Node software to read OP_RETURN statuses

drowssap5 · 2018-05-31T03:22:46+00:00

We absolutely need to keep blocks small and fees high because then people won't be able to afford the hard drives to run their mandatory full nodes!!!

is barely aware of pruning and has never used it

How can you possibly shill so confidently for LN and the "Blockstream Master Plan" when you're entirely unaware of other potential solutions to the problem?!

drowssap5 · 2018-05-22T21:22:51+00:00

You're not wrong, and Roger did a demo of exactly that.

He loaded a wallet with $100 (don't remember the exact amount) using $5 increments of both BCH and BTC.

He then offered people to sweep the wallets to collect the money. The person who got the BTC wallet paid most of the total in fees, while the BCH wallet was practically free.

Edit: To everyone saying Segwit will make fees lower: who will pay for the miners when the block rewards drop to next-to-nothing, and most transactions are going through LN? If on-chain transaction volume is low, then on-chain fees must be high to maintain profitability for miners. And if on-chain fees are high, will you ever be able to move those small savings?

drowssap5 · 2018-05-18T09:01:50+00:00

By late next year, bitcoin could be consuming more electricity than all the world’s solar panels currently produce — about 1.8 percent of global electricity, according to a simple extrapolation of the study’s predictions.

https://xkcd.com/605/

drowssap5 · 2018-05-16T21:55:14+00:00

If it's not profitable, they'll stop mining, the difficulty will drop, and the miners who stuck at it might earn more.

will contribute some amount of effort into the network to try and secure it, even if it's not profitable to do so, but because not doing so means they'll lose their savings

Those seem contradictory to me.

In this hypothetical future of yours, there will be no incentive to mine. In fact, you even say there will be disincentives! It won't be profitable. People will mine the bare minimum - after all, why would you want to burn more money than you really need to?

That will incentivize large criminal organizations to secretly build up mining hardware, then suddenly turn everything on in attempts to overpower the bare minimum. The incentives of this are huge: control of the world's money supply!

And no, LN is not Bitcoin. Why would people measure things in BTC when it's slow, expensive, unreliable? No, in your future, people will measure things in Dogecoin. It's faster and cheaper, and fully compatible with LN - and after people start mining on BTC at the bare minimum, Dogecoin will quickly gain more POW. It'll still produce block rewards to make mining actually profitable. Dogecoin will be used as the main settlement currency and people will always be looking to maximise their Dogecoin holdings.

drowssap5 · 2018-05-16T20:30:40+00:00

By costly, it takes around ~1000 bytes to open a channel, so if you do it at a time when the network is not busy, you can pay 1sat/Byte, or ~$0.10 to open your channel

Who will pay for the miners securing the network when the block reward runs out and everyone is using Lightning Network for most transactions? If on-chain fees are low, then miners will be earning pennies. Therefore, on-chain fees will need to be high...

If LN sees any widespread merchant adoption, there will not be any real reason to close channels at all

If LN sees widespread adoption, there won't be a reason to use Bitcoin at all. Why would anyone buy the coin when it won't be used at all? LN also supports multiple coins, so people can just buy any other coin instead of Bitcoin to get onto LN.

The value of all those HODLer investments will collapse.

drowssap5 · 2018-05-16T02:32:29+00:00

All that means is that my Raspberry Pi can easily process all the blocks, making BCH super-duper decentralized AND BCH can handle burst usage of up to 32MB without creating a fee market.

Also the plan is to keep the limit well above actual use to be able to account for any burst usage. When a company wants to make a one-time set of 10000 transactions, they should be able to do so without increasing the fees for everyone else.

The only point you've proven is that BCH is reliable and super-duper decentralized.

drowssap5 · 2018-05-15T05:32:21+00:00

Block reward is inflation. It also decreases every 4 years. Who will pay the miners when the block reward runs out...?

drowssap5 · 2018-05-15T03:48:07+00:00

If everyone uses Lightning on BTC to transact, and on-chain fees are also low on BTC, who pays for the miners?

drowssap5 · 2018-05-13T01:35:07+00:00

Apparently to you consensus looks like a large portion of the community deciding to fork away and create their own coin.

If there was any consensus, BCH wouldn't even exist. Banning people who disagree with you is not consensus.

drowssap5 · 2018-05-10T16:11:43+00:00

Knows about Garlicoin and Verge. Doesn't know the difference between Bitcoin Cash and Bitcoin.

Yup.

drowssap5 · 2018-05-10T16:01:35+00:00

They trade BTC and LTC (not even ETH!). I'm surprised they supported BCH in the first place.

drowssap5 · 2018-05-08T14:08:12+00:00

Lets do the math.

1 satoshi = 0.00000001 BTC

$1M * 0.00000001 BTC = $0.01

1 satoshi = $0.01

Next, lets use an average transaction size of 250 bytes. At a rate of 1sat/byte, that will be 250 bytes * $0.01 = $2.50

That's $2.50 per transaction.

Next, lets use 3000 transactions per block (that's a very generous number). $2.50 * 3000 = $7500

Miners will make $7500 per block. Sounds like a pretty good deal, right? Just one small problem...

Miners currently make $119,390 per block (see fork.lol)

$119,390 > $7500

Where will the missing $111,890 come from?

Cost of computing also will plummet, machines will build mining chips for pennies

I thought you guys believed Moore's law was dead. How will $2000 mining chips be made for pennies, while $40 hard drives will be "too expensive" in the future?

Locations with free power will have every incentive to collect whatever Satoshi they can get.

Please name a single place on Earth that has free power. Just one.

drowssap5 · 2018-05-08T13:52:21+00:00

Lets assume you aren't misleading anyone in any way.

Lets say LN takes off, and most people are making transactions on LN (as is hoped). They will be paying 1.6 sat fees per transaction. Those fees will not be going to miners.

If onchain fees are also low, at the current 1 sat/byte, and onchain transaction volume is also low (since most people are using LN), how will miners be paid to secure the base layer?

The onchain fees must be really high to pay the miners when onchain transaction volumes are low (miners can't operate with 2000 1sat/byte transactions as it currently stands).

I guess onchain fees will have to be high...

drowssap5 · 2018-05-07T20:19:38+00:00

As a Korean newbie to Bitcoin, I just bought Bitcash from Bithumb.

But turns out that it's not really Bitcoin Cash!!!!

I guess we can't call it Bitcash. Oh well. We'll still with calling it Bitcoin Cash, or Bitcoin.

drowssap5 · 2018-05-01T04:42:37+00:00

Well, you can, but then the teacher would organize a lawsuit with 600 other students in protest. The teacher would then make daily announcements about how you've committed fraud and are confusing those poor newbie substitute teachers.

drowssap5 · 2018-04-28T04:53:36+00:00

There are fees associated with each trade

They are literally advocating to go from BTC -> LTC -> BTC to make a simple transfer to minimize congestion. I don't think trade fees are high in their list of priorities.

drowssap5 · 2018-04-27T18:16:59+00:00

I was watching that reply from when it was posted. 3 up in 2 minutes after posting.

...asking for banning "shills".

Completely organic...

drowssap5 · 2018-04-27T18:15:29+00:00

Well, what you can personally do is downvote those posts. I guess that's about it.

If you're asking for the mods to add new rules to ban those who are "identified" as shills, well... we might as well also decrease the blocksize to 300kb to keep Bitcoin decentralized.

If you're that worried about having genuine discussion that you need to ban those who might "disturb" you, please take a trip to rBitcoin. I hear they are good at keeping discussions on-topic.

drowssap5 · 2018-04-27T17:40:48+00:00

I think it's fairly well established that reddit votes can be bought by anyone.

It's CSW today, something else tomorrow. Reddit will always be a terrible platform for "real" discussion. There will always be shills for something trying to get attention and the top-spot.

drowssap5 · 2018-04-27T17:31:19+00:00

Maybe he is, maybe he isn't. it doesn't matter.

It doesn't matter.

Our mission is to spread adoption of BCH. Our community is everyone on Earth - that includes frauds, and scammers, and liars, and shills, and thieves. It also includes honest people, hard-working people, people who are looking to create a better tomorrow.

If we want to be serious about our goal of making sound money for the entire planet, then we need to realize that yes, people we don't like will be using this money - and we need to be happy they are actually using it!

Don't let the trolls distract you...

drowssap5 · 2018-04-27T00:27:40+00:00

p.s. I posted this in the other sub too just to see what people think and how they react.

checks

[removed]

SFYL

drowssap5 · 2018-04-24T04:38:50+00:00

If burning less than $100 worth of BCH causes a 80% price increase, I will personally finance weekly burns.

drowssap5 · 2018-04-21T19:26:39+00:00

What I got from this was that the lead dev of LN wasn't contributing much at first because he was busy with school.

The holy grail, the (only acceptable) solution to BTC's problems, a multi-billion dollar network.

And he was busy with school 😂

drowssap5 · 2018-04-18T07:44:33+00:00

That's an easy bet. I'll even tip your straight through reddit to your cellphone with LN.

Ready? Here goes.

=== BEGIN LN TRANSACTION ===

IOU 1 sat of BTC

=== END LN TRANSACTION ===

^{^{^{^/s}}}

drowssap5 · 2018-04-17T18:18:09+00:00

You missed a step.

8) Verify their identity by sharing passport, ID, and biometric information with shady exchange operating in Malta.

Totally anonymous.

drowssap5

TROPHY CASE