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ColossusXT Q2 2020 AMA Ends!

Thank you for being a part of the ColossusXT Q2 2020 AMA! Below we will summarize the questions and answers. The team responded to 46 questions! If your question was not included, it may have been answered in a previous question or AMA. The ColossusXT team will do a Reddit AMA at the end of every quarter.
The winner of the AMA contest is: ookhimself
Congratulations. I will send you a DM on Reddit.
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Q: Why does your blockchain exist and what makes it unique?
A: ColossusXT exists to provide an energy-efficient method of supercomputing. ColossusXT is unique in many ways. Some coins have 1 layer of privacy. ColossusXT and the Colossus Grid will utilize 2 layers of privacy through Obfuscation Zerocoin Protocol, and I2P and these will protect users of the Colossus Grid as they utilize the grid resources. There are also Masternodes and Proof of Stake which both can contribute to reducing 51% attacks, along with instant transactions and zero-fee transactions. This protection is paramount as ColossusXT evolves into the Colossus Grid. Grid Computing will have a pivotal role throughout the world, and what this means is that users will begin to experience the Internet as a seamless computational universe. Software applications, databases, sensors, video, and audio streams-all will be reborn as services that live in cyberspace, assembling, and reassembling themselves on the fly to meet the tasks at hand. Once plugged into the grid, a desktop machine will draw computational horsepower from all the other computers on the grid.
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Q: What is the Colossus Grid?
A: ColossusXT is an anonymous blockchain through obfuscation, along with utilization of I2P (Armis). These features will protect end-user privacy as ColossusXT evolves into the Colossus Grid. The Colossus Grid will connect devices in a peer-to-peer network enabling users and applications to rent the cycles and storage of other users’ machines. This marketplace of computing power and storage will exclusively run on COLX currency. These resources will be used to complete tasks requiring any amount of computation time and capacity, or allow end-users to store data anonymously across the COLX decentralized network. Today, such resources are supplied by entities such as centralized cloud providers which are constrained by closed networks, proprietary payment systems, and hard-coded provisioning operations. Any user ranging from a single PC owner to a large data center can share resources through Colossus Grid and get paid in COLX for their contributions. Renters of computing power or storage space, on the other hand, may do so at low prices compared to the usual market prices because they are only using resources that already exist.
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Q: Is there any estimated date for the grid? What will set you apart from the opposition?
A: We are hoping to have something released for the community in Q4 this year. The difference between other competitors is that ColossusXT is putting consumer privacy first and we’re actively in the process of working with federal and state agencies in the United States.
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Q: How do you plan to get people to implement the technology? At your current rate of development, when do you foresee a minimum viable product being available?
A: We have been strategically networking with businesses, and we are currently undergoing the verification process in the United States to make bids on federal and state projects. We are working on an MVP and our goal is to have at least a portion of the Colossus Grid ready by Q4 2020.
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Q: When we can expect any use-case for COLX? A company or service that uses COLX for its activities/tasks.
A: We’re aiming for Q4 of this year to have an MVP, throughout 2021 we will be strategically making bids on federal and state contracts in the United States with a goal to expand operations exponentially.
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Q: Are there any plans to be listed on the more prominent exchanges e.g binance, kraken?
A: Yes, we have applied to some of these exchanges that are considered Tier 1 or Tier 2 exchanges. Many of them upfront will tell you there are no fees associated with the listing, that is not entirely true most of the time. Regardless, have applied and are awaiting more responses as we move forward. Listing on these exchanges often requires that we cannot announce this information until ColossusXT is live on its platform.
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Q: Partnerships are the norm these days in crypto world. Which partnership would you consider feasible, if any, in order to grow the Colossus Grid project?
A: The Colossus Grid is a huge undertaking both in development and business partnerships. We are moving in both these directions strategically. One of the most important partnerships is not really a partnership but approval to bid on state and federal contracts. Working with the governments around the world will be a big part of the Colossus Grid use-case.
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Q: If the ability to annonymise coins is turned off, can CLX still be marketed as a privacy coin? Do we have a date we can start using this feature again?
A: Yes and No. It’s frustrating right now having a lack of privacy for consumers as we don’t see privacy as a feature but a right. EVERY platform online should have some levels of privacy for their consumers, especially as technology continues to evolve and bad actors continue to use your personal information for their own nefarious purposes. Obfuscation will be implemented in the coming weeks, and Armis will follow suit shortly thereafter.
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Q: When can we expect the grid to come out?
A: We are looking at releasing an MVP towards the end of the year. Stay tuned during Q3 and Q4 as we ramp on technical and business developments.
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Q: Can you tell the current budget for development work?
A: Much of the development work budget comes from Core team member's disposable income, we also use the self-funding treasury that Masternode owners vote on each month.
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Q: Will cold staking be implemented somedays? I like the model of Cardano. Hope you will implement kind of Cardano staking in our wallet. I would love the easiness.
A: ColossusXT staking has been enabled since 2017. We have calculators on the website that will estimate your average staking returns and you can join numerous pools to increase your staking power within the pools. Cold staking is on our radar and will make it into the roadmap when our budget allows us.
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Q: Which part of grid technology are you planning first to go live? Storage/RAM/CPU/GPU/all at once? Separately?
A: We will be rolling the Colossus Grid out in two phases. The first phase will be storage, and then we will roll out computing power (RAM/CPU/GPU).
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Q: Is Armis I2P technology in development testphase I mean, I have read something like that… If Armis goes live, will there be some kind of option in deskopt wallet to transfer anonymous or will every transaction be fully anonymous like e.g. monero?
A: We recently had a testing phase with the community earlier this year, there will be another test phase with community participants who sign up. If you’re interested in this stay tuned on our socials and apply when the next testing phase happens All transactions will be fully anonymous behind Armis.
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Q: What programming languate is being used for developing COLX? How well this programming language do you think is more suitable for developing crypto, in comparison with other programing languages?
A: C++ is what we’re using at ColossusXT. Each crypto project is different but with what we're developing at ColossusXT. We are best suited to utilize C++.
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Q: What is the second biggest milestone other than launching the grid network for the team. What do you think of your competition like Golem network?
A: Armis will be a big milestone, and I don’t think we go back to our Polis partnership which allows users in Europe and Mexico (they do plan to expand to the US and other countries) the ability to spend their ColossusXT (COLX) wherever Mastercard is accepted. I don’t think the Golem network is taking consumer privacy far enough, in the blockchain industry I also see a lack of drive to push adoption within the United States. This is likely due to unclear regulations right now. ColossusXT is at the forefront of these issues and we intend to lead blockchain through these somewhat murky waters.
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Q: I don’t have a lot of knowledge about crypto-technology… but are there any risks of sensitive data-hijacks through Colx infrastructure? Will the Colx-grid be available for individuals or only larger corporations, and how would one get access to the computing power?
A: There are always risks with technology. We are doing extensive testing and more testing prior to releasing anything. Consumer privacy is apart of the foundation of what we’re building at ColossusXT and we want to ensure any and all of your personal information is secure and private. As technology evolves, we will be right here evolving with it to ensure that consumer privacy protections are always in place.
The Colossus Grid will be available to anyone with a computer. You will access it through the desktop wallet.
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Q: Do you have any new exchange listings planned in the near future?
A: Yes, but unfortunately with these things, every day it’s not something we can often say before the exchange makes their own announcements. If you have certain exchanges that you prefer, do not be shy and tag us on Twitter letting us and the exchange know. You can also reach us everyday at all hours of the day and night on Discord and Telegram.
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Q: Given that Colx had no ICO, are we able to ramp development efforts in case we have potential partnership deal on the table?
A: It really depends. We strategically spend every dime we spend on development. We do not like even a single penny to be waisted, so we don’t move as fast as the projects that raised millions of dollars, but we continue moving none the less. Ramping up our development is something we are working on by securing additional funding and we’re currently working on securing funding. 😊
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Q: How is the project development advancing? What are your plans for the next 5 years and what more can we expect from ColossusXT?
A: Our development is continuing on at a steady pace, we’re looking to ramp this up over the next year as the Colossus Grid will take much of our time but we’re excited. Over the next 5 years, you can expect the Colossus Grid to be live in all forms (storage and computing power), Armis will be released and we will share many technical details on how this consumer privacy protection rivals some of the other privacy protections in the blockchain industry. We expect to be verified and approved to work with the agencies in the United States long before then as well and will be aggressively pursuing federal contracts to utilize the computing power of the Colossus Grid. In 5 years, we plan to be a key player not just in the blockchain industry, but throughout the world. If you do not know ColossusXT now, expect to in 5 years or less.
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Q: Users often care less about technology, but rather the value of the token. How do you manage to strike a balance between developing the technology and also improving the value of COLX? There are so many privacy coins now, all of them claiming to have better features that ColossusXT. Moving forward, what do the next 10 years look like for ColossusXT in navigating the wave of privacy projects coming. How can ColossusXT continue to shine in the midst of seemingly legit projects that have come to challenge ColossusXT like mimblewimble projects and Monero, Zcoin, ect.?

A: The Colossus Grid and Masternodes will have a strong relationship with each other. When the Colossus Grid goes live we expect the masternode demand to continue to rise. Masternodes are a great incentive mechanism to increase network strength and will play an important role within the Colossus Grid. The more masternodes online, the less available coins in the circulating supply; which we expect will eventually reflect ColossusXT (COLX) coin value.
Over the next 10 years, ColossusXT (COLX) will solidify itself as a key player in the blockchain industry, and outside the blockchain industry. Following our strategic business plans, we intend to be one of the first, if not the first to truly bring government and other businesses into the blockchain industry through the Colossus Grid. Armis will be our defining privacy feature, which we expect in time will begin to be adopted by other projects. --------------------------------------------------------------------------------------------------------------------------------------------------
Q: How have the number of Masternodes (MNs) increased/decreased over time/in the past few years? What proportion (%) of MNs actively take part in Governance? How do you see the number of MNs increasing/decreasing in the next couple of years? Is there a trend upwards or downwards?
Is there a specific number (or range) of MNs the team would like to attain ideally? Is it better to have as many MNs as possible or is there a point at which too many MNs start to have an adverse effect on the performance of the blockchain?
Hope this wasn’t too many questions in one :), Ahmed

A: The number of masternodes in the active network is more or less the same, fluctuating around 200-220. About 40% - 50% of masternodes participate actively in governance (see https://governance.colossusxt.io). We expect a number of masternodes to grow as they will have additional benefits with Colossus Grid (see business plan: http://bit.ly/COLXBPLive).
As the team had no premines, only the dev fund can be used for masternodes which is hard to maintain due to actual budget flow. It’s better to have as many masternodes as possible for the network, there is no adverse effect.
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Q: Of all the milestones that $COLX has achieved since your humble beginnings, which do you consider to be the best of it all? What achievements do you feel proud most?
A: It’s often not mentioned but I’m very proud of our partnership with PolisPay, which allows ColossusXT community members to purchase Amazon, Spotify, and other gift cards with ColossusXT (COLX) through the Polis platform. You are also able to spend your COLX anywhere Mastercard is accepted, the card is available only for EU citizens right now and the Polis team hopes to bring in other countries in the future.
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Q: There are problems that can slow down the course of a project such as the emergence of globalization, given the tighter budget, shorter implementation time requirements. My question is, How does $COLX resolve the issue?

A: Given the current situations around the world the Colossus Grid has more value than it ever has, and that value will continue to grow once we have released the Colossus Grid for consumers to share and utilize resources. You can already see from the [email protected] initiative that people are eager to share their computing resources to help researchers simulate different COVID19 simulations. We’ve always worked on a very small budget at ColossusXT starting with 0$ in funding and no pre-mine or ICO/IEO. This project was built for the community by the community, and as of lately we’ve actually been ramping up our business strategies and developments. Since we have all already worked remotely before the COVID19 pandemic, it interestingly allowed us more time to focus and achieve these goals as our day jobs allowed us to spend more time on ColossusXT.
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Q: How will you fight with regulators who are trying to stop privacy coins?

A: We have an amazing legal team at ColossusXT, and they are on top of any new law or regulation that comes out. We’re not afraid of regulators and our legal team makes sure that everything we do for ColossusXT is law-abiding. It's time the world stops looking at privacy as a feature and as a right, especially when you read about different applications and platforms using your personal DATA for their benefit. ColossusXT will continue to push this, and we're prepared to lobby this to lawmakers. --------------------------------------------------------------------------------------------------------------------------------------------------
Q: What type of utilities can $COLX give to users over its competitors like GOLM (computation) or STORJ (Data)?

A: The Colossus Grid has some major differences between Golem and Storj. One we’re a privacy-focused project. If you take a look at many of these applications and platforms today, in some way or another you’re giving up personal information, and/or geographic information. ColossusXT is focused on protecting consumer information, we do not look at privacy as a feature, we see privacy as a right, especially in the tech world today.
The second part of this question is that we’re currently in the verification process of registering with the United States federal and state governments so that we can legally bid on federal and state projects and work with different agencies. This will ensure that as the community members are sharing their idle resources, large corporations and businesses are using it. I’m not aware of the mentioned projects being registered in the United States or taking steps to work with the United States government.
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Q: How will computing power and storage sharing look like, for an average user (marketplace, program download)? What are you currently working on, when can we expect MVP? TY
A: The marketplace and Colossus Grid will be inside the ColossusXT desktop wallet that you currently have now. The UI/UX will change some to allow the additional settings and tabs that will become available and we’re preparing an MVP right now and we hope to share those details with you over the next few months, ask us again in the Q3 AMA if you haven’t seen anything yet :)
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Q: What would you say is the $COLX killer feature that sets it apart from the rest of the competition.
A: We believe that Armis is our killer feature. We recently had a beta this year with the community and will be moving forward later this year with Armis. ColossusXT consumers will have their geographic location and IP fully hidden behind the Armis layer for further security and anonymity for the transactions which will also take place in the Colossus Grid resource marketplace in the future.
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Q: I have been a silent follower of $COLX and I must say that I'm truly impressed with how the team has been diligently working on the project. It'd be nice to have the community be part of something like a bounty or a social awareness contest. As this will not only attract more users to the platform but would also strengthen the bond within the community. When can we possibly expect a community project of this level? #spreadthegrid
A: We currently have a Gleam competition ongoing for social awareness, and we just hired a community manager to spread more community awareness and will be rolling on competitions more regularly. Every quarter we have an AMA on Reddit for the community to ask questions, or just gripe at us, and one person each quarter is awarded 100,000 COLX for participating in the AMA. As we deliver our targets and grow, we will shift more funds from development funds to marketing funds to raise further awareness.
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Q: "Our main competitor is crypto adoption. We are all here to make it happen together.", this is quoted from a founder of a known crypto wallet. Do you see competition as something that strengthens the project as a whole or as a possible distraction due to pressure to be at the top of the crypto ecosystem?

A: This is a two scenario situation. Competition is good for ColossusXT, and we look at our main competitor in blockchain as Golem (GNT), having said that though too much competition or sometimes maximalist behavior isn’t good for crypto, many of these projects should be coming together to lobby lawmakers for laws and regulations that are good for the blockchain industry, as this is still an emerging market and the laws and regulations aren’t exactly in place at this time.
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Q: "For people to believe in crypto, they need to understand the tangible benefits it offers to our society.", a remark made by a crypto project in the past. What exactly would be $COLX real life global benefits? And how do you plan on achieving this?
A: ColossusXT vision will be achievable when the Colossus Grid is released. We are currently in the process of registering with state and federal agencies in the United States, once we are registered to work with these agencies we will pursue contracts with the government, cybersecurity firms and colleges all around the United States, and the world to utilize the resources on the Colossus Grid. We’ve already started building business relationships for this very purpose.
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Q: According to you how much time will it take for $COLX to get into mainstream adoption and execute all the plans set for this project?
A: It’s almost impossible to set a timeline on when the world/people will begin to adopt ColossusXT (COLX) and the Colossus Grid. We don’t believe that adoption for ColossusXT will happen before the Colossus Grid is live, and if I gave you an exact timeline for when or how long it will take you for the Colossus Grid to be adopted I would be lying to you, but we are already forming business relationships and making strategic moves to be able to bid, and work with state and federal agencies in the United States.
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Q: Does Tokens.net plan any kind of staking ($COLX or other coins)?
A: We will reach out to the tokens.net team and see if they have any plans to allow staking.
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Q: How will you try to boost adoption of #COLX, how do you think you will motivate programmers to join opensource project?
A: The Colossus Grid will be available for anyone to use, or share their idle resources for other consumers to use. We will be focusing on providing these resources to state and federal governments, cybersecurity firms, and researchers all across the world. Certainly, we expect some community members to use these resources to mine different PoW cryptocurrencies, but the team at ColossusXT will be focused on bringing in large colleges and universities as well as big cybersecurity businesses that may need supercomputing power at 1/10th of the current prices. Our programmers are our only paid team members, and we pay them at a competitive rate. We’re looking to bring in some more programmers later this year.
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Q: Do you have any special development funds for programmers?
A: Sometimes we pay our programmers out of our own pocket, sometimes we pay them in ColossusXT. It really depends on what kind of agreements have been made. We have been aggressively pursuing different funding opportunities throughout 2020 so that we can expand our development team and in the future, we may have incentives to drive programmers into joining our team. Right now we just stick to a competitive pay scale within the industry.
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Q: Why Android Wallet Revision hasn't been done? Any problems?
A: The Android wallet revision took some time to be approved in the Google Playstore, but it has been released and live since June 15, 2020.
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Q: Whats the second biggest milestone other than the grid network for COLX team?
A: Armis is likely to be considered our second biggest milestone this year, although as I mentioned above this can easily be overshadowed by our Polis partnership which allows you to spend ColossusXT (COLX) anywhere Mastercard is accepted. Although the epay debit card ownership is currently restricted to certain countries (EU zone only), these restrictions will lift in time.
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Q: How is COLX team going to contribute to crypto adoption, other than building a robust network?
A: We’re already in the process of verification to work with state and federal agencies. Adoption for blockchain projects isn’t going to move fast. I read a report just a few days ago about how scammers in the crypto industry stole over 2 million dollars worth of crypto just from the “Elon Musk” impersonations on Twitter.
We will continue to build our network, and seek out state and federal agencies as well as private cybersecurity firms that can utilize the Colossus Grid, we’re not just focused on making noise on social media, we intend to make noise throughout the entire world.
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Q: Are their industry partners to COLX that are awaiting your network to go live?
A: Yes, although I hesitate to go into too much detail here. We are talking with business leaders.
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Q: The ongoing crisis affected the market badly, making many projects far from their targets. What is $COLX strategy in order to survive and pass through this crisis?
A: I agree it affected the market badly, especially the projects that raised hundreds of millions of dollars in crypto and held it through the entire market correction. ColossusXT strategy is different from those affected, we’ve always had a smaller budget than these large projects. We spend the money we have available very wisely, and we’re not in a hurry to grab something that sounds good without doing our due diligence. We make our moves very strategically.
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Q: I gotta ask, what made $COLX decide to get listed on Tokens.net? What beneficial advantage does $COLX get in doing so? How about Tokens.net?
A: Tokens.Net is one of the best exchanges ColossusXT is listed at the moment in comparison to others in terms of volume.
  1. Tokens.net is one of the most secure and transparent exchanges out there, registered in the UK.
  2. The team behind the exchange has deep roots in the crypto/blockchain space, it was co-founded by Damian Merlak, a crypto-pioneer and co-founder of Bitstamp.
  3. Tokens.net provides free auto-trading tool / Market Making Bot. Their Dynamic Trading Rights concept adds transparency to trading volumes.
  4. They allow the community voting option of only truly decentralized projects after a thorough screening.
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Q: Hey everyone! What is the main purpose of the coin $COLX, does it have its own chain or is it some sort of an ERC-20 token? Thank you for the answers.
A: ColossusXT has never been an ERC-20 coin. We have been operating on our own mainnet since 2017. The purpose of ColossusXT (COLX) is to be the native currency of the Colossus Grid. This will allow users to share their idle resources on their computers, and consumers will rent/buy those resources to complete whatever they intend to use them for, from processing large DATA to running scientific simulations, to even mining PoW cryptocurrencies.
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Q: When we can expect any usecase for COLX? A company or service that uses colx for its activities / tasks.
A: There are currently use cases now if your location allows you to utilize the Polis Pay app, or if you have a Polis Pay card you can buy things with ColossusXT (COLX). I myself have tested the card buying gas at a gas station. These are not ColossusXT’s primary focus though and much of our use case will not start until the Colossus Grid is live.
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Q: What pairs will colx have to trade with on tokens.net // Will you connect #COLX with USDT EURS or BTC?
A: ColossusXT will be initially paired with Bitcoin (BTC). If the community would like different pairs, they can certainly request them and we will reach out to tokens.net and work to facilitate requests.
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Q: Will you try to convince users to trade on tokens.net if so how will you do it?
A: There is currently a gleam competition for users to sign up and trade on tokens.net. We “shill” tokens.net accordingly through social media to the ColossusXT community, but can’t really convince anyone to use a certain exchange, although we will try to push as many members to tokens.net as we can. We have many masternode holders who reside in the United States and they are not yet allowed to trade on tokens.net.
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Q: How will you try to create liquidity for your pairs?
A: We would like to increase the adoption rate with real-world partnerships such as our partnership with PolisPay for the use of gift/debit cards. As the liquidity is linked with the use cases, supply/demand mechanics, we are also preparing to provide additional use cases of COLX for the crypto world in an innovative & pioneering way; for the time being, we can hint this as a side business till we deliver fully operational Colossus Grid.
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Q: How big is a development team of #COLX?
A: The ColossusXT team is probably bigger than some people realize, partly because many of the team members are very private. We have 9 core members, 2 in-house developers, 3 Colossus Grid architects, and 2 Colossus Grid developers.
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Q: Do you have some security guys in the team?
A: Yes, although I’m hesitant to share too many personal details about team members. We have core team members who have been working in different fields of IT security for several years.
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Q: Since #COLX is planning on having some sort of a marketplace where you can take advantage of computing resources and the blockchain as well, are there any plans on introducing smart contracts? Will it help the grid? Is there a place for it?
A: This has been mentioned a few times in the past so it’s something on our radar, it’s currently not in the development timeline as the Colossus Grid is a massive amount of work. There may be a place for it as the blockchain industry evolves, and I can certainly see some cases where a smart contract can add some value to the Colossus Grid.
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Important Information:
Website
Whitepaper
Roadmap
Business Plan
Wiki
Governance
Partners
GitHub
What is ColossusXT? (YouTube)
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Follow ColossusXT on:
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Facebook
Telegram
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Forums
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AMA History:
2018 Q1 2018 Q2 2018 Q3 2018 Q4
2019 Q1 2019 Q2 2019 Q3 2019 Q4
2020 Q1
submitted by PioyPioyPioy to ColossuscoinX [link] [comments]

Ummm, remember those "Expert" Bitcoin Price Predictions for 2019 ..... ohhhhh dear .....

Lots of cryptocurrency "experts" put whatever "reputation" and "credibility" they had on the line with Bitcoin predictions in 2019, and and came up wayyyyyy short. Eggs on Face ... by the cartoon. Any credibility thay had, completely destroyed, exposing them for the coin schills that they truly are.
Luckily for these lying, delusional morons, Butters has a very short selective memory, and he will still believe everything they say again and again in the future, no matter how wrong or corrupt they are.
Without further ado, I give you the "Expert" Bitcoin Price Predictions for 2019:
Question: Why isn't anyone holding the above "experts" accountable for their bogus, bullshit predictions ???

In addition, we have some gems from various Redditors, and here are some of the stand-outs:
Special thanks to u/diydude2 - the most dumbest, most desperate, most delusional coin schill I've ever seen.
submitted by Crypto_To_The_Core to Buttcoin [link] [comments]

End of 2019 is fast approaching .... let's review the 2019 "EXPERT" Price Predictions ....

Here are the "expert" and other coin schill predictions for 2019 that have already failed:
  1. 2019-01: "I believe bitcoin will see a slight price recovery, rising to $8,500 by January 2019", David Hanson, Co-CEO of gaming distribution platform Ultra. See article: "Experts Forecast Bitcoin will rise by 2019", REF: https://hackernoon.com/experts-forecast-bitcoin-will-rise-by-2019-f4af8807036b?gi=dfea3c30d6d8
  2. 2019-01: "At the beginning of 2019, Bitcoin is expected to hover right above $10,000 per coin", Sam Olmsted, Consultant for Pelicoin. See article: "Experts Forecast Bitcoin will rise by 2019", REF: https://hackernoon.com/experts-forecast-bitcoin-will-rise-by-2019-f4af8807036b?gi=dfea3c30d6d8
  3. 2019-01: "On January 1st, 2019, I expect the price of Bitcoin to be about $10,000", Kyle Fournier, Crypto Analyst at CryptoManiaks. See article: "Experts Forecast Bitcoin will rise by 2019", REF: https://hackernoon.com/experts-forecast-bitcoin-will-rise-by-2019-f4af8807036b?gi=dfea3c30d6d8
  4. 2019-01: "By Jan 1st [2019] BTC at $10,500 and BCH at $1,500", Gavriel Shaw, CMO at Bitcoin.com. See article: "Experts Forecast Bitcoin will rise by 2019", REF: https://hackernoon.com/experts-forecast-bitcoin-will-rise-by-2019-f4af8807036b?gi=dfea3c30d6d8
  5. 2019-01: "... by January 2019 Bitcoin should be around double where we are now = US$12600", Luke Lombe, Head of Blockchain at PlayChip. See article: "Experts Forecast Bitcoin will rise by 2019", REF: https://hackernoon.com/experts-forecast-bitcoin-will-rise-by-2019-f4af8807036b?gi=dfea3c30d6d8
  6. 2019-01: "$14,000 BTC/USD [by January 1, 2019]", Collins Brown, Co-Founder at Market Protocol. See article: "Experts Forecast Bitcoin will rise by 2019", REF: https://hackernoon.com/experts-forecast-bitcoin-will-rise-by-2019-f4af8807036b?gi=dfea3c30d6d8
  7. 2019-01: "Based on our existing data combined with industry trends, we predict the price of Bitcoin will level around $15,000 by 1st January 2019", Danny Scott, CEO and Co-Founder at CoinCorner. See article: "Experts Forecast Bitcoin will rise by 2019", REF: https://hackernoon.com/experts-forecast-bitcoin-will-rise-by-2019-f4af8807036b?gi=dfea3c30d6d8
  8. 2019-01: "My Bitcoin price prediction for 1 January 2019 is $23,000", Eric Brown, Founder and CEO of Aliant Payment Systems. See article: "Experts Forecast Bitcoin will rise by 2019", REF: https://hackernoon.com/experts-forecast-bitcoin-will-rise-by-2019-f4af8807036b?gi=dfea3c30d6d8
  9. 2019-01: "I believe Bitcoin will hit $24,500 by the 1st of the year [1-Jan-2019]", Kyle Asman, Co-Founder at BX3 Capital. See article: "Experts Forecast Bitcoin will rise by 2019", REF: https://hackernoon.com/experts-forecast-bitcoin-will-rise-by-2019-f4af8807036b?gi=dfea3c30d6d8
  10. 2019-01: "$150,000 is my prediction for January 1st [2019]", Alexander V. van Dijl, Financial expert. See article: "Experts Forecast Bitcoin will rise by 2019", REF: https://hackernoon.com/experts-forecast-bitcoin-will-rise-by-2019-f4af8807036b?gi=dfea3c30d6d8
  11. 2019-01: "Just another know-nothing weak hand being shaken out of the market. He's gonna feel dumb when bitcoin is the world currency in a year or two. 3 years tops.", u/tobetossedaway, 15-Jan-2016, https://www.reddit.com/Buttcoin/comments/40zt5w/after_failure_of_xt_hardfork_attempt_mike_hearn/cyyh1gm/
  12. 2019-04: "[Bitcoin] It’s highly likely to have exceeded $20,000 within a year [by 12-Apr-2019]", Dan Morehead, CEO of Pantera Capital, https://medium.com/@PanteraCapital/human-nature-is-pro-cyclical-go-against-the-urge-pantera-blockchain-letter-april-2018-300522fe0895
Result: Every single prediction I am tracking was wrong.
Question: Why isn't anyone holding the above "experts" accountable for their bogus, bullshit predictions ???

Promises / Claims / Predictions still to be determined:
  1. 2019-12: "Reiterating $28,000 target for end-2019 | Do Not take a bet you can’t afford to lose | I surround myself w/ #brightest minds & they all agree w/ me", Ronnie Moas (@RonnieMoas), 9-Sep-2018, https://twitter.com/RonnieMoas/status/1038580460975255552?ref_src=twsrc%5Etfw
  2. 2019-12: "Based on expected computing hashpower and breakeven cost growth, that could imply #Bitcoin price of $36,000 by 2019 year end.", Sam Doctor, Quant Strategist of Fundstrat, 10-May-2018 @ 9:00 AM, https://mobile.twitter.com/fundstratQuant/status/994608007865565185/photo/1
  3. 2019-12: "Result: In 2019, much as it did after prior bear markets, Bitcoin will again rise up and head for new all-time highs [$20K].", Juan Villaverde, mathematician at Weiss Ratings, early Jan-019, https://micky.com.au/ratings-agency-bitcoin-price-to-all-time-highs-in-2019/
  4. 2019-12: "I think by end of next year [2019] it will surpass the all-time high [$20K]", Mike Kayamori, the Co-founder and CEO of global blockchain firm, Quoine, late Dec-2018, https://micky.com.au/ratings-agency-bitcoin-price-to-all-time-highs-in-2019/
  5. 2019-12: "Bitcoin is already successful. Mainstream adoption will happen later this year [2019] when the financial collapse happens and bank cards stop working. It will happen out of necessity.", u/diydude2, 19-Jan-2019, https://www.reddit.com/Bitcoin/comments/ahplp2/over_32_trillion_was_sent_using_bitcoin_in_2018/eei167s
  6. 2019-12: Morehead’s math also indicated that a $42,000 bitcoin price by the end of 2019 is in the cards. This methodology from Pantera pointed to a $42,000 price by the end of 2019, a $122,000 price by the end of 2020, and a $365,000 price by the end of 2021. Dan Morehead, CEO of Pantera Capital, https://www.forbes.com/sites/ktorpey/2019/07/23/pantera-ceo-42000-bitcoin-price-by-the-end-of-2019-a-good-shot/
So, according to these "experts" Bitcoin will be anywhere between $20K and $150K in just over 2 months time.
Also, there will be a financial collapse, bank cards will stop working, and Bitcoin mainstream adoption will happen, according to the clueless, coin schill asshole u/diydude2.
WOW, the world sure is going to change in ~2 months.
.
EDIT: Fix deadline to 2019-04 for Dan Morehead's "$20,000 within a year [by 12-Apr-2019"] prediction. Thanks to u/Prom3th3an.
submitted by Crypto_To_The_Core to Buttcoin [link] [comments]

🌐 OUR VISION 🌟 We Bring Real Added Value to the Users by Providing

🌐 OUR VISION 🌟 We Bring Real Added Value to the Users by Providing
🌐 OUR VISION
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🔗We also have the tools and technologies to integrate various platforms into one effectively, so that familiar interfaces and tools for cross-platform and real-time execution will be professionally utilized.
🔐We also have strong security solution in place which will encrypt data and prevent platform breach so that platform users can benefit from a realistic market, where the fees are very low and fund utilization is optimized with solutions that are constantly updated.

https://preview.redd.it/ltxx5axumoy31.png?width=960&format=png&auto=webp&s=c370c83638fe2953ab8e8de8f0b8692d13ed48a8
🚀 WWW.COINRAPID.COM 🚀 WWW.RAPIDPAY.IO
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submitted by Rapidpay to u/Rapidpay [link] [comments]

😎 OUR VISION 🙌 🌟 We Bring Real Added Value to the Users by Providing:

😎 OUR VISION 🙌 🌟 We Bring Real Added Value to the Users by Providing:
😎 OUR VISION 🙌
🌟 We Bring Real Added Value to the Users by Providing:
💎With our industry experience, we bring institutional grade exchange and state of the art matching engine to play. These coupled with liquidity pools and aggregating retail will bring about resourceful applications that will have a great influence on adoption rate.
🔗We also have the tools and technologies to integrate various platforms into one effectively, so that familiar interfaces and tools for cross-platform and real-time execution will be professionally utilized.
🔐We also have strong security solution in place which will encrypt data and prevent platform breach so that platform users can benefit from a realistic market, where the fees are very low and fund utilization is optimized with solutions that are constantly updated.
🚀 WWW.COINRAPID.COM 🚀 WWW.RAPIDPAY.IO

https://preview.redd.it/d36w4k1m3hs31.png?width=960&format=png&auto=webp&s=2393ff08633d831d13e9443a4a78b41eaa3cb1e3
#Bitcoin #Coinrapid #Bianance #cryptocurrency #blockchain #Coindesk#fiat #payments
submitted by Rapidpay to u/Rapidpay [link] [comments]

😎 OUR VISION 🙌 🌟 We Bring Real Added Value to the Users by Providing:

😎 OUR VISION 🙌 🌟 We Bring Real Added Value to the Users by Providing:
😎 OUR VISION 🙌
🌟 We Bring Real Added Value to the Users by Providing:
💎With our industry experience, we bring institutional grade exchange and state of the art matching engine to play. These coupled with liquidity pools and aggregating retail will bring about resourceful applications that will have a great influence on adoption rate.
🔗We also have the tools and technologies to integrate various platforms into one effectively, so that familiar interfaces and tools for cross-platform and real-time execution will be professionally utilized.
🔐We also have strong security solution in place which will encrypt data and prevent platform breach so that platform users can benefit from a realistic market, where the fees are very low and fund utilization is optimized with solutions that are constantly updated.
🚀 WWW.COINRAPID.COM 🚀 WWW.RAPIDPAY.IO

https://preview.redd.it/t62yqpe16hs31.png?width=960&format=png&auto=webp&s=c88b0a8f59fb9f4856475a4d31594b00f9d64905
#Bitcoin #Coinrapid #Bianance #cryptocurrency #blockchain #Coindesk#fiat #payments
submitted by CoinrapidGlobal to u/CoinrapidGlobal [link] [comments]

BCA Bitcoin Cash Fork Announcement

Summary
Bitcoin Cash upgrade on November 15th 2018. During the upgrade the network was split into two competing chains. One side running the software of BitcoinABC, Bitcoin Unlimited, BitcoinXT, bcash, Bitprim and BCHD, and the other side running BitcoinSV and Bitcoin Unlimited. You can read more about the fork in our guide we released previously HERE.
Both sides of the fork continue to exist which means it seems almost certain now that the split will be permanent. This then begs the question; ‘which side is Bitcoin Cash?’. There is no central authority in a decentralised economy, so everyone must make this decision for themself.
 
Bitcoin Cash Association Position
After thorough discussion in the board we acknowledge that the market has concluded which it considers to be Bitcoin Cash (BCH) and thus, have decided to support the the side that follows the BitcoinABC protocol as Bitcoin Cash.
We made this decision based on a number of important factors including:
We felt that we needed to make this decision now so that we as an industry can move on, let wounds heal, and then re-double our efforts on adoption around the globe. Every day that the fork is not settled is further damage done to Bitcoin Cash that slows adoption.
 
What Needs to Happen Next
Exchanges should open deposits, withdrawals and trading for Bitcoin Cash.
The community should be accepting of people’s decisions to side with either BCH, BSV, both or neither, without holding grudges. The voluntary nature of Bitcoin is one of it’s best features, and we should take advantage of this to support our preferences without aggression. It's time for the ecosystem to heal and focus on adoption again.
 
How Can We Improve Forks in the Future
We also implore the community to be more civil in times of uncertainty. This has been a very trying time for the whole ecosystem, but remaining calm, rational and reasonable can only result in a better outcome for everyone.
We will continue to monitor the situation and will try to provide as much education and support to the community as possible.
 
Edit: While we've got you here, let's get back to adoption. We would love for you to check out some of the new content we recently put out including this course on HOW BITCOIN WORKS on twitter at https://twitter.com/BitcoinCashA/status/1065214771581108224. Please retweet and share it around, especially to those that don't understand Bitcoin yet.
You can also find a video version on youtube at https://www.youtube.com/watch?v=S34BqvvqxCg
submitted by cashassociation to btc [link] [comments]

Bitcoin Cash: A Reflection on How Far We’ve Come

On August 1, Bitcoin resumed its original roadmap, scaling on-chain towards global adoption as Peer-to-Peer Electronic Cash.
It’s been just 3 and a half months since Bitcoin Cash broke away from BTC in order avoid a software mutation called Segwit, and to restore progress and growth to the ecosystem.
After a recent price rally that saw us reach 0.5 BTC ($3000), the reality is setting in that an overnight ‘flippening’ scenario that some people hoped for is unlikely, and that we have a longer road ahead.
It’s really important to remember how much has been achieved in such a short time.
Let’s take a moment to reflect on how far we’ve come as a young community.
July:
August:
September:
October:
November:
This rate and scale of industry adoption is unprecedented.
With every BTC holder receiving an equal amount of Bitcoin Cash, and with the price over $1300, the rate and scale of user adoption is unprecedented.
With fast, reliable transactions and fees that are less than 1 cent, and with both BitPay & Coinbase hinting at a full Bitcoin Cash integration, the rate and scale of merchant adoption will be unprecedented.
With unprecedented industry, user and merchant adoption, it’s only a matter of time until Bitcoin Cash becomes the default medium of exchange and store of value cryptocurrency.
The old Bitcoin is back. You can feel it. It’s the resurgence of a grassroots movement not seen for years. People are putting Bitcoin Cash posters in the streets, handing out leaflets, tipping strangers a few dollars online, and asking in forums how they can contribute to the community.
Just in the last couple of days a ‘Bitcoin Cash Fund’ was established, to assist with marketing and projects. The initial goal was $200 to make a short animated advert, but over $17,000 has been donated already. All of this positivity and energy is inspiring.
While businesses are being forced to abandon BTC due to exorbitant and skyrocketing fees (upwards of $10), they’re being cheered on every day as they embrace Bitcoin Cash.
The original vision is still alive. As an early bitcoiner, I’ve never been more optimistic.
Make sure you involve yourself in the community, we’re just getting started :)
Reddit: BTC or BitcoinCash
Twitter: twitter.com/BITCOINCASH
Website: bitcoincash.org
Dev: Mailing List
Also posted on Yours: Bitcoin Cash: A Reflection on How Far We’ve Come
submitted by cryptomic to btc [link] [comments]

CONNECTY - BLOCKCHAIN TECHNOLOGY

CONNECTY - BLOCKCHAIN TECHNOLOGY

https://www.connecty.io/
Bitcoin has not replaced the dollar or other national currencies because that is not the highest and best use of the underlying technology behind it.
Instead, blockchain technology is making its mark across the world in the public and private sectors as an efficient and transparent digital ledger.
The current rate of adoption ensures blockchain technology will continue to proliferate in thousands of applications.
Globally, Private And Public Sectors Aggressively Adopt #Blockchain#Tech
#UseOfBlockchain #stellar #Bitcoin #Ethereum #innovation#cryptocurrency #investments #finance #CTY #Connecty
https://seekingalpha.com/…/4252816-globally-private-public-…
submitted by boytrianda to Connecty [link] [comments]

Bitcoin Cash: A Reflection on How Far We’ve Come

On August 1, Bitcoin resumed its original roadmap, scaling on-chain towards global adoption as Peer-to-Peer Electronic Cash.
It’s been just 3 and a half months since Bitcoin Cash broke away from BTC in order avoid a software mutation called Segwit, and to restore progress and growth to the ecosystem.
After a recent price rally that saw us reach 0.5 BTC ($3000), the reality is setting in that an overnight ‘flippening’ scenario that some people hoped for is unlikely, and that we have a longer road ahead.
It’s really important to remember how much has been achieved in such a short time.
Let’s take a moment to reflect on how far we’ve come as a young community.
July:
August:
September:
October:
November:
This rate and scale of industry adoption is unprecedented.
With every BTC holder receiving an equal amount of Bitcoin Cash, and with the price over $1300, the rate and scale of user adoption is unprecedented.
With fast, reliable transactions and fees that are less than 1 cent, and with both BitPay & Coinbase hinting at a full Bitcoin Cash integration, the rate and scale of merchant adoption will be unprecedented.
With unprecedented industry, user and merchant adoption, it’s only a matter of time until Bitcoin Cash becomes the default medium of exchange and store of value cryptocurrency.
The old Bitcoin is back. You can feel it. It’s the resurgence of a grassroots movement not seen for years. People are putting Bitcoin Cash posters in the streets, handing out leaflets, tipping strangers a few dollars online, and asking in forums how they can contribute to the community.
Just in the last couple of days a ‘Bitcoin Cash Fund’ was established, to assist with marketing and projects. The initial goal was $200 to make a short animated advert, but over $17,000 has been donated already. All of this positivity and energy is inspiring.
While businesses are being forced to abandon BTC due to exorbitant and skyrocketing fees (upwards of $10), they’re being cheered on every day as they embrace Bitcoin Cash.
The original vision is still alive. As an early bitcoiner, I’ve never been more optimistic.
Make sure you involve yourself in the community, we’re just getting started :)
Reddit: BTC or BitcoinCash
Twitter: twitter.com/BITCOINCASH
Website: bitcoincash.org
Dev: Mailing List
Also posted on Yours: Bitcoin Cash: A Reflection on How Far We’ve Come
submitted by cryptomic to Bitcoincash [link] [comments]

Dear Greg (and other Core developers)

Dear Greg (and other Core developers),
Your response is deeply worrying me, I've decided to stop being just a spectator and register to make a comment, I hope this will help you and Core in some way.
Let me just begin by stating that I've been a long time Core supporter.
When Core released a new version of their Bitcoin software, I knew there was a certain level of quality control as well as forward thinking, a certain level of trust. It is because of that trust that I've never even considered looking at other alternatives, until now.
As a general fan and user of digital currency, I have no allegiance to Core/BU/XT/Miners or who ever, I don't feel personally attached to any party, I am just interested in Bitcoin's general progress, how Bitcoin will change the world for the better and make people's lives easier. I am also a realist, that means I will only make judgment base on practical matters instead of some arbitrary ideal moral high ground. So, everything I am posting here will be as neutral as you can get from a Bitcoin user.
With that out of the way, I must say, what happened in the past few months have really begun to change my perspective on Core.
For example the current BU fiasco, my understanding is that, a year ago some miners wanted 8MB blocks, some wanted 4MB, there was the usual struggle and bargaining between users/miners/nodes/developers, eventually the miners made a compromise, the "Hong Kong Agreement" was made, in which miners agreed to support Segwit and a 2MB block size increase, Adam Back signed the agreement, only to have you call them "dipshits" and broke the agreement afterwards. Source.
Because of that, now, a year later, the block chain has reached the 1MB block size limit, there is a huge tx backlog and as a result the tx fee has sky rocketed, users are affected and many have moved their money to alt coins. The miners have no choice but to choose the other best options: Bitcoin Unlimited.
So how can anyone honestly blame the miners and BU at this point? Seriously, even if you're paid to do so, deep down you must know this crisis was coming a year ago, and it was Core's responsibility to prepare for it.
Core and some of its fans (some are obviously paid) keep repeating miners and BU are evil because they are splitting the chain, sure you can say that, but seriously, what did you expect them to do. They already compromised and was ignored, now there is a tx backlog, Bitcoin is losing ground to competitions, Core is sitting on their asses holding the code hostage, breaking agreements, making insults, what else are the miners supposed to do. What did Core expect them to do?
I am not even defending miners/BU here, it's all about the block size limit, I am using a pure practical pov: If BU didn't exist, miners would have switched to something else without the 1M limit, simple as that.
Anyone who keep pointing their fingers at miners/BU is just trying to ignore the fact that Core did nothing about the 1MB limit for years.
The thing that really irritates me though, is that the block size limit wasn't even in the white paper, so why would Core hold the code hostage and refuse to increase the limit from 1MB? 1MB is such a small number, how can you even justify not increasing it?
The fact is many Core developers were openly supporting block size increase, but then became strongly opposed to it after they started working for Blockstream, now I don't care for all the conspiracy theories, but can you people just come out and explain why the sudden change of heart?
I find that really puzzling, it's like watching people who used to love pizza, suddenly hate pizza after they work for McDonalds, it just doesn't make sense. Mind you these Core members didn't just simply change their taste, they went from openly supporting raising block size limit to openly hating it with a passion.
Every explanations I've read from Core in the past few months, can basically translate to: "Our Segwit and LN will be soooooo great, who cares what people actually need right now, stop talking to me, I don't care, I already know what you want, if you don't agree with me, you're just stupid."
If Segwit and LN is so great, it'll naturally be adopted when there is a real demand. Core already had the market share and user trust, they already have the golden goose, so why do they have to kill the goose just to get the Segwit golden egg?
Core kept chanting how great Segwit and LN are, it may be true, but their actions tell me they are really insecure about them, otherwise they wouldn't need to artificially create a crisis just to force everyone to use it, I don't know about you, but I believe actions always speak louder than words.
Satoshi saw this tx backlog coming when he was designing Bitcoin, the block size limit isn't even in the white paper, the 1MB limit was only a temporary measure to stop spam in the beginning.
Satoshi's white paper clearly states that consensus should be made base on CPU power, not the number of nodes or IP addresses, not the number of developers, not online poll ratings, not social media, not forum polls, just CPU power. Satoshi made this decision not because he trusted the miners, but because he expected everyone to be selfish and act on their own interests, and of all the pieces in the ecosystem, hash power is the most difficult to fake and come by.
Miners are constantly in an arm race, hash rate never stop climbing, in this constant zero sum survival of the fittest, they get nothing the moment they stop competing, eventually miners become so focused on competing with each other, fine tuning every last knob to gain an hash rate advantage.
Regardless of what anyone else is doing, miners are always at maximum greed under the highest pressure, like a piano wire.
And that is the beauty of the Bitcoin design: All miners worry about is turning electricity into profit, they don't even care who is running the show, they ignore everyone else equally, because no amount of sucking up to users or developers will help their hash rate, but, miners do care about the stability of the ecosystem, because their profit depends on it. Given a choice they'd rather not make any decision that may shake the grounds and risk their profit.
So, in a world full of greed, lies, mistrusts, secret schemes, accusations and back stabs, miner's indiscriminately pure and focused self serving nature makes them the perfect center of balance. When nothing is reliable and nobody can be trusted, the simplest and purest form of greed becomes the constant.
As a digital currency, having consensus base on hash rate is why Bitcoin succeeded while other digital currency failed.
Miners generally don't care about what anyone else is doing, unless some other part of the system did something really short sighted (read: stupid) to tip the balance, and that is EXACTLY what Core did, miners tried to make compromises but were ignored and insulted, now the back log is full, miners are simply reacting in self defense.
Anyone who still blames the miners at this point, simply don't understand Bitcoin and why it succeeded.
Regardless of what you think of BU or Segwit, from a development point of view, Core simply failed, it failed because it ignored user's immediate and practical needs. They sat on their fat asses for a year, making promises after promises on some ideal vision, while there is a huge tx backlog on ground floor.
There are good and responsible Core members, but unfortunately a lot of Core members, especially the loudest ones, seem to be focused on excuses, launching personal attacks, making empty promises, making threats, playing victims, while ignoring practical and immediate user needs.
Greg, you may have a big ego, but you're not Bill Gates, and Bitcoin Core is not Microsoft Windows, block chain technology is young and there are competitions, Bitcoin users are mostly early adopters, they are sharp and they like trying new things, you can't play Bill Gates and use Microsoft tactics and still expect to win.
It is true that you currently have some status and spot light, you have your financial backings, you have your crew and echo chamber, you have your side chain patents, from your pov it really looks like you can do whatever you want, insult people, ignore users, and nobody can do anything about it.
But, in this field anything can happen in a year, so many new and shiny things have come and gone.
Pride goes before a fall, Microsoft, AOL, Yahoo all spent billions and failed because they ignored their users. Blockstream only have $75 million, they already made a big mistake, but for some reason they're not turning around, instead acting even cockier than Microsoft.
Judging from how you ignored Satoshi's email and only arrive back to the scene years after Satoshi has gone. I have reason to believe you're the type of person that lacks intuitive foresight.
So I am going to give you an advice: You're on the wrong side of history, but you still have a chance to turn around.
You can't treat your users like they are idiots, they might not find out the truth the first day, they might be fooled by censoring tactics, but eventually there will be a crack, and once people find out you've been lying to them, the trust is gone forever, they'll never trust you again.
Look at the Iraq war, the so called WMD, look at Powell, there were massive misinformation campaign to push people to war, emotions were high, lies mixed with half truths were flying around, SJWs and useful idiots were screaming on top of their lungs, so many people were convinced there were 100% right.
But a decade later, everyone just remember Powell as the guy who lied on TV holding a bottle of white powder.
Where do you think you will be in 10 years, Greg?
Are you going to be remembered as someone who made Bitcoin better, or someone who missed the Bitcoin boat twice?
Bitcoin Core team, this is for you: You had your chance and you failed, no matter who you think you are, you're on the wrong side of history and I don't believe in you people anymore.
And before you try to point fingers and accusing me of helping a side, I am telling you, I don't care who wins, I am tired of your BS and I am going to ditch Bitcoins until things clear.
I am not going to risk my hard earned money on a bunch of short sighted arrogant insecure emotional lying pricks and bitches stuck with messiah complexes who scream a lot and talk big but can't solve simple and practical problems right in front of their noses and screw things up for everyone then turn around and play victims like some entitled pre-adolescent brat asking for a kick in the face.
That's all.
Alex
Source: https://bitcointalk.org/index.php?topic=1842146.msg18335776#msg18335776
submitted by MobTwo to btc [link] [comments]

Core/Blockstream attacks any dev who knows how to do simple & safe "Satoshi-style" on-chain scaling for Bitcoin, like Mike Hearn and Gavin Andresen. Now we're left with idiots like Greg Maxwell, Adam Back and Luke-Jr - who don't really understand scaling, mining, Bitcoin, or capacity planning.

Before Core and AXA-owned Blockstream started trying to monopolize and hijack Bitcoin development, Bitcoin had some intelligent devs.
Remember Mike Hearn?
Mike Hearn was a professional capacity planner for one of the world's busiest websites: Google Maps / Earth.
TIL On chain scaling advocate Mike Hearn was a professional capacity planner for one of the world’s busiest websites.
https://np.reddit.com/btc/comments/6aylng/til_on_chain_scaling_advocate_mike_hearn_was_a/
Mike Hearn also invented a decentralized Bitcoin-based crowdfunding app, named Lighthouse.
Lighthouse: A development retrospective - Mike Hearn - Zürich
https://www.youtube.com/watch?v=i4iZKISMZS8
Mike Hearn also developed BitcoinJ - a Java-based Bitcoin wallet still used on many Android devices.
Mike Hearn: bitcoinj 0.12 released
https://np.reddit.com/Bitcoin/comments/2i6t6h/mike_hearn_bitcoinj_012_released/
So of course, Core / Blockstream had to relentlessly slander and attack Mike Hearn - until he left Bitcoin.
Thank you, Mike Hearn
https://np.reddit.com/btc/comments/40v0dx/thank_you_mike_hearn/
Remember Gavin Andresen?
Satoshi originally gave control of the Bitcoin project to Gavin. (Later Gavin naïvely gave control of the repo to the an idiot dev named Wladimir van der Laan, who is now "Lead Maintainer for Bitcoin Core".)
Gavin provided a simple & safe scaling roadmap for Bitcoin, based on Satoshi's original vision.
21 months ago, Gavin Andresen published "A Scalability Roadmap", including sections called: "Increasing transaction volume", "Bigger Block Road Map", and "The Future Looks Bright". This was the Bitcoin we signed up for. It's time for us to take Bitcoin back from the strangle-hold of Blockstream.
https://np.reddit.com/btc/comments/43lxgn/21_months_ago_gavin_andresen_published_a/
Gavin Andresen: "Let's eliminate the limit. Nothing bad will happen if we do, and if I'm wrong the bad things would be mild annoyances, not existential risks, much less risky than operating a network near 100% capacity." (June 2016)
https://np.reddit.com/btc/comments/6delid/gavin_andresen_lets_eliminate_the_limit_nothing/
Gavin's scaling roadmap for Bitcoin is in line with Satoshi's roadmap:
Satoshi's original scaling plan to ~700MB blocks, where most users just have SPV wallets, does NOT require fraud proofs to be secure (contrary to Core dogma)
https://np.reddit.com/btc/comments/6di2mf/satoshis_original_scaling_plan_to_700mb_blocks/
So of course, Core / Blockstream had to relentlessly slander and attack Gavin Andresen - until he basically left Bitcoin.
Gavin, Thanks and ... 'Stay the course'.
https://np.reddit.com/btc/comments/45sv55/gavin_thanks_and_stay_the_course/
In fact, Core and AXA-funded Blockstream devs and trolls have relentlessly attacked and slandered all talented devs who know how to provide simple and safe on-chain scaling for Bitcoin:
"Notice how anyone who has even remotely supported on-chain scaling has been censored, hounded, DDoS'd, attacked, slandered & removed from any area of Core influence. Community, business, Hearn, Gavin, Jeff, XT, Classic, Coinbase, Unlimited, ViaBTC, Ver, Jihan, Bitcoin.com, btc" ~ u/randy-lawnmole
https://np.reddit.com/btc/comments/5omufj/notice_how_anyone_who_has_even_remotely_supported/).
So who are the "leaders" of Bitcoin development now?
Basically we've been left with three toxic and insane wannabe "leaders": Greg Maxwell, Luke-Jr and Adam Back.
Here's the kind of nonsense that /nullc - Blockstream CTO Greg Maxwell has been saying lately:
Here's the kind of nonsense that the authoritarian nut-job u/luke-jr Luke-Jr has been saying lately:
Meanwhile, Adam Back u/adam3us, CEO of the AXA-owned Blockstream, is adamantly against Bitcoin upgrading and scaling on-chain via any simple and safe hard forks, because a hard fork, while safer for Bitcoin, might remove Blockstream from power.
In addition to blatantly (and egotistically) misdefining Bitcoin on his Twitter profile as "Bitcoin is Hashcash extended with inflation control", Adam Back has never understood how Bitcoin works.
4 weird facts about Adam Back: (1) He never contributed any code to Bitcoin. (2) His Twitter profile contains 2 lies. (3) He wasn't an early adopter, because he never thought Bitcoin would work. (4) He can't figure out how to make Lightning Network decentralized. So... why do people listen to him??
https://np.reddit.com/btc/comments/47fr3p/4_weird_facts_about_adam_back_1_he_neve
The alarming graph below shows where Bitcoin is today, after several years of "leadership" by idiots like Greg Maxwell, Luke Jr, and Adam Back:
Purely coincidental...
https://np.reddit.com/btc/comments/6a72vm/purely_coincidental/
Why does it seem so hard to "scale" Bitcoin?
Because we've been following toxic insane "leaders" like Greg Maxwell, Luke-Jr, and Adam Back.
Here are two old posts - from over a year ago - when everyone already had their hair on fire about the urgency of increaing the blocksize.
Meanwhile the clueless "leaders" from Core - Greg Maxwell and Luke-Jr - ignored everyone because they're are apparently too stupid to read a simple graph:
Just click on these historical blocksize graphs - all trending dangerously close to the 1 MB (1000KB) artificial limit. And then ask yourself: Would you hire a CTO / team whose Capacity Planning Roadmap from December 2015 officially stated: "The current capacity situation is no emergency" ?
https://np.reddit.com/btc/comments/3ynswc/just_click_on_these_historical_blocksize_graphs/
Look at these graphs, and you will see that Luke-Jr is lying when he says: "At the current rate of growth, we will not hit 1 MB for 4 more years."
https://np.reddit.com/btc/comments/47jwxu/look_at_these_graphs_and_you_will_see_that_lukej
What's the roadmap from Greg Maxwell, Adam Back, and Luke-Jr?
They've failed to get users and miners to adopt their dangerous SegWit-as-a-soft-fork - so now they're becoming even more desperate and reckless, advocating a suicidal "user (ie, non-miner) activated soft fork, or "UASF".
Miner-activated soft forks were already bad enough - because they take away your right to vote.
"They [Core/Blockstream] fear a hard fork will remove them from their dominant position." ... "Hard forks are 'dangerous' because they put the market in charge, and the market might vote against '[the] experts' [at Core/Blockstream]" - ForkiusMaximus
https://np.reddit.com/btc/comments/43h4cq/they_coreblockstream_fear_a_hard_fork_will_remove/
But a user-activated soft fork is simply suicidal (for the users who try to adopt it - but fortunately not for everyone else).
"The 'logic' of a 'UASF' is that if a minority throw themselves off a cliff, the majority will follow behind and hand them a parachute before they hit the ground. Plus, I'm not even sure SegWit on a minority chain makes any sense given the Anyone-Can-Spend hack that was used." ~ u/Capt_Roger_Murdock
https://np.reddit.com/btc/comments/6dr9tc/the_logic_of_a_uasf_is_that_if_a_minority_throw/
Is there a better way forward?
Yes there is.
There is no need to people to listen to toxic insane "leaders" like:
  • Greg Maxwell u/nullc - CTO of Blockstream
  • Luke-Jr u/luke-jr - authoritarian nutjob
  • Adam Back u/adam3us - CEO of Blockstream
They have been immensely damaging to Bitcoin with their repeated denials of reality and their total misunderstanding of how Bitcoin works.
Insane toxic "leaders" like Greg Maxwell, Luke-Jr and Adam Back keep spreading nonsense and lies which are harmful to the needs of Bitcoin users and miners.
What can we do now?
Code that supports bigger blocks (Bitcoin Unlimited, Bitcoin Classic, Extension Blocks, 8 MB blocksize) is already being used by 40-50% of hashpower on the network.
https://coin.dance/blocks
http://nodecounter.com/#bitcoin_classic_blocks
Code that supports bigger blocks:
Scaling Bitcoin is only complicated or dangerous if you listen to insane toxic "leaders" like Greg Maxwell, Luke-Jr and Adam Back.
Scaling Bitcoin is safe and simple if you just ignore the bizarre proposals like SegWit and now UASF being pushed by those insane toxic "leaders".
We can simply install software like Bitcoin Unlimited, Bitcoin Classic - or any client supporting bigger blocks, such as Extension Blocks or 8 MB blocksize - and move forward to simple & safe on-chain scaling for Bitcoin - and we could easily enjoy a scenario such as the following:
Bitcoin Original: Reinstate Satoshi's original 32MB max blocksize. If actual blocks grow 54% per year (and price grows 1.542 = 2.37x per year - Metcalfe's Law), then in 8 years we'd have 32MB blocks, 100 txns/sec, 1 BTC = 1 million USD - 100% on-chain P2P cash, without SegWit/Lightning or Unlimited
https://np.reddit.com/btc/comments/5uljaf/bitcoin_original_reinstate_satoshis_original_32mb/
submitted by ydtm to btc [link] [comments]

Crypto Daily: DigiFinex invested in Korean crypto wallet startup CoinUs

Crypto Daily: DigiFinex invested in Korean crypto wallet startup CoinUs
Crypto Daily:
• DigiFinex invested in Korean crypto wallet startup CoinUs; • Mobile payment company Square is hiring new crypto engineers, and wants to pay them in Bitcoin; • Bitcoin’s hash rate records 4-month high as confidence in BTC mining grows.
#blockchain #cryptocurrency #crypto #bitcoin #innovation #fintech #adoption #digifinex #CoinUs #korea #singapore
https://medium.com/@digifinex/crypto-daily-digifinex-invested-in-korean-crypto-wallet-startup-coinus-square-is-hiring-new-a3f023c297bc
https://preview.redd.it/wgd035hlxfn21.png?width=1320&format=png&auto=webp&s=effa6be03450ecb44b34d15b46966fe3575b2601
submitted by DigiFinex to DigiFinex [link] [comments]

My draft for a new /r/btc FAQ explaining the split from /r/Bitcoin to new users

If /btc is going to actually compete with /Bitcoin, it needs to be just as friendly and informative to new users, especially given its position as the “non default” or “breakaway” sub. The current /btc sticky saying "Welcome to the Wiki" doesn't even have any content in it and I feel this is a bit of a wasted opportunity to create an informative resource that new users will see by default and everyone else can link to instead of retyping things over and over about the history and difference between the subs.
Here's what I've written as a starting point. I've done my best to keep it as concise and relevant as possible but in all honesty it is a complicated issue and a short but effective explanation is basically impossible. I hope the community can expand/improve on it further.
Quick bit about me
I got into Bitcoin in October 2013, when /Bitcoin had around 40k subscribers if I remember correctly, so by now I've actually personally experienced a large portion of Bitcoin's history - including the events preceding and since the creation of this sub. I have been an active and popular poster on /Bitcoin for almost all of that time, until the split and my subsequent banning. With the recent censorship fiasco, I'm finding I have to reiterate the same points over and over again to explain to newer users what happened with the /Bitcoin vs /btc split, questions about hard forks, what is likely to happen in the future and so on. So I put a couple of hours into writing this post to save myself the trouble in future.

/btc FAQ - Historical split from /Bitcoin megathread - v0.1

There is a TL:DR; at the bottom, but it is exactly that. If you skip straight to the TL:DR; then don’t expect sympathy when you post questions that have already been covered in the lengthy and detailed main post.

New to Bitcoin?

I am totally new to Bitcoin. What is it? How does it work? Can/should I mine any? Where can I buy some? How do I get more information?
All of these questions are actually really well covered in the /Bitcoin FAQ. Check it out in a new tab here. Once you've got a bit of a handle on the technology as a whole, come back here for the rest of the story.

History: /btc vs /Bitcoin

What's the difference between /btc and /Bitcoin? What happened to create two such strongly opposed communities? Why can't I discuss /btc in /Bitcoin?
Historically, the /Bitcoin subreddit was the largest and most active forum for discussing Bitcoin. As Bitcoin grew close to a cap in the number of transactions it could process, known as the 1MB block size limit, the community had differing opinions on the best way to proceed. Note that this upcoming issue was anticipated well ahead of time, with Satoshi's chosen successor to lead the project Gavin Andresen posting about it in mid 2015. Originally, there was quite a broad spread of opinions - some people favoured raising the blocksize to various extents, some people favoured implementing a variety of second layer solutions to Bitcoin, probably most people thought both could be a good idea in one form or another.
This topic was unbelievably popular at the time, taking up almost every spot on the front page of /Bitcoin for weeks on end.
Unfortunately, the head moderator of /Bitcoin - theymos - felt strongly enough about the issue to use his influence to manipulate the debate. His support was for the proposal of existing software (called Bitcoin Core) NOT to raise the blocksize limit past 1MB and instead rely totally on second layer solutions - especially one called Segregated Witness (or SegWit). With some incredibly convoluted logic, he decided that any different implementations of Bitcoin that could potentially raise the limit were effectively equivalent to separate cryptocurrencies like Litecoin or Ethereum and thus the block size limit or implement other scaling solutions were off-topic and ban-worthy. At the time the most popular alternative was called Bitcoin XT and was supported by experienced developers Gavin Andresen and Mike Hearn, who have since both left Bitcoin Core development in frustration at their marginalisation. Theymos claimed that for Bitcoin XT or any other software implementation to be relevant to /Bitcoin required "consensus", which was never well defined, despite it being seemingly impossible for everyone to agree on the merits of a new project if no one was allowed to discuss it in the first place. Anyone who didn't toe the line of his vaguely defined moderation policy was temporarily or permanently banned. There was also manipulation of the community using the following tactics - which can still be seen today:
This created enormous uproar among users, as even many of those in favour of Bitcoin Core thought it was authoritarian to actively suppress this crucial debate. theymos would receive hundreds of downvotes whenever he posted: for example here where he gets -749 for threatening to ban prominent Bitcoin business Coinbase from the subreddit.
In an extraordinary turn of events, Theymos posted a thread which received only 26% upvotes in a sample size of thousands announcing that he did not care if even 90% of users disagreed with his policy, he would not change his opinion or his moderation policy to facilitate the discussion the community wanted to have. His suggested alternative was instead for those users, however many there were, to leave.
Here are Theymos' exact words, as he describes how he intends to continue moderating Bitcoin according to his own personal rules rather than the demands of the vast majority of users, who according to him clearly don't have any "real arguments" or "any brains".
Do not violate our rules just because you disagree with them. This will get you banned from /Bitcoin , and evading this ban will get you (and maybe your IP) banned from Reddit entirely.
If 90% of /Bitcoin users find these policies to be intolerable, then I want these 90% of /Bitcoin users to leave. Both /Bitcoin and these people will be happier for it. I do not want these people to make threads breaking the rules, demanding change, asking for upvotes, making personal attacks against moderators, etc. Without some real argument, you're not going to convince anyone with any brains -- you're just wasting your time and ours. The temporary rules against blocksize and moderation discussion are in part designed to encourage people who should leave /Bitcoin to actually do so so that /Bitcoin can get back to the business of discussing Bitcoin news in peace.
/btc was therefore born in an environment not of voluntary departure but of forced exile.
This forced migration caused two very unfortunate occurrences:
  1. It polarised the debate around Bitcoin scaling. Previously, there was a lot of civil discussion about compromise and people with suggestions from all along the spectrum were working to find the best solution. That was no longer possible when a moderation policy would actively suppress anyone with opinions too different from Theymos. Instead it forced everyone into a "with us or against us" situation, which is why the /btc subreddit has been pushed so far in favour of the idea of a network hard fork (discussed below).
  2. It has distracted Bitcoin from its mission of becoming a useful, global, neutral currency into a war of information. New users often find /Bitcoin and assume it to be the authoritative source of information, only to later discover that a lot of important information or debate has been invisibly removed from their view.
Since then, like any entrenched conflict, things have degenerated somewhat on both sides to name calling and strawman arguments. However, /btc remains committed to permitting free and open debate on all topics and allowing user downvotes to manage any "trolling" (as /Bitcoin used to) instead of automatic shadow-banning or heavy-handed moderator comment deletion (as /Bitcoin does now). Many users in /Bitcoin deny that censorship exists at all (it is difficult to see when anyone pointing out the censorship has their comment automatically hidden by the automoderator) or justify it as necessary removal of "trolls", which at this point now includes thousands upon thousands of current and often long-standing Bitcoin users and community members.
Ongoing censorship is still rampant, partially documented in this post by John Blocke
For another detailed account of this historical sequence of events, see singularity87 s posts here and here.
/btc has a public moderator log as demonstration of its commitment to transparency and the limited use of moderation. /Bitcoin does not.
Why is so much of the discussion in /btc about the censorship in /Bitcoin? Isn't a better solution to create a better community rather than constantly complaining?
There are two answers to this question.
  1. Over time, as /btc grows, conversation will gradually start to incorporate more information about the Bitcoin ecosystem, technology, price etc. Users are encouraged to aid this process by submitting links to relevant articles and up/downvoting on the /new and /rising tab as appropriate. However, /btc was founded effectively as a refuge for confused and angry users banned from /Bitcoin and it still needs to serve that function so at least some discussion of the censorship will probably always persist (unless there is a sudden change of moderation policy in /Bitcoin).
  2. The single largest issue in Bitcoin right now is the current cap on the number of transactions the network can process, known as the blocksize limit. Due to the censorship in /Bitcoin, open debate of the merits of different methods of addressing this problem is impossible. As a result, the censorship of /Bitcoin (historically the most active and important Bitcoin community forum) has become by proxy the single most important topic in Bitcoin, since only by returning to open discussion would there be any hope of reaching agreement on the solution to the block size limit itself. As a topic of such central importance, there is naturally going to be a lot of threads about this until a solution is found. This is simply how Bitcoin works, that at any one time there is one key issue under discussion for lengthy periods of time (previous examples of community "hot topics" include the demise of the original Bitcoin exchange Mt Gox, the rise to a 51% majority hash rate of mining pool GHash.io and the supposed "unveiling" of Bitcoin's anonymous creator Satoshi Nakamoto).

Bitcoin Network Hard Forks

What is a hard fork? What happens if Bitcoin hard forks?
A network hard fork is when a new block of transactions is published under a new set of rules that only some of the network will accept. In this case, Bitcoin diverges from a single blockchain history of transactions to two separate blockchains of the current state of the network. With any luck, the economic incentive for all users to converge quickly brings everyone together on one side of the fork, but this is not guaranteed especially since there is not a lot of historical precedent for such an event.
A hard fork is necessary to raise the block size limit above its 1MB cap.
Why is /btc generally in favour of a hard fork and /Bitcoin generally against?
According to a lot of users on /Bitcoin - a hard fork can be characterised as an “attack” on the network. The confusion and bad press surrounding a hard fork would likely damage Bitcoin’s price and/or reputation (especially in the short term). They point to the ongoing turmoil with Ethereum as an example of the dangers of a hard fork. Most of /Bitcoin sees the stance of /btc as actively reckless, that pushing for a hard fork creates the following problems:
According to a lot of users on /btc - a hard fork is necessary despite these risks. Most of /btc sees the stance of /Bitcoin as passively reckless, that continuing to limit Bitcoin’s blocksize while remaining inactive creates the following problems:
Bitcoiners are encouraged to examine all of the information and reach their own conclusion. However, it is important to remember that Bitcoin is an open-source project founded on the ideal of free market competition (between any/all software projects, currencies, monetary policies, miners, ideas etc.). In one sense, /btc vs /Bitcoin is just another extension of this, although Bitcoiners are also encouraged to keep abreast of the top posts and links on both subreddits. Only those afraid of the truth need to cut off opposing information.
What do Bitcoin developers, businesses, users, miners, nodes etc. think?
Developers
There are developers on both sides of the debate, although it is a common argument in /Bitcoin to claim that the majority supports Bitcoin Core. This is true in the sense that Bitcoin Core is the current default and has 421 listed code contributors but misleading because not only are many of those contributors authors of a single tiny change and nothing else but also many major figures like Gavin Andresen, Mike Hearn and Jeff Garzik have left the project while still being counted as historical contributors.
Businesses including exchanges etc.
A definite vote of confidence is not available from the vast majority of Bitcoin businesses, and wouldn't be binding in any case. The smart decision for most businesses is to support both chains in the event of a fork until the network resolves the issue (which may only be a day or two).
Users
Exact user sentiment is impossible to determine, especially given the censorship on /Bitcoin.
Miners and Nodes
Coin.dance hosts some excellent graphical representations of the current opinion on the network.
Node Support Information
Miner Support Information
What do I do if the network hard forks?* Do we end up with two Bitcoins?
Firstly, in the event of a hard fork there is no need to panic. All Bitcoins are copied to both chains in the case of a split, so any Bitcoins you have are safe. HOWEVER, in the event of a fork there will be some period of confusion where it is important to be very careful about how/why you spend your Bitcoins. Hopefully (and most likely) this would not last long - everyone in Bitcoin is motivated to converge into agreement for everyone's benefit as soon as possible - but it's impossible to say for sure.
There isn't a lot of historical data about cryptocurrency hard forks, but one example is alternative cryptocurrency Ethereum that forked into two coins after the events of the DAO and currently exists as two separate chains, ETH (Ethereum) and ETC (Ethereum Classic).
The Ethereum fork is not a good analogy for Bitcoin because its network difficulty target adjusts every single block, so a massive drop in hash rate does not significantly impede its functioning. Bitcoin’s difficult target adjusts only every 2100 blocks - which under usual circumstances takes two weeks but in the event of a hard fork could be a month or more for the smaller chain. It is almost inconceivable that a minority of miners would willingly spend millions of dollars over a month or more purely on principle to maintain a chain that was less secure and processed transactions far slower than the majority chain - even assuming the Bitcoins on this handicapped chain didn't suffer a market crash to close to worthless.
Secondly, a hard fork is less likely to be a traumatic event than it is often portrayed in /Bitcoin:

What Happens Now

How do I check on the current status of opinion?
Coin.dance hosts some excellent graphical representations of the current opinion on the network.
Node Support Information
Miner Support Information
Users are also welcome to engage in anecdotal speculation about community opinion based on their impression of the commentary and activity in /btc and /Bitcoin.
Haven't past attempts to raise the blocksize failed?
There is no time limit or statute of limitations on the number of attempts the community can make to increase the block size and scale Bitcoin. Almost any innovation in the history of mankind required several attempts to get working and this is no different.
The initial attempt called Bitcoin XT never got enough support for a fork because key developer Mike Hearn left out of frustration at trying to talk around all the censorship and community blockading.
The second major attempt called Bitcoin Classic gained massive community momentum until it was suddenly halted by the drastic implementation of censorship by Theymos described above.
The most popular attempt at the moment is called Bitcoin Unlimited.
/btc is neutral and welcoming to any and all projects that want to find a solution to scaling Bitcoin - either on-or off-chain. However, many users are suspicious of Bitcoin Core's approach that involves only SegWit, developed by a private corporation called Blockstream and that has already broken its previous promises in a document known as the Hong Kong Agreement to give the network a block size limit raise client along with Segregated Witness (only the latter was delivered) .
What if the stalemate is irreconcilable and nothing ever happens?
Increasing transaction fees and confirmation times are constantly increasing the pressure to find a scaling solution - leading some to believe that further adoption of Bitcoin Unlimited or a successor scaling client will eventually occur. Bitcoin Core's proposed addition of SegWit is struggling to gain significant support and as it is already the default client (and not censored in /Bitcoin) it is unlikely to suddenly grow any further.
If the stalemate is truly irreconcilable, eventually users frustrated by the cost, time and difficulty of Bitcoin will begin migrating to alternative cryptocurrencies. This is obviously not a desirable outcome for long standing Bitcoin supporters and holders, but cannot be ignored as the inevitable free market resort if Bitcoin remains deadlocked for long enough.

TL:DR;

I don’t know anything about Bitcoin. Help me?
What’s the /btc vs /Bitcoin story?
  • Bitcoin is at its transaction capacity and needs to scale to onboard more users
  • The community was discussing different ways to do this until the biased head moderator of /Bitcoin Theymos got involved
  • Theymos, started an authoritarian censorship rampage which culminated in telling 90% of /Bitcoin users to leave. /btc is where they went. Here is the thread where it all started. Note the 26% upvoted on the original post, the hundreds of upvotes of community outcry in the comments and the graveyard of [removed] posts further down the chain. Highly recommended reading in its entirety.
  • To this day, /Bitcoin bans all discussion of alternative scaling proposals and /btc
  • Bitcoin is about freedom, and can’t function effectively with either an artificially restricted transaction cap or a main community forum that is so heavily manipulated. This subreddit is the search for solutions to both problems as well as general Bitcoin discussion.
What’s the deal with hard forks?
  • No TL:DR; possible, read the whole post.
What happens now?
  • Node Support Information
  • Miner Support Information
  • Debate continues in /btc, and generally doesn't continue in /Bitcoin - although posts referencing /btc or Bitcoin Unlimited regularly sneak past the moderators because it is such a crucial topic
  • Eventually one side or the other breaks, enough miners/nodes/users get on one side and Bitcoin starts scaling. This may or may not involve a hard fork.
  • If not, fees and average confirmation times continue to rise until users migrate en masse to an altcoin. This is not an imminent danger, as can be seen by the BTC marketcap dominance at its historical levels of 80+% but could change at any time
submitted by Shibinator to btc [link] [comments]

Translation of Jihuan Wu's interview with Huobi

Huobi has started organizing some public lectures, and for this particular one they interviewed Jihan Wu. Not sure if anyone else is interested but I enjoyed the article and decided to translate it - questions are roughly translated, and his answers are written in full!
This is about 30% because the article is really long - if anyone's interested I will sit down and do the rest. Original article
Q: How did you get into the bitcoin industry?
A: When I was studying, I was very interested in the origins of currency for a while. Apart from textbooks, borrow and read other books to learn. I'm more familiar with some of the interesting history about currency, such as how we used various types of currency before gold (as a precious metal) and fiat became widely adopted.
When I first came into contact with Bitcoin, it still had a very small market cap. In 2010, I read an analysis about Bitcoin's security written by a famous hacker. He thought Bitcoin's structure was very simple and the technology had no problems. Coming back to the principles about currency that I'm familiar with - I think that since the Internet is a unique community type, it's obvious that many hope that Bitcoin can be circulated as a universal equivalent within a certain niche community. Hence, I was determined and invested a lot of money to purchase Bitcoin. Within a short period of time, Bitcoin's value rose from 10USD to 30 USD, then fell to 2USD, so I lost 80% of my investment. This was my exciting, somewhat discouraging introduction into the bitcoin industry.
After purchasing Bitcoin, I translated Satoshi's white paper to gain a deeper understanding of the technology behind it. In the process of analyzing it, I developed an interest in and understanding of mining, leading me to stay in this industry to this day.
Q: What do you think about people saying you hold the most bitcoins?
A: I don't think so, because the process of forming Bitcoin's history is such that those who enter early gain huge benefits. Initially Satoshi held the most bitcoin; later on some famous investors such as Facebook's Winklevoss and Li Xiaolai surely hold a lot of bitcoin. After the bitcoin community suffered a series of profoundly impactful misfortunes, there was even less chance of me holding the most bitcoins since I gradually began selling my holdings from when bitcoin was about 24000 yuan (edited, thanks BitcoinPrepper!) and bought other digital currencies that seemed more promising. One of those is BCC.
Q: When did you find out about and join bitcoin's discussion about increasing block size?
A: I found out about it and joined the discussion at about the same time but I was pretty late to the discussion. The dispute about increasing block size can be traced back to 2010, when Satoshi was still around. A recent large dispute started in 2013, but by the time I began to follow it, it was already late 2015. At that point, the entire developer community had reached a stage where no one was willing to back down. Before we began to follow the discussion in earnest, we really believed in the moral character of the developers and thought this was just a technology issue. We believed they would come to a compromise and work out a better solution to the issue of increasing block size on their own.
Towards the end of 2015, both sides began to lose patience and some developers had begun to liaise with Chinese miners. October 2015 is a milestone in Bitcoin's history, because they began to coordinate working with mining pools to implement a hard fork to increase block size.
In January 2016, splits appeared in the developer community that produced Bitcoin Unlimited (BU), Classic and other small groups. Among them, Classic flew to china and met many mining pools to begin promoting a hard fork upgrade. At that time our company also met Classic's team, and we were the first in the world to signal our support for Classic. Afterwards, platforms began to show their support one by one - this was the backdrop to our consensus negotiations in Hong Kong.
After we signaled support for classic, an overwhelming majority of people wished that Core would compromise so that there wouldn't be a need to change the lead developer team. Hence, we held meetings in HK, holding the Hong Kong Consensus Negotiations (??). Core developers promised to work towards a hard fork and miners would no longer use clients not compatible with Core.
However, the Hong Kong Consensus was later on executed very poorly. Being a compromise, both sides understood the agreement very differently. Miners and exchanges held negotiations with Core developers, supporters and fans. We kept a hopeful attitude that bitcoin could follow the blueprint originally delimited by Satoshi and promptly upgrade, or else the issue of increasing block size would affect the growth of Bitcoin.
Q: Till May this year Bitcoin's fork was widely discussed, and Litecoin also gave it a go. At that time there were the proposals put forth by BU and Classic that you just mentioned - can you discuss the relationship between BU's proposal and BCC?
A: Former core developers have played a large part in forming the multiple developer teams such as BU, ABC, Classic, XT which are all now compatible with the BCC/BCH chain, and these teams are independent from the core team that are still in charge of the BTC chain (edited, thanks alfonumeric!). Some of BCC's main developers were leading BU developers and some of BCC's main anonymous developers previously made significant contributions to BU. These developers had their own ideals and ideas regarding how the quality of software development should be managed and how to coordinate the circulation of open-source software. Hence, BCC eventually broke off and formed a development team separate from BU.
Q: What value do you think BCC brings to the Bitcoin ecosystem?
A: Before discussing that, we need to be clear about what on-chain assets are. We feel that on-chain assets are essentially a type of willingly formed social contract dependent on technology to be realized.
Firstly, it is a social thing because it has achieved huge scale - there are many participants, about 20-30 million worldwide. These communities can be divided into Bitcoin, Litecoin, Dash etc. Within each asset, the communities' participants have an initial consensus and have drafted a set of rules for the asset. At the same time consensus is reached willingly. This is the essence of on-chain assets: they can be realized through technology, based on the foundations of an agreement that was willingly entered into.
What happened during Bitcoin's block size upgrade? Firstly, Satoshi made clear since he first began writing the software that blocks would have to grow eventually and that hard forks were an important method to increase block size.
This was already apparent in Satoshi's white paper and emails, and his discussions on Bitcoin forums expressed similar views. Before Blockstream and their allies strangled opinions on certain important channels and media platforms, the entire Bitcoin community was largely aligned on the plan for and route towards Bitcoin's block size upgrade. Actually, this is a part of Bitcoin's entire community protocol, but after Blockstream gained control of important community and developer forums they began shutting down opinions starting in 2016, brainwashing newcomers to the bitcoin community. In my opinion, this is a violation of the community's social contract and the tradition of liberalism.
The Bitcoin community stresses freedom of speech, developing ideas and not controlling opinions or thinking. When these things appear, the community begins to violate its early promises. BCC appeared under these circumstances and helped the Bitcoin community to return to its earlier roots of liberalism. Previously, Bitcoin's community was open and everyone was free to voice opinions regarding what its future should look like. We formed an agreement based on resources, so we could freely organize ourselves (not sure what he means). This proved that any party who attempted to prohibit or exercise autocratic supervision over blockchain assets was doomed to fail, since the community was free to think and people could group up through communities to form consensus. With this consensus, we could produce the relevant software and guarantee the consensus on the blockchain. With regards to Bitcoin's ecosystem, I feel that BCC's greatest value lies in how it welcomes back the old tradition of liberalism.
Q: What left a deep impression on you during BCC's development?
A: Firstly the rise and fall of BCC's price is very interesting. After BCC commenced trading it hit a high of 0.5 BTC, then fell sharply. In the following days BCC's price fluctuated violently and would triple in a few days then fall, because everyone was in the process of getting to know and accept it. This left the deepest impression on me.
Next its difficulty adjustment mechanism is also interesting. Being a fork with less computing power, BCC could release blocks at a steady rate and the adjustment mechanism played an invaluable role. When BCC's block creation rate is slow, the difficulty decreases so that at some points of time BCC mining is more profitable than mining Bitcoin, attracting large amounts of computing power to mine BCC. After this critical point has passed, BTC transactions will be very congested. When the difficulty adjusts upwards again, computing power will shift back to BTC and alleviate the congestion. These events are fascinating and have never occurred before in Bitcoin's history. When we first saw this phenomenon with our own eyes we felt it was really fascinating - it has many implications for the switching over of computing power and how the value of assets are determined, and is worth researching.
submitted by kumolonimbus to btc [link] [comments]

Blockchain adoption is happening at an alarming rate People of adopt me rates our outfit  PART 1OMG FT.sophie BITCOIN DEATH CROSS?! Is It Significant?  What Determines Bitcoin Adoption In Countries? How to Buy Bitcoin for ETH  Best Rates for Bitcoin Exchanges on SwapSpace.co Killed EUR ECB interest rate decision #Market chasers

Bitcoin Cash brings sound money to the world, fulfilling the original promise of Bitcoin as "Peer-to-Peer Electronic Cash". Merchants and users are empowered with low fees and reliable confirmations. The future shines brightly with unrestricted growth, global adoption, permissionless innovation, and decentralized development. Fig. 3 shows the steady-state exchange rate distributions in S based on Eq. with three values of the long-term mean θ of 0.3, 1.0 and 1.5: the smaller θ is closer to the lower boundary. We use the model parameters for σ x = 0.05, 0.13 and 0.2, and κ = 0.05 and 0.25, which are consistent with the estimations in Section 4, with the lower boundary η L S At = S L = 3793 and upper boundary η Digital money that’s instant, private, and free from bank fees. Download our official wallet app and start using Bitcoin today. Read news, start mining, and buy BTC or BCH. 15 Aug 2015 - Bitcoin fork Bitcoin XT released US$264.87 14 Jan 2016 - Developer Mike Hearn quits Bitcoin US$432.04 9 Jul 2016 - Bitcoin has second halving day US$664.74 New statistics by Glassnode reveal that Bitcoin adoption is gaining traction as both whale and small-scale investors continue to buy Bitcoin. Bitcoin whales. Glassnode revealed that although the number of Bitcoin whales dropped in late July 2019, the number saw a net increase of 8.9 percent across the last year.

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Blockchain adoption is happening at an alarming rate

E819: Brendan Eich, Brave (Mozilla): ad-blocking anon browser, crypto-payments, ICO's $35m in 30 sec Bitcoin Technical Analysis & Bitcoin News Today: Is the Bitcoin death cross going to be significant for the Bitcoin price? Also, I'll use technical analysis on the Bitcoin price to make a Bitcoin ... Support Me On Patreon! https://www.patreon.com/TheModernInvestor ----- Protect And Sto... The change is already happening and it is happening at an alarming rate. We need to start putting solutions in place today for the tomorrow we are about to move in to. The future is much closer ... Bitcoin for Beginners 2,176 views 8:05 BITCOIN CLOSING ABOVE $9360 🚀 CRAZY LUXURY BTC LIFE PROBLEM ON PHANGAN 🤣 PAY WITH BTC ON PHANGAN - Duration: 17:53.

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