Marc van der Chijs on Twitter: Reading through some of the Bitmain IPO documents. My conclusion: they made a HUGE mistake selling BTC for BCH. If I would still hold any BCH I would sell them right away. I will stay far away from both Bitmain & BCH.

Marc van der Chijs on Twitter: Reading through some of the Bitmain IPO documents. My conclusion: they made a HUGE mistake selling BTC for BCH. If I would still hold any BCH I would sell them right away. I will stay far away from both Bitmain & BCH. submitted by /u/slacker-77
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Bitcoin – The Currency of the Internet

Very inspired when reading “The Internet of Money” by Andreas A. (

Just started reading this book… and holy shit how amazing and innovative bitcoin is and can be in the future. Andreas is really inspirational when educating on the history of bitcoin and money. Im not gonna lie I initially invested in Bitcoin to try to get rich quick back in December, but as we can all see the price has dipped big time. I’m not going to sell and have been holding because of the huge potential bitcoin has! One of the quotes in this book that has stuck with me so far: “If…


Long live decentralized bitcoin(!) A reading list

Newbs might not know this, but bitcoin recently came out of an intense internal drama. Between July 2015 and August 2017 bitcoin was attacked by external forces who were hoping to destroy the very properties that made bitcoin valuable in the first place. This culminated in the creation of segwit and the UASF (user activated soft fork) movement. The UASF was successful, segwit was added to bitcoin and with that the anti-decentralization side left bitcoin altogether and created their own altcoin called bcash. Bitcoin's price was $ 2500, soon after segwit was activated the price doubled to $ 5000 and continued rising until here we are today at $ 15000.

During this drama, I took time away from writing open source code to help educate and argue on reddit, twitter and other social media. I came up with a reading list for quickly copypasting things. It may be interesting today for newbs or anyone who wants a history lesson on what exactly happened during those two years when bitcoin's very existence as a decentralized low-trust currency was questioned. Now the fight has essentially been won, I don't comment on reddit that much anymore. There's nothing left to do except wait for Lightning and similar tech to become mature (or better yet, help code it and test it)

In this thread you can learn about block sizes, latency, decentralization, segwit, ASICBOOST, lightning network and all the other issues that were debated endlessly for over two years. So when someone tries to get you to invest in bcash, remind them of the time they supported Bitcoin Unlimited 😛

Summary / The fundamental tradeoff

A trip to the moon requires a rocket with multiple stages by gmaxwell (must read)

Bram Cohen, creator of bittorrent, argues against a hard fork to a larger block size

gmaxwell's summary of the debate

Core devs please explain your vision (see luke's post which also argues that blocks are already too big)

Mod of r/btc speaking against a hard fork

It's becoming clear to me that a lot of people don't understand how fragile bitcoin is

Blockchain space must be costly, it can never be free

Charlie Lee with a nice analogy about the fundamental tradeoff

gmaxwell on the tradeoffs

jratcliff on the layering

Scaling on-chain will destroy bitcoin's decentralization

Peter Todd: How a floating blocksize limit inevitably leads towards centralization [Feb 2013] mailing list with discussion on reddit in Aug 2015

Nick Szabo's blog post on what makes bitcoin so special

There is academic research showing that even small (2MB) increases to the blocksize results in drastic node dropoff counts due to the non-linear increase of RAM needed.

Reddit summary of above link. In this table, you can see it estimates a 40% drop immediately in node count with a 2MB upgrade and a 50% over 6 months. At 4mb, it becomes 75% immediately and 80% over 6 months. At 8, it becomes 90% and 95%.

Larger block sizes make centralization pressures worse (mathematical)

Talk at scalingbitcoin montreal, initial blockchain synchronization puts serious constraints on any increase in the block size with transcript

Bitcoin's P2P Network: The Soft Underbelly of Bitcoin someone's notes: reddit discussion

In adversarial environments blockchains dont scale

Why miners will not voluntarily individually produce smaller blocks

Hal Finney: bitcoin's blockchain can only be a settlement layer (mostly interesting because it's hal finney and its in 2010)

petertodd's 2013 video explaining this

luke-jr's summary

Another jratcliff thread

Full blocks are not a disaster

Blocks must be always full, there must always be a backlog

Same as above, the mining gap means there must always be a backlog talk: transcript:

Backlogs arent that bad

Examples where scarce block space causes people to use precious resources more efficiently

Full blocks are fine

High miner fees imply a sustainable future for bitcoin

gmaxwell on why full blocks are good

The whole idea of the mempool being "filled" is wrong headed. The mempool doesn't "clog" or get stuck, or anything like that.


What is segwit

luke-jr's longer summary

Charlie Shrem's on upgrading to segwit

Original segwit talk at scalingbitcoin hong kong + transcript

Segwit is not too complex

Segwit does not make it possible for miners to steal coins, contrary to what some people say

Segwit is required for a useful lightning network It's now known that without a malleability fix useful indefinite channels are not really possible.

Clearing up SegWit Lies and Myths:

Segwit is bigger blocks

Typical usage results in segwit allowing capacity equivalent to 2mb blocks

Why is segwit being blocked

Jihan Wu (head of largest bitcoin mining group) is blocking segwit because of perceived loss of income

Witness discount creates aligned incentives

or because he wants his mining enterprise to have control over bitcoin

Segwit is being blocked because it breaks ASICBOOST, a patented optimization used by bitmain ASIC manufacturer

Details and discovery by gmaxwell

Reddit thread with discussion

Simplified explaination by jonny1000


Bitmain admits their chips have asicboost but they say they never used it on the network (haha a likely story)

Worth $ 100m per year to them (also in gmaxwell's original email)

Other calculations show less

This also blocks all these other cool updates, not just segwit

Summary of bad consequences of asicboost

Luke's summary of the entire situation

Prices goes up because now segwit looks more likely

Asicboost discovery made the price rise

A pool was caught red handed doing asicboost, by this time it seemed fairly certain that segwit would get activated so it didnt produce as much interest as earlier and and

What if segwit never activates

What if segwit never activates? with and


bitcoinmagazine's series on what lightning is and how it works

The Lightning Network ELIDHDICACS (Explain Like I Don’t Have Degrees in Cryptography and Computer Science)

Ligtning will increases fees for miners, not lower them

Cost-benefit analysis of lightning from the point of view of miners

Routing blog post by rusty and reddit comments

Lightning protocol rfc

Blog post with screenshots of ln being used on testnet video

Video of sending and receiving ln on testnet

Lightning tradeoffs

Beer sold for testnet lightning and

Lightning will result in far fewer coins being stored on third parties because it supports instant transactions

jgarzik argues strongly against LN, he owns a coin tracking startup

luke's great debunking / answer of some misinformation questions

Lightning centralization doesnt happen

roasbeef on hubs and charging fees and

Immutability / Being a swiss bank in your pocket / Why doing a hard fork (especially without consensus) is damaging

A downside of hard forks is damaging bitcoin's immutability

Interesting analysis of miners incentives and how failure is possible, don't trust the miners for long term

waxwing on the meaning of cash and settlement

maaku on the cash question

Digital gold funamentalists gain nothing from supporting a hard fork to larger block sizes

Those asking for a compromise don't understand the underlying political forces

Nobody wants a contentious hard fork actually, anti-core people got emotionally manipulated

The hard work of the core developers has kept bitcoin scalable

Recent PRs to improve bitcoin scaleability ignored by the debate

gmaxwell against hard forks since 2013

maaku: hard forks are really bad

Some metrics on what the market thinks of decentralization and hostile hard forks

The price history shows that the exchange rate drops every time a hard fork threatens:

and this example from 2017 r/btc users lose money

price supporting theymos' moderation

old version

older version

about 50% of nodes updated to the soft fork node quite quickly

Bitcoin Unlimited / Emergent Consensus is badly designed, changes the game theory of bitcoin

Bitcoin Unlimited was a proposed hard fork client, it was made with the intention to stop segwit from activating

A Future Led by Bitcoin Unlimited is a Centralized Future

Flexible transactions are bugged

Bugged BU software mines an invalid block, wasting 13 bitcoins or $ 12k employees are moderators of r/btc

miners don't control stuff like the block size

even gavin agreed that economic majority controls things

fork clients are trying to steal bitcoin's brand and network effect, theyre no different from altcoins

BU being active makes it easier to reverse payments, increases wasted work making the network less secure and giving an advantage to bigger miners

bitcoin unlimited takes power away from users and gives it to miners

bitcoin unlimited's accepted depth

BU's lying propaganda poster

BU is bugged, poorly-reviewed and crashes

bitcoin unlimited allegedly funded by kraken stolen coins

Other funding stuff

A serious bug in BU

A summary of what's wrong with BU:

Bitcoin Unlimited Remote Exploit Crash 14/3/2017

BU devs calling it as disaster also r/btc deleted a thread about the exploit

Summary of incident

More than 20 exchanges will list BTU as an altcoin

Again a few days later

User Activated Soft Fork (UASF)

site for it, including list of businesses supporting it

luke's view

threat of UASF makes the miner fall into line in litecoin

UASF delivers the goods for vertcoin

UASF coin is more valuable

All the links together in one place

p2sh was a uasf

jgarzik annoyed at the strict timeline that segwit2x has to follow because of bip148

Committed intolerant minority

alp on the game theory of the intolerant minority

The risk of UASF is less than the cost of doing nothing

uasf delivered the goods for bitcoin, it forced antpool and others to signal (May 2016) "When asked specifically whether Antpool would run SegWit code without a hard fork increase in the block size also included in a release of Bitcoin Core, Wu responded: “No. It is acceptable that the hard fork code is not activated, but it needs to be included in a ‘release’ of Bitcoin Core. I have made it clear about the definition of ‘release,’ which is not ‘public.’”"

Screenshot of peter rizun capitulating

Fighting off 2x HF

b2x is most of all about firing core

Misinformation / sockpuppets

three year old account, only started posting today

Why we should not hard fork after the UASF worked:


Good article that covers virtually all the important history

Interesting post with some history pre-2015

The core scalabality roadmap + my summary from 3/2017 my summary

History from summer 2015

Brief reminders of the ETC situation

Longer writeup of ethereum's TheDAO bailout fraud

Point that the bigblocker side is only blocking segwit as a hostage

jonny1000's recall of the history of r/bitcoin

Misc (mostly memes)

libbitcoin's Understanding Bitcoin series

github commit where satoshi added the block size limit

hard fork proposals from some core devs

blockstream hasnt taken over the entire bitcoin core project

blockstream is one of the good guys

Forkers, we're not raising a single byte! Song lyrics by belcher

Some stuff here along with that cool photoshopped poster

Nice graphic

gmaxwell saying how he is probably responsible for the most privacy tech in bitcoin, while mike hearn screwed up privacy

Fairly cool propaganda poster

btc tankman

asicboost discovery meme

gavin wanted to kill the bitcoin chain

stuff that r/btc believes

after segwit2x NYA got agreed all the fee pressure disappeared, laurenmt found they were artificial spam

theymos saying why victory isnt inevitable

with ignorant enemies like these its no wonder we won ""So, once segwit2x activates, from that moment on it will require a coordinated fork to avoid the up coming "baked in" HF. ""

a positive effect of bcash, it made blockchain utxo spammers move away from bitcoin

summary of craig wright, jihan wu and roger ver's positions

Why is bitcoin so strong against attack?!?! (because we're motivated and awesome)

what happened to #oldjeffgarzik

big blockers fully deserve to lose every last bitcoin they ever had and more

gavinandresen brainstorming how to kill bitcoin with a 51% in a nasty way

submitted by /u/belcher_
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Bitcoin – The Currency of the Internet

Because of many years of reading this sub and the advice provided here, on the worst day of my life, I didn’t lose my bitcoin.

About 6 weeks ago, I had a house fire. It consumed everything. I did my best to fight it, and when I failed at that, woke my friend up who was staying in a guest room, then gave my all for about 15 minutes to find my cats in the blaze. Ultimately got dragged away by the FD and taken to the hospital. I didn't even think about my bitcoin, as honestly, my cats were all I cared about.

3 weeks earlier, I realized I had a stupid amount of money sitting in a wallet.dat file on my computer, and that I really really should put it on a hardware wallet. So I did. I bought a trezor, loaded it up with my BTC and most other coins I had, and put it in a fire safe:

Here it is. Thanks Trezor. Your product is amazing. The house burned to the foundation, and the firesafe was externally destroyed, but despite the external appearance, inside was a toasted piece of paper with my seed words and this little guy. He was cooked from the heat, and sopping wet from the flood of water they poured on the house (nearest hydrant was a mile away and so it took an hour to start fighting it).

On that day I lost literally everything. Everything I have ever owned in 33 years of life, and my cats. Since that time I've been emotionally devastated, and I'm working really hard on recovering from that. But because of listening to advice on this sub, I had a trezor in a fire safe. I didn't lose anything but some byteball/pivx/dash I had on my desktop computer I forgot to backup. 95% of my holdings since 2012 remain.

Thank you /r/Bitcoin and thank you to the makers of Trezor. That little guy is tough as hell. I dont think its advertised as waterproof but I pulled it from an immersed box sopping wet. I let it dry and here is how it looked after when it worked. I now have two cloned trezors in different locations and a safety deposit box with my seed. Saving my bitcoin and this price rise has allowed us to pay for pretty much everything we need since the event happened.

Please, do not offer any donations to me, I'm fine. If you want to support anything, support the Ferndale Cat Shelter. I'm the president of the charity. We take care of Detroit Strays. My cats had Guinness World Records and did charity events to raise funds for them. Now that they are gone, we lost that revenue stream for the charity. We accept bitcoin locally at the catfe for donations, adoptions and coffee but I wont post that info here.

You'll know when you're there as our old address started with 1Catfe and our new address starts with 1CatCafe =)

Took ages to offline hash that one out!

Anyways, that's the story, thanks again /r/Bitcoin, you made the worst day of my life less terrible.

submitted by /u/Drwillpowers
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Bitcoin – The Currency of the Internet