Bitcoin Meister Talk show 24-03-2017

My appearance on the Adam Meister (AKA The Bitcoin Meister) YouTube channel. Thanks to Adam for inviting me on below is a list of all the talking points and time stamps.

  • Are we in status quo with regards to Scaling & Segregated Witness adoption 1:00
  • Should there be compromise between Bitcoin Core & Bitcoin Unlimited? 7:40
  • Will a Hard fork be devastating for Bitcoin? 17:40
  • Bitcoin Store of Value or Medium of Exchange? 28:45
  • To what extent could the Chinse state or other states be influencing Bitcoin behind the scenes 38:47
  • Do Alt-coins already solve the need to buy a ‘coffee’ transaction issue 47:30
  • Final thoughts 50:30

 

A Short Guide to Bitcoin Forks

By  @ coindesk.com

  • “At its most basic, a fork is what happens when a blockchain diverges into two potential paths forward — either with regard to a network’s transaction history or a new rule in deciding what makes a transaction valid”
  • Hard Fork: A hard fork is a software upgrade that introduces a new rule to the network that isn’t compatible with the older software. You can think of a hard fork as an expansion of the rules. (A new rule that allows block size to be 2MB instead of 1MB would require a hard fork).
  • Soft Fork: A soft fork, by contrast, is any change that’s backward compatible. Say, instead of 1MB blocks, a new rule might only allow 500K blocks.

Read more here… 

Bitcoin -The power of the invisible hand

By @Vinnylingham

  • “We have a standoff. Core is not willing to compromise on larger blocks, given further risks of centralization and miners are not willing to adopt Segwit and impact their fees”
  • “I’m a big believer in Free Markets. The market will decide which flavor of Bitcoin it wants to back. Right now, I think the market is just waking up to the reality that high prices will ultimately result in a hard fork. Conversely, if the miners realize that the market doesn’t believe that the current path they are taking is acceptable, they will be punished by the price”

Read more here…

A Fork in the Road – The real danger of a Bitcoin hard Fork

Via @vinnylingham

  • “It’s inarguable that Bitcoin is the single strongest brand in the crypto space. I believe it probably received $2–5bn in free media exposure over the years. A Hard Fork would create 2 brands of Bitcoin ” “The moment there is a hard fork, we are going to allow brand confusion to step in. This is a HORRIBLE idea”
  • Creating two networks destroys network effects (payment providers, merchants, etc) and the Bitcoin price is non-linear to size of network, so the two coins combined will not equal the same price”

Read more here ….

Must Read: Bitcoin Consensus, There is no shortcut without compromising Bitcoin

By @jimmysong

  • “In Bitcoin, code is law, so the Developers are like the legislative branch. Miners execute the law (or not) through activating (or ignoring) the features developed, so they’re like the executive branch (note the veto power). Users ultimately have the power to walk away from Bitcoin at any time by selling their holdings or they can voice their enthusiasm by buying more. Users adjudicate new features through price signals. In that way Users are the judicial branch”
  • “If you’re missing any one of these groups, Bitcoin’s value proposition drops very quickly”

Read more here.. 

View story at Medium.com

The Blockchain Will Do to the Financial System What the Internet Did to Media

Via Harvard Business Review hbr.org

  • “We might best understand Bitcoin as a microcosm of how a new, decentralized, and automated financial system could work. While its current capabilities are still limited (for example, there’s a low transaction volume when compared to conventional payment systems), it offers a compelling vision of a possible future because the code describes both a regulatory and an economic system”
  • “A new decentralized financial system made possible with cryptocurrencies could be much simpler by removing layers of intermediation. It could help insure against risk, and by moving money in different ways could open up the possibility for different types of financial products. Cryptocurrencies could open up the financial system to people who are currently excluded, lower barriers to entry, and enable greater competition”

Read more here…