

Commented by /u/phillipsjk in /r/btc on May 19, 2020 15:27:11
/r/btc/comments/gmlb4q/i_have_tried_supporting_bitcoin_but_the/fr5v9jh/

The 10 block reorg protection assumes that stealth reorgs are either an attack or a serious bug. In both cases manual intervention, such as the reconsiderblock command, is prudent from node operators. POW still prevails for SPV clients or those not paying attention.

Commented by /u/phillipsjk in /r/btc on May 19, 2020 15:07:21
/r/btc/comments/gmmoln/bitcoin_is_mined_using_a_single_manufacturers/fr5iar5/

Show me your greatest strength, and I will show you your greatest weakness.

Commented by /u/phillipsjk in /r/btc on May 19, 2020 13:23:36
/r/btc/comments/gmpc5h/thanks_i_think_i_will_get_ready_to_short_bitcoin/fr5hbf6/

Coinex lets me short BTC (and BCH) while using it as collateral. This means that if I use low leverage, and keep back enough collateral, I am unlikely to be ever liquidated. My liquidation price is listed as infinity (but I do not fully trust that: it also claims my chance of forced liquidation is a fraction of a percent ).

Commented by /u/phillipsjk in /r/btc on May 19, 2020 13:16:04
/r/btc/comments/gmmoln/bitcoin_is_mined_using_a_single_manufacturers/fr5g3py/

The first twitter reply links to a post explaining BCH's problem: too much decentralization. https://twitter.com/EatSleepCrypto/status/1262738652293201923

Commented by /u/phillipsjk in /r/btc on May 19, 2020 13:06:33
/r/btc/comments/gm4ffq/bitcoincoms_mining_video_censored_the_tale_of/fr5f9jh/

No, also meat plants and other outbreak settings. If there are are asymptomatic people in the general population, they should show up in the contact tracing if/when they infect other people who go on to develop symptoms. They have been offering to test anybody with even mild symptoms for about a month now. They are able to do this because they have spare testing capacity.

Commented by /u/phillipsjk in /r/btc on May 19, 2020 13:00:00
/r/btc/comments/gmfzd7/mmw_ethereum_will_overtake_bitcoin_if_there_is_an/fr5e6cz/

It appears Blocksteam already rebranded Bitcoin Cash for us "[to avoid buyer confusion](https://fortune.com/2017/08/07/bitcoin-cash-bch-hard-fork-blockchain-usd-coinbase/)". The problem is that they failed to also rebrand Bitcoin Core at the same time, leading to buyer confusion. Some people think BTC is actually the state-of-the art cryptocurrency. They get confused when the "flagship" cryptocurrency can't process transactions in a cheap and timely manner.

Commented by /u/phillipsjk in /r/btc on May 19, 2020 12:51:28
/r/btc/comments/gmfzd7/mmw_ethereum_will_overtake_bitcoin_if_there_is_an/fr5dgbm/

[Roger was a big supporter of Segwit2x](https://www.ccn.com/roger-ver-bets-4-million-segwit2x-hard-fork/). But the [Core Developers actively blocked](https://github.com/bitcoin/bitcoin/pull/10982) that compromise solution [despite agreeing to it previously](https://medium.com/@bitcoinroundtable/bitcoin-roundtable-consensus-266d475a61ff).

Commented by /u/phillipsjk in /r/btc on May 19, 2020 12:45:42
/r/btc/comments/gmkb8f/thank_you_for_helping_to_secure_the_network/fr5b4da/

Well you aren't being clear about what you think is expensive about 32MB blocks. The most expensive part of hosting a node is actually bandwidth usage, not the hardware.

Commented by /u/phillipsjk in /r/btc on May 19, 2020 12:27:06
/r/btc/comments/gmr5f6/what_is_stopping_us_from_implementing_fractional/fr589tp/

It is not a pressing issue? You can pay fees down to 0.004 Sat/kB without fractional satoshis (1 sat for 250 byte transaction).

Commented by /u/phillipsjk in /r/btc on May 19, 2020 12:03:54
/r/btc/comments/gmlb4q/i_have_tried_supporting_bitcoin_but_the/fr57at7/

The Lighting Network does not directly compete at all. * You are required to lock up funds in smart contracts to use it * To receive money on the LN, you need a "hot wallet" in order to send the invoice. This is a security risk. * LN is only designed for small transactions. For small transactions, 0-conf on BCH is "good enough" security (about the same as a signed check until in confirms within about an hour).

Commented by /u/phillipsjk in /r/btc on May 19, 2020 11:55:54
/r/btc/comments/gm4ffq/bitcoincoms_mining_video_censored_the_tale_of/fr55zyl/

For the last several weeks, Alberta has been testing asymptomatic people in outbreak settings.

Commented by /u/phillipsjk in /r/btc on May 19, 2020 11:45:06
/r/btc/comments/gmkb8f/thank_you_for_helping_to_secure_the_network/fr54kkc/

[Greg Maxwell](https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-December/015455.html) who was delighted the fees climbed over $50 in late 2017. Assuming 1 tx per month, that adds up to the cost of my BCH node within a year.

Commented by /u/phillipsjk in /r/btc on May 19, 2020 11:33:09
/r/btc/comments/gmkb8f/thank_you_for_helping_to_secure_the_network/fr53zd1/

If the fees are high enough, it may be better to let a competitor deal with the fees. Disclaimer: don't actually run a business (yet).

Commented by /u/phillipsjk in /r/btc on May 19, 2020 11:28:12
/r/btc/comments/gmkb8f/thank_you_for_helping_to_secure_the_network/fr53oqw/

Making nodes cheaper than transactions is false economy.

Commented by /u/phillipsjk in /r/btc on May 19, 2020 11:25:39
/r/btc/comments/gmkb8f/thank_you_for_helping_to_secure_the_network/fr53bgk/

Were you arguing over hard-rive space then? The smallest drive you can buy is 1TB, which is good enough for 5-10 more years of transactions, even with full BTC blocks. That lines up with the Mean Time Before Failure of the drive anyway.

Commented by /u/phillipsjk in /r/btc on May 19, 2020 11:22:30
/r/btc/comments/gm4ffq/bitcoincoms_mining_video_censored_the_tale_of/fr52d76/

The under-reporting is only true in jurisdictions unable to test everyone who is sick.

Commented by /u/phillipsjk in /r/btc on May 19, 2020 11:14:26
/r/btc/comments/gm1kke/bchs_problem_is_too_much_decentralization_haipo/fr48cwr/

You are supposed to pander to your audience to a certain extent. People get a little upset if both versions of what you say actually directly contradict.

Commented by /u/phillipsjk in /r/btc on May 19, 2020 05:10:54
/r/btc/comments/gm1kke/bchs_problem_is_too_much_decentralization_haipo/fr4802d/

I found the [ADVChina series informative](https://www.youtube.com/channel/UCwNPa8fSXzzAZuT9859GVhg). You are basically not allowed to rock the boat too much in China.

Commented by /u/phillipsjk in /r/btc on May 19, 2020 05:04:37
/r/btc/comments/gmc84j/i_see_some_3_4_5_and_6/fr45ld4/

Careful: if you give them points, they may try to get a high score.

Commented by /u/phillipsjk in /r/btc on May 19, 2020 04:23:21
/r/btc/comments/gmak1a/jack_dorsey_pumping_his_bags_cashapp_now_lets_you/fr43uo8/

I don't recommend BTC for savings either. Currently shorting it (with relatively low leverage, because traditionally shorting BTC is a bad idea). Re 2: the are a lot of things, like software purchase, that seem to skirt that rule. Explaining something is a "final sale" may be enough.

Commented by /u/phillipsjk in /r/btc on May 19, 2020 03:54:48
/r/btc/comments/gm2r7i/never_forget_the_future_that_was_stolen_from_you/fr3ztwl/

[Flowee the Hub](https://flowee.org/) has an improved database that takes advantage of Bitcoin's write-only nature.

Commented by /u/phillipsjk in /r/btc on May 19, 2020 02:52:00
/r/btc/comments/gm2r7i/never_forget_the_future_that_was_stolen_from_you/fr3zmxh/

BTC!=Bitcoin for the very reason you outline.

Commented by /u/phillipsjk in /r/btc on May 19, 2020 02:49:11
/r/btc/comments/gm2r7i/never_forget_the_future_that_was_stolen_from_you/fr3scec/

You seem confused: Roger did not change, "Bitcoin" changed.

Commented by /u/phillipsjk in /r/btc on May 19, 2020 01:08:55
/r/btc/comments/gm2r7i/never_forget_the_future_that_was_stolen_from_you/fr3rz5o/

> ... **In a few decades** when the reward gets too small, the transaction fee will become the main compensation for nodes. It has only been 1 decade. BTC shot itself in the foot even before the "early adopter" phase.

Commented by /u/phillipsjk in /r/btc on May 19, 2020 01:04:12
/r/btc/comments/gm2r7i/never_forget_the_future_that_was_stolen_from_you/fr3rj8z/

I may steal that analogy.

Commented by /u/phillipsjk in /r/btc on May 19, 2020 00:58:35
/r/btc/comments/gm7ruy/btc_coin_fee_the_price_of_a_buttermilk_crispy/fr3lgft/

When I was a teen, [McDonalds sold Pizza](https://mcdonalds.fandom.com/wiki/McPizza). They used microwave-convection ovens or something to cook it in 3 minutes. Edit: source I found says 11 minutes, which is the same as a pizza in a conventional oven. Edit2: [This source says under 5 minutes](https://www.youtube.com/watch?v=QAs1R-rwXPU)

Commented by /u/phillipsjk in /r/btc on May 18, 2020 23:46:56
/r/btc/comments/gm5s3p/interesting_increase_block_size_limit_it_can_be/fr3kk7p/

The fear we have is that the BTC side intends to poison the well so that people will stay away from ANY cryptocurrency. We saw that [just the other day with pine64 being bullied to drop Bitpay](https://old.reddit.com/r/btc/comments/gltmhq/pine64_drops_bitpay_after_concern_trolling_by/). (which happens to support both coins).

Commented by /u/phillipsjk in /r/btc on May 18, 2020 23:37:15
/r/btc/comments/gmdn3v/could_the_flippening_happen_during_the_next_23/fr3iyta/

You go all the way back to late 2017; but cut out the part where BCH would have "flippened" BTC if not for all the exchanges halting trading at the same time?

Commented by /u/phillipsjk in /r/btc on May 18, 2020 23:20:21
/r/btc/comments/gmak1a/jack_dorsey_pumping_his_bags_cashapp_now_lets_you/fr3h8nq/

I just cringe every time people sell BTC to the public. I am considering writing up a piece about why it probably goes against consumer protection law. Short version: 1. Not fit for purpose (assuming purpose is payments over speculation). 2. In my jurisdiction consumers have 14 days to ask for a refund. May not be possible if their money is stuck in the mempool for 14 days. BTW, in my jurisdiction, Business to Business transactions are exempt from consumer protection law.

Commented by /u/phillipsjk in /r/btc on May 18, 2020 23:02:53
/r/btc/comments/gm4ffq/bitcoincoms_mining_video_censored_the_tale_of/fr3gtpb/

My jurisdiction has one of the highest testing rates per capita in the world. I don't think they are missing more than 50% of cases.

Commented by /u/phillipsjk in /r/btc on May 18, 2020 22:58:37
/r/btc/comments/gm2r7i/never_forget_the_future_that_was_stolen_from_you/fr2hmq3/

Segwit was an addition [people](https://medium.com/@bitcoinroundtable/bitcoin-roundtable-consensus-266d475a61ff) were [willing](https://medium.com/@DCGco/bitcoin-scaling-agreement-at-consensus-2017-133521fe9a77) to [compromise](https://www.ccn.com/roger-ver-bets-4-million-segwit2x-hard-fork/) on. BTC became an alt-coin [when they refused the 2MB block increase part of that compromise](https://github.com/bitcoin/bitcoin/pull/10982).

Commented by /u/phillipsjk in /r/btc on May 18, 2020 17:30:37
/r/btc/comments/gm5s3p/interesting_increase_block_size_limit_it_can_be/fr295kc/

We lose momentum every-time some idealist accepts money with patented strings attached.

Commented by /u/phillipsjk in /r/btc on May 18, 2020 16:21:29
/r/btc/comments/gm5s3p/interesting_increase_block_size_limit_it_can_be/fr2889d/

It happened again in 2018 with nChain. Being mindful of our history is important. Edit: and again in 2019 with [Code Valley](https://news.bitcoin.com/plans-to-build-a-50m-bitcoin-cash-tech-park-in-north-queensland-revealed/) (can't recall what their patented coding method is called off-hand).

Commented by /u/phillipsjk in /r/btc on May 18, 2020 16:13:54
/r/btc/comments/gm1kke/bchs_problem_is_too_much_decentralization_haipo/fr27zv6/

The patents used to bring people like Ryan X Charles to heel really speaks to premeditation. By funding a large portion of the the budding ecosystem with patent strings attached, they were able to hurt Bitcoin Cash's momentum quite a bit.

Commented by /u/phillipsjk in /r/btc on May 18, 2020 16:11:59
/r/btc/comments/gm5s3p/interesting_increase_block_size_limit_it_can_be/fr278qz/

Seed funding: > Based on those discussions, we invited a few investors to meet with us and learn more about our technology. I’m excited to announce today Blockstream closed a $21 million seed round. Our nearly 40 investors include many well-known pioneers of the Internet and financial services sectors. The round was led by Reid Hoffman, Khosla Ventures and Real Ventures, with investments from Nicolas Berggruen, Crypto Currency Partners, Future\Perfect Ventures, Danny Hillis, Eric Schmidt’s Innovation Endeavors, Max Levchin, Mosaic Ventures, Ray Ozzie, Ribbit Capital, Jerry Yang’s AME Cloud Ventures and several others. https://blockstream.com/2014/11/17/en-blockstream-closes-21m-seed-round/ Series A funding: > Our latest round was led by Horizons Ventures, AXA Strategic Ventures, and Digital Garage, with participation from existing investors including AME Cloud Ventures, Blockchain Capital, Future\Perfect Ventures, Khosla Ventures, Mosaic Ventures, Seven Seas Venture Partners, and Batara Eto. As part of the round, I’m also pleased to welcome Frances Kang from Horizons who has joined our Board of Directors. https://blockstream.com/2016/02/02/en-blockstream-new-investors-55-million-series-a/ This is not exactly secret stuff.

Commented by /u/phillipsjk in /r/btc on May 18, 2020 16:05:44
/r/btc/comments/gltmhq/pine64_drops_bitpay_after_concern_trolling_by/fr269md/

Could it have been on craigslist because it was defective?

Commented by /u/phillipsjk in /r/btc on May 18, 2020 15:57:49
/r/btc/comments/gm2r7i/never_forget_the_future_that_was_stolen_from_you/fr261jf/

Just yesterday [Pine64 was bullied into not accepting Bitcoin (BCH)](https://old.reddit.com/r/btc/comments/gltmhq/pine64_drops_bitpay_after_concern_trolling_by/).

Commented by /u/phillipsjk in /r/btc on May 18, 2020 15:56:00
/r/btc/comments/gm1kke/bchs_problem_is_too_much_decentralization_haipo/fr2595s/

I guess I may be too naive to believe Craig Wright when he insisted that there would be no split. I mean: why lie that transparently unless you are incompetent or joking?

Commented by /u/phillipsjk in /r/btc on May 18, 2020 15:49:36
/r/btc/comments/gm1kke/bchs_problem_is_too_much_decentralization_haipo/fr23nrm/

I think they genuinely did not know. "Satoshi's shotgun" misfired due to nlocktime differences between chains. I think the goal of that one was to prove that 32MB blocks were not large enough: only for it to backfire by orphaning their own blocks. I suspect Calvin and friends were planning on doing a deep chain-rewrite: orphaning blocks with OP-Codes they do not like. That explains why they were so pissed-off by the 10 block reorg protection. I think part of Craig Wright's goal with increasingly adversarial antics leading up to the fork was to bait his opponents into a mistake: trying to attack BSV (with a few empty blocks perhaps), and thus leaving BCH vulnerable to attack. Luckily for us, the miners saw right though that one.

Commented by /u/phillipsjk in /r/btc on May 18, 2020 15:36:35
/r/btc/comments/gm1kke/bchs_problem_is_too_much_decentralization_haipo/fr21vxu/

He may be trying to avoid the attention of the power that be in his homeland.

Commented by /u/phillipsjk in /r/btc on May 18, 2020 15:22:09
/r/btc/comments/gm4ffq/bitcoincoms_mining_video_censored_the_tale_of/fr211jj/

I see the bulk of that article is regurgitating anti-anti-Covid-19 health measure talking points. [No the survival rate is not 99%; it is more like 97.8 %](https://old.reddit.com/r/btc/comments/glb3y0/irish_freedom_party_phd_immunologist_dolores/fqx12mg/?context=3)

Commented by /u/phillipsjk in /r/btc on May 18, 2020 15:15:16
/r/btc/comments/glz9ii/the_average_block_time_after_the_halving_now_sits/fr10q5x/

When it was put in place, it was assumed there would only be one double-SHA256 coin. The 2 week window was probably chosen to be conservative, and avoid wild oscillations you see with BCH's 1 day window.

Commented by /u/phillipsjk in /r/btc on May 18, 2020 10:09:22
/r/btc/comments/glz9ii/the_average_block_time_after_the_halving_now_sits/fr0tk1t/

To be more precise, it regulated the rate of block production. The target is every 10 minutes. In over 100 years, assuming no "tail emission" is added, blocks will no longer generate coins.

Commented by /u/phillipsjk in /r/btc on May 18, 2020 08:53:06
/r/btc/comments/gly14q/stamp_v002alpha5_released_come_test_it_out/fr0t7tv/

And "They" claim we don't like using layer 2. It would be a little silly to store chat messages on-chain.

Commented by /u/phillipsjk in /r/btc on May 18, 2020 08:49:06
/r/btc/comments/gltmhq/pine64_drops_bitpay_after_concern_trolling_by/fqzvdjr/

I sent Pine64 a note explaining that they are just giving into bullies.

Commented by /u/phillipsjk in /r/btc on May 18, 2020 00:31:59
/r/btc/comments/gllw4e/amaury_here_explains_how_avalanche_would_solve/fqzsf8l/

Pretty sure nodes only requested transactions they did not have for like forever. I may be wrong, because I have not studied the gossip protocol in detail.

Commented by /u/phillipsjk in /r/btc on May 17, 2020 23:57:59
/r/btc/comments/gllw4e/amaury_here_explains_how_avalanche_would_solve/fqzpcai/

With block compression, miners have an incentive to synchronize mempools. Not sure if that is what they were referring to.

Commented by /u/phillipsjk in /r/btc on May 17, 2020 23:25:06
/r/btc/comments/glf1h9/why_was_this_video_on_bitcoin_cash_banned_from/fqzo1o7/

**Chained** transaction limit. You don't typically run into it unless you are gambling for chatting on memo.cash, and there is a delay between blocks.

Commented by /u/phillipsjk in /r/btc on May 17, 2020 23:11:08
/r/btc/comments/gldcfj/credit_cards_fees_are_330_times_more_expensive/fqy5l53/

Ignoring the problem won't help you with that Lambo.

Commented by /u/phillipsjk in /r/btc on May 17, 2020 15:16:04
/r/btc/comments/gl0bws/honest_question_how_many_of_you_antibch_people/fqxws6j/

Keep in mind the subsidized portion of the hashrate drops in half every 4 years.

Commented by /u/phillipsjk in /r/btc on May 17, 2020 14:10:40
/r/btc/comments/glb3y0/irish_freedom_party_phd_immunologist_dolores/fqxwdpf/

Alberta has some of the highest per capita testing rates in the world. They are now testing people with even very mild symptoms like a sore throat and runny nose. Edit: And asymptomatic people in outbreak settings. Edit2: I have the [AB trace together app](https://www.alberta.ca/ab-trace-together.aspx) on my phone. They made it as privacy respecting as possible. It only uses a temporary ID to talk to the outside world over BlueTooth.

Commented by /u/phillipsjk in /r/btc on May 17, 2020 14:07:54
/r/btc/comments/gl5lfd/seems_like_i_ran_into_rbitcoin_censorship/fqx8a3k/

u/Bashco [Your 'correction' on SPV](https://np.reddit.com/r/Bitcoin/comments/gkdr0q/how_does_it_make_sense_to_keep_the_block_size/fqrgxqb/) is [years out of date](https://github.com/breadwallet). SPV examines the block headers, which includes POW. The security is equivalent to a full node, which can still be fooled by soft-forks it does not know about. The real reason you oppose SPV is that is will ignore some trivial hard-forking changes as well: like a change to the blocksize.

Commented by /u/phillipsjk in /r/btc on May 17, 2020 11:05:40
/r/btc/comments/gl0bws/honest_question_how_many_of_you_antibch_people/fqx40rq/

Nano does use POW: as an anti-spam measure on transaction signing. On BCH the POW can enjoy economies of scale. That POW can be used to validate a arbitrary number of transactions.

Commented by /u/phillipsjk in /r/btc on May 17, 2020 10:21:36
/r/btc/comments/gl0bws/honest_question_how_many_of_you_antibch_people/fqx3lrm/

Coinex has BCH pairs. But perhaps not as many alt-coins as you would like. They do have several stable coins.

Commented by /u/phillipsjk in /r/btc on May 17, 2020 10:16:59
/r/btc/comments/glf3v5/just_started_stacking/fqx2gwb/

You are acting as an extremist. You are allowed to talk about all forks here. You are certainly not allowed to talk about BTC over in r/bitcoin.

Commented by /u/phillipsjk in /r/btc on May 17, 2020 10:04:04
/r/btc/comments/glf1h9/why_was_this_video_on_bitcoin_cash_banned_from/fqx237t/

Youtube often gives at least a vague reason. Core trolls probably reported it as a scam.

Commented by /u/phillipsjk in /r/btc on May 17, 2020 09:59:40
/r/btc/comments/gla9nn/bitcoin_vs_bitcoin_cash_transaction_fees_high/fqx1qdd/

Sometimes facts make people double-down on their beliefs. Changing their mind means admitting they were wrong. It means they have relearn some things, which is a time investment.

Commented by /u/phillipsjk in /r/btc on May 17, 2020 09:55:28
/r/btc/comments/glf3v5/just_started_stacking/fqx1d81/

If I used RES, I would tag you: agent provocateur.

Commented by /u/phillipsjk in /r/btc on May 17, 2020 09:51:07
/r/btc/comments/glb3y0/irish_freedom_party_phd_immunologist_dolores/fqx12mg/

The survival rate is not 99.9% [Alberta](https://www.alberta.ca/coronavirus-info-for-albertans.aspx), with a relatively young population has a 2.3% death rate. Death rate % = (Deaths)x100/(Recovered cases + deaths)

Commented by /u/phillipsjk in /r/btc on May 17, 2020 09:46:59
/r/btc/comments/gldcfj/credit_cards_fees_are_330_times_more_expensive/fqx0bb3/

Facepalming at the organization you are donating to. They are not a real university: they just put out opinion pieces.

Commented by /u/phillipsjk in /r/btc on May 17, 2020 09:38:00
/r/btc/comments/gl0pry/today_how_is_bchs_0conf_security_different_than/fqwyzwl/

Read the whitepaper. Miner are in charge. They are kept "honest" by economic incentives. Nobody wants to spend the money to mine a block that won't be accepted by the network.

Commented by /u/phillipsjk in /r/btc on May 17, 2020 09:21:40
/r/btc/comments/gl0pry/today_how_is_bchs_0conf_security_different_than/fqwym7m/

for some reason u/eyeofpython think credit card have a 0% fraud rate in that last link. https://www.reddit.com/r/btc/comments/gk4gce/2_years_or_less_than_1_year_to_avalanche_would/fqtd65s/ But I think we agree that waiting for confirmations is the gold standard. Where is disagree is on how the network is supposed to function. Congested networks are simply unreliable. As a direct result, 0-conf transactions are less secure on a congested network. 0-conf transactions have utility, despite the reduced security. Based on the [1 hour attack cost](https://www.crypto51.app/) transactions up to about $1000 should be not worth the trouble to double-spend.

Commented by /u/phillipsjk in /r/btc on May 17, 2020 09:16:54
/r/btc/comments/gl0bws/honest_question_how_many_of_you_antibch_people/fqw88je/

Sounds like you actually oppose the use of the Emergency Difficulty Adjustment (lowering the hashrate), not the replay protection.

Commented by /u/phillipsjk in /r/btc on May 17, 2020 02:08:14
/r/btc/comments/gl0bws/honest_question_how_many_of_you_antibch_people/fqw721e/

Replay protection just means that transactions valid on one chain are not valid on the other. To enforce the new rules necessarily invalidates transactions that would otherwise be valid on the old chain.

Commented by /u/phillipsjk in /r/btc on May 17, 2020 01:51:47
/r/btc/comments/gl3nv3/looks_like_adam_wasnt_very_happy/fqw6ap4/

The [stickied FAQ](https://old.reddit.com/r/btc/comments/9lfjrb/frequently_asked_questions_and_information_thread/) may explain why we are so touchy. There is light moderation here, so we are often overrun by trolls. A good rule of thumb determining if somebody is satoshi: did they sign a message or transaction with one of the original Bitcoin keys? We have has charlatans like Craig Wright claim to be satoshi and divided the community with their own Bitcoin fork in late 2018. So people claiming to be Satoshi is a sensitive subject here. [Hal Finney is a good canditate](https://news.bitcoin.com/the-many-facts-pointing-to-hal-finney-being-satoshi/): he received one of the first Bitcoin Transactions from Satoshi.

Commented by /u/phillipsjk in /r/btc on May 17, 2020 01:41:24
/r/btc/comments/gl0bws/honest_question_how_many_of_you_antibch_people/fqw2il6/

The replay protection also had a benficial side-effect. [BIP143 was implemented as a hard-fork](https://github.com/bitcoin/bips/blob/master/bip-0143.mediawiki). This means that every transaction on BCH avoids the quadratic hashing problem. This makes is safer to raise the blocksize on BCH. On BTC, legacy transactions are still allowed to chew up CPU if they are crafted in a specific way.

Commented by /u/phillipsjk in /r/btc on May 17, 2020 00:50:48
/r/btc/comments/gl0bws/honest_question_how_many_of_you_antibch_people/fqvyoil/

With incompatible rules, a split was inevitable anyway. (See the BSV fork -- BSV was not even supposed to exist as a separate coin.) Replay protection just helps make the behaviour of the split more predictable.

Commented by /u/phillipsjk in /r/btc on May 17, 2020 00:03:56
/r/btc/comments/gl2sou/banks_and_credit_card_companies_increasingly/fqvlmvs/

When I bought crypto with a credit card, I got a cash advance, and went to a local seller with the cash. Due to the interest rate, it is not something I recommend.

Commented by /u/phillipsjk in /r/btc on May 16, 2020 21:44:57
/r/btc/comments/gl0pry/today_how_is_bchs_0conf_security_different_than/fqvl283/

Avalanche allows [miners] to orphan blocks including double-spend transactions by allowing miners to agree on which transactions they have seen first. It is probably taking a while because that is not a trivial problem to solve on a distributed network. I expect double-spend proofs were a necessary pre-requisite. It would be a soft-fork, like Segwit on BTC, so any miners ignoring it would be at risk of orphaning.

Commented by /u/phillipsjk in /r/btc on May 16, 2020 21:39:14
/r/btc/comments/gl0pry/today_how_is_bchs_0conf_security_different_than/fqvkqdg/

A signed 0-conf transaction is more like a signed check than an IOU. You can not negotiate an IOU.

Commented by /u/phillipsjk in /r/btc on May 16, 2020 21:36:04
/r/btc/comments/gl0pry/today_how_is_bchs_0conf_security_different_than/fqvkejk/

Many moons ago, miners implemented a "first seen" policy, ignoring double-spend transactions. This in theory [would allow you to accept low-value transactions within 10 seconds or less](https://bitcointalk.org/index.php?topic=423.msg3819#msg3819). However, now that the blocks are full, such low-value transactions may never confirm. The erosion of 0-conf transactions was caused by full blocks. Instead of raising the block-size, as Bitcoin was intended to function: the Core Developers eroded 0-conf even more by making double-spending an expected wallet feature.

Commented by /u/phillipsjk in /r/btc on May 16, 2020 21:32:44
/r/btc/comments/gl0pry/today_how_is_bchs_0conf_security_different_than/fqvjizm/

The difficulty is proving which transaction a rival miner saw first. You don't want to orphan a block just because the path to one miner has more latency. That is where Avalanche comes in: it allows miners to declare which version of a transaction they have seen first.

Commented by /u/phillipsjk in /r/btc on May 16, 2020 21:23:51
/r/btc/comments/gl0bws/honest_question_how_many_of_you_antibch_people/fqvizb5/

It is an idiom meaning you should go for a sure thing if it is available.

Commented by /u/phillipsjk in /r/btc on May 16, 2020 21:18:11
/r/btc/comments/gkt5c5/elon_musk_says_bitcoin_looks_solid_compared_to/fqvagfe/

That kind of talk [leads to loss of funds](https://old.reddit.com/r/btc/comments/bqfzxk/psa_guide_on_how_to_recover_your_lost_segwit/), and is scammy.

Commented by /u/phillipsjk in /r/btc on May 16, 2020 19:52:27
/r/btc/comments/gktunk/comparison_of_different_stores_of_value/fquhz4i/

The information is mostly present without the color, but you can't tell at a glance if a datapoint is supposed to be "good" or not.

Commented by /u/phillipsjk in /r/btc on May 16, 2020 16:01:01
/r/btc/comments/gkt5c5/elon_musk_says_bitcoin_looks_solid_compared_to/fquh9xv/

Since 2017, there have been multiple forks of the Bitcoin network. Bitcoin is merely a currency unit shared by multiple currencies at this point.

Commented by /u/phillipsjk in /r/btc on May 16, 2020 15:55:52
/r/btc/comments/gl0bws/honest_question_how_many_of_you_antibch_people/fqufl62/

Namecheap uses Bitpay, whichs support BCH. Not sure about the others you mentioned.

Commented by /u/phillipsjk in /r/btc on May 16, 2020 15:41:20
/r/btc/comments/gl0pry/today_how_is_bchs_0conf_security_different_than/fquf4bs/

Essentially, the window until the first confirmation is longer on BTC: especially of you low-ball the fee.

Commented by /u/phillipsjk in /r/btc on May 16, 2020 15:36:47
/r/btc/comments/gl0bws/honest_question_how_many_of_you_antibch_people/fque2xf/

I don't use BTC, but the most credible use-case I have seen mentioned is moving money between exchanges without too much slippage. For the amounts I trade, BCH is faster and cheaper.

Commented by /u/phillipsjk in /r/btc on May 16, 2020 15:26:47
/r/btc/comments/gkyje8/seeing_a_lot_of_doubt_regarding_btc_lately/fqudb5b/

BTC simply does not have the capacity to be money for the world. BCH is (one of) the "large block" fork(s) of Bitcoin. As a result, BCH can process at lest 16x the transactions BTC can. If the blocks start to fill, it it expected that 1GB blocks will be feasible (500x BTC capacity).

Commented by /u/phillipsjk in /r/btc on May 16, 2020 15:19:30
/r/btc/comments/gkwgb4/psa_to_uegon_1_and_other_posters_who_regularly/fquc97l/

No, they support BTC because "Bitcoin" is in the name. You are falling into their trap by usiing them as synonyms.

Commented by /u/phillipsjk in /r/btc on May 16, 2020 15:09:31
/r/btc/comments/gkuyqv/has_anyone_else_noticed_that_many_bitcoiners_have/fqtwgca/

95% of everything is crap, including Egon's posts.

Commented by /u/phillipsjk in /r/btc on May 16, 2020 12:43:56
/r/btc/comments/gkrjxb/top_things_that_need_to_be_done_for_the_bch_price/fqtl19c/

Business acceptance. Still have not registered that Money Service Business yet.

Commented by /u/phillipsjk in /r/btc on May 16, 2020 10:57:51
/r/btc/comments/gkqfph/how_safe_are_spv_wallets/fqthqwo/

BTC is not synonymous with Bitcoin. So you should either say: "I only trust BTC" or "I only trust Bitocin Core" or "I only trust Bitcoin (BTC)".

Commented by /u/phillipsjk in /r/btc on May 16, 2020 10:27:21
/r/btc/comments/gkc8x1/should_we_tell_them_that_btc_take_more_fees/fqtgrc1/

check out r/BitcoinCash

Commented by /u/phillipsjk in /r/btc on May 16, 2020 10:18:00
/r/btc/comments/gkc8x1/should_we_tell_them_that_btc_take_more_fees/fqtglzo/

Conspiracies happen. Those behind them have an incentive to make all conspiracy theorists look like lunatics.

Commented by /u/phillipsjk in /r/btc on May 16, 2020 10:16:38
/r/btc/comments/gkuyqv/has_anyone_else_noticed_that_many_bitcoiners_have/fqtfil7/

I like the explanatory power of this one: > They're boycotting Harry Potter, that's why Upside-down face https://twitter.com/mathew_corm/status/1261654732520787969

Commented by /u/phillipsjk in /r/btc on May 16, 2020 10:06:10
/r/btc/comments/gks9q3/jk_rowling_morning_all_people_are_calling_each/fqt96i1/

I downvoted the previous thread for a reason. Did not realize the twitter account was actually fake (and thus a troll).

Commented by /u/phillipsjk in /r/btc on May 16, 2020 08:53:55
/r/btc/comments/gkhgka/i_updated_my_infographics_of_the_main_consensus/fqt8dm1/

That is a matter of opinion of course. Generally, the people here prefer Bitcoin Cash as the fork most likely to act as money for the world.

Commented by /u/phillipsjk in /r/btc on May 16, 2020 08:43:24
/r/btc/comments/gkhxa9/reminder_btc_wants_high_fees_its_a_feature_for/fqt7o8e/

Did you follow a "NP" link by chance?

Commented by /u/phillipsjk in /r/btc on May 16, 2020 08:34:07
/r/btc/comments/gkhxa9/reminder_btc_wants_high_fees_its_a_feature_for/fqt7f3s/

Sorry, it has been 20 years since I studied that in school.

Commented by /u/phillipsjk in /r/btc on May 16, 2020 08:30:41
/r/btc/comments/gkhgka/i_updated_my_infographics_of_the_main_consensus/fqs6vor/

BTG had a "premine" after the snapshot. Edit: the bend before the snapshot is probably just repositioning for space.

Commented by /u/phillipsjk in /r/btc on May 15, 2020 23:31:06
/r/btc/comments/gkhxa9/reminder_btc_wants_high_fees_its_a_feature_for/fqs0rsi/

When the mempool clogs up, mailing gold is faster and cheaper than BTC.

Commented by /u/phillipsjk in /r/btc on May 15, 2020 22:26:58
/r/btc/comments/gkhxa9/reminder_btc_wants_high_fees_its_a_feature_for/fqs06vm/

Somebody [asked me about that in r/crypotocurrency](https://np.reddit.com/r/CryptoCurrency/comments/gjrs82/this_is_ridiculous_just_doesnt_scale_72_blocks_in/fqpqa53/?context=3). TL;DR: Nano POW is O(n), while BCH POW is O(c).

Commented by /u/phillipsjk in /r/btc on May 15, 2020 22:21:01
/r/btc/comments/gjvid1/personally_im_pulling_out_the_champaign_to/fqr5b17/

If we focus on adoption, Bitcoin Cash will become "Bitcoin" and BTC will be a footnote in history.

Commented by /u/phillipsjk in /r/btc on May 15, 2020 17:24:23
/r/btc/comments/gk3rdx/why_does_btc_manage_to_have_an_absurdly_higher/fqr1c9n/

They were referring to a specific "stress test" where fees on BCH actually went down due to usage. > What’s even more interesting is the fact that BCH fees had the lowest median average in months. Back in June, it cost roughly $0.003 (one-third of a US penny) per transaction, which is still low, but during the stress test with millions of transaction, the network fees were about 0.001 per tx. https://news.bitcoin.com/bitcoin-cash-stress-test-goes-beyond-24-hours-setting-new-records/

Commented by /u/phillipsjk in /r/btc on May 15, 2020 16:49:24
/r/btc/comments/gkegwh/stuck_transaction/fqqyj7r/

You did nothing wrong, other than trusting that the most popular cryptocurrency was the best one. The problems you are experiencing were [known 5 years ago](https://blog.plan99.net/the-resolution-of-the-bitcoin-experiment-dabb30201f7), yet very little was done to fix the problem. Bitcoin Cash (BCH) forked from Bitcoin Core (BTC) in 2017 (over) a dispute on how to properly scale for the world. IMO, the "large blockers" were immediately vindicated by high fees. However, [Core Maintainers also felt vindicated](https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-December/015455.html) by those same high fees. Edit: if you are impatient, you can try a transaction accelerator: https://pushtx.btc.com/ (you can use BCH to pay for a BTC transaction). Edit: The VIABTC one has a free tier: https://www.viabtc.com/tools/txaccelerator

Commented by /u/phillipsjk in /r/btc on May 15, 2020 16:24:49
/r/btc/comments/gkflsq/rbitcoin_moderator_bashco_losing_his_mind_over/fqqxjjb/

I suppose he would not support doing it on BCH using SLP tokens either. That would address the capacity concerns, but not: > The focus of my comment was less about crypto politics, and more about long-standing moral and ethical concerns regarding disreputable projects built on objectively false promises. The irony.

Commented by /u/phillipsjk in /r/btc on May 15, 2020 16:16:11
/r/btc/comments/gkc8x1/should_we_tell_them_that_btc_take_more_fees/fqqtflb/

More fraud risk. It is only "secure" because you are prompted for your PIN every $100 or so (limiting losses).

Commented by /u/phillipsjk in /r/btc on May 15, 2020 15:40:38
/r/btc/comments/gjvid1/personally_im_pulling_out_the_champaign_to/fqqt60w/

I think boomers are accustomed to local currencies sharing currency units. It is not too much of a leap to explain different versions of Bitcoin.

Commented by /u/phillipsjk in /r/btc on May 15, 2020 15:38:21
/r/btc/comments/gk8no9/first_transaction_i_guess_using_op_reversebytes/fqqs2lx/

Yes, that is why the "watch only" wallet needs to be online. But the actual private keys can be stored in off-site, geographically distributed, offline locations.

Commented by /u/phillipsjk in /r/btc on May 15, 2020 15:29:02
/r/btc/comments/gk8no9/first_transaction_i_guess_using_op_reversebytes/fqqroc2/

With on-chain transactions, the recipient address can be offline as well. Only a "watch only" wallet needs to be online.

Commented by /u/phillipsjk in /r/btc on May 15, 2020 15:25:38
/r/btc/comments/gk8puv/pop_open_the_champaign_btc_mempool_has_reached_a/fqqqpv0/

Yes I know about the Binary prefix. Your number was properly rounded to base 10 :) Edit: Network transmission speeds generally use the metric prefix (as do hard drive capacity numbers, now that I think about it (Rabbit hole aborted at Microsoft reporting binary numbers as metric prefixes)).

Commented by /u/phillipsjk in /r/btc on May 15, 2020 15:17:27
/r/btc/comments/gkcfdc/coinmarketcap_removes_evidence_of_wash_trading_on/fqqq03j/

There is also https://www.coingecko.com/en

Commented by /u/phillipsjk in /r/btc on May 15, 2020 15:11:20
/r/btc/comments/gk8puv/pop_open_the_champaign_btc_mempool_has_reached_a/fqqoqcj/

I don't know why I got the wrong number (counted 3 times). Best guess is I forgot "Mega". Checked this chart before making this response: https://en.wikipedia.org/wiki/Metric_prefix

Commented by /u/phillipsjk in /r/btc on May 15, 2020 15:00:36
/r/btc/comments/gkc8x1/should_we_tell_them_that_btc_take_more_fees/fqqnluq/

They may try BTC and conclude that crypto is not ready yet yet. But I cringe every time the BSV people jump in, so that must be what Bitcoin Cash supporters look like.

Commented by /u/phillipsjk in /r/btc on May 15, 2020 14:51:14
/r/btc/comments/gk8wy8/bitcoin_transaction_fees_over_4_per_transaction/fqq4ely/

At one time they were, but now the goal is apparently to force everyone to pay high fees. [The resolution of the Bitcoin experiment](https://blog.plan99.net/the-resolution-of-the-bitcoin-experiment-dabb30201f7) Eventually there was a network split in 2017. Bitcoin Cash (BCH) is the most popular low fee fork. Bitcoin Core (BTC) is the one with a transaction backlog leading to high fees (by design).

Commented by /u/phillipsjk in /r/btc on May 15, 2020 12:13:26
/r/btc/comments/gk8puv/pop_open_the_champaign_btc_mempool_has_reached_a/fqpyo41/

Bitcoin is [not even in the Early adopter phase](https://en.wikipedia.org/wiki/Technology_adoption_life_cycle) yet. It is far to early to start restricting growth, unless you want it to fail. Bitcoin Cash is the VHS in the VHS vs betamax. Beta was more expensive to use due to limited run-time. People bought the VCR that could record a whole evening of shows while they are out,.

Commented by /u/phillipsjk in /r/btc on May 15, 2020 11:26:09
/r/btc/comments/gk8puv/pop_open_the_champaign_btc_mempool_has_reached_a/fqpx6yh/

The backlog is due to an inelastic supply of block space. This was a known problem since [at least 2015](https://blog.plan99.net/the-resolution-of-the-bitcoin-experiment-dabb30201f7), but the Core Developers consistently refused a straightforward blocksize increase. They opted for a strategy of relying entirely on unproven "second layers" for scaling. They claim it is not outright sabotage, so maybe they were just incompetent.

Commented by /u/phillipsjk in /r/btc on May 15, 2020 11:13:35
/r/btc/comments/gk8puv/pop_open_the_champaign_btc_mempool_has_reached_a/fqpwm4j/

I think you have 3 orders of magnitude too many zeros there. (60TB)

Commented by /u/phillipsjk in /r/btc on May 15, 2020 11:08:33
/r/btc/comments/gk8puv/pop_open_the_champaign_btc_mempool_has_reached_a/fqpw96h/

[Censoship](https://old.reddit.com/r/Bitcoin/comments/3h9cq4/its_time_for_a_break_about_the_recent_mess/) and [Propaganda](https://old.reddit.com/r/btc/comments/gj36c9/bitcoinorg_owner_cobra_on_blockstream_fucking/fqpthmu/) works.

Commented by /u/phillipsjk in /r/btc on May 15, 2020 11:05:26
/r/btc/comments/gk8no9/first_transaction_i_guess_using_op_reversebytes/fqpvwo6/

I assume it is needed because different OP codes use different byte order.

Commented by /u/phillipsjk in /r/btc on May 15, 2020 11:02:23
/r/CryptoCurrency/comments/gjrs82/this_is_ridiculous_just_doesnt_scale_72_blocks_in/fqpvast/

The problem that POW solves is being able to break up mining cartels, while also solving initial coin distribution through a lottery. If miners abuse their power, businesses and users can start their own mining to enforce the rules they want. Entering mining is currently permissionless on most POW blockchains.

Commented by /u/phillipsjk in /r/CryptoCurrency on May 15, 2020 10:57:06
/r/btc/comments/gj36c9/bitcoinorg_owner_cobra_on_blockstream_fucking/fqpthmu/

The core maximalists are the ones that [went out of their way to rename a rival currency](https://old.reddit.com/r/btc/comments/bko3n6/who_created_the_derogatory_bcash_term_wheres_the/), to the detriment of users. Note that I did not realize how organized the 'bcash' campaign was until we gathered all that evidence a year later. It looks like a full-on (successful) marketing push (by blockstream^a) with two primary goals: * Strip Bitcoin Cash of the "bitcoin" name, while actual scam forks like [Bitcoin Gold](https://twitter.com/adam3us/status/922569768770478080) get to keep it. * Make promoters of Bitcoin Cash look like scammers, especially if they try to take back the name. **a**: Jimmy Song (Venture Partner, Block Chain Capital, shareholder of Blockstream](https://www.coindesk.com/bitcoin-dev-jimmy-song-is-now-a-blockchain-capital-partner)) had [the earliest known use](https://old.reddit.com/r/btc/comments/bko3n6/who_created_the_derogatory_bcash_term_wheres_the/), Samsom Mow (chief strategy officer at Blockstream) [Wrote a piece for institutional readers emphasizing how dangerous a fork can be](https://fortune.com/2017/08/07/bitcoin-cash-bch-hard-fork-blockchain-usd-coinbase/), Adam Back (CEO of blockstream) [actively encouraged people to use the term](https://old.reddit.com/r/btc/comments/92twd4/did_adam_back_erase_his_tweet_about_calling_bch/)

Commented by /u/phillipsjk in /r/btc on May 15, 2020 10:41:23
/r/CryptoCurrency/comments/gjrs82/this_is_ridiculous_just_doesnt_scale_72_blocks_in/fqpqa53/

> Oo oo do Nano next For NANO, the POW would be a marginal cost (just like in BTC), so may be more expensive at scale. For BCH and BSV the POW is essentially a fixed cost: because it can include an arbitrary number of transactions O(c).

Commented by /u/phillipsjk in /r/CryptoCurrency on May 15, 2020 10:12:26
/r/btc/comments/gjvid1/personally_im_pulling_out_the_champaign_to/fqp48rw/

How about contactless teleporting cash for a pandemic? Even before the pandemic, many businesses did not handle cash over security concerns. With Bitcoin Cash Register, businesses can accept payment directly to a "watch only" wallet securely stored off-site. It is something BTC + LN is unable to do because the LN requires a hot wallet to accept payments.

Commented by /u/phillipsjk in /r/btc on May 15, 2020 05:21:01
/r/btc/comments/gj36c9/bitcoinorg_owner_cobra_on_blockstream_fucking/fqp198g/

> t's almost as if there were few people in this space trying to confuse users about all of this and profit from it... Yes, by calling the second most popular fork of Bitcoin 'bcash' in order to [maximize buyer confusion](https://fortune.com/2017/08/07/bitcoin-cash-bch-hard-fork-blockchain-usd-coinbase/) when they come across Bitcoin (BCH) being sold cheaper than Bitcoin (BTC). Currencies sharing units are ridiculously common. It is the BTC charlatans, coasting on Bitcoin's good name, that are confusing people: by insisting there is only "Bitcoin" and "alt-coins". Never mind that BTC no longer functions as Bitcoin did in the first 7 years of its life. Edit: Because BCH works so much better than BTC, we go out of our way to make sure new users are NOT confused.

Commented by /u/phillipsjk in /r/btc on May 15, 2020 04:30:34
/r/CryptoCurrency/comments/gjqkf6/canada_showing_us_why_cryptocurrencies_will_be/fqow6zf/

No Citation. >... Not surprisingly, the amount of money people make is strongly predicted by what their parents earn. Up until a parent-household-income threshold of roughly $150,000, adult children tend to earn another $0.33 for every dollar their parents earn. Above that cutoff, the increase they see in their income based on their parents' earnings is less dramatic: ... > ... Your parents' marriage and family stability might be the biggest determinant of all. Growing up in a single-parent household significantly hurts a child's chance of upward income mobility, the study finds. ... [Here's The Startling Degree To Which Your Parents Determine Your Success](https://www.businessinsider.com/parents-determine-child-success-income-inequality-2014-1) Edit: did find [this uncited "answer"](https://www.answers.com/Q/Which_of_the_following_is_the_best_predictor_of_how_much_money_you_will_make_as_an_adult) saying Education is a large predictor. That is NOT the same thing as intelligence.

Commented by /u/phillipsjk in /r/CryptoCurrency on May 15, 2020 03:12:09
/r/btc/comments/gju5j3/ive_used_btccom_for_years_no_issues_no_matter/fqovln4/

The [blocks are full](https://jochen-hoenicke.de/queue/#0,24h). People [have been warning of this for 5 years now](https://blog.plan99.net/the-resolution-of-the-bitcoin-experiment-dabb30201f7). Edit: BTC.com does support Bitcoin Cash. Ask your recipient if they are willing to use it.

Commented by /u/phillipsjk in /r/btc on May 15, 2020 03:03:27
/r/btc/comments/gjyk8r/every_single_transaction_in_the_btc_mempool_all/fqou6yx/

Not too familiar with grin. I know G Maxwell was working on it at one point.

Commented by /u/phillipsjk in /r/btc on May 15, 2020 02:42:59
/r/btc/comments/gjyk8r/every_single_transaction_in_the_btc_mempool_all/fqotp6w/

The costs were basically: * Storage * Bandwidth * RAM (assuming it is needed for UTXO set) * CPU (not estimated at all). Everything else is a "fixed cost" I also multiplied all the numbers by 1000, assuming at least 1000 nodes world-wide. A 1TB hard drive can hold 4 Billion 250 byte transactions. So to find the cost per transaction I divided the cost of the hard drive ($100 say) by the number of transactions (4,000,000,000) then multiplied by 1000. In this example, each transaction would cost about $0.000 025 to store. The cost of bandwidth was actually higher, but I don't have a good handle on bulk bandwidth prices. Edit: for my linked estimate, I assumed a disk array would be needed for GB scale blocks. Even then, pruning would be needed to avoid using up all 300TB of storage.

Commented by /u/phillipsjk in /r/btc on May 15, 2020 02:35:57
/r/btc/comments/gjwf37/the_effects_of_the_block_reward_halving_are/fqokln7/

Hashpower leaving suddenly enough to kill the "flagship" cruptocurrency would also be very ugly. I expect miners would only do that if they expect the collapse to be inevitable.

Commented by /u/phillipsjk in /r/btc on May 15, 2020 00:37:28
/r/btc/comments/gjyk8r/every_single_transaction_in_the_btc_mempool_all/fqok1ss/

With a lot of block capacity, it may be viable to raise fees until the blocks are no longer "full". Based on my [possibly flawed estimate](https://old.reddit.com/r/btc/comments/7qi6mf/estimating_the_marginal_cost_of_a_transaction_on/) of the marginal cost of Bitcoin Cash transactions, the network can process a nearly arbitrary number of transactions: on the condition they pay at least 2cents/kB. I suspect that such a price for transaction processing will allow BCH to be a vibrant payment processor; while at the same time pricing out more "frivolous" uses of block space. And that all assumes that computer hardware does not keep advancing. 10 years ago Satoshi expected Bitcoin to take racks of computers at scale. My (possibly optimistic) estimate assumes a 4U machine, which is about 1/10 of a rack (Even half a rack (22U) is still an improvement over 10 years ago).

Commented by /u/phillipsjk in /r/btc on May 15, 2020 00:31:03
/r/btc/comments/gjyk8r/every_single_transaction_in_the_btc_mempool_all/fqoj1xv/

BTC devs responded to the problem of stuck transactions by making it easier to double-spend (Replace By Fee). If you know that your transaction is probably going to be included in the next block, any double-spend attempt becomes a probabilistic risk: based on how much of the hash-power you can bribe. If you know your transaction is going to be stuck for over 5 hours, you can double-spend at your leisure.

Commented by /u/phillipsjk in /r/btc on May 15, 2020 00:19:34
/r/CryptoCurrency/comments/gjrs82/this_is_ridiculous_just_doesnt_scale_72_blocks_in/fqo5xex/

POW scales just fine on the first layer (Constant time in big O notation). The POW hash can represent an arbitrary number of transactions. (Most) POW coins actually get cheaper and more efficient the more transactions you process. The "flagship" POW coin is an outlier: opting for a more inefficient scaling model in the name of "decentralization." The number of BTC nodes has been [sideways](https://coin.dance/nodes/all) for years, as you would expect if growth is restricted. Edit: (Coindance) reuses the same URL for different forks of Bitcoin. (toggle buttons are top right) Edit: ETH is also an outlier: due to a very short block interval (leading to wasted work).

Commented by /u/phillipsjk in /r/CryptoCurrency on May 14, 2020 22:03:49
/r/btc/comments/gjvid1/personally_im_pulling_out_the_champaign_to/fqo4ml7/

IMO, if you are paying more than about $1 for a crypto transaction, you are paying too much. One of the benefits of cryptocurrency, explained in the introduction of the Bitcoin Whitepaper, is that it is cheaper than traditional payment systems.

Commented by /u/phillipsjk in /r/btc on May 14, 2020 21:51:03
/r/CryptoCurrency/comments/gjx595/not_even_hiding_it_now_used_to_be_transferred/fqnzn7t/

Some alt-coins are genuinely interesting experiments in their own right: so you never have to "cash out" completely.

Commented by /u/phillipsjk in /r/CryptoCurrency on May 14, 2020 21:02:52
/r/CryptoCurrency/comments/gjx595/not_even_hiding_it_now_used_to_be_transferred/fqnz09i/

Can't find anything wrong in that statement: other than disagreeing on how stable BTC is. BTC is used as the common currency for A LOT of exchange pairs.

Commented by /u/phillipsjk in /r/CryptoCurrency on May 14, 2020 20:56:52
/r/CryptoCurrency/comments/gjx595/not_even_hiding_it_now_used_to_be_transferred/fqnyr0o/

> Isn't tether creation and burn based on maintaining value equal to the dollar? Does anyone actually think they hold a dollar for each tether in existence? They rarely burn. They claim they are fully backed. Even if they are, it does not change much: since USD is fractional reserve anyway.

Commented by /u/phillipsjk in /r/CryptoCurrency on May 14, 2020 20:54:26
/r/CryptoCurrency/comments/gjrs82/this_is_ridiculous_just_doesnt_scale_72_blocks_in/fqnyc3o/

Etherium transaction fees are ridiculous as well. It cost me 12 cents to move money on ETH today. When I [estimated the marginal cost of Bitcoin Cash transactions](https://np.reddit.com/r/btc/comments/7qi6mf/estimating_the_marginal_cost_of_a_transaction_on/) I came up with a number of about 2cents/kB, or half a cent for a trivial transaction.

Commented by /u/phillipsjk in /r/CryptoCurrency on May 14, 2020 20:50:32
/r/CryptoCurrency/comments/gjrs82/this_is_ridiculous_just_doesnt_scale_72_blocks_in/fqnxxvh/

I became interested in Bitcoin because I did not want a credit card. I did not want to "agree" to a cardholder agreement. Only got it after failing to rent a van with cash. I was also denied a checking account at a local credit union because I never used credit cards. Credit cards have morphed into more than a payment system. You can't use VISA if you are under 18. Online payments are subject to replay attacks. They charge merchants a 3% fee.

Commented by /u/phillipsjk in /r/CryptoCurrency on May 14, 2020 20:46:48
/r/CryptoCurrency/comments/gjrs82/this_is_ridiculous_just_doesnt_scale_72_blocks_in/fqnx5bc/

I disagree: the marginal cost of processing transactions is rounding error for miners (something like [2cents/kB](https://np.reddit.com/r/btc/comments/7qi6mf/estimating_the_marginal_cost_of_a_transaction_on/)). Keeping the network small reduces the number of users, and by extension, the number of nodes.

Commented by /u/phillipsjk in /r/CryptoCurrency on May 14, 2020 20:39:11
/r/CryptoCurrency/comments/gjrs82/this_is_ridiculous_just_doesnt_scale_72_blocks_in/fqnwhd2/

Why not just raise the blocksize if more people want to use the network? That is the fundamental error: BTC is expensive *by design*.

Commented by /u/phillipsjk in /r/CryptoCurrency on May 14, 2020 20:32:56
/r/CryptoCurrency/comments/gjrs82/this_is_ridiculous_just_doesnt_scale_72_blocks_in/fqnwadc/

On a functional network, the proof of work would be a fixed, rather than marginal cost.

Commented by /u/phillipsjk in /r/CryptoCurrency on May 14, 2020 20:31:07
/r/CryptoCurrency/comments/gjrs82/this_is_ridiculous_just_doesnt_scale_72_blocks_in/fqnw473/

Probably not a bot. Are the 5 9's significant?

Commented by /u/phillipsjk in /r/CryptoCurrency on May 14, 2020 20:29:30
/r/CryptoCurrency/comments/gjx595/not_even_hiding_it_now_used_to_be_transferred/fqnve2d/

The goal is to prop up the price of BTC. However, since Tether issuance is on public blockchain (technically now several blockchains), they are vulnerable to people front-running them. So they prop up a random alt-coin, waiting for people to FOMO in. They then sell that alt-coin for BTC, raising the price of BTC (and taking money from the latecomers buying the pumped alt-coin)..

Commented by /u/phillipsjk in /r/CryptoCurrency on May 14, 2020 20:22:36
/r/CryptoCurrency/comments/gjtjqu/how_are_these_scams_still_a_thing/fqnuuhz/

So you are claiming these scams are still around because they actually pay out (sometimes)?

Commented by /u/phillipsjk in /r/CryptoCurrency on May 14, 2020 20:17:24
/r/CryptoCurrency/comments/gjqkf6/canada_showing_us_why_cryptocurrencies_will_be/fqnufhm/

This may be what you are looking for: https://parlvu.parl.gc.ca/Harmony

Commented by /u/phillipsjk in /r/CryptoCurrency on May 14, 2020 20:13:27
/r/CryptoCurrency/comments/gjqkf6/canada_showing_us_why_cryptocurrencies_will_be/fqnto25/

> intelligence is the best predictor for how much money a person will earn. Citation needed. If I had to guess, the best predictor of how much somebody will earn is how much capital they have access to.

Commented by /u/phillipsjk in /r/CryptoCurrency on May 14, 2020 20:06:30
/r/CryptoCurrency/comments/gjoulf/yesterday_900_bitcoin_were_mined_i_bought_one_of/fqnr921/

BTC is not going over 1 million. [The resolution of the Bitcoin experiment](https://blog.plan99.net/the-resolution-of-the-bitcoin-experiment-dabb30201f7) That document is still relevant to this day. The impasse was only broken by the "big blockers" forking off.

Commented by /u/phillipsjk in /r/CryptoCurrency on May 14, 2020 19:45:15
/r/btc/comments/gjgvb3/bitfinex_cold_wallet_loose_86000_btc_in_one_month/fqnq30j/

I learned coinex uses actual USD deposited in 4 specific exchanges for the "Quote currency" of their derivative product. https://support.coinex.com/hc/en-us/articles/360018105374-Introduction The settlement currency is the crptocurrency of the contract. This means the *in theory* a USDT collapse should not *directly* affect those contracts. Not sure what other exchanges do.

Commented by /u/phillipsjk in /r/btc on May 14, 2020 19:35:25
/r/btc/comments/gjjog4/top_posters_by_frequency/fqnlwgy/

The chart is for Posts not comment. Most of Egon's posts involve some kind of drama.

Commented by /u/phillipsjk in /r/btc on May 14, 2020 19:00:06
/r/btc/comments/gju8pl/bitcoin_hashrate_has_tanked_40_since_halving/fqnkpjm/

People get overly excited when they see a 3 hour drop in block production: https://fork.lol/pow/hashrate

Commented by /u/phillipsjk in /r/btc on May 14, 2020 18:49:56
/r/btc/comments/gj36c9/bitcoinorg_owner_cobra_on_blockstream_fucking/fqnjp8i/

If they did not do do it, [they would have been accused of stealing funds anyway](https://removeddit.com/r/btc/comments/bp25gm/_/ennwt15/). It is a crappy situation. The problem is that most users don't know there is more than one version of Bitcoin. The new address formats that effectively mitigate the problem are not [universally] used.

Commented by /u/phillipsjk in /r/btc on May 14, 2020 18:41:11
/r/btc/comments/gjlaq1/its_time_to_spread_the_truth/fqmwufi/

Source: https://old.reddit.com/r/Bitcoin/comments/3h9cq4/its_time_for_a_break_about_the_recent_mess/ It was also formalized in the later [Hong Kong agreement](https://medium.com/@bitcoinroundtable/bitcoin-roundtable-consensus-266d475a61ff) between Core Developers and miners.

Commented by /u/phillipsjk in /r/btc on May 14, 2020 15:34:17
/r/btc/comments/gj36c9/bitcoinorg_owner_cobra_on_blockstream_fucking/fqmw41a/

The 2 block reorg was a special case: miners could claim the funds after they could not for about 6 months. To require miners to reject blocks spending segwit transactions would require them to validate the BTC chain in order to validate the BCH chain. That reorg was controversial because an innocent miner also had their block orphaned (because they did not know what BTC.top was planning).

Commented by /u/phillipsjk in /r/btc on May 14, 2020 15:28:28
/r/btc/comments/gidmce/bitcoin_pay_23159_to_send_581805/fqmvjbc/

I am close to a BCH maximalist, but have some ETH and XMR hedges. I don't see a future for BTC. It is dead to me.

Commented by /u/phillipsjk in /r/btc on May 14, 2020 15:23:55
/r/btc/comments/gidmce/bitcoin_pay_23159_to_send_581805/fqm4q4w/

Past performance is not always indicative of future results. BCH has more upside at the moment.

Commented by /u/phillipsjk in /r/btc on May 14, 2020 11:51:11
/r/btc/comments/gj36c9/bitcoinorg_owner_cobra_on_blockstream_fucking/fqm4juo/

> You assume "honest" miners would only push a single double spend of this value at the time if somehow someone found a way to make them accept it... cute. And you also assume they are "honest" when they already have reversed valid Proof-of-Work in the paste. I interpret [that same reversal](https://blog.coinbase.com/a-deep-dive-into-the-recent-bch-hard-fork-incident-2ee14132f435) to be a sign that miners are generally "honest", rejecting (some) blocks that are obviously stealing funds. During that reorg, the Bitcoin Cash network was temporarily implementing the Segregated Witness soft-fork. If miners on BTC reject a block spending segwit coins without authorization, are you going to claim they are rejecting "valid" transactions?

Commented by /u/phillipsjk in /r/btc on May 14, 2020 11:49:47
/r/btc/comments/gjd57j/tether_prints_2b/fqm3ewe/

The recent issuance was looking like a stepped logarithmic function to me. Though, now looks like it has recently gone linear with smaller steps.

Commented by /u/phillipsjk in /r/btc on May 14, 2020 11:40:28
/r/btc/comments/gjhgho/large_drop_in_btc_hash_rate_now_just_2_blocks/fqm2qvv/

To what end? Bitcoin enforces honesty by making it expensive to be a douche-bag.

Commented by /u/phillipsjk in /r/btc on May 14, 2020 11:34:58
/r/btc/comments/gji6bg/btcs_hashrate_has_now_crashed_50_following_the/fqm1aim/

The 3hr interval jumps all over the place. There is even a warning about it on the page.

Commented by /u/phillipsjk in /r/btc on May 14, 2020 11:22:54
/r/btc/comments/gj36c9/bitcoinorg_owner_cobra_on_blockstream_fucking/fqly9l5/

> Oh, so it's used Yes it is used, but there is no room for more adoption. Some people decided limited the number of transactions was a feature, not a bug. > LN on the other hand is trustless and rests on the cryptographic proof that funds used on it exists and can be controlled by the sender of a transaction, if they attempt to defraud you as a merchant after the fact you issue a justice transaction and get the whole balance of the channel involved. The whole balance minus a semi-urgent network fee you mean. The punishment transactions must confirm before the relevant channel time-outs. > Are you insinuating that miners can only include a single double spend by inventing that $1000, do you think it's related to that ~8k per hour attack figure? Explain to me what made you pick this figure... I assumed miners are "honest", as described in the whitepaper. $1000 is about 1/10 of the 1hour attack figure, which is a reasonable approximation since the blocks take 1/6 of an hour. > At no point I had to trust a third party more than I would have using a SPV wallet. Computers are ridiculously insecure. I am not trusting my money to a "hot wallet" if I don't need to. For bricks and mortar businesses looking at contactless payments, I know their address if they try to defraud me. Business don't want their employees to be at risk because some lightning wallet has access to the day's take. The Bitcoin Cash register app lets you implement a "drop safe" for all Bitcoin Cash transactions using a watch only wallet.

Commented by /u/phillipsjk in /r/btc on May 14, 2020 10:57:33
/r/btc/comments/gj36c9/bitcoinorg_owner_cobra_on_blockstream_fucking/fql3z2d/

1. The blocks are full so usage can't grow 2. The Lighting Network if far more insecure than Bitcoin Cash 0-conf. With the Bitcoin Cash Register app, you can request payments directly to a wallet stored in offsite, offline. geographically distinct locations. LN is unable to do that because it must maintain a "hot wallet" to update channel state. 3. 0-conf is [good enough of most transaction below $1000 or so](https://www.crypto51.app/). Transactions typically get their first confirmation in the next block. This reduces the time window for double-spending, when compared with BTC (where double-spending is considered a feature).

Commented by /u/phillipsjk in /r/btc on May 14, 2020 04:36:59
/r/btc/comments/gidmce/bitcoin_pay_23159_to_send_581805/fql0gj1/

[It is very expensive to be a BTC maximalist](https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2017-December/015455.html): > Personally, I'm pulling out the champaign that market behaviour is indeed producing activity levels that can pay for security without inflation, and also producing fee paying backlogs needed to stabilize consensus progress as the subsidy declines. > I'd also personally prefer to pay lower fees-- current levels even challenge my old comparison with wire transfer costs-- but we should look most strongly at difficult to forge market signals rather than just claims-- segwit usage gives us a pretty good indicator since most users would get a 50-70% fee reduction without even considering the second order effects from increased capacity.

Commented by /u/phillipsjk in /r/btc on May 14, 2020 03:40:22
/r/btc/comments/gidmce/bitcoin_pay_23159_to_send_581805/fqktcci/

Yes that is less than an order of magnitude. BCH forked in 2018 with BSV so I was able to approximately double my tokens at that time. > That's horrible. It's not move fast and break things. It's good to be conservative. IMO raising the blocksize was more conservative than betting everything on untested "second layer" solutions. Blocks able to handle more than transaction demand had a 7-8 year track record. Full blocks in late 2017 caused most crypto usage to move to Etherium. They could have done both: by not blocking Segwit2x. Now the Bitcoin community is polarized instead of working together.

Commented by /u/phillipsjk in /r/btc on May 14, 2020 01:55:11
/r/btc/comments/gj4ybv/bitcoinorg_is_up_for_grabs_to_whoever_can/fqjxxqy/

... So you are saying there is a chance?

Commented by /u/phillipsjk in /r/btc on May 13, 2020 20:40:09
/r/btc/comments/gj4ybv/bitcoinorg_is_up_for_grabs_to_whoever_can/fqjk4d1/

OK I like your nomination better than some others in this thread. (Seconded). Will the website say anything about Bitcoin?

Commented by /u/phillipsjk in /r/btc on May 13, 2020 19:04:36
/r/btc/comments/giv68d/whether_it_gives_higher_profits_for_now_or_not/fqj4i60/

Do you deny that there is a small group in charge of the Bitcoin Core software development? How were they funded? How do they make decisions? They would have to be willfully blind to claim large blocks had no popular support in [2015](https://blog.plan99.net/the-resolution-of-the-bitcoin-experiment-dabb30201f7), [2016](https://medium.com/@bitcoinroundtable/bitcoin-roundtable-consensus-266d475a61ff), and [2017](https://medium.com/@DCGco/bitcoin-scaling-agreement-at-consensus-2017-133521fe9a77)

Commented by /u/phillipsjk in /r/btc on May 13, 2020 17:22:14
/r/btc/comments/gj3lxl/yikes_a_28_million_bounty_is_out_on_charlieshrem/fqixtov/

I just found out I can short the currency I am holding as collateral on Coinex. So if I short with leverage less than my hold-back, it essentially acts as a stablecoin. There is apparently still some risk (chance of liquidation -- not sure how it is computed). My liquidation price is listed as infinity (because if the price rises, my hold-back is worth more ).

Commented by /u/phillipsjk in /r/btc on May 13, 2020 16:39:08
/r/btc/comments/giwais/where_did_the_tx_fees_tab_go_is_there_an_end_to/fqiw8lt/

The link to the hidden page is still there: https://fork.lol/tx/fee Looks like the graph is broken. Bitcoin cash is showing negative fees. Are they claiming miners pay us to use the network?!?

Commented by /u/phillipsjk in /r/btc on May 13, 2020 16:28:51
/r/btc/comments/giwais/where_did_the_tx_fees_tab_go_is_there_an_end_to/fqivj8t/

If it is out performing BCH in every parameter, why hide one of the parameters?

Commented by /u/phillipsjk in /r/btc on May 13, 2020 16:24:23
/r/btc/comments/gidmce/bitcoin_pay_23159_to_send_581805/fqiu23n/

> A new user would rather pick a network with people than without. He actually saves money even paying transaction fees because the opportunity cost of holding bch over Bitcoin >> transaction fees. There is not much opportunity cost holding BCH over BTC, so the [Much greater than sign](https://mathworld.wolfram.com/MuchGreater.html) does not apply. You would have to assume somebody is holding thousands of dollars worth to make the case that opportunity cost of holding BCH >> fees of using BTC (which are expected to rise) > Fees are less because there are less people so everyone pays the minimum. While the fees are initially subsidized, the marginal costs between chains are radically different due to what I consider deliberately bad design decisions. I have no reason to believe the transactions on a popular Bitcoin Cash network would cost more than 2cent/kB. > Raising blocks isn't the answer to scale It is a reasonable first step, until it is proven to be unworkable. Especially since that is how Bitcoin was originally supposed to work. I have trouble assuming good faith with people claiming that 1MB blocks are a desirable feature on a world-wide network. Etherium has trouble scaling because they chose a very aggressive block interval (15 seconds). It is also Turing Complete, which reduces the possibility of parallel transaction validation (because some transactions will depend on the output of previous ones). With the Bitcoin UTXO model, you can check all the transactions are valid on one pass, then check for double-spending on a second pass (assuming the hash function is collision resistant).

Commented by /u/phillipsjk in /r/btc on May 13, 2020 16:14:53
/r/btc/comments/gj36c9/bitcoinorg_owner_cobra_on_blockstream_fucking/fqiq8q8/

Every business on the planet is looking at contactless payment methods about now. Bitcoin-core is not fit for purpose. Heck, even Bitcoin Cash may not be ready.

Commented by /u/phillipsjk in /r/btc on May 13, 2020 15:50:11
/r/btc/comments/gidmce/bitcoin_pay_23159_to_send_581805/fqiiivo/

Why would your version be any cheaper than BCH? Are you talking price, rather than the cost to transact? The more users BCH has, the cheaper it is to use for each user (because the fixed costs are spread over more users). BTC on the other hand, gets more expansive to use with more users (because the blocks are full).

Commented by /u/phillipsjk in /r/btc on May 13, 2020 15:00:57
/r/btc/comments/gixxe2/charlie_shrem_stole_1600_btc_and_thinks_he_got/fqi8nxq/

Don't piss on me and tell me it is raining.

Commented by /u/phillipsjk in /r/btc on May 13, 2020 13:53:37
/r/btc/comments/gj0le7/todays_fairytale_story_blockstream_liquid_has_to/fqi6pzl/

Now you see why they were trying to deemphasize the importance of Bitcoin.org over the last few years. They [already made Core synonymous with Bitcoin](https://medium.com/@bitcoinroundtable/bitcoin-roundtable-consensus-266d475a61ff) in 2016.

Commented by /u/phillipsjk in /r/btc on May 13, 2020 13:35:22
/r/btc/comments/gidmce/bitcoin_pay_23159_to_send_581805/fqi5ca2/

I guess my point is that the cost of BTC transactions is far above the cost of processing and storage. Because the miners are not able to add more blockspace for fee paying transactions, the the POW essentially becomes a marginal cost of transactions. On a functional blockchain, the POW is a fixed cost: because it can be used for an arbitrary number of transactions.

Commented by /u/phillipsjk in /r/btc on May 13, 2020 13:19:54
/r/btc/comments/gidmce/bitcoin_pay_23159_to_send_581805/fqhm4me/

2.3 cents, actually. For $20 I assumed miners passed on their marginal cost.

Commented by /u/phillipsjk in /r/btc on May 13, 2020 10:23:03
/r/btc/comments/gixxe2/charlie_shrem_stole_1600_btc_and_thinks_he_got/fqhew4n/

The OP appears to be threatening violence. I may be with the r/Bitcoin mods on this one.

Commented by /u/phillipsjk in /r/btc on May 13, 2020 09:11:56
/r/btc/comments/giv68d/whether_it_gives_higher_profits_for_now_or_not/fqhcxe8/

Every time I have considered using NiceHash, I stayed away because of the risk you describe. Small-time miners get hit hardest by the fees.

Commented by /u/phillipsjk in /r/btc on May 13, 2020 08:50:59
/r/btc/comments/giv68d/whether_it_gives_higher_profits_for_now_or_not/fqhchaj/

On your first point: > It's realistic and shows absolutely no sign of changing though. BCH will be coming up on its 3 year anniversary soon and still [no] fee revenue. There is not any rush other than the famous prediction that Bitcoin will either have a lot of usage or no usage in 10 years. The block subsidy diminishes over a century. Less than 1% of the planet has used Bitcoin so we are still very much in the early adoption phase. The Core Developers decided to halt the initial exponential rise of the adoption curve. The tapering coin emission schedule was designed to initially subsidize transactions until volume picked up enough that fee revenue dominates.

Commented by /u/phillipsjk in /r/btc on May 13, 2020 08:45:57
/r/btc/comments/giv68d/whether_it_gives_higher_profits_for_now_or_not/fqhbwcr/

> People who sell contracts to mine BTC for others and transmit the proceeds over the BTC blockchain need to take a hard look at the risks in that business model. *Looks at Nicehash*

Commented by /u/phillipsjk in /r/btc on May 13, 2020 08:39:20
/r/btc/comments/gavwsp/bitcoin_transaction_pending_for_24hrs_no/fqh9yma/

Must be because I am stabilizing the price by shorting :P For people from the future: fork.lol says the block production rate on BTC is down to 5.41 blocks per hour over 24 hours with 6.1 blocks per hour over the last week. That is a reduction of about 12%, not 30%. The price of cryptos in general has been sideways after a ~12% drop over the span of an hour last week.

Commented by /u/phillipsjk in /r/btc on May 13, 2020 08:16:04
/r/btc/comments/gidmce/bitcoin_pay_23159_to_send_581805/fqh9egp/

No, miner expenses are in FIAT. That estimate was an upper limit based on my estimate of their marginal costs for processing transaction. Currently, 1sat/byte transactions are way below that. 1MB would be 1000sats,or 0.0001BCH. At a price of $9000/BCH that works out to $90 cents.

Commented by /u/phillipsjk in /r/btc on May 13, 2020 08:08:56
/r/btc/comments/giivbj/i_support_both_btc_and_bch_for_different_reasons/fqglf20/

Maybe you should check the MTBF on that drive. Without checking I think it is rated for only 10 years or so. That implies that a 1TB drive will last the life of the drive.

Commented by /u/phillipsjk in /r/btc on May 13, 2020 01:57:36
/r/btc/comments/giivbj/i_support_both_btc_and_bch_for_different_reasons/fqgl0o6/

I think I went straight from bitcointalk to r/btc

Commented by /u/phillipsjk in /r/btc on May 13, 2020 01:52:12
/r/btc/comments/ginpv0/why_arent_bitcoincore_blocks_coming_at_20_min/fqgd67e/

Previous discussions: * https://old.reddit.com/r/btc/comments/gi6qwm/hashrate_change_in_btc/ * https://old.reddit.com/r/btc/comments/gi87zg/not_much_hashrate_went_away/

Commented by /u/phillipsjk in /r/btc on May 13, 2020 00:14:58
/r/btc/comments/giiltr/what_mechanism_does_blockstream_co_use_to_disrupt/fqgc1nz/

But why reinvent the wheel when BCH appears to be viable?

Commented by /u/phillipsjk in /r/btc on May 13, 2020 00:02:25
/r/btc/comments/giiltr/what_mechanism_does_blockstream_co_use_to_disrupt/fqgaqlw/

I believe exchanges were refusing to support ABC without replay protection. Remember, at that point all of the industry support was still behind the Segwit2x "compromise" solution.

Commented by /u/phillipsjk in /r/btc on May 12, 2020 23:48:17
/r/btc/comments/giiltr/what_mechanism_does_blockstream_co_use_to_disrupt/fqfufvw/

I guess we are confused because we all had this discussion in 2017. The small block side is willing to fight dirty.

Commented by /u/phillipsjk in /r/btc on May 12, 2020 21:05:08
/r/btc/comments/giiltr/what_mechanism_does_blockstream_co_use_to_disrupt/fqftsak/

Technically no, because of replay protection. If any "flippening" happens slowly enough, many may have time to convert. I am not optimistic about that though.

Commented by /u/phillipsjk in /r/btc on May 12, 2020 20:59:02
/r/btc/comments/giiltr/what_mechanism_does_blockstream_co_use_to_disrupt/fqft7wj/

Put another way, what did you think the Bitcoin Cash supporters did wrong, if anything? On fork day we had a unified front of four previous fork attempts. Bitcoin ABC had the critical mass to avoid being DDOS'd off the Internet. It quickly got exchange support, if only to allow people to sell their 'bcash'. It remains the most popular fork of BTC.

Commented by /u/phillipsjk in /r/btc on May 12, 2020 20:53:47
/r/btc/comments/giiltr/what_mechanism_does_blockstream_co_use_to_disrupt/fqfpiii/

We negotiated for years. What makes you think anything will change?

Commented by /u/phillipsjk in /r/btc on May 12, 2020 20:19:56
/r/btc/comments/giiltr/what_mechanism_does_blockstream_co_use_to_disrupt/fqfouuf/

I wrote off BTC years ago. Only recently have I gained enough confidence in BCH to start shorting BTC instead of merely selling it.

Commented by /u/phillipsjk in /r/btc on May 12, 2020 20:13:59
/r/btc/comments/giiltr/what_mechanism_does_blockstream_co_use_to_disrupt/fqfoa8c/

> It would be great if there were a third type of community for those of us who would like to see the Bitcoin network scale on chain in addition to other scaling methods. There was, they proposed going ahead with Segwit2x: despite the Core Developers dragging their feet on a blocksize increase. We all know what happened next: Blockstream funded the NO2X astroturf campaign to oppose on-chain scaling. Seeing the writing on the wall: prominent Segwit2x supporters, such as Roger Ver, opted to move their operations to Bitcoin Cash.

Commented by /u/phillipsjk in /r/btc on May 12, 2020 20:08:49
/r/btc/comments/gid852/cryptopiafilm_quote_roger_ver_on_censorship_on/fqfjb3v/

In theory DRM should defeat capture software by encrypting the video all the way to the screen. Chipsets since Sandy Bridge have supported keeping memory encrypted during video playback (the real reason all Intel chips now support AES-NI). If you are using a digital output, your video card and monitor likely support HDCP scrambling. Edit: I asked because I avoid the proprietary drivers required to support what I describe above. I also use aging analog displays.

Commented by /u/phillipsjk in /r/btc on May 12, 2020 19:25:16
/r/btc/comments/gidmce/bitcoin_pay_23159_to_send_581805/fqfipu6/

The anyone can spend hack was introduced with P2SH transactions, which Segregated Witness made use of. The issue is that the maximalists insist that there is only one Bitcoin (BTC), so users are not even aware of the possibility of such a mistake, We all know why: if users tried both, even by accidentally buying BCH first; they would realize which chain is really Bitcoin.

Commented by /u/phillipsjk in /r/btc on May 12, 2020 19:20:11
/r/btc/comments/gidmce/bitcoin_pay_23159_to_send_581805/fqfi4eo/

Two of those are deleted by user. According to the modlog, u/MemoryDealer manually approved the grandparent comment (flagged as spam).

Commented by /u/phillipsjk in /r/btc on May 12, 2020 19:15:02
/r/btc/comments/gidmce/bitcoin_pay_23159_to_send_581805/fqffqwg/

Some people have due to sending Bitcoin Cash to Segwit addresses.

Commented by /u/phillipsjk in /r/btc on May 12, 2020 18:54:50
/r/btc/comments/giiltr/what_mechanism_does_blockstream_co_use_to_disrupt/fqfelm3/

Well Bitcoin Cash will be there for them when they realize [Mike Hearn was right](https://blog.plan99.net/the-resolution-of-the-bitcoin-experiment-dabb30201f7). I confess I did not believe it at the time. It was only when they were seriously hyping Segregated Witness without the corresponding blocksize increase that I moved to supporting Bitcoin Cash. I also asked Mircea Popescu under what circumstances he would support a blocksize increase. His response was essentially: when the top 1% have trouble moving their money, I am glad the price spiked in early 2017, because that prompted me to research how Bitcoin was doing after ignoring it for about 2 years.

Commented by /u/phillipsjk in /r/btc on May 12, 2020 18:45:16
/r/btc/comments/giiltr/what_mechanism_does_blockstream_co_use_to_disrupt/fqfc99d/

Over the past 4-5 years, they have built up a culture on r/bitcoin and bitcointalk.org of calling any proposed forks of Bitcoin "alt-coins". If a user accidentally buys Bitcoin Cash from Bitcoin.com, they are told that they were scammed out of their money. Never mind that they can easily convert it to BTC whenever they want. I merely linked to the HKA because is states in writing that only the Bitcoin Core Software is "Bitcoin".

Commented by /u/phillipsjk in /r/btc on May 12, 2020 18:25:43
/r/btc/comments/gi7okp/welcome_to_all_the_new_visitors_from_the_past_24/fqfb8hv/

Oh, I thought it was a given you had BTC. As another person mentioned, there are hundreds of Bitcoin forks now, but most are not worth the trouble. I suspect most were designed to make Bitcoin Cash look bad by comparison (Bitcoin Gold linked to a literal coin stealing wallet on their website). During September-November 2017, the goal may have been to keep people holding BTC as well: to get a chance to sell new coins as they fork (from BTC). Bitcoin SV is like a parody of Bitcoin Cash that forked from Bitcoin Cash because Craig Wright disagreed on how best to scale Bitcoin (preferring to just raise or remove constant limits). He also opposed OP_DSV and canonical transaction ordering.

Commented by /u/phillipsjk in /r/btc on May 12, 2020 18:17:16
/r/btc/comments/giiltr/what_mechanism_does_blockstream_co_use_to_disrupt/fqf9h6s/

https://old.reddit.com/r/btc/comments/gcqwwb/history_lesson_june_2019_this_is_fine/fpdl6nr/?context=3 Short version: > That is because the Core Devs played the long game. > The Big blockers (the majority of Bitcoin supporters) naively negotiated in good faith. Edit: I think the BSV split (and IFP fork) is a sign we won't fall for such tactics anymore.

Commented by /u/phillipsjk in /r/btc on May 12, 2020 18:02:43
/r/btc/comments/gijj2u/i_can_understand_why_the_current_consensus_calls/fqf876d/

A requirement for consensus means that [one guy with a Bitcoin exchange can block everybody else](http://trilema.com/2016/the-necessary-prerequisite-for-any-change-to-the-bitcoin-protocol/#selection-13.0-13.14) (sometimes NSFW). Consensus is not an effective mode of governance if the group is too large for everybody to know one another. It requires compromise to work.

Commented by /u/phillipsjk in /r/btc on May 12, 2020 17:52:26
/r/btc/comments/gid852/cryptopiafilm_quote_roger_ver_on_censorship_on/fqf7p53/

Browsers support DRM these days.

Commented by /u/phillipsjk in /r/btc on May 12, 2020 17:48:21
/r/btc/comments/gi7okp/welcome_to_all_the_new_visitors_from_the_past_24/fqezd7w/

You probably have Bitcoin Cash and Bitcoin SV from the August 1, 2017 and November 15, 2018 forks (respectively). Essentially the "small block side" has won, so now miner block production has an effect on how likely your transaction is to get through. You can watch the [transaction backlog here](https://jochen-hoenicke.de/queue/#0,24h).

Commented by /u/phillipsjk in /r/btc on May 12, 2020 16:42:01
/r/btc/comments/gic6k9/between_20200401_and_20200501_there_have_been/fqewa83/

It was [decided in 2016](https://medium.com/@bitcoinroundtable/bitcoin-roundtable-consensus-266d475a61ff) that BTC will be synonymous with the "Bitcoin Core" software. That is when miners agreed: * To run the Bitcoin Core software * Only upgrade via Bitcoin Core consensus mechanisms. * Segwit first, 2MB blocksize increase 3 months later. For some reason the Core Developers refused to implement the 2MB hardfork part of the agreement.

Commented by /u/phillipsjk in /r/btc on May 12, 2020 16:17:20
/r/btc/comments/gic6k9/between_20200401_and_20200501_there_have_been/fqevlje/

What if there were 4 alternate clients that finally had enough critical mass to fork off? Based on the failure of Segwit2x, I don't anticipate BTC ever raising the blocksize. u/MrGnome was [just bragging today](https://old.reddit.com/r/btc/comments/gi7okp/welcome_to_all_the_new_visitors_from_the_past_24/fqdw5uy/) that they stuck it to miners and businesses by refusing to raise the blocksize.

Commented by /u/phillipsjk in /r/btc on May 12, 2020 16:12:07
/r/btc/comments/giivbj/i_support_both_btc_and_bch_for_different_reasons/fqeu1qi/

According to them, this post confirms you just wanted r/btc club membership.

Commented by /u/phillipsjk in /r/btc on May 12, 2020 15:59:49
/r/btc/comments/gidmce/bitcoin_pay_23159_to_send_581805/fqesb7a/

Even a 1MB transaction (maximum allowed AFIAK) would still cost less than $20 on BCH ([assuming 2cents/kB](https://old.reddit.com/r/btc/comments/7qi6mf/estimating_the_marginal_cost_of_a_transaction_on/)).

Commented by /u/phillipsjk in /r/btc on May 12, 2020 15:46:13
/r/btc/comments/gidmce/bitcoin_pay_23159_to_send_581805/fqerycu/

Replicated world-wide, it is more like a few MB. Still does not warrant fees over about $1.

Commented by /u/phillipsjk in /r/btc on May 12, 2020 15:43:26
/r/btc/comments/gidmce/bitcoin_pay_23159_to_send_581805/fqerf9k/

Re your edit: One thing you are missing is that 0-conf is not safe on BTC. It is safe on BCH (up to about $1000, so this tx exceeds that). C/ That is the nature of mining proceeds. d/ probably transmits every day and only complains when it is expensive. > f/ He never low balls the fee and than bumps it to insure a low fee When you are trying to manage a business, you don't want to baby-sit individual transactions. > He doesn't mention that fees are priced in the coin so it is unfair to compare the dollar price between both coins because if you want BCH to scale for global adoption than the price per coin must be high . You must compare sats per byte for a more honest representation Miners pay most of their expenses in FIAT. If BCH takes off, I fully expect sub-satoshi-byte fees corresponding to something like [2cents/kB](https://nm.reddit.com/r/btc/comments/gidmce/bitcoin_pay_23159_to_send_581805/). J/ coinex requires only 1 confirmation for BCH.

Commented by /u/phillipsjk in /r/btc on May 12, 2020 15:39:16
/r/btc/comments/gideto/has_anyone_sued_reddit_to_regain_rbitcoin_control/fqep53m/

I have been wondering were the line is in calling the Bitcoin Cash fork: a Bcash scammer's alt-coin. Surely Theymos may have some liability for deliberately misleading investors through an organized campaign of censorship and propaganda. Edit: I suppose if Theymos is a CIA man, they can claim sovereign immunity.

Commented by /u/phillipsjk in /r/btc on May 12, 2020 15:21:23
/r/btc/comments/gid852/cryptopiafilm_quote_roger_ver_on_censorship_on/fqeoj5a/

I have heard it is a 24 hour "rental" What proprietary software do I need to run to watch it?

Commented by /u/phillipsjk in /r/btc on May 12, 2020 15:16:33
/r/btc/comments/gi7okp/welcome_to_all_the_new_visitors_from_the_past_24/fqelrng/

THB is probably Thai Baht from context.

Commented by /u/phillipsjk in /r/btc on May 12, 2020 14:54:24
/r/btc/comments/gi6qwm/hashrate_change_in_btc/fqekxcz/

When I see the word "empirical", I think knowledge gained through experiment. This is in contrast to math and formal logic, where knowledge is gained through rigorous proofs. (Though math based distributed computing projects can be considered empirical). In truth the scientific method uses both. You come up with a theory, then you test it through empirical study.

Commented by /u/phillipsjk in /r/btc on May 12, 2020 14:47:46
/r/btc/comments/gi6qwm/hashrate_change_in_btc/fqek0zl/

Killing BTC outright would be a "ripping off the band-aid" strategy. Many people getting filtered information will have no idea why BTC suddenly stopped working.

Commented by /u/phillipsjk in /r/btc on May 12, 2020 14:40:37
/r/btc/comments/gi6qwm/hashrate_change_in_btc/fqejar8/

> Why would you say it's empirical when you can calculate the more efficient system with actual numbers? Because that is what empirical means: > based on, concerned with, or verifiable by observation or experience rather than theory or pure logic.

Commented by /u/phillipsjk in /r/btc on May 12, 2020 14:34:48
/r/btc/comments/gi7okp/welcome_to_all_the_new_visitors_from_the_past_24/fqehp47/

I was banned as an alt-coin scammer in late 2017 for discussing the 8MB fork of Bitcoin, so the policy was still in effect at that time. I guess I failed to realize that the [Hong kong agreement](https://medium.com/@bitcoinroundtable/bitcoin-roundtable-consensus-266d475a61ff) implies that only the network running the Bitcoin Core software is "Bitcoin".

Commented by /u/phillipsjk in /r/btc on May 12, 2020 14:22:11
/r/btc/comments/gi7okp/welcome_to_all_the_new_visitors_from_the_past_24/fqefv2p/

> The members of this sub do not like several rules in r/bitcoin including the rules against discussing/promoting altcoins and controversial bitcoin forks as it led to their removal from the community during what was honestly a hostile take over attempt by companies outside the bitcoin protocol. The rule about the controverial forks is a [temporary one that never got lifted](https://old.reddit.com/r/Bitcoin/comments/3h9cq4/its_time_for_a_break_about_the_recent_mess/). The reasoning is that alternative mining software is an "alt-coin", even if it does not activate without super-majority miner support. Edit: > It's actually the most significant example of bitcoin's decentralized security model in action. An overwhelming percent of companies, traditionally powerful actors, in this space tried to force on-chain scaling which would result in nodes subsidizing those companies inefficient blockchain usage. Nodes threatened to fork and the companies were forced to optimize their blockchain usage in exchange for more onchain space. I disagree with your interpretation. Bitcoin's decentralized security model was attacked where the traditional banks still have leverage: money. A network processing 7 tx/second will never be a threat to the banks. By funding the Core Developers, the banks succeeed in preventing Bitcoin from scaling. I agree that the transactions would be subsidized if the blocksize was raised: but that is the entire point during the early-adoption phase. Once usage picks up fees should settle around the marginal cost of transactions [2cents/kB or lower](https://old.reddit.com/r/btc/comments/7qi6mf/estimating_the_marginal_cost_of_a_transaction_on/). With sub-GB blocks, block propagation limits the blocksize, not the marginal cost of bandwidth and processing and storage.

Commented by /u/phillipsjk in /r/btc on May 12, 2020 14:07:45
/r/btc/comments/gic6k9/between_20200401_and_20200501_there_have_been/fqedvyx/

According to https://www.crypto51.app/ the 1hr attack cost for BCH is near $10,000. So payments up to about $1000 should be safe as zero conf transactions (assuming an adequate fee was paid).

Commented by /u/phillipsjk in /r/btc on May 12, 2020 13:52:18
/r/btc/comments/gi553c/lots_of_smoke_no_fire/fqdfd07/

Just more halving hype to keep the numbers going up.

Commented by /u/phillipsjk in /r/btc on May 12, 2020 09:00:22
/r/btc/comments/gi87zg/not_much_hashrate_went_away/fqdf7z7/

I think I am record saying it will take about 3 days for something to happen. That said, I may have been wrong about a 40% drop in hashpower due to the halving.

Commented by /u/phillipsjk in /r/btc on May 12, 2020 08:58:53
/r/btc/comments/ghrra7/194_to_send_1/fqcokw6/

> Your recipient does not need to "get it out" of the lightning network, because it makes a lot more sense to just keep it there and do lightning payments. A hot wallet is a bitcoin theft waiting to happen, Also, you can't rely on 1sat/byte fees for channel closing transactions: due to "aggressive" LN time-outs.

Commented by /u/phillipsjk in /r/btc on May 12, 2020 02:12:54
/r/btc/comments/ghrra7/194_to_send_1/fqcnylz/

Segwit just kicked the can down the road about 30 months. It is not a scaling solution. > But the reality is that no size increase would have ever been enough. No matter how large, Bitcoin entire block would be eaten up by someone's use case. Not true, as large blocks fill up, miners will start charging the marginal cost to process transactions ([something like 2cents/kB](https://old.reddit.com/r/btc/comments/7qi6mf/estimating_the_marginal_cost_of_a_transaction_on/)). All of the use-cases not supported at that fee level will have to move to off-chain solutions.

Commented by /u/phillipsjk in /r/btc on May 12, 2020 02:04:02
/r/btc/comments/ghvnce/bitcoin_miners_return_to_bitcoin_cash/fqcfog8/

I predict the low hash rate on BTC will cause the FIAT price to go down.

Commented by /u/phillipsjk in /r/btc on May 12, 2020 00:17:29
/r/btc/comments/ghrra7/194_to_send_1/fqbxf8d/

I actually do pay my web-host about 40% more than they will accept. They are less likely to go out of business on me. (I have had several previous webhosts go out of business on me).

Commented by /u/phillipsjk in /r/btc on May 11, 2020 21:10:27
/r/btc/comments/ghrra7/194_to_send_1/fqb6vha/

So instead of $1.94, it would only cost $1.24 to send $1. Segwit is not a scaling solution. It only increased the available blockspace by a small constant factor.

Commented by /u/phillipsjk in /r/btc on May 11, 2020 17:13:40
/r/btc/comments/ghrra7/194_to_send_1/fqb68ca/

Vapourware can refer to a protoype only inteded to defraud: > Vaporware first implied intentional fraud when it was applied to the Ovation office suite in 1983; the suite's demonstration was well received by the press, but the product was never released. https://en.wikipedia.org/wiki/Vaporware

Commented by /u/phillipsjk in /r/btc on May 11, 2020 17:08:19
/r/btc/comments/ghrra7/194_to_send_1/fqb5m34/

It probably reduces support tickets when users get their Bitcoin (BTC) stuck due to insufficient fees.

Commented by /u/phillipsjk in /r/btc on May 11, 2020 17:03:06
/r/btc/comments/ghjxm0/it_doesnt_matter_that_the_market_cap_of_bitcoin/fqb4l1h/

> Mempool.space I see nothing about the number of transactions per block on that obnoxious page. Kraken independently [came to the same conclusion in their halving report]( https://kraken.docsend.com/view/qgmyea2fxeadyk2r) (bottom of page 8, and figure 9). You can also check [fork.lol](https://fork.lol/tx/txs) (Looks like it is peaking at nearly 3000tx/block) (6.25BTC/block)/(3000tx/block)= 0.00201BTC/tx (0.00201BTC/tx)($8600USD/BTC) = $17.92USD/tx. Without the revenue, the BTC block production rate will drop about 40% until the difficulty adjusts in about 2 weeks. This will make BTC even more congested than it is now.

Commented by /u/phillipsjk in /r/btc on May 11, 2020 16:54:37
/r/btc/comments/ghkg1w/fun_fact_theres_more_btc_coin_tokenized_on/fqa9srd/

Even the LN whitepaper acknowledges that LN is not a silver bullet scaling solution. It calls for 133MB blocks at scale. LN does not work properly if transactions on the base layer are not reliable.

Commented by /u/phillipsjk in /r/btc on May 11, 2020 12:42:36
/r/btc/comments/ghnal7/analyst_last_weekend_was_one_of_the_worst_for/fqa8j3p/

That took 4 years; did not happen over a week-end.

Commented by /u/phillipsjk in /r/btc on May 11, 2020 12:31:50
/r/btc/comments/ghpmc7/after_halving/fqa7yg3/

I am not counting on that.

Commented by /u/phillipsjk in /r/btc on May 11, 2020 12:26:58
/r/btc/comments/ghjxm0/it_doesnt_matter_that_the_market_cap_of_bitcoin/fqa6jhw/

Hashpower follows price. Since BTC only has the capacity to handle about 2300tx/block, each tx needs to cost (6.25BTC/block)/(2300tx/bock). That works out to about $25 at current prices.

Commented by /u/phillipsjk in /r/btc on May 11, 2020 12:15:04
/r/btc/comments/ghjxm0/it_doesnt_matter_that_the_market_cap_of_bitcoin/fq9vlb0/

To be fair, some of the reduction may due to batching. Replacing many small transactions with fewer larger transactions.

Commented by /u/phillipsjk in /r/btc on May 11, 2020 10:38:39
/r/btc/comments/ghjxm0/it_doesnt_matter_that_the_market_cap_of_bitcoin/fq9varo/

So you expect fees to stay in the $20/tx range then? That is the only way BTC does not lose a lot of hash-power.

Commented by /u/phillipsjk in /r/btc on May 11, 2020 10:35:55
/r/btc/comments/ghinvr/how_btc_full_blocks_drive_people_from_crypto/fq9ujk8/

For the people pressured into just trying it, I can see them staying away from crypto for a decade or more. Sure, people interested in it as a hobby would be able to go down the list of coins like you suggest.

Commented by /u/phillipsjk in /r/btc on May 11, 2020 10:28:44
/r/btc/comments/ghhiq0/who_remembers_transaction_on_bitcoin_were_zero/fq9safr/

The marginal cost of both is hard to measure.

Commented by /u/phillipsjk in /r/btc on May 11, 2020 10:06:47
/r/btc/comments/ghhiq0/who_remembers_transaction_on_bitcoin_were_zero/fq9rxt0/

Well, I don't pay for the air I breathe. Does that make me a commie?

Commented by /u/phillipsjk in /r/btc on May 11, 2020 10:03:16
/r/btc/comments/ghhiq0/who_remembers_transaction_on_bitcoin_were_zero/fq9rm6a/

If the UTXO set is really the problem the Core Developers tell us it is, consolidation transactions should always be free.

Commented by /u/phillipsjk in /r/btc on May 11, 2020 10:00:00
/r/btc/comments/ghanhu/whats_the_most_secure_way_to_store_funds_without/fq8ooev/

I have also had a brain injury. To my knowledge my memory was not really affected. I just apparently have face blindness now.

Commented by /u/phillipsjk in /r/btc on May 11, 2020 00:28:46
/r/btc/comments/ghanhu/whats_the_most_secure_way_to_store_funds_without/fq8o138/

It depends how randomly those characters are generated. If you randomly generate the passphrase, you can get a predictable amount of entropy per symbol. For WiFi passwords, I use 32 hex digits, with 4bits of entropy per symbol: for a total of 128 bits. The reduced symbol set makes the password easier to type in, despite the length. I have started using [GRC's Perfect Paper Password](https://www.grc.com/ppp.htm) generator for passwords (generally 12 characters for 72 bits of entropy). I don't like their [Perfect Passwords](https://www.grc.com/passwords.htm) page because the resulting codes are hard to type in, and often violate various password rules used by various sites (including often not having a number in a password of reasonable length). Edit: I don't really like the concept on encrypting physical copies of your keys. Because then you need some place to store the passphrase. Unencrypted keys simplify key management greatly (at an increased risk of theft).

Commented by /u/phillipsjk in /r/btc on May 11, 2020 00:20:37
/r/btc/comments/ghanhu/whats_the_most_secure_way_to_store_funds_without/fq8n8pn/

Alternatively, sheets of paper in geographically distinct locations can also work. Just make sure those sheets are *actually* in two locations when you seal the envelopes.

Commented by /u/phillipsjk in /r/btc on May 11, 2020 00:10:57
/r/btc/comments/gh7xnx/ceo_remme_bitcoin_halving_will_not_affect_network/fq8n0q5/

TL;DR: "miners should go into deep debt speculating on future prices" (instead of just letting BTC die).

Commented by /u/phillipsjk in /r/btc on May 11, 2020 00:08:17
/r/btc/comments/gh5dtt/charlies_take_on_nya_and_why_miners_flipped_from/fq8mloi/

The core devs refused to review it or implement their own version. I am sure Greg Maxwell would have been smart enough to catch that.

Commented by /u/phillipsjk in /r/btc on May 11, 2020 00:03:14
/r/btc/comments/gh7obl/can_someone_who_isnt_banned_from_rbitcoin_and/fq8lusx/

Basically, for such a bot to be legal, the people receiving PMs would have had to opt-in. But if they know about the bot to opt-in, they probably know what the bot is going to tell them. I am basing this on what happened to the censorship notifier. I think the only "legal" way to do it it to buy up banner ads in r/bitcoin.

Commented by /u/phillipsjk in /r/btc on May 10, 2020 23:54:29
/r/btc/comments/gh0psx/banned_from_rbitcoin_for_helping_a_new_user/fq8k7k2/

You are the one making assertions about the tread's content. I only claimed a helpful post was deleted (based on testimony in this thread). From my interactions with maximalists like yourself, I know you guys don't like newbs knowing about there being more than one version of bitcoin. So the story seemed plausible.

Commented by /u/phillipsjk in /r/btc on May 10, 2020 23:35:24
/r/btc/comments/gh0psx/banned_from_rbitcoin_for_helping_a_new_user/fq84y1j/

i did not want to even visit that thread, lest I get accused of "briggading" if I happen to upvote a good comment.

Commented by /u/phillipsjk in /r/btc on May 10, 2020 20:56:28
/r/btc/comments/gh011p/too_many_people_over_at_rbitcoin_would_rather/fq84ork/

You may be able to do the step where you check if recovery is even possible (look up the transaction, check it it is spent or not); but you need access to the private key to prove ownership.

Commented by /u/phillipsjk in /r/btc on May 10, 2020 20:54:00
/r/btc/comments/gh0psx/banned_from_rbitcoin_for_helping_a_new_user/fq77vvr/

Deleting posts on how to recover your money can lead to tangible losses as well.

Commented by /u/phillipsjk in /r/btc on May 10, 2020 16:35:25
/r/btc/comments/gh011p/too_many_people_over_at_rbitcoin_would_rather/fq6ogg5/

That requires a benevolent miner to process the non-standard transaction and return the funds. Being a custodial wallet, you would also need cooperation from the custodial wallet provider.

Commented by /u/phillipsjk in /r/btc on May 10, 2020 14:31:01
/r/btc/comments/gh47ms/next_scheduled_bitcoin_cash_network_upgrade_in_4/fq6nzee/

They very deliberately did the big changes, like CTOR first. After a point if it is not broken, you should leave it alone.

Commented by /u/phillipsjk in /r/btc on May 10, 2020 14:26:40
/r/btc/comments/gh5dtt/charlies_take_on_nya_and_why_miners_flipped_from/fq6mcjc/

The timeline does not match up unless BIP-0091 was part of the negotiations: * [Bitcoin Scaling Agreement at Consensus 2017](https://medium.com/@DCGco/bitcoin-scaling-agreement-at-consensus-2017-133521fe9a77) May 23, 2017 * [BIP: 91; Reduced threshold Segwit MASF](https://github.com/bitcoin/bips/blob/master/bip-0091.mediawiki) May 22, 2017 At the end of the day, who care about a few UASF users? They won't be spending their money anyway (because the blocks are full).

Commented by /u/phillipsjk in /r/btc on May 10, 2020 14:11:42
/r/btc/comments/gh0psx/banned_from_rbitcoin_for_helping_a_new_user/fq6j2e0/

Yes. Even mentioning r/bitcoin is considered "brigading" by the mods over there.

Commented by /u/phillipsjk in /r/btc on May 10, 2020 13:41:27
/r/btc/comments/gh0psx/banned_from_rbitcoin_for_helping_a_new_user/fq6ipj9/

If the target address is a Segwit address, as everybody is encouraged to use: then recovering funds would require a benevolent miner. That is why as many services as possible should migrate to the new address formats.

Commented by /u/phillipsjk in /r/btc on May 10, 2020 13:38:11
/r/btc/comments/ggzhbo/how_to_pay_thousands_of_affiliates_by_bitcoin/fq5ojme/

Is this something liek what you want?: [Send Token Payouts With Ease Using Bitcoin.com's SLP Dividend Calculator](https://news.bitcoin.com/send-token-payouts-with-ease-using-bitcoin-coms-slp-dividend-calculator/) You would give each affiliate a token, then use the payment calculator to automatically send payments.

Commented by /u/phillipsjk in /r/btc on May 10, 2020 08:14:45
/r/btc/comments/gguq7y/is_coinomi_and_exodus_wallets_safe_enough/fq5ng90/

Since there is no standard, each wallet should disclose their derivation paths for each coin.

Commented by /u/phillipsjk in /r/btc on May 10, 2020 07:57:28
/r/btc/comments/gh011p/too_many_people_over_at_rbitcoin_would_rather/fq5n5qw/

Psychological projection. The real scammers are the people screaming: "There is only one Bitcoin! Bcash is a scam!".

Commented by /u/phillipsjk in /r/btc on May 10, 2020 07:52:45
/r/btc/comments/ggzhg7/how_is_this_coupled_exactly_all_crypto_dip_across/fq5mtrd/

Gas (petrol) prices exhibit the same behavior to the point that people accuse the gas stations of collusion. It is just the result of a competitive market. When it is very easy to move from one provider to another: the prices don't vary much.

Commented by /u/phillipsjk in /r/btc on May 10, 2020 07:47:14
/r/btc/comments/ggxfvd/can_anyone_explain_something_market_had_a_steep/fq5mlxk/

The search term is "margin call". If you don't close your position, your exchange will do it for you during extreme movements. Probably why more regulated exchanges have "circuit breakers" that limit extreme price movement.

Commented by /u/phillipsjk in /r/btc on May 10, 2020 07:43:41
/r/btc/comments/ggzhg7/how_is_this_coupled_exactly_all_crypto_dip_across/fq5lzuh/

You can do time based arbitrage (on a single exchange) as well. You can basically try to buy low and sell high on the *assumption* that effective arbitrage exists. I mostly avoid day trading myself.

Commented by /u/phillipsjk in /r/btc on May 10, 2020 07:33:33
/r/btc/comments/ggt87q/kraken_limiting_bch_withdrawals_to_100usd/fq5karu/

My previous deposits were crypto I bought OTC.

Commented by /u/phillipsjk in /r/btc on May 10, 2020 07:04:03
/r/btc/comments/gguq7y/is_coinomi_and_exodus_wallets_safe_enough/fq4xw57/

For long-term storage, make sure you have the recovery seed words in two geographically distinct locations. Hard to say if the software will still be maintained in 10 years.

Commented by /u/phillipsjk in /r/btc on May 10, 2020 01:01:52
/r/btc/comments/ggt5sx/btc_fk_10000_halving_8675/fq4xg9v/

If it spikes back up within 24hours, somebody may be trying to squeeze all of the over-leveraged people.

Commented by /u/phillipsjk in /r/btc on May 10, 2020 00:56:24
/r/btc/comments/ggt87q/kraken_limiting_bch_withdrawals_to_100usd/fq4tfz2/

Looks like it is just me: > As a security precaution, **withdrawals in any currency of up to 125% of the value of your first FIAT deposit** are locked for 72 hours. This means that if your first EUR deposit was [EUR] 1,000, you will not be able to withdraw the equivalent of [EUR] 1,250 for the following 72 hours after the first deposit was credited. > Please note that additional deposits sent before this lock expires will restart the 72 hour lock period. In such cases, the lock will be reset upon receipt of a subsequent deposit with the original deposit amount becoming available after its 72 hour lock expires. Once the lock expires, this security precaution will not apply to future deposits.

Commented by /u/phillipsjk in /r/btc on May 10, 2020 00:09:42
/r/btc/comments/ggj3ze/tether_has_printed_almost_1_billion_in_usdt_while/fq3bpwg/

I agree it is *possible* they just want to buy cheap bitcoin everythime the price dips. The numbers have been getting more and more ridiculous though.

Commented by /u/phillipsjk in /r/btc on May 9, 2020 18:54:24
/r/btc/comments/ggj3ze/tether_has_printed_almost_1_billion_in_usdt_while/fq249qo/

ELI15 is that tether was set up as a "stablecoin" pegged to the USD, The benefit for exchanges is that as long as they avoid touching FIAT money, they are harder to regulate. Because there is no clear way to redeem "Tethers" for USD, it is not clear if it is fully backed or not. This is a concern because whomever is behind the Tether issuance (Backed by real USD or not) seems to be propping up the price of BTC every time it dips. This has knock-on effects on the space, including reduced hashrate for competing SHA256 coins.

Commented by /u/phillipsjk in /r/btc on May 9, 2020 15:31:33
/r/btc/comments/gg890l/steam_didnt_stop_accepting_bitcoin_becase_of_fees/fq13ymg/

> PTJ Physical Therapy Journal ?

Commented by /u/phillipsjk in /r/btc on May 9, 2020 12:23:43
/r/btc/comments/gg890l/steam_didnt_stop_accepting_bitcoin_becase_of_fees/fq12cwz/

I received 3 separate e-mails hyping up the BTC halving as well. I was dismayed that it was too late to move FIAT out before the halving, but my brother pointed out I can just use BCH. Considering Coinex, but they apparently don't handle FIAT (so there is stablecoin exposure risk).

Commented by /u/phillipsjk in /r/btc on May 9, 2020 12:13:43
/r/btc/comments/gg890l/steam_didnt_stop_accepting_bitcoin_becase_of_fees/fq0k7bp/

Archive link: https://archive.is/jW2z5 Archive.org appears to be blocked: https://web.archive.org/web/20200509140619/https://twitter.com/danheld/status/1258805665700536320

Commented by /u/phillipsjk in /r/btc on May 9, 2020 10:06:57
/r/btc/comments/gg5e8f/bitcoin_scaling_debate_roger_ver_get_substantive/fq01bxx/

No, it is a 24 hour "rental"

Commented by /u/phillipsjk in /r/btc on May 9, 2020 08:16:25
/r/btc/comments/gg62wh/film_maker_accepts_bitcoin_cash_as_payment_for/fpzviq1/

Apparently it was a 24hour "rental". Badger button does not support screwing over the user.

Commented by /u/phillipsjk in /r/btc on May 9, 2020 07:38:10
/r/btc/comments/gg890l/steam_didnt_stop_accepting_bitcoin_becase_of_fees/fpzth8r/

Then transactions will cost about [2cents/kB (marginal transaction cost](https://old.reddit.com/r/btc/comments/7qi6mf/estimating_the_marginal_cost_of_a_transaction_on/). Even when Satoshi envisioned racks of computers instead of a 4U machine, he expected it to be cheaper than traditional banking.

Commented by /u/phillipsjk in /r/btc on May 9, 2020 07:23:09
/r/btc/comments/gg890l/steam_didnt_stop_accepting_bitcoin_becase_of_fees/fpzpywn/

I may have to consider switching exchanges if it keeps up.

Commented by /u/phillipsjk in /r/btc on May 9, 2020 06:57:22
/r/btc/comments/gfwlom/vitalik_buterin_btc_people_seem_happy_to_have/fpy0xm8/

Anything to bring price stability!

Commented by /u/phillipsjk in /r/btc on May 8, 2020 23:07:17
/r/btc/comments/gfwlom/vitalik_buterin_btc_people_seem_happy_to_have/fpxtflc/

I am shorting a little BTC (Using as little leverage as possible, and keeping enough capital to avoid a short-squeeze.)

Commented by /u/phillipsjk in /r/btc on May 8, 2020 21:53:35
/r/btc/comments/gewfhz/bch_blocks_are_really_huge_these_days/fpw96cd/

The real reason I did not do the math for you is that the math is not that hard, and depends on your ASSUMPTIONS. There is a bit of psychology involved as well: you are more likely to believe the math if you do it yourself. Transactions Per day = (Transactions per block)(blocks per day). Transactions per block can vary, depending on the size of the average transaction. That said, large transactions are likely to be "batch" transactions anyway. So to get an idea, you can go to your favorite block explorer, and get the size of a "typical" small transaction. You can then divide the blocksize by that size to get the maximum number of transactions per block. The existence of Segregated Witness on the BTC chain complicates the calculation. The blocksize varies based on the "Weight" of the transactions, to a maximum of 4MB. In practice, you can assume a doubling of capacity if *every* transaction is a Segwit transaction.

Commented by /u/phillipsjk in /r/btc on May 8, 2020 13:36:42
/r/btc/comments/gfpbu8/about_the_blocksize_limit/fpw63h8/

Why bother with the BTC step when you can use a timelock contract to do the same thing on BCH?

Commented by /u/phillipsjk in /r/btc on May 8, 2020 13:11:43
/r/btc/comments/gftf3f/btc_halving_countdown_only_3_days_left_are_you/fpw3nq9/

You may be correct that the halving is "priced in", as happened with other halvings. I am betting that it will be different this time: because the blocks are full.

Commented by /u/phillipsjk in /r/btc on May 8, 2020 12:51:36
/r/btc/comments/gfohxl/this_is_why_bch_is_the_number_1_contender_to/fpvkmsv/

Another user explained that transaction spam is limited by POW on every transaction. I looked into nano once, but was uncomfortable with the numberof moving parts, and partial information the nodes have. I would have to run attack simulations to trust nano.

Commented by /u/phillipsjk in /r/btc on May 8, 2020 10:04:55
/r/btc/comments/gfohxl/this_is_why_bch_is_the_number_1_contender_to/fpvjydk/

Is something like SPV possible on Nano? Bitcoin allows users to just be users, instead of processing the world's transactions.

Commented by /u/phillipsjk in /r/btc on May 8, 2020 09:58:26
/r/btc/comments/gfpbu8/about_the_blocksize_limit/fpvispa/

The document is a "vision" document. I see no reason to update it unless it has been shown the original vision is unworkable.

Commented by /u/phillipsjk in /r/btc on May 8, 2020 09:47:25
/r/btc/comments/gfpbu8/about_the_blocksize_limit/fpvikbf/

The Whitepaper is only 9 pages. It does not even touch on minutia like the blocksize limit that was temporarily introduced as an anti-spam measure when mining was done for the lolz.

Commented by /u/phillipsjk in /r/btc on May 8, 2020 09:45:10
/r/btc/comments/gfpbu8/about_the_blocksize_limit/fpvi8ub/

Segwit actually made the transactions slightly larger. When Segwit does is change how the bytes of a transaction are accounted for. The 1MB blocksize limit was replaced by a 4MB "block weight" limit. with Segwit, non-segwit-signature data gets a 400% penalty towards the block weight. This has the effect of keeping the blocksize limit at 1MB for legacy transactions.

Commented by /u/phillipsjk in /r/btc on May 8, 2020 09:42:08
/r/btc/comments/gfpbu8/about_the_blocksize_limit/fpvhrag/

Doing thing on-chain is actually useful. It means that your data (save for your private keys and some Meatadata) is backed up automatically world-wide with redundant servers. It allows you (as a bricks an mortar merchant) to request payment directly to a "drop safe" located in (optionally) geographically distinct off-site locations (Lightning Network can't do that at all).

Commented by /u/phillipsjk in /r/btc on May 8, 2020 09:37:18
/r/btc/comments/gfpbu8/about_the_blocksize_limit/fpvh1f0/

**REASONS TO STAY** * Smaller network may allow stenography if governments clamp down. (But the anonymity set would be smaller as well.)

Commented by /u/phillipsjk in /r/btc on May 8, 2020 09:29:52
/r/btc/comments/gfpbu8/about_the_blocksize_limit/fpvg2qb/

Section 8 of the Whitepaper describes Simplified Payment Verification. As far as I know, only the BRD wallet does this without an intermediate server. With SPV, you need only download block headers and the transactions you are interested in (plus an incidental (Bloomfilter)Log2(N) transactions). "Bloomfilter" being a constant used to obscure your specific addresses. N being the number of transactions in a block. For a 1GB block, N would be about 2,300,000, the log (base 2) would be 21.

Commented by /u/phillipsjk in /r/btc on May 8, 2020 09:19:46
/r/btc/comments/gf3w7f/when_even_i_as_a_fan_of_bitcoincom_am_annoyed_by/fpu3uch/

In effect, yes. By censoring the main communication channels for discussing Bitcoin, you censor the entire world when they try to visit the specialized forum for information. Edit: to be clear, bitcointalk.org got censored as well. > Stories about Bitcoin reach newspapers and magazines through a simple process: the news starts in a community forum, then it’s picked up by a more specialised community/tech news website, then journalists at general media outlets see the story on those sites and write their own versions. I’ve seen this happen over and over again, and frequently taken part in it by discussing stories with journalists. - Mike Hearn, "[The resolution of the Bitcoin experiment](https://blog.plan99.net/the-resolution-of-the-bitcoin-experiment-dabb30201f7)" (January, 2016)

Commented by /u/phillipsjk in /r/btc on May 7, 2020 22:14:38
/r/btc/comments/gewfhz/bch_blocks_are_really_huge_these_days/fptn2ic/

I already linked to a Kraken report saying that transaction fees need to rise to $25. don't know where you got $50.

Commented by /u/phillipsjk in /r/btc on May 7, 2020 19:32:32
/r/btc/comments/gfcv24/what_is_the_best_way_to_short_bitcoin_since_i/fpt5l4q/

Kraken actually uses USD. I forgot most of the exchanges use Tether.

Commented by /u/phillipsjk in /r/btc on May 7, 2020 17:00:51
/r/btc/comments/gewfhz/bch_blocks_are_really_huge_these_days/fpt4l37/

I never claimed he did the calculation. He only pointed out the Fedwire transactions are simpler than Bitcoin transactions. He did not dispute my numbers. Maybe you think people are dishonest because you lack reading comprehension. Edit: to be fair, this may be a case of lack of punctuation changing the meaning: > i got a lower number, when arguing with u/nullc, using current fork.lol data

Commented by /u/phillipsjk in /r/btc on May 7, 2020 16:52:39
/r/btc/comments/gfcv24/what_is_the_best_way_to_short_bitcoin_since_i/fpt2o0t/

That sounds lower risk than actually shorting.

Commented by /u/phillipsjk in /r/btc on May 7, 2020 16:36:48
/r/btc/comments/gfcv24/what_is_the_best_way_to_short_bitcoin_since_i/fpt2ew9/

It may be too late to get your money to an exchange. On Kraken you need to select at least 2:1 leverage (and intermediate trading) to short. Since I don't want to bet against Bitcoin (BTC or not) with leverage, my strategy is to only spend 25% of my capital. That way, I don't get liquidated unless the price exceeds $20,000 USD/XBT. I may also buy some cheap BCH as a hedge (normally BCH follows BTC, but not this week). Kraken has been promoting the halving like crazy, so there may be a lot of bets against you.

Commented by /u/phillipsjk in /r/btc on May 7, 2020 16:34:42
/r/btc/comments/gf3w7f/when_even_i_as_a_fan_of_bitcoincom_am_annoyed_by/fpt1euq/

For a "market" to "choose", the participants need access to information. Censorship and propaganda subverts the "free market".

Commented by /u/phillipsjk in /r/btc on May 7, 2020 16:26:30
/r/btc/comments/gewfhz/bch_blocks_are_really_huge_these_days/fpt0muh/

https://old.reddit.com/r/btc/comments/gcivdm/btc_is_by_definition_an_altcoin_segwit_is_the/fpd4gci/?context=3

Commented by /u/phillipsjk in /r/btc on May 7, 2020 16:20:12
/r/btc/comments/gf2lol/bitcoin_fees_bitcoin_cash_000_btc_coin_222/fpsiz1b/

> It will be a lot easier for someone with a lot of money to put 1% of their wealth in Btc as opposed to BCH. It is also alot safer. If people didn't believe that BTC can be used to store wealth it would be sold straight to zero. I think "don't invest more than you can afford to lose" may apply here. > One of the biggest benefits of Bitcoin compared to gold is that it is verifiable. It is easier to tell if a Bitcoin (or any crypto) is real or not without needing to trust anyone. The Bitcoin blockchain is at around 250gb. It doesn't need to increase exponentially because someone wants to send weather data for 1/sat per byte. Your coffee purchase doesn't need to be on the blockchain. A person who wants split their BTC into as many utxos as possibly should pay for it. With SPV, you need only download block headers and the transactions you are interested in (plus an incidental (Bloomfilter)Log2(N) transactions). The POW in the (block headers) makes it very expensive for your peers to lie to you (other than by omission). > Miner's are not supposed to be living in a utopia where they just collect coins forever with fat margins. The fees on BTC are currently FAR above the [marginal transaction costs](https://old.reddit.com/r/btc/comments/7qi6mf/estimating_the_marginal_cost_of_a_transaction_on/) that miners would incur on a network like BCH. Aside: For BTC the POW is also a marginal cost: because the number of transactions/block is artificially limited. On BCH the POW is a fixed cost because the same POW can be used to process an arbitrary number of transactions. In practice, miners care more about block propagation than marginal cost at this stage.

Commented by /u/phillipsjk in /r/btc on May 7, 2020 13:57:44
/r/btc/comments/gf1zst/one_things_for_sure_the_persistence_of_the_ifp/fpsdk3k/

The check points are optional!

Commented by /u/phillipsjk in /r/btc on May 7, 2020 13:14:21
/r/btc/comments/gf5cy4/pine64_is_running_a_poll_asking_whether_the/fpsa0wt/

Don't they know that Bitcoin (BTC) is not for purchases anymore?

Commented by /u/phillipsjk in /r/btc on May 7, 2020 12:46:12
/r/btc/comments/gewfhz/bch_blocks_are_really_huge_these_days/fprqyso/

> > BTC fees have to climb to about $25/tx on average to maintain the same hashrate. >> Again, your opinions are jibberish, I don't care. The [recent report from Kraken came to the same conclusion](https://kraken.docsend.com/view/qgmyea2fxeadyk2r), though they seem optimistic the blocksize will increase. >> Fact: BTC can only process about 500,000 tx per day. > Show me your math for your "fact". Oh, you did: i got a lower number when arguing wiht u/nullc with current fork.lol data. Why don't YOU figure out BTC maximum transaction throughput, even granting the small bonus from Segwit. I Guaran-fuckin-Tee that my figure is accurate to 1 significant digit. BCH has the ability to process 4 times that from [empirical data](https://cointelegraph.com/news/bitcoin-cash-stress-test-results-21-million-transactions-cause-no-surge-in-fees).

Commented by /u/phillipsjk in /r/btc on May 7, 2020 10:05:07
/r/btc/comments/gewfhz/bch_blocks_are_really_huge_these_days/fpqxa3h/

>> If you let blocks get full, you have no idea when to raise the blocksize. > That is not a fact, that is your opinion and like all the opinions you seem to come up with is bullshit. So You know when to raise the blocksize then? I personally doubt it will ever happen on BTC. > What I expect to happen repeatedly is that when fees spike, and the more price-sensitive users find cheaper alternatives. > So, why hasn't this happened then? Why are Bitcoin Cash's (the altcoin) so pathetically small? Eh? It has happened: [in late 2017 BTC lost a lot of market share in the crypto space](https://coinmarketcap.com/charts/) (dominance chart). The thing is not everybody used the same alternative. BTC dominance has slowly crept up again, but so has the [mempool](https://jochen-hoenicke.de/queue/#0,all). So far it looks insignificant on the full chart, but the halving is in about a week. BTC fees have to climb to about $25/tx on average to maintain the same hashrate. >> That means BTC is stuck at about ~1 million users. > Your options are garbage to me. Back that up with some facts. Fact: BTC can only process about 500,000 tx per day. To arrive at my figure I assumed that most users may have a need for a next-day transactions within about 1-2 days of each other. For example, a large Lightning Network hub going down may require a lot of channel closing transactions.

Commented by /u/phillipsjk in /r/btc on May 7, 2020 03:04:13
/r/btc/comments/gekd4s/the_irony_of_this_samson_mow_quote_is_unbelievable/fpqwgih/

> Crypto is shit for retail while it is still so volatile. I expect usage to eventually reduce the volatility.

Commented by /u/phillipsjk in /r/btc on May 7, 2020 02:51:49
/r/btc/comments/gekd4s/the_irony_of_this_samson_mow_quote_is_unbelievable/fpqvze5/

If I am underwriting local businesses, I would be selling to people spending and replacing at the same time. You do raise a valid point. I still have not settled on a fee structure. > What about when the price drops? How does that affect the merchant or customer? Bitcoin Cash has steadily lost value since its inception. With underwriting the Merchant is protected. I disagree with "steadily lost value" If you assume I sold my BSV at 1:1; BCH is about on par with BTC. What I find interesting is that BTC trading volume has been climbing: https://www.coingecko.com/en/coins/bitcoin (set to Max, slide left scroll bar to August 2017 to match BCH chart) BCH chart (also has extra volume, but not as much): https://www.coingecko.com/en/coins/bitcoin-cash

Commented by /u/phillipsjk in /r/btc on May 7, 2020 02:44:48
/r/btc/comments/gekd4s/the_irony_of_this_samson_mow_quote_is_unbelievable/fpqopf0/

With all the forks I have been personally reluctant to evangelize Bitcoin the past 2-3 years. When I start, I will be telling them to just use Bitcoin Cash. * It is still cheaper than credit cards: especially if I agree to underwrite them at a rate lower than what CC companies will charge. * It is safer handle than cash: funds can be teleported to geographically diverse off-site locations immediately.

Commented by /u/phillipsjk in /r/btc on May 7, 2020 01:05:53
/r/btc/comments/gewfhz/bch_blocks_are_really_huge_these_days/fpqmmg3/

Fact is Bitcoin-core blocks have been filling up since 2015. If you let blocks get full, you have no idea when to raise the blocksize. What I expect to happen repeatedly is that when fees spike, and the more price-sensitive users find cheaper alternatives. That means BTC is stuck at about ~1 million users. More than a small town sure, but you will not be seeing $1million/coin anytime soon.

Commented by /u/phillipsjk in /r/btc on May 7, 2020 00:40:22
/r/btc/comments/gewfhz/bch_blocks_are_really_huge_these_days/fpqcjvv/

Normally the time-frame I set is long enough that I can no longer comment. In this case, there are confounding factors that lead me to believe BCH may process more transactions than BTC in a very short time-frame.

Commented by /u/phillipsjk in /r/btc on May 6, 2020 22:49:32
/r/btc/comments/gewfhz/bch_blocks_are_really_huge_these_days/fpq6h1p/

RemindMe! 2 weeks "Which version of Bitcoin is processing more transactions?"

Commented by /u/phillipsjk in /r/btc on May 6, 2020 21:48:52
/r/btc/comments/gewfhz/bch_blocks_are_really_huge_these_days/fpq4zqu/

https://old.reddit.com/r/btc/comments/gcqwwb/history_lesson_june_2019_this_is_fine/fpdl6nr/?context=3 Short version: > That is because the Core Devs played the long game. > The Big blockers (the majority of Bitcoin supporters) naively negotiated in good faith.

Commented by /u/phillipsjk in /r/btc on May 6, 2020 21:34:43
/r/btc/comments/gebr1s/reddit_introduces_option_to_report_a_comment_or/fpq4ro4/

I think what may happen is that visual learners may assume that the footage presented is "current": even though in reality you can't get a reporter/videographer out on-site for every news story. They then use stock footage to avoid just reading over a blank screen or talking-head. The more honest networks will say it is stock footage in the corner. But people can easily miss that.

Commented by /u/phillipsjk in /r/btc on May 6, 2020 21:32:33
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