Category Archives: Bitcoin Scaling

Why I don’t support horse-trading compromises for Bitcoin protocol development

Via Nadav Ivgi founder at @bitrated

Great article, also follow @beautyon_ who has done excellent commentary on this topic.

  • “Political compromises have no place in bitcoin protocol development. I have my full faith in the consensus-driven scientific process that’s based on open communications, technical merit and peer review. A top-down imposed agreement based on closed-doors lobbying that overrides the technical community consensus process and the established FOSS practices would severely undermine the value proposition of bitcoin and its long-term viability”
  • Allowing political compromises to shape bitcoin protocol development sets a dangerous precedent, constitutes a moral hazard and erodes the established FOSS practices and consensus-driven decision making.

Read more here..

Bitcoin $500,000 by 2030? Asicboost controversy & Litecoin Segwit

I Join World Crypto Network news show #38 to talk all things Bitcoin.

Video talking points timestamped below along with my talk times:

Video contents:

0:10 – Introductions

2:05 – AsicBoost Controversy, is it happening? If so how can it be stopped? (RI @ 4:48)

24:10 –  Litecoin has recently seen 2 year highs on the news that segwit may get activated. Do we think it will get activated and what effect will this have on bitcoin? (RI @ 31:15)

36:05 – Bitcoin $500,000 – Snapchat’s First Investor Jeremy Liew said in an interview with Business Insider that Bitcoin price can realistically reach $500,000 by 2030. Is this price possible and how will we eventually get to this price if it is indeed possible? (RI @ 40:57)

55:45 – First time Bitcoin  investment tips from Renegade Investor

59:00 – Riccardo Spagni @fluffyponyza  Answering questions on Monero

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