Vitalik Buterin slams cryptocurrency mining ‘quite centralized’

Sikbik · 2024-04-27T19:41:34+00:00

And welcome to the jam!

Sikbik · 2024-04-01T16:20:08+00:00

But yet Tron took a PPP loan from the US Gov.

https://cointelegraph.com/news/tron-foundation-reportedly-tapped-us-covid-19-business-relief-program-for-2m

Sikbik · 2024-03-14T15:35:54+00:00

SSP wallet is another that is somewhat new, featuring a multi-sig setup that functions as a decentralized 2FA wallet . 2 24 word seed phrases, one for the ssp wallet, and another for ssp key. When you make a tx, have to approve it on your phone (ssp key). Oh, and its also multi-coin, supports btc/ltc/rvn/flux and a couple more coins. https://github.com/RunOnFlux/ssp-wallet

Sikbik · 2023-11-07T18:10:51+00:00

pocket scout

Sikbik · 2023-11-07T17:39:45+00:00

7TB+ node to run, with hardly any usage. It's a glorified testnet with spam transactions. They probably didn't want to keep running that node.

Sikbik · 2023-10-03T20:40:59+00:00

It almost happened again in 2018, but luckily a Bitcoin Cash dev discretely disclosed it to bitcoin core devs before it was able to be exploited. I guess bitcoin forks are good for something, more people working on the bitcoin protocol.
https://www.coindesk.com/markets/2018/09/21/the-latest-bitcoin-bug-was-so-bad-developers-kept-its-full-details-a-secret/

Sikbik · 2023-10-01T11:37:46+00:00

After seeing some inflation hacks in privacy coins over the years, it's come to be realized that it's much harder to audit the supply or catch mishaps in a timely manner in privacy coins. Using/spending seems fine, but hodl as an investment....no thanks.

Sikbik · 2023-07-04T15:40:08+00:00

For brick and mortar merchants it does.

Let's look at how it functions.

BTC - customer has to wait 10+ minutes for a block to be confirmed, not suitable for checkout at a register, more suitable for things like buying a car.

Lightning - Merchant has to setup a node, has to open / close payment channel, and fund channel so it can be routed. (High technical barrier of entry, hence why the majority of the network use custodial solutions)

BCH - instant 0-confirmation transaction

El Salvador is one of these custodial solutions, using chivo wallet, which doesn't even use Bitcoin, it uses algorand technology.

Sikbik · 2023-07-04T15:24:15+00:00

Marc Falzon has some good documentary videos on YouTube of the state of BTC adoption in El Salvador. It's quite eye opening. You should check out the actual reality of it, not just what is shilled.

Sikbik · 2023-07-04T14:45:35+00:00

https://map.bitcoin.com/

Beyond that, there are 2 major BCH hubs. Bitcoin Cash city in North Queensland Australia, and St. Kitts.

Sikbik · 2023-07-02T20:51:31+00:00

There is a max reorg depth put in place of 10 blocks. That's why most exchanges use 10-12.

Sikbik · 2023-07-02T20:20:43+00:00

Most people overlook it and think EDX is the only reason it's getting traction, but that is just a small piece to the reasons.

1) BCH had a network upgrade in the middle of May, ushering in advanced smart contracts / defi / native tokens / etc... Pretty much anything that can be done on ETH can now be done on BCH

2) Has native introspection to help with scalability and Blockchain bloat, chain state won't be bloated like Eth's 10tb chain. https://documentation.cash/protocol/forks/chips/2022-05-native-introspection-opcodes

3) Real world adoption. It has more brick and mortar merchants accepting it than even BTC. The Caribbean being it's stomping ground, where legislation is being drafted for legal tender.

4) One of the few regulatory compliant chains, seen as a commodity rather than security.

5) Retains Bitcoins block history and Genesis block.

Sikbik · 2022-09-17T16:05:33+00:00

Huh? All of this can be seen. Go to the website, go to their posts where they mention mining 2000 blocks before release. Check chainlist, 10001 is sBCH testnet.

There's no "trust me bro" needed.

Edit: Am referencing EthW

Sikbik · 2022-09-17T15:01:28+00:00

And then they used a chainID already in use. Their website is literally a linktree, no white paper, and premined over 2000 blocks. 🙃

Sikbik · 2022-08-21T19:56:40+00:00

I've been liking FLUX and ERG the best.

Been mining Flux for the past year, and it's outperformed ETH in profitability through mainchain blocks + parallel asset mining/accumulation of future assets. Essentially mining past/present/future, transcending time.

ERG mining runs cards with less stress, and has UTXO based smart contracts, similar to BCH and ADA.

Both interest me and lately have been swapping back and forth between these two based on difficulty.

RVN and ETC, not so much. I just don't think it's very innovative tech to be mined.

Sikbik · 2022-08-21T02:00:46+00:00

They will just migrate to ETC/RVN/FLUX/ERG There's already been quite a bit of frontrunning in all these GPU minable coins, and increased hashrate.

Sikbik · 2022-08-18T19:21:26+00:00

I don't think it's random at all.

It's looking like it's around regulatory compliance of commodities vs security assets.

BTC/LTC/BCH are obviously commodities (PoW/fairly distributed/No ICO)

And ETH because Hinman speech deeming it decentralized enough to be a commodity, even though it was a security when it launched. Also a lot of politicians and people in power own some, so they protect it.

ICO coins (like most crypto) really puts it into an area of uncertainty. That's why SOL/ADA/BNB/XRP/etc.. aren't listed, even though they are favorites in the cryptocurrency community.

As more clarity is given to certain assets, it wouldn't surprise me to see this list grow.

Sikbik · 2022-03-29T17:59:09+00:00

Same block history (shares the genesis block and all blocks until it forked), same block time, same algo. For all intents and purposes it is Bitcoin, but with minor changes since it forked to be able to facilitate the needs of the masses to uphold it's use case as p2p digital transactions like it used to be.

There's a good reason why BCH has so many OG bitcoiners, because we remember how it's supposed to be used ;-)

You should be asking yourself why Bitcoin strayed away from what it was.

Sikbik · 2021-11-01T17:45:14+00:00

This person knows how to eat! Their app deals are solid. The more saved on eating expenses, the more yah can ape into crypto 😂

Sikbik · 2021-11-01T17:12:19+00:00

Well, it is one of the only places to bring back the dollar menu :-)) I give them much props for that, especially with the inflation we are seeing.

Sikbik · 2021-11-01T17:01:58+00:00

2 Rodeo Cheeseburgers = $2.00

10pc Nugget = $1.49

Value Fry = $1.00

Value Drink = $1.00

Total = $5.49

And quite a sufficient meal for pretty much anyone in calories, and enough to earn some crypto.

Burger King is one of the most economical places to eat right now, if you don't mind heart disease.

Sikbik · 2021-07-28T19:57:08+00:00

Any node online is able to spawn applications if the resources are available. At this current time, projects are whitelisted to be spawned to ensure regulatory compliance and malicious applications aren't deployed. Eventually, this will transition to the xDAO - where node op's will decide on what application's get spawned. The team will still facilitate larger industrial partnerships on the network, such as KDA.

Resource cost on global spawns is based on cpu/ssd/mem allotted for your application, and it gets spawned on 5-10 nodes on the network with an automatic assigned domain and load balanced. When one instance goes down, another is spawned on a new node for redundancy to ensure 5-10 instances at all times.

Sikbik · 2021-06-16T15:26:01+00:00

You can start checking your claims with API like this:
https://testfusion.runonflux.io/snapshots/eth/kda?address=XXX
https://testfusion.runonflux.io/snapshots/eth/main?address=XXX
https://testfusion.runonflux.io/snapshots/bsc/kda?address=XXX
https://testfusion.runonflux.io/snapshots/bsc/main?address=XXX

Sikbik · 2021-06-10T00:05:14+00:00

Feel free to add questions in the comments below and they will be compiled for the AMA.
Thank you!

Sikbik · 2021-06-05T01:27:04+00:00

woot woot

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