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Bitcoin Anarchy WAR

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spets1   Australia. May 10 2017 06:16. Posts 2045
Whats going on in bitcoin right now fuucken interesting and I am not talking about the price 4x in the last year ($460 to $1700) which in itself massive considering the shitfight thats going on.

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It's pretty much testing anarchy at work. Bitcoin is testing a large expensive ($30Billion) system that has no central authority, no one group of people that can make everyone follow their rules.

It has bunch of groups trying to sway the debate one way or another. The debate is mainly about scaling. The problem is that bitcoin can only have about 3.5 transaction per second. Thats just complete shit. If bitcoin wants to survive it definitely needs to raise that by orders of magnitude to be able to compete with traditional evil, war thirsty, life destroying banking system that we have now.

So there are bunch of groups that are trying to sway the decision. And when so much money is at stake these groups are trying to make bitcoin go the way they want so they can increase the benefits for their own group.

The groups are:

1. Developers team
2. Miners
3. Exchanges
4. Businesses currently using bitcoin
5. Status Quo banks etc
6. General Public, Bitcoin enthusiasts

And these bunch of groups know what a goldmine bitcoin can be and they want this goldmine to work for them.

So anyway what i wanted to say is that Bitcoin is testing how Anarchy works and its damn interesting where its going to go from now.
And it has shown me why Anarchy can never work. There are just too many indecisive, easily swayed, lazy, not caring people that can be manipulated into agreeing into something that is not the best solution. And the best solution is very hard to come up with and most likely does not even exist. So in anarchy the minority are jsut screaming at each other unable to make decisions of authority. Whilst the sheep are baaa'ing one way or another based on propaganda or their beliefs.

My prediction is that it will soon split. It has to split. because right now its losing ground to many other bitcoin forks, copies which are trying to also solve the scaling debate plus introducing crazy new tweaks to the software/blockchain to make it better. But it maybe too late for bitcoin


TLDR: Litecoin FTW

but you never know whats over the edge
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bitcoin may still be your queen
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holaLast edit: 10/05/2017 07:45

Spitfiree   Bulgaria. May 10 2017 21:58. Posts 7710


  the problem is that bitcoin can only have about 3.5 transactions per second



Is that literally? I'm a bitcoin newb. Basically, if 2 people at the same time try to swap 2 bitcoins to 2 other people, one would have to wait for a second to transact the last 0.5?

 Last edit: 10/05/2017 21:59

NewbSaibot   United States. May 11 2017 04:02. Posts 4749

what do you think, 1 BTC = $3000 by august?

listening to edzwoo has made u a nit... *sigh* - Zalfor 

casinocasino   Canada. May 11 2017 04:42. Posts 3250

unlikely


lucky331   . May 11 2017 08:05. Posts 707

a pow upgrade is in order to render all those industrial asic mining farms, controlled by the chinese, useless. they have gone far too greedy and are basically behind the hf to bu.

 Last edit: 11/05/2017 08:05

spets1   Australia. May 11 2017 10:36. Posts 2045

re Spitfree: it means that i can only do 3.5 transactions per second. So if 4 people sent x bitcoins to their friends at the same time one had to wait 2 seconds.

re newbsaibot: doubt it, i think BTC is due for a crash, but ive said that at about $1400 and since then it shot up to $1700. Im thinking bitcoin will lose more and more ground to other altcoins. Such as Litecoin, Ethereum, Dash, possibly some others.
Have a look at this inforgraphic, showing relationship for bitcoin reaching max transactions epersecond and the market cap for bitcoin vs altcoins.
the money is flowing into alts. Which are also could mean they are in a bubble so I would advise agaisnt investing into any of them except the major ones like LTC, ETH, DASH.

re lucky: BU might not be the best option but the current core development team are bunch of cunts who are trying a powergrab too. They are driven by investors and are not caring for what's best for the users.

holaLast edit: 11/05/2017 10:37

lucky331   . May 11 2017 11:08. Posts 707

i'd rather go with core and the segwit + ln solution than go with the incompetent developers of bu + bigger blocks.

and it isnt really a power grab from any side per se. the users and miners are free to choose which implementation of bitcoin they want to use.

if you think about it more, the core developers are the actual stewards of the network. if there was really a power grab, bu is doing it. they want control but core aint giving up the honey badger. no way.


spets1   Australia. May 11 2017 11:37. Posts 2045

lucky, thats what I am saying - core developers have been stewards for a while. They want to keep the power (power hold, instead of grab then?). And there is so much disinformation, flame war, propaganda from both sides its hard to understand what will be best.

LTC implemented segwit yesterday so this will get tested on a >1 billion network and we can see if it is any good. And as I stated above im rooting for LTC anyway so I am not against segwit.

What i did not like is that core and miners had a Hongkong agreement and then core did not follow through on what was agreed. So the miners told them to get fucked and big blockers vs core debate was born.

But anyhow we will see what will happen.

hola 

lucky331   . May 11 2017 12:45. Posts 707

bottom line bu isnt technically good enough. just recently, it had another round (the 5th i think) of nodes crashing at random. i mean, sure i could go for dynamic block sizes but not if the miners get to decide how large. it should be done algorithmitcally depending on the demand.

as for ltc's segwit activation, imo it doesnt really need it (yet) since it has more room for transactions (4 times that of btc). the good thing about it is it can become a testbed, on a production level, for other scaling tech like ln and mimble wimble which works best with segwit. if it all works out well enough then maybe segwit in btc will gain more support.

btw. i mostly (brain)fart when it comes to crypto. :D

oh and congrats on your ltc investment.


lucky331   . May 11 2017 13:06. Posts 707

and which group of devs are good enough to become the stewards of the network besides core and the top core contributors (like peter todd)? core knows they cannot give up the honey badger's future to a group of incompetent edit: and greedy people (roger ver). if they want bu, just go for it and split to rogercoin.

i wish genjix was still around. im sure he has a good opinion on the issue.

 Last edit: 11/05/2017 13:08

spets1   Australia. May 11 2017 15:04. Posts 2045

why do you think roger ver is greedy? i think its probably propaganda - sounds like you eating blockstreams bs

holaLast edit: 11/05/2017 15:39

Ryan Neilly   United States. May 11 2017 15:27. Posts 1113

bitcoins have a huge huge ceiling.

if you have a large sum of money, you should have 10-50% of your net worth invested.

they project vvv high by 2018 and then again by 2020.

youtube research;


lucky331   . May 12 2017 01:04. Posts 707


  On May 11 2017 14:04 spets1 wrote:
why do you think roger ver is greedy? i think its probably propaganda - sounds like you eating blockstreams bs



lol yeah ok. and bu isn't a power grab.


julep   Australia. May 12 2017 12:58. Posts 1274

anarchy can never work because bitcoin.

buy litecoin tho.

dont get it


spets1   Australia. May 12 2017 15:08. Posts 2045

re julep: people need a currency that is not controlled by a central authority and fungible. The cryptos are still evolving and litecoin is one that has good potential at this time to lead the way. Another mention would be ETH which is also getting a lot of exposure at the moment.

re lucky: ok man, not gonna argue with you, this argument has been going on for ages.

hola 

lucky331   . May 13 2017 04:19. Posts 707

ok let me close it with this. the bitcoin community should not allow the network to use code and engineering that is subpar. they just cant.


NewbSaibot   United States. Aug 11 2017 22:58. Posts 4749


  On May 11 2017 03:02 NewbSaibot wrote:
what do you think, 1 BTC = $3000 by august?

listening to edzwoo has made u a nit... *sigh* - Zalfor 

spets1   Australia. Aug 14 2017 18:35. Posts 2045

hahah newb, good one.

There are new developments in BTC now. They have resolved the deadlock and there is a clear way forward. Being Segwit. Which only happened really recently. And now bitcoin going thru the roof.

hola 

 



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