I've noticed that the quality of 0xBTC threads has dropped pretty rapidly these last few weeks. It looks like the people who understand are already invested and tired of explaining, and the ones who don't understand yet are unwilling to do research of their own. I've participated in quite a few drawn-out 0xBitcoin threads over the course of the last few months, but since work has been piling on, then I've been cutting my time on Jow Forums.
This state of affairs is unlikely to change in the near future, so I decided to use this day off to create a thread containing all of the facts about 0xBitcoin that can be referenced in the future. If you are undecided on 0xBTC, then I suggest reading through it and coming to your own conclusions. If you are already decided on 0xBTC and think it's shit or a scam, then feel free to try to refute any of my points.
What 0xBTC is: 1. The first PoW mineable token It's the first PoW asset that does not have a blockchain of its own. Instead, it relies on the Ethereum network for security, while the PoW is used only for distribution. This might seem like a useless gimick at first, but it has very deep-reaching implications upon further inspection.
2. The first trustless asset on Ethereum Every other ERC20 token that came before 0xBitcoin was created by a single entity. That single entity started out with the total supply of the tokens ever to exist in their 1 wallet. They then proceeded to distribute them in some manner, whether by ICO, airdrops or other means. Since we do not know who owns what Ethereum address, then we have no way of knowing how many they secretly sent to themselves or their friends in addition to the vast amount of the supply most projects openly keep.
This means that you have to trust the token deployer not to screw you over by diluting the tokens you hold by dumping a massive surplus on the market that they've secretly stashed away. 0xBitcoin started out with all of the tokens held by the smart contract and the only way to obtain the tokens is to submit PoW, which can not be cheated. The only thing you have to trust is the code, which is openly available for anyone to check and see that it's valid and contains no backdoors. These qualities make it suitable to be a universal medium of exchange on the Ethereum network.
3. First second-layer PoW token on a (soon-to-be) PoS network 0xBitcoin will combine the best aspects of PoS and PoW once Casper is implemented. PoS is ideal for security, since the cost to attack it is much higher than attacking a PoW coin due to slippage and the risk of conducting an attack is much higher due to the fact that you will lose your whole investment if you fail, in contrast to an attack on a PoW network where you will just have wasted some electricity if you fail. You will still get to keep your principal investment after failing to attack a PoW network, which is the hardware. If you fail to attack a PoS network, you will lose everything that you've invested.
At the same time, distribution is very skewed in a PoS system, since it only rewards those that already have some of the asset. The largest flaw with it, however, is that it incurs no cost to obtain new coins. That means that there is no built-in incentives for stakers to sell, meaning that they can just continue hoarding to infinity. With PoW, miners are forced to sell to cover the cost of mining, as well as to upgrade their rig as mining gets more competitive, resulting in a much more balanced distribution.
0xBitcoin takes the security of a PoS baselayer system (ETH) and combines it with the much more balanced distribution of a PoW system.
Grayson Edwards
4. The first PoW asset that does not rely on miners Since 0xBitcoin lives on the Ethereum network instead of its own blockchain, then that means that its hashrate can drop to 0, and it could still be transacted with as well as ever. When all tokens are mined out, then no more energy will ever need to be contributed towards it, unlike all other PoW coins. This problem is pretty far off, but sooner or later the diminishing return on mining other PoW coins will constitute a security and sustainability problem for them, unless their price keeps going up forever to make up for the increased cost of mining.
This point also means that 0xBitcoin is immune against 51% (or 99% for that matter) attacks against it. One would have to attack the whole Ethereum network to double spend 0xBTC. As such, it is the first PoW asset that's immune to the death spiral, as well as completely immutable. The rules governing it can never change.
5. Programmable 0xBitcoin mining can be programmed. One planned use for it is a decentralized method to delegate authority for the LavaWallet - a relayer network being built by the creator of 0xBitcoin to allow people to transfer ERC20 tokens without having to hold Ether in their wallets. Instead of any central authority appointing privileges to others, everyone will be able to compete for them by mining 0xBitcoin. This is a rather new concept, and new usecases for it will certainly be thought up as 0xBTC draws more developers to it.
6. Compatible with smart contracts This should be obvious from all of the talk about the Ethereum network, but it's signifcant enough to warrant a separate mention. It is not possible for a smart contracts to send some amount of Bitcoin from one party to another upon the fulfillment of some set criteria. That is because the Ethereum network can not "understand" Bitcoins, since they are on a different blockchain. 0xBitcoin is the first PoW asset that can be used in such contracts.
What 0xBitcoin isn't: 1. Centralized The contract deployer started without a single 0xBitcoin and had to mine it to obtain some just like everyone else. He has no control over the contract and can never change a single thing about it. He owns it just as much as everyone else.
2. Premined The contract was deployed with a premine of 0 and publicly announced the very same day on BitcoinTalk. The first Reddit thread about it was created the day after deployment, and the first Jow Forums thread was created a week after deployment. No on had an unfair edge in mining it, and as such, no single entity has an ungodly amount of it to dump on everyone else.
3. A scam Everything is controlled by the smart contract. The smart contract can not be changed, and it's been vetted and checked very thoroughly over the last 7 and a half months. It contains no backdoors, the developer has no advantage over anyone else - it's literally impossible for it to be a scam.
And finally, if anyone's interested in more information, then most of the discussion is on Discord, so I'll post the invite link to that as well. discord.gg SLASH JGEqqmS
I could go into a lot more detail about the philosphical and technical aspects of why I think 0xBTC is a good investment, but this thing is a wall of text as it is, so if you're curious about anything else, then feel free to ask.
" This problem is pretty far off, but sooner or later the diminishing return on mining other PoW coins will constitute a security and sustainability problem for them, unless their price keeps going up forever to make up for the increased cost of mining."
Stopped reading right there. You are the most fucking annoying piece of shit shill on this entire board, but that statement seals the coffin, you do NOT understand crypto and PoW. If you're so confident that your erc-20 shitcoin is going to the moon (pro-tip, it's not) then STFU and fuck off. You are staying the board with these shit tier threads
The rest of us will be there be buying link, xmr and btc
Mining Bitcoin can not be profitable forever. This means that many miners will have to stop mining because they're bleeding money. You are correct in that difficulty will adjust down in order to accommodate these lulls in price, but what you do not account for is that if mining becomes unprofitable for a majority of miners, then that will severely compromise the security of the network. If the hashrate drops to 20% of what it used to be, then that means it only takes for 25% of the former hashrate to jump in and conduct a 51% attack.
The hashrate has only been growing recently, even during this bear market, but if it were to drop enough that there is a "reserve" of miners who have the hardware and knowledge to mine, but aren't currently mining, then they only need to wait for an opportune moment to strike.
Even if you disregard all of this future prediction stuff, then immunity to 51% attacks for a PoW token is a very novel innovation in and of itself.
Daniel Scott
nice writeup!
Nathan Davis
bitcoin gold was 51% attacked recently - PoW security is a real issue
>I've noticed that the quality of 0xBTC threads has dropped pretty rapidly these last few weeks. It looks like the people who understand are already invested and tired of explaining, and the ones who don't understand yet are unwilling to do research of their own
> stopped reading right there.
Landon Moore
You're a fucking retard, congrats on this, seriously. Now fuck off brainlet and stop spamming this shitcoin
>You are the most fucking annoying piece of shit shill on this entire board, but that statement seals the coffin, you do NOT understand crypto and PoW. If you're so confident that your erc-20 shitcoin is going to the moon (pro-tip, it's not) then STFU and fuck off.
>The rest of us will be there be buying link, xmr and btc
I think there is a reason that you never learn your lesson. The truth is that you know very well that your shitcoin is a shitcoin and that it can never survive without your shilling it. We all know its you and that there was never another and we both know that there never will be.
any coin with 'BTC' on its name will fail you retard
Kayden Lopez
So you really do not see any problem at all with the fact that Bitcoin will need to be mined forever in order to function? And I'm the brainlet?
Josiah Wright
What took you so long, slacking on the job? It's pretty telling that you wrote some incoherent ramble instead of refuting any of the points I laid down.
Not an argument.
Jackson Flores
what's going to be the fucking point of monero when ethereum zk-snarks smart contract proofs go live and 0xBitcoin is automatically compatible with them? you're the fucking npc
Jordan Nelson
I dont have to refute your points >You are the most fucking annoying piece of shit shill on this entire board, but that statement seals the coffin, you do NOT understand crypto and PoW. If you're so confident that your erc-20 shitcoin is going to the moon (pro-tip, it's not) then STFU and fuck off. You have to refute his.It's pretty telling that you call any question you can't answer incoherent ramble instead of refuting any of the points somebody else laid down.
Here is my point: WHO IS YOUR FINAL BUYER? >pro tip: because there is no final buyer and everything is based on greater fool theory evade this question and distract by posting more nonsence about PoW.
there's going to be a flippening when 0xBitcoin is the main currency on ethereum and all dapps on ethereum use it as their primary mechanism of value, game dapps will use PoW mining to distribute items and fund their development by keeping the 0xBTC that's mined in exchange for game specific ERC721 tokens
Dexes can't use Bitcoin in a native way and will use 0xBitcoin to exchange tokens and exchange value in smart contracts.
ethereum's monetary policies are too opaque and unknown, and also have the disadvantage of being raised in an ICO and not been purely PoW mined
>there's going to be a flippening when 0xBitcoin is the main currency on ethereum and all dapps on ethereum use it as their primary mechanism of value, game dapps will use PoW mining to distribute items and fund their development by keeping the 0xBTC that's mined in exchange for game specific ERC721 tokens
>Dexes can't use Bitcoin in a native way and will use 0xBitcoin to exchange tokens and exchange value in smart contracts.
>ethereum's monetary policies are too opaque and unknown, and also have the disadvantage of being raised in an ICO and not been purely PoW mined
WHO IS YOUR FINAL BUYER?
Julian Lopez
You might notice that I already answered the retard who doesn't see a single problem with the fact that mining bitcoin has to continue indefinitely in order for any of the already mined bitcoins to have any value at all. Imagine if all of the gold you owned lost value if they stopped mining it, would that be okay as well?
>WHO IS YOUR FINAL BUYER? nigga, what? Do you even know who a "final" buyer is? This isn't something you can consume, it's going to circulate among people. It's like asking who the "final buyer" for money is.
Parker Thomas
You and me both, fren
Asher Watson
>What is mining fees
Go do some reading before you post you teenage zoomer brainlet
Brayden Morris
It's pretty neet that you can mine a token on ETH but what are you supposed to do with it? Is there anything going around the project that will give it value. Or is any pricepump basically a celebration of being able to mine a token?
Eli Baker
You're probably referring to the fact that miners will be able to mine for fees even after all of the bitcoins have been distributed with your smug little post. What you fail to address is that you are still totally reliant for the miners to continue mining in order for any of your coins to have value. No such dependency exists with 0xBitcoin. And I'm not even saying that this will replace bitcoin or something deluded like that, I'm just pointing out some of the benefits it has over traditional PoW mined coins.
Gabriel Barnes
>WHO IS YOUR FINAL BUYER? faggots like you who will FOMO in at $1000
Justin Young
You can fundamentally do anything with it that you could do with any other PoW mined coin, but in addition to that, it can be used with all Ethereum smart contracts. At the moment this is limited to DEX's, gambling dApps and ponzis, so investing in this is basically believing that smart contracts will have more use cases in the future.
At the moment, there is only one dApp that has been built specifically for 0xBTC. wheelof0xbitcoin.io/
Sure is good that you provided a concise and concrete rebuttal to all of my retarded statements. You probably convinced all of the lurkers reading this thread with your well-presented arguments.
Liam Foster
It's kinda like trying to build an ecosystem around the eth network using bitcoins attributes. Since smart contracts allow decentralized exchanges 0xbtc could act as a store of value that can avoid kyc altogether. It has a more ideal end game that op is trying to get to with btcs endless mining. It's far off in the future so it's possible tx fees are enough to support bitcoins mining network once all are mined if adoption spreads enough. The power consumption would be another potential concern down the road. 0xbtc mining can stop once all tokens are rewarded and by then eth would be PoS so again mining would no longer be an issue.
Jason Reyes
checked. 0xbtc is invincible
Andrew Phillips
nah I'm not sold, I don't get why this should be going up at all. I get that it can make some people very rich, but I'll try my luck elsewhere.
You can build stuff on eth with solidity using 0xbitcoin that you couldn't possibly do with bitcoin because ethereum virtual machine is Turing complete and like a sane language
Jack Foster
It appears to immature, I can't see this being seriously used.
Evan Reyes
That's fine man your choice. We just laying out the possibilities and perspectives. Your issue with it though seems to be applicable to bitcoin itself along with many other cryptocurrencies desu. "Why?" Is the main question regarding most coins, think it's been answered pretty well in regards to 0xbtc. If it's not enough to convince you that's fair.
Jace Ramirez
Checked, based and orangepilled.
Thomas Richardson
>nigga, what? Do you even know who a "final" buyer is? This isn't something you can consume, it's going to circulate among people. It's like asking who the "final buyer" for money is.
Then why dont you buy some Monopoly Money, Zimbabwe Dollars or any other random shitcoin from CMC or scamtoken on Ethereum? Your scamtoken needs to be the best money in this world for for at least a small group of people so that they become willing to ditch whatever they have now in favor of 0xSCAM. Obviously these people do not exist. Everything else is just another P&D scheme to sucker in gambling addicts into crypto. WHO IS YOUR FINAL BUYER?
Everyone here is making fun of your lacking intelligence and the retarded idiottoken you are shilling. All there is is 1 single pajeet who makes his cryptoscam looks like the fraud that it is. The moment you stop posting is the moment the last thread on Jow Forums about 0xSHIT dies. WHO IS YOUR FINAL BUYER?
>FINAL BUYER FINAL BUYER FINAL BUYER Jesus Christ but you are next-level retarded. No coin or currency is going to have a "final buyer" because that would require someone to eventually sit on their coins forever and never exchange them for anything. Don't try to sound smart using economic terms you don't even understand.
Tyler Turner
It's not the fucking Holocaust there's no final solution you crazed fuck tard
Gj replying to every single post like a retard as per usual. It seems like you don't even know what a "final buyer" is, but like to flaunt that term around anyway. Who is the final buyer of BTC, ETH, XRP, XMR etc?
Nathaniel Kelly
This token’s community is the unspoken selling point. Hop on the discord and you’ll find a bunch of Dev’s who are genuinely excited about this project’s future
Anyone who wants to natively exchange currency in smart contracts.
David Jones
WHAT IS YOUR POINT??? WE ALL KNOW BY NOW THAT YOURE A FRIENDLESS FAG
Jordan Edwards
If you wait until it's mature and seriously used, you'll miss the opportunity. But buying 0xbtc is definitely a gamble at this point.
Blake Cook
BTFD
What's wrong? Is it past your bed time in India now?
Aaron Bell
I'm pretty sure by now that Judge Doom is actually a low-key 0xBTC shill. He always shows up in these threads quite early, meaning he's constantly scouring Jow Forums for them. Then he acts like a total retard and posts some weak-ass strawman-tier fud that gets btfo in a few posts max. He does all of this despite every single one of his arguments having been countered in previous threads. He's the type of nemesis every project would dream of having, since he makes everything he hates look brilliant by acting like an idiot.
Brandon Rivera
didn't read your post, just wanted to tell you you're getting really boring lol
William Young
I've noticed over the last few weeks pro 0XBTC posts get an unusually high # of digits. Ignore this project at your own peril.
