Bcash will replace segwit coin
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do you think Joe Blow who makes minimum wage at the town warehouse cares about sovereign money and being his own bank? Do you think he wants to do anything other than cracking open a tall boy after work while binge watching Netflix and stuffing himself with garbage? Do you think he gives a shit about yourinvisible taxandseigniorageand that he thinkstaxation is theftand thatgovernment is a criminal organization? He uses Venmo to send money to friends and Apple Pay to pay in stores and thinks the next politician in office will solve all his problems. Forget about opening and funding channels; do you think that transactingon chainis any better or easier for him? Do you think he wants to understand the notion of confirmations, inputs and outputs, signatures etc? Similar story with African goat herders, minus the Netflix part.
You talk about rationality and intelligence but you fail to take notice of the fact that usability and convenience trump security and freedom. It's how freedom has always been getting chipped away at throughout human history. Cryptocurrencies utterly fail in the usability department and that's why their adoption is weak.
But there's one saving grace: they, or at least Bitcoin, make good base assets. That's right, assets, not means of buying coffee. Bitcoin is inflation proof (as long as enough people agree to not change the inflation schedule) and given how the people in power are acting, it may be a good way of preserving wealth over longer time horizons. If more people take notice of that, it may snowball and Bitcoin may eventually become a reserve asset/currency. But I doubt either layer 0 or LN will ever be used for transacting on a day to day basis. It simply doesn't do anything better in that respect than the existing solutions.
BCrash aint going nowhere
>sovereign money
>doesnt do anything better
You are the Joe Blow you wrote about.
Bitcash is our only hope. We the people develop it and the miners vote on the protocol changes. Satoshi vision. Fuck block stream fuck anything but decentralized development. BCH GANG
if they make bitcoin cash asic resistant i will saddle over from btc. until that it's just a shitcoin.
Is btc asic resistant?
it's fucking not but if they make bch asic resistant i will switch over in a heartbeat. because that would be an actual improvement worth forking for.
jow blow nightshift factory worker here. yes ppl do care. freedom > conveince
Asics aren't the problem pal, the pool protocol is. Look up satoshi vision. Hash rate PoW is the only proven alternative to fiat money
asics are the problem because they lead to centralization of mining which leads to a central authority over time. pools could achieve the same thing technically if all miners gathered to a single pool it would be the same shit, but at least then when problems arise miners can simply leave and regroup. pools also would naturally grops to have the smallest latency so geographically grouped.
vertcoin is asic resistant and while cool it opens up another can of worms
hidden asics, FPGA miners, renting hashrate from nicehash to 51% attack
the list goes on and on and when it's the minority chain of a specific algo or piece of mining hardware it's at risk
so in a sense litecoin is better than bcash in every way
vertcoin is great but GPU miners are rented and at risk, this isn't a risk on litecoin's scrypt or bitcoin's sha-256
bitcoin cash runs the risk of a single miner suddenly switching from btc to bch and instantly having 51% no warning you are just fucked.
exactly
the same risk is associated with GPU (ASIC resistant algos)
also because of hidden ASICs (seen on monero, ethereum, zcash, etc.)
and because of FPGAs owned by 1 mining cartel
you can 51% a lot of coins with nicehash rental alone
if you 51% while owning the hardware you risk investment in miners, with nicehash you don't risk anything
asics and fpgas are exacthly the things that can't be profitably made for asic resistant protocols they are tailor fitted to a mining algorithm regular updates fuck it all up you can only use gpus, but with a popular coin that is widely distributed only low cap shitcoins are subject to an attack.
>asic resistant protocols
how many asic resistant coins stayed asic resistant?
some change the algo and FPGA's adapt, or an ASIC manufacturer spits out a new miner in a few months
If the coin is profitable to mine, an ASIC will be developed for it, each time that happens the community needs to find a consensus on a new algo which will get more complicated as the community grows
In my opinion ASIC resistance won't work for a big project
>how many asic resistant coins stayed asic resistant?
it needs regular updates monero for example just announced they are changing the protocol regularly from now on.
>each time that happens the community needs to find a consensus on a new algo
that's only a problem if the development is somehow centralized and loses trust. for small sensible updates people jump on automatically.
I mean we will see if that works
they got screwed by hidden ASICs already
the regular updates can be gamed so finding consensus creates an issue
we'll see if it can work longterm I just think stick with ASICs and balance the ecosystem
they only provide a service of security if they break that the community and devs fork away from them so that'll keep them in line
bitcoin beat bcash on this principal what the miners tried to influence code
medium.com
this is actually very interesting i specially like the
>Well now that three and a half months have passed, we can definitely say that these projects are dead.
and
>Their Githubs are Ghost Towns
seems like the community was on board with fucking asics over. you do that a few times nobody will bother to develop or buy asics for your coin but you have to keep on doing it anyhow.
>just think stick with ASICs and balance the ecosystem
how can you do that when the distribution of asics is completely controlled by a single entity or at the very least a single country? you fucking can't.
that is an interesting article
one more thing I'm thinking is when hidden ASICs are developed they can wreck the chain just to cause problems
with sha-256 we're confident that the chip developers are cutting edge and it's much harder to take control that way
it was easier when it was only bitmain for some years but now more miners are in the game hopefully it becomes more decentralized
we will see there are some interesting points, I pushed for ASIC resistance for the last 1.5 years but a few months ago decided to go the other way after seeing some problems with it
Samsung just got into the ASIC chip fabrication game. I don't think BTC/BCH will change their mining strategy anytime soon.
Or even if they ever should.
Look into a consensus protocol called "snowflake to avalanche". Some group thinks they solved the mining problem. I'm skeptical about it.
if you looked at it asics weren't really majority before the fork. i think it's possible to empirically deduce how much time it takes for new asic capability that threatens consensus to build up and act before it. asics can be hidden and cause huge loss to whomever it tried to pull a fast one once they are obsolete.
it was bad for a couple years but now it's getting better
bitmain fell for their own scam and lost at least a half billion dollars
samsung, halong, and others are fabricating chips
this is all much bigger than 1 outlet making hidden ASIC or renting from nicehash
>samsung, halong, and others are fabricating chips
really? cause that would be a gamechanger for sure but i never heard anything about it.
you should follow calvin ayre on twitter
or just go to coingeek.com every now and then
bitmain still dominates but there are 2 other options and up to 5 other options in the next couple months
bitmain screwing themselves with their bcash gamble is amazing for bitcoin security
but you're right it is still centralized
although more and more miners privately and ones associated with the manufacturers are moving outside china to find cheap electricity
more mines are being set up in europe, russia, canada, usa, etc. for access to cheap electricity
well if it ever turns out asic miners can be fairly distributed over the world and a possible investment to private persons i will not have much of a problem with them anymore. the problem here is all these companies are producing in china. and the rigs will always sell cheaper in china so when you come down to it fairness is near impossible. the country that can produce the chips most efficiently and cheaply will dominate the asic market end of story.
man you are making me think btc actually has a future past the next 10 years.
sure but another point would be they're closing in on 10nm and 7nm and this should be the standard for at least a few years maybe more
this will cut the chinese advantage down as opposed to when smaller chips were being pumped out every 3-6 months
I hope so
in the next 10 years bitcoin needs to see real adoption so the block reward can be subsidized with transaction fees
the only way this is really possible while keeping decentralized node operators is to have 2nd layers consolidate 1000s of transactions into 1 so on chain fees are negligible
I only cashed out 20% in the december bull but if/when we bull again I'm cashing out 50-70% unless we see some real technological advances and adoption take place
I think this is on a timeline due to halving but this stuff is so crazy and changes so fast I might have a different opinion in 6 months
"snowflake to avalanche"
look it up sometime
melt your brain
feel the pain
no idea if its legit.
what do you think about monero? at first it was really fishy to me, but it does seem to be an up and coming competitor for btc.
it's cool and seems to be the standard on the darknet markets
I played with it when the wallet was in command prompt and it was still a little buggy
things are probably better now but I still think you need to download the entire chain to take advantage of monero's anonymizing properties
this will probably be a problem is monero becomes popular because 1 monero transaction uses about 50x more memory compared to a bitcoin transaction
that coupled with no blocksize limit means users will have to have upgraded hardware
they are working on fixes to reduce tx size and make monero scale but I don't follow their development that closely
I'm unsure if monero will get an easy to use mobile wallet or a hardware wallet that doesn't require you to download the chain
I haven't read their updates in a while but it's a cool project
They should have replaced the cow with pic related, it is more ubiquitous and has had a bigger reputation as a ancient currency than cows.
>Bitcoin is inflation proof (as long as enough people agree to not change the inflation schedule)
segwit coin is literally going to put up another rigged vote in the future to change the inflation schedule and they'll try to brand it as "capitalism"
i can see the bug-eyed cucklefucks on reddit all agreeing in unison that bitcoin will need "SOME capitalism, SOME evil" as they stand around waiting for fucking amazon to relieve them of their invaluable sovereign money in exchange for cheap chinese goods
i fucking guarantee you this will happen
they'd eat up a system in which newly-minted bitcoin is distributed to underprivileged miners
"[r/cryptocurrency CROSSPOST] Capitalism, but good! REMEMBER TO VOTE FOR BITCOIN DISTRIBUTION! Not everyone can afford a mining rig, and this won't affect your bitcoin holdings!"
fucking plebs
Yeah... what is SV mining protocol.. dude respectfully read it before you shit on asic mining
It's rather Skycoin will replace all PoW and PoS coins
How are asics bad? Its about competing u fucking socialists.
>hurr durr fair mining for all
more like fair opportunity for everyone willing to invest into mining. capitalism is not about equals shares for all it's about equal opportunities for all with capital.
Good luck with that imaginary consensus protocol lmao obelisk was scrapped months ago
bitcoin cash is about to split in 2 because they cant get their shit together and makea consensus. if that happens it will be very easy to 51% attack the network. youll need 1.25% of bitcoins hashrate to do it, and it will be very profitable.
They aren't splitting check it
Eating cow meat and dairy is way more redpilled than eating wheat.
Look at the state of western society today? That's what wheat and christianity does to you
Who is restricting you from making a better asic?
who is restricting you from going to mars?
Why is there a cow above universal?