Over the past few weeks, a fog of uncertainty over bitcoin's direction has forced a number of crypto projects to grind to a halt. Everything from …
Google Alert – bitcoin
As we see the efforts of 2x evaporate we need to come back together as a community. If this doesn't provide everyone in this community a valuable lesson, it's that Bitcoin needs community consensus. Being divisive with political rhetoric doesn't help scale bitcoin and neither do these "signed agreements".
We need better tools for measuring consensus that extend beyond miners signaling or companies signing agreements. These obviously do not reflect consensus at all. Otherwise we're going to keep repeating these upgrade battles.
I hope companies have learned their lesson in supporting these forks that have wasted resources they could've been using supporting Bitcoin.
The whole B2X attack is based on tricking wallets into thinking it is a valid chain. B2X intentionally removed all replay protection; it changed its code so that it would mimic the signals from core nodes and its collaborators intend to pass it off as bitcoin on their services. The core developers are creating countermeasures to ensure that core nodes continue to work on the peer to peer level. If you want to transact after the fork on the bitcoin blockchain run a bitcoin core node. If you…
I truly do not understand the supposed pain of miners.
The price of bitcoin has increased by 600% just this year alone.
Traditionally we used to hope that after a 'halving' we might see a doubling of the price. Since the last halving, when the price was $ 600, it has gone up by 10x.
But, let's really talk about what has happened this year. This year, we got segwit finally launched and the price has skyrocketed.
There is already some serious talk about a $ 25k bitcoin in the not obscenely distant future if hedge-funds and other big players bring money in; now that they can see that bitcoin is stable, not going anywhere, and is highly resistant to change.
So, what, exactly, the fuck do miners have to complain about?
Their job is simple. Do a full SHA256 hash (by full, I mean on any random input data, not ASICBOOST hacked pseudo-SHA256).
That's it. Do that one simple job, and reap the rewards.
Bitcoin has a highly competent development team and a very exciting technological roadmap which will lead to ever higher and higher price levels for the block reward.
In addition to the price of bitcoin rising, so has transaction volume and, with it, the fees that miners collect.
If there is some fear that secondary network layers will steal fees from miners, that is an absurd interpretation of how things work.
First of all, most transactions that will occur on secondary layers will be transactions that would never be practical or worth bothering with on the layer-1 chain. The point being, they aren't 'stealing transactions and fees' away, these are transactions the layer-1 chain would never want at fees so low miners would never bother to collect them.
Second, when secondary layers function, they do so by pushing settlement transactions to the main blockchain, where fees are paid; and at nice price premium for miners to collect.
Between the increase in the value of bitcoin, increasing transactions, and improved fee revenue, miners are making an obscene amount of money compared to where they were just 10 months ago.
Additionally, if they truly hate bitcoin for some philosophical reasons, they can freely mine any other SHA256 coin if they so choose.
I don't get it, but I'm quite tired of hearing from people worth hundreds of millions of dollars, and earning more at an astonishing rate, keep bitching and moaning about 'high fees'.
We have Roger Ver, a man probably worth hundreds of millions of dollars, bitching because he cannot send a transaction on the bitcoin network for a penny.
Meanwhile, I send transactions for 8 cents all of the time, and they are confirmed (albeit slowly), and a 50 cent fee transaction gets processed quickly. The network continues to function well and generate incredible wealth and opportunity.
Finally, these people do not understand set theory at all.
As bitcoin expands into additional layers those layers are bitcoin as well! It's an aggregate ecosystem. As bitcoin expands to include things like the lightning network and sidechains, these are not things 'separate from bitcoin' they become part of the overall bitcoin ecosystem. It is fundamentally how all networks scale to exponential levels.
So, we have hubris, technical illiteracy, and mindless propaganda driving a bunch of people to quite literally work against their own economic self interest!