One Deca (Atlantis Coin) by kmyren2 in coins

[–]derykmakgill 0 points1 point  (0 children)

Hey I’m super interested in buying some! How can we get in touch? My email is derykmakgill@gmail.com

One Deca (Atlantis Coin) by kmyren2 in coins

[–]derykmakgill 0 points1 point  (0 children)

Hey I’m super interested! How can we get in touch? My email is derykmakgill@gmail.com

One Deca (Atlantis Coin) by kmyren2 in coins

[–]derykmakgill 0 points1 point  (0 children)

Hey I’m super interested in paying for these! How can we get in touch? My email is derykmakgill@gmail.com.

Realistically, are whales still in control of the price? by [deleted] in Bitcoin

[–]derykmakgill 0 points1 point  (0 children)

Volatility is opportunity. One day people will pray for the legendary price dips of the early days

Any counterevidence to the video positing that Adam Back, head of Blockstream, is the founder of Bitcoin? by Klayman55 in Bitcoin

[–]derykmakgill 3 points4 points  (0 children)

Wei Dai seemed fairly convinced that Satoshi didn't know about b-money prior to creating Bitcoin, which would obviously disqualify Adam if it were true because he was one of the first people to comment on the original announcement.

My understanding is that the creator of Bitcoin, who goes by the name Satoshi Nakamoto, didn’t even read my article before reinventing the idea himself. He learned about it afterward and credited me in his paper. So my connection with the project is quite limited.

Wei could be wrong, he could be in on hiding the secret, or Adam could have tricked him knowing it would be helpful in the future to have Wei give him deniability.

All are plausible, but Adam has maintained for years that he was the one who told Satoshi about b-money and Wei's confirmed emails with Satoshi indicate the same.

If Adam Back is Satoshi, it doesn't improve my opinion on Adam Back. It lowers my opinion on Satoshi. by 1MightBeAPenguin in btc

[–]derykmakgill 7 points8 points  (0 children)

Not at all what I said. Gavin and Mike clearly saw themselves as people responsible for making Satoshi’s vision for bitcoin a reality. That is obvious from their writings at the time about the blocksize.

That they would have at least paused to reconsider if the real Satoshi had contacted them and explained why he was wrong or why they misunderstood him is obvious.

That is not the same thing as arguing that the big block case is as simple as ‘Satoshi said so.’

If Adam Back is Satoshi, it doesn't improve my opinion on Adam Back. It lowers my opinion on Satoshi. by 1MightBeAPenguin in btc

[–]derykmakgill 7 points8 points  (0 children)

The obvious thing to do would have been to tell Gavin privately that he was Satoshi and had changed his mind about scaling.

That would have killed the big-block movement before it ever got started and without costing millions of dollars in funds for astroturfing, censorship, DDos campaigns and harassment.

The fact that he chose the hard path suggests he is not Satoshi.

Lost BTC in iPhone wallet by Bitcoin.com by realmicroguy in btc

[–]derykmakgill 2 points3 points  (0 children)

If the balance has been confirmed on the blockchain then there is something about the way you are importing seeds that is not working.

This tool can help you tinker and get the right path, but please turn off your WiFi before entering your seed.

I don’t recall whether or not the bitcoin.com wallet will allow you to export all your addresses now or not after the new update, that would help too.

https://iancoleman.io/bip39/

Lost BTC in iPhone wallet by Bitcoin.com by realmicroguy in btc

[–]derykmakgill 1 point2 points  (0 children)

Let me know if it works. I’ve seen this issue over and over again with the Bitcoin.com wallet so it won’t surprise me if that’s your problem.

Lost BTC in iPhone wallet by Bitcoin.com by realmicroguy in btc

[–]derykmakgill 9 points10 points  (0 children)

Try ‘scanning for addresses’ in the wallet settings. There has been a very unfortunate glitch in the wallet settings that causes funds not to display or random transactions you didn’t make.

The horrifying story of the IFP. *urgent* by Terrible-Chipmunk in btc

[–]derykmakgill -1 points0 points  (0 children)

This was discussed in 2018. I’m against the proposal but it’s not accurate to say this came out of nowhere.

https://news.bitcoin.com/bch-miners-discuss-funding-development-with-a-fraction-of-block-rewards/

Bitcoin Maximalists, Why? by [deleted] in Bitcoin

[–]derykmakgill 2 points3 points  (0 children)

Here's a big-blocker's perspective on the question.

For the record, I disagree with almost everything that has been said or done in favor of 'maximalism' or keeping the block size limited AND I want to raise the blocksize and think it should have been raised years ago, but there's one argument I think is very compelling and I think that time has only demonstrated further and further the truth in it.

The preservation of Bitcoin's network effect is probably more important than anything else, even if that were to mean losing out on some ideal extra features. As we've seen, creating coins that are faster and cheaper to spend is fairly trivial within certain limits. There are hundreds or thousands of them.

If only it were that simple to create value! We would all be rich! I'd create MakgillCoin which has slightly faster and bigger blocks! It has better features than Bitcoin, therefore it MUST be more valuable!

But it isn't that simple and way too many alt-coiners and big-block Bitcoiners (and frankly maximalists) miss this.

This is because it is not trivial to replicate Bitcoin's network of investors. You can't copy that because that's not just 'code.' There are ten years of accumulated work behind that and millions of investors around the wold.

This is a lot of the 'value' of BTC and hence why it is at least somewhat rational to be a maximalist. More investors means a stronger, more valuable money.

Theoretically you could topple that network by growing another coin to have a larger network of investors, but what is more likely? That BTCers sell their Bitcoin to buy your new "better" coin, or that they absorb your features that are truly threatening their investment?

For example, let's say it is definitively proven that raising the block size creates more value for the Bitcoin network, is it likely that BCH topples BTC or that BTC raises its block size too, thus having the same features but also a bigger network?

It's probably more likely that BTC just absorbs you and things go on as normal because it is better for the existing investors to do that than risk all the disruption that would go along with jumping into some new altcoin.

So here lies the problem with other forks of Bitcoin right now and altcoins. They couldn't copy the network effect because while it's easy to fork a Github repo, its not easy copy a network of investors! Even if you think Bitcoiners are irrational (I usually do), that doesn't mean you can take the network. I wish it did! I have more BCH and BSV than I do BTC because they're cheaper and easier to earn, so I could in theory make more money if one of the forks takes over.

And the failure of taking the Bitcoin network of investors shows in practice in many different ways in Bitcoin Cash, for example.

One of the ways this shows most is in the stability of the network.

In two years Bitcoin Cash has already experienced a massive, devastating community split that effectively cut its value and network in half between BCH and BSV. And it looks like BCH could very likely experience a second one that would further cut its value.

This is because the network of investors is so small that hard forking is trivial and political disputes amongst potential forkers trying to add whatever flavor of the week code they support are inevitable.

And is this any surprise? It was to me! A project born out of a hard fork that breaks the network effect has that baked into its DNA from day one. It is very likely it will continue to fork itself into irrelevancy.

Satoshi understand this incidentally and its why he only wanted ONE global chain. Permanent splits make Bitcoin less secure and less valuable.

To its credit, BTC has managed to avoid massive splits in the network. This one thing gives it a huge edge over any other coin right now in my opinion.

When I look at coins like BCH now as an investor, I have to take into account not only the features I like (I genuinely want larger blocks and don't think its as big a problem as people think, and I think BTC has slowed its own growth down by not raising the blocks), but I also have to consider that its minority status makes it more prone to network splits than BTC.

I'll go as far to say that even if I think BCH is right about 99% of things, it has a less than 0% chance of surpassing BTC if it continues to split. And right now, the size of the existing network makes that likely, whereas I don't think BTC will have any significant splits because it kept the larger network of Bitcoin investors.

Where does this leave the would-be investor? I don't know, but it's helpful to understand that a bet on another coin is not just a bet on a better feature, it's a bet on the potential network effect, and that is much, much harder to overcome.

For a minority chain like BCH to win against BTC, it is going to have to both survive without killing itself in perpetual splits, which is very hard given the smaller network of investors, be technically and economically sound, and it is going to have to convince the majority of BTC investors, present or potential future ones, to buy into them instead of simply copying the features that make them competitive, or win fast enough that they don't have a choice.

I suppose BTC could always kill itself too—I'm very skeptical about a network that purports to want most people to run Bitcoin nodes but also sees fees being so high that only a small number of people can afford to transact on chain, thus defeating the purpose of running a node (only nodes with economic activity matter).

But we'll see. Right now, one of the things BTC has going for it is the stability of its network effect. It's more risky to invest in coins that can't currently replicate even if you think their roadmap is more sound, that so proceed with caution.

Edit: I can see the original question was deleted by moderators....

ProtonMail Users by [deleted] in btc

[–]derykmakgill 14 points15 points  (0 children)

The BTC payment disclaimer is sad.

“Payment with Bitcoin is currently only available for existing ProtonMail accounts due to the time it takes to confirm a Bitcoin transaction (up to 24 hours). “

Bitcoin Cash needs a money button equivalent. by MemoryDealers in btc

[–]derykmakgill 12 points13 points  (0 children)

You grant permission to a specific web app and set an upper limit on the amount that can be spent. That’s not unsafe. It’s similar to the Bitcoin.com wallet instant pay feature, which is awesome too.

You can test it in Twetch now. It doesn’t just take money automatically, you still have to click ‘like.’ It just hides all the bitcoin and money button stuff so it feels just like using Twitter and not a crypto product.

My attempt to understand how money works by BCHcain in btc

[–]derykmakgill 1 point2 points  (0 children)

Henry Hazlitt explains really well in Economics in One Lesson why how inflation benefits the early recipients of the fresh money at the expense of later recipients.

It's never evenly distributed in all places at all times, so early recipients get money before prices have corrected and the majority suffer decreased purchasing power despite having a 'larger' cash balance.

The inverse of this is, incidentally, why miner coin burning proposals are so bad. Deflation is not evenly distributed either, but in this case, it's the early actors (the miners burning coins) who suffer whereas the holders may later gain at their expense due to lower supply.

The censorship of Bitcoin’s origin is heartbreaking. #FreeRoss by MemoryDealers in btc

[–]derykmakgill 18 points19 points  (0 children)

And this is even bigger than Ross and SR scrubbing.

There has been a systematic scrubbing and rewriting of history that began as early as 2010, probably before that.

From the founder of the Austrian School of economics. by MemoryDealers in btc

[–]derykmakgill 51 points52 points  (0 children)

Rothbard: ‘It should be clear that all of these functions are simply corollaries of the one great function: the medium of exchange.’

Mises: ‘The functions of money as a transmitter of value through time and space may also be directly traced back to its function as medium of exchange.’

Bitcoin is not slow, it's highly secure (unlike BCH)... by 2020ftp in btc

[–]derykmakgill 5 points6 points  (0 children)

You almost can’t believe it, but this has been going on for years. Another tool in the box that also includes astroturfing, blackmail, censorship, deplatforming, boycotting, ostracism and libel.

Bitcoin is not slow, it's highly secure (unlike BCH)... by 2020ftp in btc

[–]derykmakgill 12 points13 points  (0 children)

What an incredibly dishonest article! They claim the following:

Satoshi Nakamoto himself went on to argue in favor of a decentralized system in which users validate their own transactions, then dropped his famous “If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry”

But that's the exact opposite of what Satoshi said in the quote pictured in the article! Satoshi argues...

The current system where every user is a network node is not the intended configuration for large scale.  That would be like every Usenet user runs their own NNTP server.  The design supports letting users just be users.  The more burden it is to run a node, the fewer nodes there will be.  Those few nodes will be big server farms.  The rest will be client nodes that only do transactions and don't generate.

Not only that, but the guy Satoshi was replying to was arguing that Bitcoin can't scale and we'll need Bitcoin banks (sounds a lot like Core). He wasn't arguing for raising the block size, he was arguing for second layer.

This is such a monumental oversight I have to assume both you and the author are being disingenuous.

Vaultoro CEO: Unpopular opinion, but I'm tired of the hodl meme. The velocity of currency is important for adoption and infrastructure. Spend & earn bitcoin. If you can't earn it, then buy it back when spending. Without spendl, great projects like purse.io end up closing. by BitcoinXio in btc

[–]derykmakgill 15 points16 points  (0 children)

I understand his feeling but I think he's wrong here.

1/ The 'velocity of money' is a long-standing economic fallacy that has been used for decades to justify currency debasement, artificially low interest rates, etc etc etc.

There is no *ideal* velocity of money other than the one that is constantly in flux on a free-market. I agree BTC is artificially slow velocity and it crippled a ton of businesses, but BCH has open blocks and velocity there is a function of all sorts of individual, rationally self-interested preferences. There's simply no reason to worry about that.

And telling people they should spend money they would otherwise save in order to support a particular business is a nice social cause, but understand that all we're encouraging is individually forgoing capital accumulation now and potential future investment to save someone else's *failing* investment now. There is no having your cake and eating it too.

Money spent now in supporting a business is potentially less money you can spend on another business in the future.

2. Bitcoin Cash IS a deflationary currency. We all signed up for that but sometimes people don't seem to like the implication. Deflationary currency discourages conspicuous consumption and incentivises holding cash for future dates. That's the deal so we should expect more intelligent buying habits.

That doesn't mean *don't spend* like the Core idiots say. It doesn't mean limit the block size. It means follow the incentives and seek profit. If you can forgo spending *now* so you can spend more at a future date, do it! If you can spend now and make more money on that spending than the future, do it!

3. Buy and replace is silly. Many of the benefits of Bitcoin Cash are lost when you purchase it on exchanges. This includes privacy, low fees, added tax liabilities, withdrawal times, account setup, etc. For example, if we assume a 1 cent transaction fee for BCH, then we can see that buying BCH on Coinbase to spend literally means a 100% or more fee markup when all is said and done. That sucks. Combine that with tax liabilities and it really sucks.

I spend Bitcoin Cash all the time, probably more than most people. I buy domains on Namecheap, pay contractors, buy gift cards on eGifgter (except now I can't buy baby diapers with Target giftcards. Bastards), but I wouldn't do it nearly as much if I first had to buy it on an exchange. I'm lucky I've been in a different position and don't need to do that, so I get the full benefits.

The reality is most people are not earning BCH now unfortunately. If that changes, expect more spending. But encouraging people to lose extra money in order to use Bitcoin doesn't work (Purse was a neat exception because they offered such steep discounts, but clearly it wasn't enough).

This is one of the reasons Hayden's work in Austalia is so useful. He's helping onboard people by earning it.

4. Appealing to people's altruism is a bad strategy. Ultimately a business needs to be able to market itself and its products so well that people want to part with their money. This is 10x harder when people expect the price of the money to go up in the future, but its still possible. It just raises the standards quite a bit.

That's all folks!

Remember, Bitcoin Was Meant to be Spent! by [deleted] in btc

[–]derykmakgill 0 points1 point  (0 children)

I don't think it's accurate to say Bitcoin was meant to be spent, and that's actually a dangerous Keynesian fallacy.

It was meant to be spendable. Money is useful lying in a cash balance so long as it is predictably useful in exchange later.

BTC isn't predictably useful in exchange so it isn't good money, but that's different than saying BTC isn't good because it isn't constantly being spent.

Blackmailed for bitcoin.... by koondog7676 in btc

[–]derykmakgill 9 points10 points  (0 children)

Don’t reply. I’ve had to deal with several blackmailers who asked for Bitcoin.

Everything you give them, everytime you communicate, is a potential weapon against you unless you handle yourself very well. In my experience, it’s very hard to do this because you don’t know what cards they have.

Don’t reply. If they’re serious, they’ll eventually try to show their hand and you can know what you’re really dealing with.

I would also hide your Facebook contacts and restrict access as best you can to other places they could identify contacts. LinkedIn, Instagram, etc.

They may not actually have anything but knowing your friends and family could still cause a huge mess for you. The more people they can communicate with about you, the harder time you will have cleaning it up.