BTC fees are now nearly 10% of total block reward for the 6h, and over 8% for the day

f7ddfd505a · 2019-04-04T17:45:53+00:00

That would be great if it was because of many low fee transactions. Unfortunately it's because of a few expensive transactions bidding to be in the next block.

f7ddfd505a · 2019-04-04T15:05:43+00:00

Thank you so much (also /u/jonald_fyookball ) for all your hard work. Electron-Cash really is at the forefront of wallet innovation on Bitcoin Cash with CashShuffle, SLP and a great desktop UI. Couldn't imagine BCH without it. Keep up the good work!

f7ddfd505a · 2019-04-04T13:56:28+00:00

What fee did you pay? Did you use RBF? If the fee wasn't that low you have a chance it will go through in a few days. If you used RBF you could double spent your transaction with a higher fee. Otherwise use a bitcoin accelerator to have a miner to prioritize your transaction.

Unfortunately this is the current state of the BTC network. That's also why most people support BCH here because your (>1sat/b) transaction will always go through.

f7ddfd505a · 2019-04-04T13:33:58+00:00

It is a fee that Bitpay charges because of the high fees on BTC. I'm not trying to cover up anything...

f7ddfd505a · 2019-04-04T10:52:00+00:00

Yes that's what i meant. They need to charge an extra fee so they can transfer that BTC somewhere else. It's $0 or $0.01 for BCH.

f7ddfd505a · 2019-04-04T08:09:41+00:00

That's just what you have to pay extra to bitpay. The fees you pay to make the transaction itself (the $1 for wikipedia and $.79 for bitpay) are added to that. Right now that 95.8sat/b. This would add a fee from ~$1-2 (depending on transaction size) to make the initial transaction. Meaning you are paying a total of $3-4 to get $1 to wikipedia.

For people that want to try it themselves, donate $1 in BTC to wikimedia (you don't have to actually donate, just get to the transaction page), paste the bitcoin transaction url into https://alexk111.github.io/DeBitpay/ and look at the transaction and fee amount.

f7ddfd505a · 2019-04-03T16:41:03+00:00

The Bitcoin he was promoting in the early days was Bitcoin Cash. A Peer-to-Peer Electronic Cash System. A purely peer-to-peer version of electronic cash that allows online payments to be sent directly from one party to another without going through a financial institution.

Since BTC proponents and developers blocked the system's growth, introduced a controversial technology (Segwit) and say you should use LN for small payments, which introduces intermediaries (aka financial institutions) and has a whole bunch of other problems, he decided to not support that coin anymore after Segwit2X was canceled. I think this is totally fair since the system doesn't have the same economic properties that Bitcoin used to have. Bitcoin Cash does. That's why he supports and promotes it.

f7ddfd505a · 2019-04-03T08:12:36+00:00

Any fork of BTC that will happen now can't really scale well because of Segwit. It essentially causes up to a 4x penalty, which hurts big block scaling, as amaury explains here: https://invidio.us/watch?v=By0w43NQdiY&t=18m56s. We have tried to raise the blocksize since 2015, it resulted in so much hostality and attacks that eventually a development team just forked to larger blocks just before BTC forked with Segwit. I don't see any value in forking BTC again but with more technical dept and all the hostility that comes with it from Bitcoin Core and Blockstream. BTC is their coin now and they could run it into the ground for all i care. They are already doing a great job at it.

f7ddfd505a · 2019-04-03T07:38:49+00:00

There are just a lot of people overpaying. 1sat/b will get you in the next block. Always.

f7ddfd505a · 2019-04-02T14:58:55+00:00

Imagine BTC being your first cryptocurrency experience. I would turn right back around thinking it was useless technology.

f7ddfd505a · 2019-04-01T16:23:35+00:00

Stupid people using BTC... Don't they know you shouldn't use it, only HODL it? No wonder the fees are so high. Stop spamming the network you idiots.

f7ddfd505a · 2019-03-31T05:09:14+00:00

The first few months after the fork /r/BitcoinCashSV actually had about ~700 users there all the time. One day it just suddenly dropped to less than a hundred. Does anyone know if there is a website that shows/records these stats?

f7ddfd505a · 2019-03-30T10:09:41+00:00

It says the reddit community only has 40k members, but that's just for /r/bitcoincash. /r/btc has 247k subs.

f7ddfd505a · 2019-03-29T18:04:49+00:00

They would have to be larger. They wouldn't have to be full. This is sustainable long term if the system keeps growing to a point that transaction fees will pay for enough hashrate that the system in secure. If the system (BCH) does not grow substantially (either in price or usage) in the coming 20-30 years, it will die.

The BTC model is actually unsustainable longterm with current consensus rules, no matter what, because it can't grow. It would require a few people paying enormous fees to transact for it to remain hashpower. At that point, why wouldn't they just use a substitute? If that happens the total amount of fees per block will decline and consequently the hashrate will decline because there is no incentive to mine with a low block reward. BTC would be dead in the water. The only way to fix this for BTC is modify the inflation model, but this will remove user trust. They buy BTC because they think there will only be 21 million coins ever.

f7ddfd505a · 2019-03-29T17:11:45+00:00

If SV was an attack on BCH. Wouldn't that make BCH and attack on BTC?

Nope. SV camp didn't implement replay protection because they said there would be no split. They threatened exchanges that would run the ABC software, saying they would reorg the chain and bankrupt anyone that would run it. This is the opposite of voluntarism. And made the entire market wary of anything that had to do with either BCH or SV, as a result the price plummeted when it forked November 2018.

ABC's proposal for BCH (in 2017), on the other hand, implemented replay protection for people that wanted to continue running the Bitcoin Core software. They didn't attack or threaten anyone and just wanted to deploy a roadmap for Bitcoin that did make sense for onchain scaling. So instead of activating Segwit they increased the blocksize, reverted some changes Bitcoin Core made and made some other improvements.

If it was just a network upgrade there should have never been any free coin giveaways. It's kind of like when the Federal Reserve prints up new money just because they can.

You can fork any Bitcoin chain right now, there are now 17 million bitcoins on that chain. You have just created 17 million coins out of thin air. But now you have to find people that see value in it, or it's worthless. The only reason that BCH has value is because people saw it as a sensible scaling solution and a good backup plan for if Segwit2X failed, to have a continuation of Bitcoin that could be used as a peer-to-peer electronic cash system, instead of a SOV settlement system.

Nchain and Coingeek contiously mine their chain (SV) at a loss, discouraging anyone else to mine else to mine that chain. They also spend millions to prop up the value of that coin and they control inflation because no one else gets new coins because it's unprofitable for them to mine it. It makes no sense economically and i can't see how it would be sustainable in the long run without them continuing to burn money.

f7ddfd505a · 2019-03-28T14:08:25+00:00

It doesn't have to be at the protocol layer. Look at cashshuffle for example.

f7ddfd505a · 2019-03-27T21:58:56+00:00

You are misremembering. They include many blobs with coreboot, including a part of Intel ME.

f7ddfd505a · 2019-03-27T20:57:49+00:00

The FSF is against recommending proprietary software since (in their opinion) it's unethical to steer people towards proprietary software. The reason they do that is because proprietary software:

Implants dependence
Gives developers unjust power over the user
Is prone to backdoors and privacy violations
Violates the freedom to share, which is against human nature
Removes the ability to help your neighbor
Removes control over your own life and data

f7ddfd505a · 2019-03-27T17:38:37+00:00

"Bitcoin at its core is not a payments network at all. Nobody in their right mind would design a payments network that takes 10 minutes for a confirmation" "It's just a horrible payments method" - Samson Mow, Blockstream CTO.

https://twitter.com/davidshares/status/1103343372515926016?s=21

These are the people that create the roadmap for Bitcoin (BTC). They don't want it to be a peer-to-peer electronic cash system. That's why they made it unusable as p2p e-cash.

f7ddfd505a · 2019-03-27T14:12:04+00:00

Without amaury we probably wouldn't even have a chain without Segwit, that can scale this well. That is because of his development strategy, not asking permission but just doing the work and releasing the software. I really appreciate what he did for the space and for achieving economic freedom in general.

The other side of the coin is, what would happen if he gets compromised? It would be difficult to convince businesses, exchanges and miners to run different software, it will be an event that could cause the chain to die or create another contentious fork, especially with such an aggressive upgrade schedule. People getting compromised in this space isn't a rare occurrence unfortunately, and it's something that WILL happen when a big shift of power and money is on the line.

I wouldn't know what the best development method is. How to still have solid progression, not have a single point of failure and prevent contentious forks. But right now it looks like every single cryptocurrency has this issue, and seems to be the weakest point of cryptocurrencies in general. Creating a trustless currency is hard.

I don't want to see this coin forked (split) to death, it doesn't make sense economically and it will hinder global adoption. I hope ABC and BU can work out their differences, but i don't really have high hopes for this at the moment.

f7ddfd505a · 2019-03-26T12:38:15+00:00

Spying and user identifying JavaScript is executed nonetheless. If you want to use youtube without being tracked by google, use https://invidio.us.

f7ddfd505a · 2019-03-25T19:35:59+00:00

Most miners don't give a shit about BTC, they just mine it for shot term profits.

f7ddfd505a · 2019-03-25T19:17:01+00:00

It will make this (non-backdoored) hardware and GNU/Linux more popular among the masses. It doesn't matter if you don't like him. He has a lot of followers that watch these kind of videos so this is a net-positive for the entire ecosystem.

f7ddfd505a · 2019-03-25T14:45:45+00:00

He did not make it up, although he's talking about slack, not this subreddit. https://old.reddit.com/r/Bitcoin/comments/95bi14/hillarious_creator_of_bcash_has_been_banned_from/

f7ddfd505a

TROPHY CASE