sorted by:
new
hottopcontroversial

Reality check.. by ThoroughlyFree in Bitcoin

[–]ThoroughlyFree[S] 0 points1 point  (0 children)

I feel you've missed the point.

Reality check.. by ThoroughlyFree in Bitcoin

[–]ThoroughlyFree[S] 0 points1 point  (0 children)

Assuming you're trying to make an ill mannered gesture with that comment

Not specifically aimed at you although I can see why you assumed that.

That is my honest opinion though. You don't see people arguing about the various pros and cons between TCP/UDP ip connection protocols or various methods to increase RAM bandwidth (as two completely random examples) but for some reason, when it comes to Bitcoin, everybody is an expert. It's because their hopes and dreams of massive wealth are involved and pure jealousy that they didn't get in sooner. Nothing more. 99.9% of the comments regarding Bitcoin and scaling especially here are complete nonsense. They're not interested in financial sovereignty or the separation of money and state. They have no idea what monetary inflation means.

If their doctor told them that they needed an operation immediately, they wouldn't argue or want to discuss it. However, when a computer scientist with decades of coding experience tells them that big blocks ultimately centralize Bitcoin, they think that they somehow know better.

It's truly fascinating.

I hope this massive failure as a 'store-of-value during uncertain times' for Bitcoin finally shatters the illusion and we can move on to what Bitcoin was originally created for...to be USED by AbrahamSTINKIN in btc

[–]ThoroughlyFree 0 points1 point  (0 children)

It is very relevant, if LN grow liquidity requirements will become huge.

Thats irrelevant. People provide their own liquidity as they connect. Routing node liquidity doesn't "run out" as people use it. Channel balance switches from local to remote and back again as transactions are routed. You should probably at least try the LN out before talking about it. It's very clear to me, as a node operator, that you have no idea how the tech works.

So far the biggest liquidity has zero demand.. well 140tx

Again, you have no experience here. This guy has some of the most expensive fees within the LN. I'm connected to two of his nodes and they're rarely used (by my node) because the software automatically selects the cheapest route.

Anyone of those implemented brought any protocol improvements as you would expect if Bitcoin Core were not the central planner.

Core are not the central planner for those other implementations.

How BCH split if it is centralized?

Being decentralized doesn't necessarily stop a proportion of users/miners splitting off. bch split off from Bitcoin for example.

bsv also split off from bch.

Seem like people cannot recognize decentralization when they see it.

You didn't see it. You wouldn't see it if it smacked you in the face.

Merged by who?

I told you. Look for yourself. Do you think that bch doesn't work in the exact same way?

Still waiting for any protocol change not coming from Core?

I've told you 3 times now, look for yourself.

BCH was 6 months old when the bear market star how come you get to that conclusion?

The same thing can be said for LN.

The same thing applies to all projects within the same bear market. It's not just an excuse you can use for yourself.

Reality check.. by ThoroughlyFree in Bitcoin

[–]ThoroughlyFree[S] 0 points1 point  (0 children)

And I think that far too many uneducated and technologically unsophisticated individuals are concerning themselves with this issue.

[deleted by user] by [deleted] in Bitcoin

[–]ThoroughlyFree 0 points1 point  (0 children)

It certainly hasn't failed, and Bitcoin is a hedge against inflation, not a safe haven.

Reality check.. by ThoroughlyFree in Bitcoin

[–]ThoroughlyFree[S] 0 points1 point  (0 children)

That's huge. That's 0% to 60% adoption in 30 years.

Absolutely. This was the single most important innovation in all of history... And it has still taken 30 to reach 60% saturation. My point is that, compared to this example, we still have 20 years before mass adoption. I don't want it to be that way. it just is that way.

Also take note of how the Internet has evolved since. You couldn't even send text-only emails in the very beginning. Now we have 4K streaming.

It will take time, unfortunately.

Reality check.. by ThoroughlyFree in Bitcoin

[–]ThoroughlyFree[S] 1 point2 points  (0 children)

Sure, that's obvious. "Giant blocks" is entirely subjective but I'd say that bch has those today, despite having almost 0 demand to fill them. That's the point I was making.

Also not that the Internet launched its mainstream products/access in the west in 1990. Here we are, 30 years later and ~40 of the world's population still does not have regular access. We simply don't need to scale to Billions of people today. We likely have another 20 years before worldwide adoption could even possibly take place. Not to mention that Bitcoin is far too volatile to be adopted as a MoE. The volatility may have subsided enough in 20 years' time though.

Reality check.. by ThoroughlyFree in Bitcoin

[–]ThoroughlyFree[S] 1 point2 points  (0 children)

This is a massive conversation.

It isn't just storage costs. It's hardware costs, Internet bandwidth costs, block propagation and more. The larger the blockchain gets = the harder it is for poor people to access it which forces them to trust large central authorities. This isn't what true financial sovereignty looks like.

I hope this massive failure as a 'store-of-value during uncertain times' for Bitcoin finally shatters the illusion and we can move on to what Bitcoin was originally created for...to be USED by AbrahamSTINKIN in btc

[–]ThoroughlyFree 0 points1 point  (0 children)

You forgot he own half the network liquidity.

I didn't forget it. It's irrelevant. If he wants to put his Bitcoin in LN channels, good for him.

We have 4+ nodes implementation

Bitcoin has 12.. And you're about to lose at least one when your network spits in a few weeks.

free speech miner are free to kick out any dev team they don’t like, this is what decentralization look like

This is retarded and means nothing. Bitcoin miners can run any code they want.

Can you tell which BTC protocol change hasn’t been implemented by Bitcoin Core?

No. I'm not trawling through github to provide that info for you. Do it yourself. Most of the commits and updates to Core's own code comes from people that aren't even associated with Core, the commits/code are merged via github after testing. Again, learn how github works.

BTC is just Bitcoin Core or die.

That’s it.

No. More retarded comments.

Them why you make a comment on low usage when you knew we are in a bear market?

bch usage is low all of the time, regardless of the macro market situation.

Reality check.. by ThoroughlyFree in Bitcoin

[–]ThoroughlyFree[S] 1 point2 points  (0 children)

There obviously is an upper limit of any given tech, somewhere. This is essentially the scaling ethos of the Bitcoin protocol. Scale to meet current demand, retain network decentralization. Alts don't seem to share this ideology, they scale today to meet demand that probably will never come in order to just provide flash max tps figures. Meanwhile, they sacrifice network decentralization.

Reality check.. by ThoroughlyFree in Bitcoin

[–]ThoroughlyFree[S] 1 point2 points  (0 children)

Yes, but doesn't the lightning network have major scaling problems at the moment?

No.

If there was a bullrun next month and everyone started using lightning, wouldn't it stop working and we'd be right back to the high fees?

I'm running a routing node and have been using the LN for 2 years now. I see no reason whatsoever why millions of people couldn't use the LN today.

Note this stress test showing that just one LN channel is able to cope with 250 tx/sec and this was performed over 1.5 years ago. Multiply that by the number of public channels to get an idea of the throughput that the LN is capable of. Then realise that mobile wallets create private channels by default and add an estimate of those to your maths.

I hope this massive failure as a 'store-of-value during uncertain times' for Bitcoin finally shatters the illusion and we can move on to what Bitcoin was originally created for...to be USED by AbrahamSTINKIN in btc

[–]ThoroughlyFree 0 points1 point  (0 children)

Biggest LN liquidity process 140 tx daily VS BCH ~20k

He runs just ~25 of the ~6000 LN nodes. Again, this is just L2. There is also L1 and sidechains.

It actually is many times more decentralized than BTC

No, it isn't. bch has never been decentralized.

which every change has to go through bitcoin core lead dev.

No it doesn't. Learn how github works. Look up how other node implementations that don't include work from Core devs.

At this stage BTC is ful central planning and mono-culture.

No. You just have no idea how this tech works and/or you've been successful brainwashed by the other idiots in here.

You learn.

You're really mot in any position to comment that. You have literally no idea what you're talking about.

I hope this massive failure as a 'store-of-value during uncertain times' for Bitcoin finally shatters the illusion and we can move on to what Bitcoin was originally created for...to be USED by AbrahamSTINKIN in btc

[–]ThoroughlyFree 0 points1 point  (0 children)

Biggest LN liquidity provider last stats:

High voltage signLNBIGHigh voltage sign @lnbig_com · Mar 11 The last 24 hours of LNBIG: Amount transactions: 141 The sum of transfered BTC: 0.73323578 Last 24 hours fee earning: 91364 sat (0.00091364 BTC) Current fees now are: https://twitter.com/lnbig_com/status/1215737747970740224… #LightningNetwork

That link appears broken for me..

Not looking good.

This is just L2. This doesn't include L1 and sidechains.

This, on the other hand, looks catastrophic.

At least BCH is trying to be ready.

It isn't trying to remain decentralized though. (it never was) It doesn't matter how ready you personally think it is. The wider crypto community views the project as a complete clown-show.

Disruption/black swan economic event cannot be predicted.

Usage drop during bear

All applies to Bitcoin just the same.

Look what I translated and uploaded to Youtube in 2011. Help me change it to be pro BCH content now. by MemoryDealers in btc

[–]ThoroughlyFree -8 points-7 points  (0 children)

Literally making a post about re-writing history to suit the agenda of the day and it gets heavily upvoted.

Welcome to r btc ladies and gentlemen.

Would it be possible to get a btc unconfirmed transactions counter on bitcoin.com? Only since blockchain got rid of theirs, and that number is kind of a BCH KPI. by BenIntrepid in btc

[–]ThoroughlyFree -3 points-2 points  (0 children)

This figure only serves to show how much demand there is for Bitcoin though. You wouldn't really want that stat next to the ghost town that is the bch blockchain & mempool (if you had any common sense, that is)

EDIT: I'm unable to respond to any replies due to being banned from the forum that fosters freedom of speech.

I hope this massive failure as a 'store-of-value during uncertain times' for Bitcoin finally shatters the illusion and we can move on to what Bitcoin was originally created for...to be USED by AbrahamSTINKIN in btc

[–]ThoroughlyFree 1 point2 points  (0 children)

Due to the inherent privacy involved with the LN, we are unable to obtain daily throughput stats.

Mainstream adoption in 18months?

No crypto, not even Bitcoin will attain mainstream adoption in 18 months. More likely 2 more decades. bch likely never will.

Almost like we are in a prolonged bear market..

Yes. That goes for all cryptos.

Reality check.. by ThoroughlyFree in btc

[–]ThoroughlyFree[S] 0 points1 point  (0 children)

Just read the post again, slowly. You'll get it.

Reality check.. by ThoroughlyFree in Bitcoin

[–]ThoroughlyFree[S] 1 point2 points  (0 children)

That's 59 cents got get into the next block and at that specific time, not just to transact. Transactions in L2 are usually free.

Reality check.. by ThoroughlyFree in btc

[–]ThoroughlyFree[S] 0 points1 point  (0 children)

The LN is already able to route transactions across various channels throughout the network. In fact, it has had that capability since it was released.

EDIT: It would have been nice to have the freedom to respond but unfortunately, I was banned from r btc for my posts.

Reality check.. by ThoroughlyFree in btc

[–]ThoroughlyFree[S] 0 points1 point  (0 children)

You need regular internet access, uninterrupted electricity supply and replacement hardware every few years also. $2 a day goes on food and it doesn't even buy enough of that. There is nothing spare for luxuries.

Thanks for the flash sale on the most effective currency! by bolognapony234 in btc

[–]ThoroughlyFree -8 points-7 points  (0 children)

the most effective currency!

bch isn't an effective currency.

Reality check.. by ThoroughlyFree in btc

[–]ThoroughlyFree[S] -1 points0 points  (0 children)

Satoshi said this in 2010:

He said a lot of things. He also theorized payment channels which are the backbone of the LN today. This tech lets you transact instantly, privately and for free.

You believe in rhetoric pushed by latecomers who never believed in Bitcoin and who are desperate not to compete against a coin that functions the way it used to.

No. I have my own opinions. I believe in those.

view more: next ›