| submitted by /u/EsotericSN
With it's decentralized ledger and world-wide access, Bitcoin is not only an interesting investment, but it is also undermining every financial & political system on earth that requires us to trust a central entity to keep a record, and to speak that record back to the public for proof or decision making. Here are the things we spoke about at our round table – they give me some hope for the future that didn't exist in a real way before bitcoin.
The need for real life banks is gone, they can exist for other useful/different reasons, but everyday large scale transactions and most daily personal banking needs, and generally financial security are all no longer bank dependent (nor credit card/website dependent).. Just this alone could really change a lot. If all the resources and money lost to huge salaries, "legal corruption", along with a now very archaic infrastructure (right down to air-conditioned skyscrapers) and untrained staff, were all translated into savings for the common user, the world market would be very different. The amounts of profit that banks make alone is staggering. At least in the billions per bank per year in 1st world countries. Then there is the fraud… Our personal estimates of 10s of trillions of dollars saved over short amounts of times (a few years) seemed almost conservative when taking everything into consideration.
War resistant money! Bitcoin means that people can flee their homeland, leave their home and everything they have, get to some other safe place, use an airport internet hotspot and access their entire life savings without interruption. Also, as a whole, the public money is safe, even if taken over completely, when the military takes over, when the religious wars are waged, no money will necessarily be at risk. We wondered, if wars could not be funded by robbing the country being invaded, could they be fully paid for by taking natural resources and land alone? We weren't sure, but it would take out a big bite. There were so many different little reasons we came up with around war, but I'll move on.
Voting. No need to dwell on this one, obviously voting and fraud is a big conversation these days. A blockchain based voting system is surely going to shed some light on the true opinions of the nation. We were not so sure if this would be a big deal or not, but we decided its best to be sure fraud is dealt with at this level of decision making. But also, since voting could potentially be in your hands, on a phone or device, maybe we vote together on some of the simpler decisions, it could deflate the pressure on higher levels of govt to make these decisions, maybe they could spend some time on important things etc… Why spend so much time discussing things in govt when we could know the exact sentiments of the entire country very quickly and cheaply. This blockchain tech doesn't exist yet so I'll leave it alone.
Immutable history. I mean, this is the first time there is the potential for human history to be recorded in a verifiable way. We could actually be able to all agree on what happened and how it happened because there is a decentralized ledger. If one pays close attention to how much merit and importance we put into history and how things went…With modern education there is a constant need to show you how to feel about the world, why we are the good ones & who is bad. The internet feeds this desire to new heights of addiction. A blockchain of events, not only financial but of all events could change our relationships worldwide.
I know some of these things are blockchain based ideas, I personally believe the bitcoin blockchain is capable of doing all of these things in some way, or at least the network could power & secure these types of tech. Being the one largest, most secure, immutable ledgers on earth with no central authority, there is a reason to continue on with Bitcoin as the main blockchain. These few things I mentioned above are just a small example of the earth-changing things that Bitcoin is capable of, we have only scratched the surface.
After all, according to the three largest Chinese bitcoin exchanges OKCoin, Huobi and OKCoin themselves, China-based cryptocurrency trading …
Google Alert – bitcoin
If you haven’t read the China Daily article about Bitcoins decentralization is its Achilles heel you need to. I believe today’s drop was some Chinese getting out. 2X will be used to help China’s attempt to sway BTC to the split alt. Wu’ s hashpower will be in play. The other front are those who primarily control and chair central banks. There is a common denominator among them. This denominator is also shared with those who control the media and yes, they collude. Bitcoin is a threat since…
Post-ICO windfalls leave beneficiaries such as Bancor and Poloniex with no choice but to buy the vintage digital assets with thriving networks.
Google Alert – bitcoin
While Bitcoin has seen a massive surge in demand in India, especially in the post-demonetization era, there is still a lack of clear laws and …
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Jeff Garzik is developing a new piece of software, intended to implement the New York Agreement, which can be seen here:
The software will flag bit 4, but not bit 1, which means SegWit will not activate and existing nodes will not allow witness data on the Bitcoin p2p network already in use. This means a new p2p network may need to be set up, which could take many months of development and testing, and means the network will be very complex, with three p2p networks.
Flagging both bit 4 AND bit 1, such that the software is compatible with both SegWit and the NY Agreement can be done. It has even been implemented in BIP91. There is no clear reason for rejecting BIP91, and doing so appears destructive and potentially malicious.
When questions Jeff stated:
So the real answer is that we want to be maximally compatible with segwit within the bounds of the charter – a safe network upgrade to segwit-AND-2m. Post-hashpower-activation segwit2x will be the only segwit, for all intents and purposes, so deviations pre-activation would simply be legacy code post-.
I am not sure what this response means. It appears as if the software needs to do something unnecessarily stupid to be compliant with the "charter". Is this really what NY Agreement participants signed up for?
Please can we end these stupid games and do what is best for Bitcoin. It seems the NY Agreement has intentions other than SegWit and a hardfork later on, but instead some participants seem intent on causing delays, complexity or trouble.