An Inside Look Into Bitcoin - Zambian Watchdog

CRYPTOCURRENCY BITCOIN

CRYPTOCURRENCY BITCOIN
Bitcoin Table of contents expand: 1. What is Bitcoin? 2. Understanding Bitcoin 3. How Bitcoin Works 4. What's a Bitcoin Worth? 5. How Bitcoin Began 6. Who Invented Bitcoin? 7. Before Satoshi 8. Why Is Satoshi Anonymous? 9. The Suspects 10. Can Satoshi's Identity Be Proven? 11. Receiving Bitcoins As Payment 12. Working For Bitcoins 13. Bitcoin From Interest Payments 14. Bitcoins From Gambling 15. Investing in Bitcoins 16. Risks of Bitcoin Investing 17. Bitcoin Regulatory Risk 18. Security Risk of Bitcoins 19. Insurance Risk 20. Risk of Bitcoin Fraud 21. Market Risk 22. Bitcoin's Tax Risk What is Bitcoin?
Bitcoin is a digital currency created in January 2009. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto, whose true identity is yet to be verified. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.
There are no physical bitcoins, only balances kept on a public ledger in the cloud, that – along with all Bitcoin transactions – is verified by a massive amount of computing power. Bitcoins are not issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity. Despite it not being legal tender, Bitcoin charts high on popularity, and has triggered the launch of other virtual currencies collectively referred to as Altcoins.
Understanding Bitcoin Bitcoin is a type of cryptocurrency: Balances are kept using public and private "keys," which are long strings of numbers and letters linked through the mathematical encryption algorithm that was used to create them. The public key (comparable to a bank account number) serves as the address which is published to the world and to which others may send bitcoins. The private key (comparable to an ATM PIN) is meant to be a guarded secret and only used to authorize Bitcoin transmissions. Style notes: According to the official Bitcoin Foundation, the word "Bitcoin" is capitalized in the context of referring to the entity or concept, whereas "bitcoin" is written in the lower case when referring to a quantity of the currency (e.g. "I traded 20 bitcoin") or the units themselves. The plural form can be either "bitcoin" or "bitcoins."
How Bitcoin Works Bitcoin is one of the first digital currencies to use peer-to-peer technology to facilitate instant payments. The independent individuals and companies who own the governing computing power and participate in the Bitcoin network, also known as "miners," are motivated by rewards (the release of new bitcoin) and transaction fees paid in bitcoin. These miners can be thought of as the decentralized authority enforcing the credibility of the Bitcoin network. New bitcoin is being released to the miners at a fixed, but periodically declining rate, such that the total supply of bitcoins approaches 21 million. One bitcoin is divisible to eight decimal places (100 millionths of one bitcoin), and this smallest unit is referred to as a Satoshi. If necessary, and if the participating miners accept the change, Bitcoin could eventually be made divisible to even more decimal places. Bitcoin mining is the process through which bitcoins are released to come into circulation. Basically, it involves solving a computationally difficult puzzle to discover a new block, which is added to the blockchain and receiving a reward in the form of a few bitcoins. The block reward was 50 new bitcoins in 2009; it decreases every four years. As more and more bitcoins are created, the difficulty of the mining process – that is, the amount of computing power involved – increases. The mining difficulty began at 1.0 with Bitcoin's debut back in 2009; at the end of the year, it was only 1.18. As of February 2019, the mining difficulty is over 6.06 billion. Once, an ordinary desktop computer sufficed for the mining process; now, to combat the difficulty level, miners must use faster hardware like Application-Specific Integrated Circuits (ASIC), more advanced processing units like Graphic Processing Units (GPUs), etc.
What's a Bitcoin Worth? In 2017 alone, the price of Bitcoin rose from a little under $1,000 at the beginning of the year to close to $19,000, ending the year more than 1,400% higher. Bitcoin's price is also quite dependent on the size of its mining network since the larger the network is, the more difficult – and thus more costly – it is to produce new bitcoins. As a result, the price of bitcoin has to increase as its cost of production also rises. The Bitcoin mining network's aggregate power has more than tripled over the past twelve months.
How Bitcoin Began
Aug. 18, 2008: The domain name bitcoin.org is registered. Today, at least, this domain is "WhoisGuard Protected," meaning the identity of the person who registered it is not public information.
Oct. 31, 2008: Someone using the name Satoshi Nakamoto makes an announcement on The Cryptography Mailing list at metzdowd.com: "I've been working on a new electronic cash system that's fully peer-to-peer, with no trusted third party. The paper is available at http://www.bitcoin.org/bitcoin.pdf." This link leads to the now-famous white paper published on bitcoin.org entitled "Bitcoin: A Peer-to-Peer Electronic Cash System." This paper would become the Magna Carta for how Bitcoin operates today.
Jan. 3, 2009: The first Bitcoin block is mined, Block 0. This is also known as the "genesis block" and contains the text: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks," perhaps as proof that the block was mined on or after that date, and perhaps also as relevant political commentary.
Jan. 8, 2009: The first version of the Bitcoin software is announced on The Cryptography Mailing list.
Jan. 9, 2009: Block 1 is mined, and Bitcoin mining commences in earnest.
Who Invented Bitcoin?
No one knows. Not conclusively, at any rate. Satoshi Nakamoto is the name associated with the person or group of people who released the original Bitcoin white paper in 2008 and worked on the original Bitcoin software that was released in 2009. The Bitcoin protocol requires users to enter a birthday upon signup, and we know that an individual named Satoshi Nakamoto registered and put down April 5 as a birth date. And that's about it.
Before Satoshi
Though it is tempting to believe the media's spin that Satoshi Nakamoto is a solitary, quixotic genius who created Bitcoin out of thin air, such innovations do not happen in a vacuum. All major scientific discoveries, no matter how original-seeming, were built on previously existing research. There are precursors to Bitcoin: Adam Back’s Hashcash, invented in 1997, and subsequently Wei Dai’s b-money, Nick Szabo’s bit gold and Hal Finney’s Reusable Proof of Work. The Bitcoin white paper itself cites Hashcash and b-money, as well as various other works spanning several research fields.
Why Is Satoshi Anonymous?
There are two primary motivations for keeping Bitcoin's inventor keeping his or her or their identity secret. One is privacy. As Bitcoin has gained in popularity – becoming something of a worldwide phenomenon – Satoshi Nakamoto would likely garner a lot of attention from the media and from governments.
The other reason is safety. Looking at 2009 alone, 32,489 blocks were mined; at the then-reward rate of 50 BTC per block, the total payout in 2009 was 1,624,500 BTC, which at today’s prices is over $900 million. One may conclude that only Satoshi and perhaps a few other people were mining through 2009 and that they possess a majority of that $900 million worth of BTC. Someone in possession of that much BTC could become a target of criminals, especially since bitcoins are less like stocks and more like cash, where the private keys needed to authorize spending could be printed out and literally kept under a mattress. While it's likely the inventor of Bitcoin would take precautions to make any extortion-induced transfers traceable, remaining anonymous is a good way for Satoshi to limit exposure.
The Suspects
Numerous people have been suggested as possible Satoshi Nakamoto by major media outlets. Oct. 10, 2011, The New Yorker published an article speculating that Nakamoto might be Irish cryptography student Michael Clear or economic sociologist Vili Lehdonvirta. A day later, Fast Company suggested that Nakamoto could be a group of three people – Neal King, Vladimir Oksman and Charles Bry – who together appear on a patent related to secure communications that were filed two months before bitcoin.org was registered. A Vice article published in May 2013 added more suspects to the list, including Gavin Andresen, the Bitcoin project’s lead developer; Jed McCaleb, co-founder of now-defunct Bitcoin exchange Mt. Gox; and famed Japanese mathematician Shinichi Mochizuki.
In December 2013, Techcrunch published an interview with researcher Skye Grey who claimed textual analysis of published writings shows a link between Satoshi and bit-gold creator Nick Szabo. And perhaps most famously, in March 2014, Newsweek ran a cover article claiming that Satoshi is actually an individual named Satoshi Nakamoto – a 64-year-old Japanese-American engineer living in California. The list of suspects is long, and all the individuals deny being Satoshi.
Can Satoshi's Identity Be Proven?
It would seem even early collaborators on the project don’t have verifiable proof of Satoshi’s identity. To reveal conclusively who Satoshi Nakamoto is, a definitive link would need to be made between his/her activity with Bitcoin and his/her identity. That could come in the form of linking the party behind the domain registration of bitcoin.org, email and forum accounts used by Satoshi Nakamoto, or ownership of some portion of the earliest mined bitcoins. Even though the bitcoins Satoshi likely possesses are traceable on the blockchain, it seems he/she has yet to cash them out in a way that reveals his/her identity. If Satoshi were to move his/her bitcoins to an exchange today, this might attract attention, but it seems unlikely that a well-funded and successful exchange would betray a customer's privacy.
Receiving Bitcoins As Payment
Bitcoins can be accepted as a means of payment for products sold or services provided. If you have a brick and mortar store, just display a sign saying “Bitcoin Accepted Here” and many of your customers may well take you up on it; the transactions can be handled with the requisite hardware terminal or wallet address through QR codes and touch screen apps. An online business can easily accept bitcoins by just adding this payment option to the others it offers, like credit cards, PayPal, etc. Online payments will require a Bitcoin merchant tool (an external processor like Coinbase or BitPay).
Working For Bitcoins
Those who are self-employed can get paid for a job in bitcoins. There are several websites/job boards which are dedicated to the digital currency:
Work For Bitcoin brings together work seekers and prospective employers through its websiteCoinality features jobs – freelance, part-time and full-time – that offer payment in bitcoins, as well as Dogecoin and LitecoinJobs4Bitcoins, part of reddit.comBitGigs
Bitcoin From Interest Payments
Another interesting way (literally) to earn bitcoins is by lending them out and being repaid in the currency. Lending can take three forms – direct lending to someone you know; through a website which facilitates peer-to-peer transactions, pairing borrowers and lenders; or depositing bitcoins in a virtual bank that offers a certain interest rate for Bitcoin accounts. Some such sites are Bitbond, BitLendingClub, and BTCjam. Obviously, you should do due diligence on any third-party site.
Bitcoins From Gambling
It’s possible to play at casinos that cater to Bitcoin aficionados, with options like online lotteries, jackpots, spread betting, and other games. Of course, the pros and cons and risks that apply to any sort of gambling and betting endeavors are in force here too.
Investing in Bitcoins
There are many Bitcoin supporters who believe that digital currency is the future. Those who endorse it are of the view that it facilitates a much faster, no-fee payment system for transactions across the globe. Although it is not itself any backed by any government or central bank, bitcoin can be exchanged for traditional currencies; in fact, its exchange rate against the dollar attracts potential investors and traders interested in currency plays. Indeed, one of the primary reasons for the growth of digital currencies like Bitcoin is that they can act as an alternative to national fiat money and traditional commodities like gold.
In March 2014, the IRS stated that all virtual currencies, including bitcoins, would be taxed as property rather than currency. Gains or losses from bitcoins held as capital will be realized as capital gains or losses, while bitcoins held as inventory will incur ordinary gains or losses.
Like any other asset, the principle of buying low and selling high applies to bitcoins. The most popular way of amassing the currency is through buying on a Bitcoin exchange, but there are many other ways to earn and own bitcoins. Here are a few options which Bitcoin enthusiasts can explore.
Risks of Bitcoin Investing
Though Bitcoin was not designed as a normal equity investment (no shares have been issued), some speculative investors were drawn to the digital money after it appreciated rapidly in May 2011 and again in November 2013. Thus, many people purchase bitcoin for its investment value rather than as a medium of exchange.
However, their lack of guaranteed value and digital nature means the purchase and use of bitcoins carries several inherent risks. Many investor alerts have been issued by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), the Consumer Financial Protection Bureau (CFPB), and other agencies.
The concept of a virtual currency is still novel and, compared to traditional investments, Bitcoin doesn't have much of a long-term track record or history of credibility to back it. With their increasing use, bitcoins are becoming less experimental every day, of course; still, after eight years, they (like all digital currencies) remain in a development phase, still evolving. "It is pretty much the highest-risk, highest-return investment that you can possibly make,” says Barry Silbert, CEO of Digital Currency Group, which builds and invests in Bitcoin and blockchain companies.
Bitcoin Regulatory Risk
Investing money into Bitcoin in any of its many guises is not for the risk-averse. Bitcoins are a rival to government currency and may be used for black market transactions, money laundering, illegal activities or tax evasion. As a result, governments may seek to regulate, restrict or ban the use and sale of bitcoins, and some already have. Others are coming up with various rules. For example, in 2015, the New York State Department of Financial Services finalized regulations that would require companies dealing with the buy, sell, transfer or storage of bitcoins to record the identity of customers, have a compliance officer and maintain capital reserves. The transactions worth $10,000 or more will have to be recorded and reported.
Although more agencies will follow suit, issuing rules and guidelines, the lack of uniform regulations about bitcoins (and other virtual currency) raises questions over their longevity, liquidity, and universality.
Security Risk of Bitcoins
Bitcoin exchanges are entirely digital and, as with any virtual system, are at risk from hackers, malware and operational glitches. If a thief gains access to a Bitcoin owner's computer hard drive and steals his private encryption key, he could transfer the stolen Bitcoins to another account. (Users can prevent this only if bitcoins are stored on a computer which is not connected to the internet, or else by choosing to use a paper wallet – printing out the Bitcoin private keys and addresses, and not keeping them on a computer at all.) Hackers can also target Bitcoin exchanges, gaining access to thousands of accounts and digital wallets where bitcoins are stored. One especially notorious hacking incident took place in 2014, when Mt. Gox, a Bitcoin exchange in Japan, was forced to close down after millions of dollars worth of bitcoins were stolen.
This is particularly problematic once you remember that all Bitcoin transactions are permanent and irreversible. It's like dealing with cash: Any transaction carried out with bitcoins can only be reversed if the person who has received them refunds them. There is no third party or a payment processor, as in the case of a debit or credit card – hence, no source of protection or appeal if there is a problem.
Insurance Risk
Some investments are insured through the Securities Investor Protection Corporation. Normal bank accounts are insured through the Federal Deposit Insurance Corporation (FDIC) up to a certain amount depending on the jurisdiction. Bitcoin exchanges and Bitcoin accounts are not insured by any type of federal or government program.
Risk of Bitcoin Fraud
While Bitcoin uses private key encryption to verify owners and register transactions, fraudsters and scammers may attempt to sell false bitcoins. For instance, in July 2013, the SEC brought legal action against an operator of a Bitcoin-related Ponzi scheme.
Market Risk
Like with any investment, Bitcoin values can fluctuate. Indeed, the value of the currency has seen wild swings in price over its short existence. Subject to high volume buying and selling on exchanges, it has a high sensitivity to “news." According to the CFPB, the price of bitcoins fell by 61% in a single day in 2013, while the one-day price drop in 2014 has been as big as 80%.
If fewer people begin to accept Bitcoin as a currency, these digital units may lose value and could become worthless. There is already plenty of competition, and though Bitcoin has a huge lead over the other 100-odd digital currencies that have sprung up, thanks to its brand recognition and venture capital money, a technological break-through in the form of a better virtual coin is always a threat.
Bitcoin's Tax Risk
As bitcoin is ineligible to be included in any tax-advantaged retirement accounts, there are no good, legal options to shield investments from taxation.
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Related Terms
Satoshi
The satoshi is the smallest unit of the bitcoin cryptocurrency. It is named after Satoshi Nakamoto, the creator of the protocol used in block chains and the bitcoin cryptocurrency.
Chartalism Chartalism is a non-mainstream theory of money that emphasizes the impact of government policies and activities on the value of money.
Satoshi Nakamoto The name used by the unknown creator of the protocol used in the bitcoin cryptocurrency. Satoshi Nakamoto is closely-associated with blockchain technology.
Bitcoin Mining, Explained Breaking down everything you need to know about Bitcoin Mining, from Blockchain and Block Rewards to Proof-of-Work and Mining Pools.
Understanding Bitcoin Unlimited Bitcoin Unlimited is a proposed upgrade to Bitcoin Core that allows larger block sizes. The upgrade is designed to improve transaction speed through scale.
Blockchain Explained
A guide to help you understand what blockchain is and how it can be used by industries. You've probably encountered a definition like this: “blockchain is a distributed, decentralized, public ledger." But blockchain is easier to understand than it sounds.
Top 6 Books to Learn About Bitcoin About UsAdvertiseContactPrivacy PolicyTerms of UseCareers Investopedia is part of the Dotdash publishing family.The Balance Lifewire TripSavvy The Spruceand more
By Satoshi Nakamoto
Read it once, go read other crypto stuff, read it again… keep doing this until the whole document makes sense. It’ll take a while, but you’ll get there. This is the original whitepaper introducing and explaining Bitcoin, and there’s really nothing better out there to understand on the subject.
“What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party

submitted by adrian_morrison to BlockchainNews [link] [comments]

Full English Transcript of Gavin's AMA on 8BTC, April 21st. (Part 1)

Part 2
Part 3
Raw transcript on Google Docs (English+Chinese): https://docs.google.com/document/d/1p3DWMfeGHBL6pk4Hu0efgQWGsUAdFNK6zLHubn5chJo/edit?usp=sharing
Translators/Organizers: emusher, kcbitcoin, nextblast, pangcong, Red Li, WangXiaoMeng. (Ranked in alphabetical order)
1.crypto888
Q: What is your relationship with Blockstream now? Are you in a Cold War? Your evaluation on BS was pretty high “If this amazing team offers you a job, you should take it,” tweeted Gavin Andresen, Chief Scientist, Bitcoin Foundation.” But now, what’s your opinion on BS?
A: I think everybody at Blockstream wants Bitcoin to succeed, and I respect and appreciate great work being done for Bitcoin by people at Blockstream.
We strongly disagree on priorities and timing; I think the risks of increasing the block size limit right away are very small. I see evidence of people and businesses getting frustrated by the limit and choosing to use something else (like Ethereum or a private blockchain); it is impossible to know for certain how dangerous that is for Bitcoin, but I believe it is more danger than the very small risk of simply increasing or eliminating the block size limit.
2. Ma_Ya
Q: 1) Why insist on hard fork at only 75%? You once explained that it is possible to be controlled by 5% if we set the threshold at 95%. I agree, but there should be some balance here. 75% means a high risk in splitting, isn’t it too aggressive? Is it better if we set it to 90%?
A: 1)The experience of the last two consensus changes is that miners very quickly switch once consensus reaches 75% -- the last soft fork went from 75% support to well over 95% support in less than one week. So I’m very confident that miners will all upgrade once the 75% threshold is reached, and BIP109 gives them 28 days to do so. No miner wants to create blocks that will not be accepted by the network.
Q: 2) How to solve the potentially very large blocks problem Classic roadmap may cause, and furthur causing the centralization of nodes in the future?
A: 2)Andreas Antonopoulos gave a great talk recently about how people repeatedly predicted that the Internet would fail to scale. Smart engineers proved them wrong again and again, and are still busy proving them wrong today (which is why I enjoy streaming video over my internet connection just about every night).
I began my career working on 3D graphics software, and saw how quickly we went from being able to draw very simple scenes to today’s technology that is able to render hundreds of millions of triangles per second.
Processing financial transactions is much easier than simulating reality. Bitcoin can easily scale to handle thousands of transactions per second, even on existing computers and internet connections, and even without the software optimizations that are already planned.
Q: 3) Why do you not support the proposal of RBF by Satoshi, and even plan to remove it in Classic completely?
A: 3) Replace-by-fee should be supported by most of the wallets people are using before it is supported by the network. Implementing replace-by-fee is very hard for a wallet, especially multi-signature and hardware wallets that might not be connected to the network all of the time.
When lots of wallet developers start saying that replace-by-fee is a great idea, then supporting it at the network level makes sense. Not before.
Q: 4) . Your opinion on soft fork SegWit, sidechain, lighnting network. Are you for or against, please give brief reasons. Thanks.
A: 4) The best way to be successful is to let people try lots of different things. Many of them won’t be successful, but that is not a problem as long as some of them are successful.
I think segregated witness is a great idea. It would be a little bit simpler as a hard fork instead of a soft fork (it would be better to put the merkle root for the witness data into the merkle root in the block header instead of putting it inside a transaction), but overall the design is good.
I think sidechains are a good idea, but the main problem is finding a good way to keep them secure. I think the best uses of sidechains will be to publish “write-only” public information involving bitcoin. For example, I would like to see a Bitcoin exchange experiment with putting all bids and asks and trades on a sidechain that they secure themselves, so their customers can verify that their orders are being carried out faithfully and nobody at the exchanges is “front-running” them.
Q: 5) Can you share your latest opinion on Brainwallet? It is hard for new users to use long and complex secure passphrase, but is it a good tool if it solves this problem?
A: 5) We are very, very bad at creating long and complex passphrases that are random enough to be secure. And we are very good at forgetting things.
We are much better at keeping physical items secure, so I am much more excited about hardware wallets and paper wallets than I am about brain wallets. I don’t trust myself to keep any bitcoin in a brain wallet, and do not recommend them for anybody else, either.
3. BiTeCui
Q: Gavin, do you have bitcoins now? What is your major job in MIT? Has FBI ever investigated on you? When do you think SHA256 might be outdated, it seems like it has been a bit unsafe?
A: Yes, a majority of my own person wealth is still in bitcoins -- more than a financial advisor would say is wise.
My job at MIT is to make Bitcoin better, in whatever way I think best. That is the same major job I had at the Bitcoin Foundation. Sometimes I think the best way to make Bitcoin better is to write some code, sometimes to write a blog post about what I see happening in the Bitcoin world, and sometimes to travel and speak to people.
The FBI (or any other law enforcement agency) has never investigated me, as far as I know. The closest thing to an investigation was an afternoon I spent at the Securities and Exchange Commission in Washington, DC. They were interested in how I and the other Bitcoin developers created the software and how much control we have over whether or not people choose to run the software that we create.
“Safe or unsafe” is not the way to think about cryptographic algorithms like SHA256. They do not suddenly go from being 100% secure for everything to completely insecure for everything. I think SHA256 will be safe enough to use in the all ways that Bitcoin is using it for at least ten years, and will be good enough to be used as the proof-of-work algorithm forever.
It is much more likely that ECDSA, the signature algorithm Bitcoin is using today, will start to become less safe in the next ten or twenty years, but developer are already working on replacements (like Schnorr signatures).
4. SanPangHenBang
Q: It’s a pleasure to meet you. I only have one question. Which company are you serving? or where do you get your salary?
A: The Media Lab at MIT (Massachusetts Institute of Technology) pays my salary; I don’t receive regular payments from anybody else.
I have received small amounts of stock options in exchange for being a techical advisor to several Bitcoin companies (Coinbase, BitPay, Bloq, Xapo, Digital Currency Group, CoinLab, TruCoin, Chain) which might be worth money some day if one or more of those companies do very well. I make it very clear to these companies that my priority is to make Bitcoin better, and my goal in being an advisor to them is to learn more about the problems they face as they try to bring Bitcoin to more of their customers.
And I am sometimes (once or twice a year) paid to speak at events.
5.SaTuoXi
Q: Would you mind share your opinion on lightning network? Is it complicated to implement? Does it need hard fork?
A: Lightning does not need a hard fork.
It is not too hard to implement at the Bitcoin protocol level, but it is much more complicated to create a wallet capable of handling Lightning network payments properly.
I think Lightning is very exciting for new kinds of payments (like machine-to-machine payments that might happen hundreds of times per minute), but I am skeptical that it will be used for the kinds of payments that are common on the Bitcoin network today, because they will be more complicated both for wallet software and for people to understand.
6. pangcong
Q: 1) There has been a lot of conferences related to blocksize limit. The two took place in HongKong in Decemeber of 2015 and Feberary of 2016 are the most important ones. Despite much opposition, it is undeniable that these two meetings basically determines the current status of Bitcoin. However, as the one of the original founders of Bitcoin, why did you choose to not attend these meetings? If you have ever attended and opposed gmax’s Core roadmap (SegWit Priority) in one of the meetings, we may be in a better situation now, and the 2M hard fork might have already begun. Can you explain your absence in the two meetings? Do you think the results of both meetings are orchestrated by blockstream?
A: 1) I attended the first scaling conference in Montreal in September of 2015, and had hoped that a compromise had been reached.
A few weeks after that conference, it was clear to me that whatever compromise had been reached was not going to happen, so it seemed pointless to travel all the way to Hong Kong in December for more discussion when all of the issues had been discussed repeatedly since February of 2015.
The February 2016 Hong Kong meeting I could not attend because I was invited only a short time before it happened and I had already planned a vacation with my family and grandparents.
I think all of those conferences were orchestrated mainly by people who do not think raising the block size limit is a high priority, and who want to see what problems happen as we run into the limit.
Q: 2) We have already known that gmax tries to limit the block size so as to get investment for his company. However, it is obvious that overthrowing Core is hard in the short term. What if Core continues to dominate the development of Bitcoin? Is it possible that blockstream core will never raise the blocksize limit because of their company interests?
A: 2) I don’t think investment for his company is Greg’s motivation-- I think he honestly believes that a solution like lightning is better technically.
He may be right, but I think it would be better if he considered that he might also be wrong, and allowed other solutions to be tried at the same time.
Blockstream is a funny company, with very strong-willed people that have different opinions. It is possible they will never come to an agreement on how to raise the blocksize limit.
7. HeiYanZhu
Q: I would like to ask your opinion on the current situation. It’s been two years, but a simple 2MB hard fork could not even be done. In Bitcoin land, two years are incredibly long. Isn’t this enough to believe this whole thing is a conspiracy?
A: I don’t think it is a conspiracy, I think it is an honest difference of opinion on what is most important to do first, and a difference in opinion on risks and benefits of doing different things.
Q: How can a multi-billion network with millions of users and investors be choked by a handful of people? How can this be called decentrilized and open-source software anymore? It is so hard to get a simple 2MB hard fork, but SegWig and Lighting Network with thousands of lines of code change can be pushed through so fast. Is this normal? It is what you do to define if you are a good man, not what you say.
A: I still believe good engineers will work around whatever unnecessary barriers are put in their way-- but it might take longer, and the results will not be as elegant as I would prefer.
The risk is that people will not be patient and will switch to something else; the recent rapid rise in developer interest and price of Ethereum should be a warning.
Q: The problem now is that everybody knows Classic is better, however, Core team has controlled the mining pools using their powers and polical approaches. This made them controll the vast majority of the hashpower, no matter what others propose. In addition, Chinese miners have little communication with the community, and do not care about the developement of the system. Very few of them knows what is going on in the Bitcoin land. They almost handed over their own power to the mining pool, so as long as Core controls the pools, Core controls the whole Bitcoin, no matter how good your Classic is. Under this circumstance, what is your plan?
A: Encourage alternatives to Core. If they work better (if they are faster or do more) then Core will either be replaced or will have to become better itself. I am happy to see innovations happening in projects like Bitcoin Unlimited, for example. And just this week I see that Matt Corallo will be working on bringing an optmized protocol for relaying blocks into Core; perhaps that was the plan all along, or perhaps the “extreme thin blocks” work in Bitcoin Unlimited is making that a higher priority. In any case, competition is healthy.
Q: From this scaling debate, do you think there is a huge problem with Bitcoin development? Does there exsit development centrilization? Does this situation need improvment? For example, estabilish a fund from Bitcoin as a fundation. It can be used for hiring developers and maintainers, so that we can solve the development issue once and for all.
A: I think the Core project spends too much time thinking about small probability technical risks (like “rogue miners” who create hard-to-validate blocks or try to send invalid blocks to SPV wallets) and not enough time thinking about much larger non-technical risks.
And I think the Core project suffers from the common open source software problem of “developers developing for developers.” The projects that get worked on are the technically interesting projects-- exciting new features (like the lightning network), and not improving the basic old features (like improving network performance or doing more code review and testing).
I think the situation is improving, with businesses investing more in development (but perhaps not in the Core project, because the culture of that project has become much less focused on short-term business needs and more on long-term exciting new features).
I am skeptical that crowd-funding software development can work well; if I look at other successful open source software projects, they are usually funded by companies, not individuals.
8.jb9802
You are one of the most-repected person in Bitcoin world, I won’t miss the chance to ask some questions. First of all, I am a Classic supporter. I strongly believe that on-chain transcations should not be restrained artificially. Even if there are transcations that are willing to go through Lighting Network in the future, it should be because of a free market, not because of artificial restrication. Here are some of my questions:
Q: 1) For the past two years, you’ve been proposing to Core to scale Bitcoin. In the early days of the discussion, Core devs did agree that the blocksize should be raised. What do you think is the major reason for Core to stall scaling. Does there exist conflict of interest between Blockstream and scaling?
A: 1) There might be unconscious bias, but I think there is just a difference of opinion on priorities and timing.
Q: 2) One of the reason for the Chinese to refuse Classic is that Classic dev team is not technically capable enough for future Bitcoin development. I also noticed that Classic does have a less frequent code release compared to Core. In your opinion, is there any solution to these problems? Have you ever thought to invite capable Chinese programers to join Classic dev team?
A: 2) The great thing about open source software is if you don’t think the development team is good enough (or if you think they are working on the wrong things) you can take the software and hire a better team to improve it.
Classic is a simple 2MB patch on top of Core, so it is intentional that there are not a lot of releases of Classic.
The priority for Classic right now is to do things that make working on Classic better for developers than working on Core, with the goal of attracting more developers. You can expect to see some results in the next month or two.
I invite capable programmers from anywhere, including China, to help any of the teams working on open source Bitcoin software, whether that is Classic or Core or Unlimited or bitcore or btcd or ckpool or p2pool or bitcoinj.
Q: 3) Another reason for some of the Chinese not supporting Classic is that bigger blocks are more vulnerable to spam attacks. (However, I do think that smaller blocks are more vlunerable to spam attack, because smaller amount of money is needed to choke the blockchain.) What’s our opinion on this?
A: 3) The best response to a transaction spam attack is for the network to reject transactions that pay too little fees but to simply absorb any “spam” that is paying as much fees as regular transactions.
The goal for a transaction spammer is to disrupt the network; if there is room for extra transactions in blocks, then the network can just accept the spam (“thank you for the extra fees!”) and continue as if nothing out of the ordinary happened.
Nothing annoys a spammer more than a network that just absorbs the extra transactions with no harmful effects.
Q: 4) According to your understanding on lighting network and sidechains,if most Bitcoin transactions goes throught lighting network or sidechains, it possible that the fees paid on the these network cannot reach the main-chain miners, which leaves miners starving. If yes, how much percent do you think will be given to miners.
A: 4) I don’t know, it will depend on how often lightning network channels are opened and closed, and that depends on how people choose to use lightning.
Moving transactions off the main chain and on to the lightning network should mean less fees for miners, more for lightning network hubs. Hopefully it will also mean lower fees for users, which will make Bitcoin more popular, drive up the price, and make up for the lower transaction fees paid to miners.
Q: 5) The concept of lighting network and sidechains have been out of one or two years already, when do you think they will be fully deployed.
A: 5) Sidechains are already “fully deployed” (unless you mean the version of sidechains that doesn’t rely on some trusted gateways to move bitcoin on and off the sidechain, which won’t be fully deployed for at least a couple of years). I haven’t seen any reports of how successful they have been.
I think Lightning will take longer than people estimate. Seven months ago Adam Back said that the lightning network might be ready “as soon as six months from now” … but I would be surprised if there was a robust, ready-for-everybody-to-use lightning-capable wallet before 2018.
Q: 6)Regarding the hard fork, Core team has assumed that it will cause a chain-split. (Chinese miners are very intimitated by this assumption, I think this is the major reason why most of the Chinese mining pools are not switching to Classic). Do you think Bitcoin will have a chain-split?
A: 6) No, there will not be a chain split. I have not talked to a single mining pool operator, miner, exchange, or major bitcoin business who would be willing to mine a minority branch of the chain or accept bitcoins from a minority branch of the main chain.
Q: 7) From your point of view, do you think there is more Classic supporters or Core supporters in the U.S.?
A: 7) All of the online opinion pools that have been done show that a majority of people worldwide support raising the block size limit.
9. btcc123
Q: Which is more in line with the Satoshi’s original roadmap, Bitcoin Classic or Bitcoin Core? How to make mining pools support and adopt Bitcoin Classic?
A: Bitcoin Classic is more in line with Satoshi’s original roadmap.
We can’t make the mining pools do anything they don’t want to do, but they are run by smart people who will do what they think is best for their businesses and Bitcoin.
10.KuHaiBian
Q: Do you have any solution for mining centralization? What do you think about the hard fork of changing mining algorithms?
A: I have a lot of thoughts on mining centralization; it would probably take ten or twenty pages to write them all down.
I am much less worried about mining centralization than most of the other developers, because Satoshi designed Bitcoin so miners make the most profit when they do what is best for Bitcoin. I have also seen how quickly mining pools come and go; people were worried that the DeepBit mining pool would become too big, then it was GHash.io…
And if a centralized mining pool does become too big and does something bad, the simplest solution is for businesses or people to get together and create or fund a competitor. Some of the big Bitcoin exchanges have been seriously considering doing exactly that to support raising the block size limit, and that is exactly the way the system is supposed to work-- if you don’t like what the miners are doing, then compete with them!
I think changing the mining algorithm is a complicated solution to a simple problem, and is not necessary.
11. ChaLi
Q: Last time you came to China, you said you want to "make a different". I know that in USA the opposition political party often hold this concept, in order to prevent the other party being totally dominant. Bitcoin is born with a deep "make a different" nature inside. But in Chinese culture, it is often interpreted as split “just for the sake of splitting”, can you speak your mind on what is your meaning of "make a different"?
A: I started my career in Silicon Valley, where there is a lot of competition but also a lot of cooperation. The most successful companies find a way to be different than their competitors; it is not a coincidence that perhaps the most successful company in the world (Apple Computer) had the slogan “think different.”
As Bitcoin gets bigger (and I think we all agree we want Bitcoin to get bigger!) it is natural for it to split and specialize; we have already seen that happening, with lots of choices for different wallets, different exchanges, different mining chips, different mining pool software.
12. bluestar
Q: 1) The development of XT and Classic confirmed my thoughts that it is nearly impossible to use a new version of bitcoin to replace the current bitcoin Core controlled by Blockstream. I think we will have to live with the power of Blockstream for a sufficient long time. It means we will see the deployment of SegWit and Lighting network. If it really comes to that point, what will you do? Will you also leave like Mike Hearn?
A: 1) With the development of Blockchain, bitcoin will grow bigger and bigger without any doubts, And also there will be more and more companies related to the bitcoin network. When it comes to money, there will be a lot of fights between these companies. Is it possible to form some kind of committee to avoid harmful fights between these companies and also the situation that a single company controlling the direction of the bitcoin development? Is there any one doing this kind of job right now?
Q: 2) My final question would be, do you really think it is possible that we can have a decentralized currency? Learning from the history, it seems like every thing will become centralized as long as it involves human. Do you have any picture for a decentralized currency or even a society? Thanks.
A: 2) I think you might be surprised at what most people are running a year or three from now. Perhaps it will be a future version of Bitcoin Core, but I think there is a very good chance another project will be more successful.
I remember when “everybody” was running Internet Explorer or Firefox, and people thought Google was crazy to think that Chrome would ever be a popular web browser. It took four years for Chrome to become the most popular web browser.
In any case, I plan on working on Bitcoin related projects for at least another few years. Eventually it will become boring or I will decide I need to take a couple of years of and think about what I want to do next.
As for fights between companies: there are always fights between companies, in every technology. There are organizations like the IETF (Internet Engineering Task Force) that try to create committees so engineers at companies can spend more time cooperating and less time fighting; I’m told by people who participate in IETF meetings that they are usually helpful and create useful standards more often than not.
Finally, yes, I do think we can have a “decentralized-enough” currency. A currency that might be controlled at particular times by a small set of people or companies, but that gives everybody else the ability to take control if those people or businesses misbehave.
13. satoshi
Hi Gavin, I have some questions:
Q: 1) I noticed there are some new names added to the classic team list. Most people here only know you and Jeff. Can you briefly introduce some others to the Chinese community?
A: 1)
Tom Zander has been acting as lead developer, and is an experienced C++ developer who worked previously on the Qt and Debian open source projects.
Pedro Pinheiro is on loan from Blockchain.info, and has mostly worked on continuous integration and testing for Classic.
Jon Rumion joined recently, and has been working on things that will make life for developers more pleasant (I don’t want to be more specific, I don’t want to announce things before they are finished in case they don’t work out).
Jeff has been very busy starting up Bloq, so he hasn’t been very active with Classic recently. I’ve also been very busy traveling (Barbados, Idaho, London and a very quick trip to Beijing) so haven’t been writing much code recently.
Q: 2) if bitcoin classic succeeded (>75% threshold), what role would you play in the team after the 2MB upgrade finished, as a leader, a code contributor, a consultant, or something else?
A: 2)Contributor and consultant-- I am trying not to be leader of any software project right now, I want to leave that to other people who are better at managing and scheduling and recruiting and all of the other things that need to be done to lead a software project.
Q: 3) if bitcoin classic end up failed to achieve mainstream adoption (<75% 2018), will you continue the endeavor of encouraging on-chain scaling and garden-style growth of bitcoin?
A: 3) Yes. If BIP109 does not happen, I will still be pushing to get a good on-chain solution to happen as soon as possible.
Q: 4) Have you encountered any threat in your life, because people would think you obviously have many bitcoins, like what happened to Hal Finney (RIP), or because some people have different ideas about what bitcoin's future should be?
A: 4) No, I don’t think I have received any death threats. It upsets me that other people have.
Somebody did threaten to release my and my wife’s social security numbers and other identity information if I did not pay them some bitcoins a couple of years ago. I didn’t pay, they did release our information, and that has been a little inconvenient at times.
Q: 5) Roger Ver (Bitcoin Jesus) said bitcoin would worth thousands of dollars. Do you have similar thoughts? If not, what is your opinion on bitcoin price in future?
A: 5) I learned long ago to give up trying to predict the price of stocks, currencies, or Bitcoin. I think the price of Bitcoin will be higher in ten years, but I might be wrong.
Q: 6) You've been to China. What's your impression about the country, people, and the culture here? Thank you!
A: 6) I had a very quick trip to Beijing a few weeks ago-- not nearly long enough to get a good impression of the country or the culture.
I had just enough time to walk around a little bit one morning, past the Forbidden City and walk around Tianmen Square. There are a LOT of people in China, I think the line to go into the Chairman Mao Memorial Hall was the longest I have ever seen!
Beijing reminded me a little bit of London, with an interesting mix of the very old with the very new. The next time I am in China I hope I can spend at least a few weeks and see much more of the country; I like to be in a place long enough so that I really can start to understand the people and cultures.
14. Pussinboots
Q: Dear Gavin, How could I contact you, we have an excellent team and good plans. please confirm your linkedin.
A: Best contact for me is [email protected] : but I get lots of email, please excuse me if your messages get lost in the flood.
15. satoshi
Q: Gavin, you've been both core and classic code contributor. Are there any major differences between the two teams, concerning code testing (quality control) and the release process of new versions?
A: Testing and release processes are the same; a release candidate is created and tested, and once sufficiently tested, a final release is created, cryptographically signed by several developers, and then made available for download.
The development process for Classic will be a little bit different, with a ‘develop’ branch where code will be pulled more quickly and then either fixed or reverted based on how testing goes. The goal is to create a more developer-friendly process, with pull requests either accepted or rejected fairly quickly.
16. tan90d
I am a bitcoin enthusiast and a coin holder. I thank you for your great contribution to bitcoin. Please allow me to state some of my views before asking:
  1. I'm on board with classic
  2. I support the vision to make bitcoin a powerful currency that could compete with Visa
  3. I support segwit, so I'll endorse whichever version of bitcoin implementation that upgrades to segwit, regardless of block size.
  4. I disagree with those who argue bitcoin main blockchain should be a settlement network with small blocks. My view is that on the main chain btc should function properly as a currency, as well as a network for settlement.
  5. I'm against the deployment of LN on top of small block sized blockchain. Rather, it should be built on a chain with bigger blocks.
  6. I also won’t agree with the deployment of many sidechains on top of small size block chain. Rather, those sidechains should be on chain with bigger blocks.
With that said, below are my questions:
Q: 1) If bitcoin is developed following core's vision, and after the 2020 halving which cuts block reward down to 6.125BTC, do you think the block transaction fee at that time will exceed 3BTC?
A: 1) If the block limit is not raised, then no, I don’t think transaction fees will be that high.
Q: 2) If bitcoin is developed following classic's vision, and after the 2020 halving which cuts block reward down to 6.125BTC, do you think the block transaction fee at that time will exceed 3BTC?
A: 2) Yes, the vision is lots of transactions, each paying a very small fee, adding up to a big total for the miners.
Q: 3) If bitcoin is developed following core's vision, do you think POW would fail in future, because the mining industry might be accounted too low value compared with that of the bitcoin total market, so that big miners could threaten btc market and gain profit by shorting?
*The questioner further explained his concern.
Currently, its about ~1.1 billion CNY worth of mining facilities protecting ~42 billion CNY worth (6.5 Billion USD) of bitcoin market. The ratio is ~3%. If bitcoin market cap continues to grow and we adopt layered development plan, the mining portion may decrease, pushing the ratio go even down to <1%, meaning we are using very small money protecting an huge expensive system. For example, in 2020 if bitcoin market cap is ~100 billion CNY, someone may attempt to spend ~1 billion CNY bribe/manipulate miners to attack the network, thus making a great fortune by shorting bitcoin and destroying the ecosystem.
A: 3) Very good question, I have asked that myself. I have asked people if they know if there have been other cases where people destroyed a company or a market to make money by shorting it -- as far as I know, that does not happen. Maybe because it is impossible to take a large short position and remain anonymous, so even if you were successful, you would be arrested for doing whatever you did to destroy the company or market (e.g. blow up a factory to destroy a company, or double-spend fraud to try to destroy Bitcoin).
Q: 4) If bitcoin is developed following classic's vision, will the blocks become too big that kill decentralization?
A: 4) No, if you look at how many transactions the typical Internet connection can support, and how many transactions even a smart phone can validate per second, we can support many more transactions today with the hardware and network connections we have now.
And hardware and network connections are getting faster all the time.
Q: 5) In theory, even if we scale bitcoin with just LN and sidechains, the main chain still needs blocks with size over 100M, in order to process the trading volume matching Visa's network. So does core have any on-chain scaling plan other than 2MB? Or Core does not plan to evolve bitcoin into something capable of challenging visa?
A: 5) Some of the Core developer talk about a “flexcap” solution to the block size limit, but there is no specific proposal.
I think it would be best to eliminate the limit all together. That sounds crazy, but the most successful Internet protocols have no hard upper limits (there is no hard limit to how large a web page may be, for example), and no protocol limit is true to Satoshi’s original design.
Q: 6) If (the majority of) hash rate managed to switch to Classic in 2018, will the bitcoin community witness the deployment of LN in two years (~2018)?
A: 6) The bottleneck with Lightning Network will be wallet support, not support down at the Bitcoin protocol level. So I don’t think the deployment schedule of LN will be affected much whether Classic is adopted or not.
Q: 7) If (majority) hash rate upgraded to blocks with segwit features in 2017 as specified in core's roadmap, would classic propose plans to work on top of that (blocks with segwit)? Or insist developing simplified segwit blocks as described in classic's roadmap?
A: 7) Classic will follow majority hash rate. It doesn’t make sense to do anything else.
Q: 8) If most hash rate is still on core's side before 2018, will you be disappointed with bitcoin, and announce that bitcoin has failed like what Mike did, and sell all your stashed coins at some acceptable price?
A: 8) No-- I have said that I think if the block size limit takes longer to resolve, that is bad for Bitcoin in the short term, but smart engineers will work around whatever road blocks you put in front of them. I see Bitcoin as a long-term project.
Q: 9) If we have most hash rate switched to classic's side before 2018, what do you think will be the fate of Blockstream company?
A: 9) I think Blockstream might lose some employees, but otherwise I don’t think it will matter much. They are still producing interesting technology that might become a successful business.
Q: 10) If we have most hash rate still on core's side before 2018, what do you think will be the fate of Blockstream company?
A: 10) I don’t think Blockstream’s fate depends on whether or not BIP109 is adopted. It depends much more on whether or not they find customers willing to pay for the technology that they are developing.
Q: 11) If we have most hash rate still on core's side before 2018, what do you think will be the fate of companies that support classic, such as Coinbse, bitpay, and Blockchain.info?
A: 11) We have already seen companies like Kraken support alternative currencies (Kraken supports Litecoin and Ether); if there is no on-chain scaling solution accepted by the network, I think we will see more companies “hedging their bets” by supporting other currencies that have a simpler road map for supporting more transactions.
Q: 12) If we have most hash rate switched to classic's side before 2018, will that hinder the development of sidechain tech? What will happen to companies like Rockroot(Rootstock?) ?
A: 12) No, I think the best use of sidechains is for things that might be too risky for the main network (like Rootstock) or are narrowly focused on a small number of Bitcoin users. I don’t think hash rate supporting Classic will have any effect on that.
Q: 13) Between the two versions of bitcoin client, which one is more conducive to mining industry, classic or core?
A: 13) I have been working to make Classic better for the mining industry, but right now they are almost identical so it would be dishonest to say one is significantly better than the other.
17. Alfred
Q: Gavin, can you describe what was in your mind when you first learned bitcoin?
A: I was skeptical that it could actually work! I had to read everything I could about it, and then read the source code before I started to think that maybe it could actually be successful and was not a scam.
submitted by kcbitcoin to btc [link] [comments]

Full English Transcript of Gavin's AMA on 8BTC, April 21st. (Part 3)

Part 1
Part 2
Raw transcript on Google Docs (English+Chinese): https://docs.google.com/document/d/1p3DWMfeGHBL6pk4Hu0efgQWGsUAdFNK6zLHubn5chJo/edit?usp=sharing
Translators/Organizers: emusher, kcbitcoin, nextblast, pangcong, Red Li, WangXiaoMeng. (Ranked in alphabetical order)
34. Lory
Q: https://petertodd.org/2016/mit-chainanchor-bribing-miners-to-regulate-bitcoin What is your relationship with Chainanchor project, or a similar project?
A: I have never heard of Chainanchor until this question. I don’t have any relationships with any projects that are working on digital identity.
35. xraysun
I found out this link: http://lists.linuxfoundation.org/pipermail/bitcoin-dev/2015-June/008810.html, Gavin, you said: [But even before stepping down as Lead I was starting to wonder if there are ANY successful open source projects that didn't have either a Benevolent Dictator or some clear voting process to resolve disputes that cannot be settled with "rough consensus."]. I think you are quite right. Wladimir’s roll is hard, huge responsibility with unfitting return. However, that’s not the reason for demanding unanimous support for changes to take place, allowing one-vote veto. What’s the different between having Wladimir and a robot then?
My question is: Other than trying to be “decentrilized”, is it also because that you found the leading dev roll with too much responsibility but too little return, so that you gave up your power? After that, realizing the 5-dev-group (the devs with commit access) need to be somehow centralized, have you ever tried to abolish one-vote veto, and change it to a majority rule. If it was changed to majority rule now, we might need another leading dev. Are you willing to lead the development again?
A: I think I am much better at writing and communicating and thinking about ‘the big picture’ than I am at managing and keeping track of hundreds of small details.
People have encouraged me to be “the Linus Torvalds of Bitcoin,” but I looked at what Linus actually does and I don’t think I would be very good at it or enjoy it. He spends a lot of time with the details of pulling in changes to the Linux kernel, and that is the kind of thing a lead developer needs to spend time doing. Wladimir is good at that.
Even if the Core project changed from “overwhelming consensus-- one or two people can veto a change” to “majority rule” I don’t think I want the lead developer role. If there was nobody else to do it, I would return, but I think there are now lots of people who would be good lead developers. Some of them are leading projects like Bitcoin Unlimited or btcd or Bitcoin Classic, and that is great!
36. ls-a
Q: Lots of people say that “Bitcoin is dead”. What’s your opinion on this? Does Bitcoin still have a future?
A: Bitcoin absolutely has a future. It has been declared dead dozens of time, and I am sure it will be declared dead dozens of times more before people get tired of saying that it is dead.
37. redl
Q: Bitcoin has been stably running for seven years, why not the core developers act like Satoshi, just watch it, so as to avoid development centralization?
A: Good developers always want to make things better!
And there are changes that must be made as more people use Bitcoin.
38. Ma_Ya
Q: What’s your opinion on Dogecoin? Is it possible that Dogecoin becomes one of Bitcoin’s sidechains, so that it can helps the traffic on Bitcoin mainchain?
A: I like the 21-million bitcoin limit. I think it makes sense for there to be a limited, predictable supply of money.
So I don’t like altcoins that create even more money; you can think of it as a sneaky way of increasing the 21-million coin limit. If Dogecoin was just a sidechain, without its own currency, then I would like it more.
39. Gladpay
Q: Gavin, what’s your opinion on Ethereum? Any comment on the trend that the industry started to talk about blockchain without mentioning Bitcoin?
A: I answered another question about Ethereum.
As for “we like Blockchain” instead of “we like Bitcoin” : I don’t have a strong opinion about that. I answered another question about private blockchains; I think they make sense for some things, and not for others.
40. frankf
Q: Can you explain why it is not possible to solve the congestion problem by reducing block generation time? Is reducing block generation time the same as increasing blocksize?
A: It would be even more controversial to reduce the block generation time than it is to increase the block size limit. It is technically more difficult to safely reduce the generation time, and would require more changes to more software. In particular, lightweight wallets that just download block headers might have to download many more headers, increasing their bandwidth usage.
41. ZhongBenCong
Q: Hi, Gavin, I‘m curious why you always change your idea in the size of block limit? Why not insist on one hard fork solution? I think you did not think about it carefully on how to increase the limit, what’s your opinion?
A: I have been trying very hard for a long time to find a solution that most people can agree on, and have made just two proposals (BIP101 and BIP109).
I have thought very carefully about how to safely increase the limit. Part of the problem is it can be done in many ways, and it really doesn’t matter which way is chosen-- it is more important that SOMETHING is chosen. Those are the decisions that are the hardest to make, because it is easy for people to have different opinions about what way is best.
42. FengFengZhongXuYaoNi
Q: Sure, I’m gonna ask something other than blocksize and Classic vs. Core. Gavin I just want to ask you a question as an ordinary trader. Do you believe that Bitcoin can serve as a good store of value? Because you said on bitcontalk that Bitcoin cannot become a significant instrument for storing value https://bitcointalk.org/index.php?topic=204.msg1714#msg1714. Do you still think so?
A: That feels like a very long time ago I said that…
I still think that the best store of value is in diversified investments that are investing in people that are working hard to make the world a better place. So the part of my personal savings that is not Bitcoin is mostly invested in diversified stock mutual funds.
Having some of your savings in a very safe investment makes a lot of sense; something like precious metals is probably the safest investment right now.
Hopefully some day Bitcoin will be safer than gold, and it will make sense to hold Bitcoin as part of your “safe from stock market craziness” money. Today, I think it makes sense to hold some Bitcon as part of your “high risk but maybe high future reward” money.
But please don’t invest all of your money in any one thing!
43. ShaSiBiEr
Q: I just want to ask that, Gavin, you have a title “Chief Scientist at the Bitcoin Foundation”, what does it mean? What’s the main responsibility, and who assigned it to you?
A: There was a meeting in Seattle where we created the Foundation. I don’t remember who suggested the “Chief Scientist” title, but it seemed better than the rest of the possible titles we were thinking of.
I am fortunate to have very few responsibilities. I am given the freedom to do what I think will be best for Bitcoin. I tell people I have almost no gray hair (I should have gray hair, I will be 50 years old at the end of the year) because I organize my life so that I do not need to manage people and almost never have to talk with lawyers.
44. pangcong
Q: How did you know Satoshi at the very beginning, did he come to you, or you were attacted by the Bitcoin project and contacted him?
A: I contacted Satoshi on the bitcointalk forums. Here is my first message to him:
Hey Satoshi:
I want to help make Bitcoin a success. I've started by creating freebitcoins.appspot.com, and plan on doing a couple of other small projects like it.
But I think I might be able to help in lots of other ways. I was the chief architect of the VRML 3D-graphics-on-the-web standardization effort (which is STILL a solution in search of a problem, unfortunately), and had the unpleasant experience of taking it through the ISO standardization process.
I've also written a lot of C++ code (I'm very proud of the code I wrote as part of the Open Inventor team at Silicon Graphics), although it's been a while (I've switched to Python).
I'm very curious to hear more about you-- how old are you? Is Satoshi your real name? Do you have a day job? What projects have you been involved with before?
Anyway, Bitcoin is a brilliant idea, and I want to help. What do you need?
-- Gavin Andresen
45. XiaoMaYi
Q: Gavin, last time when you were in Beijing, what did you say in that meeting?
*A: *The first and only time I’ve been in China was the end of last month (March).
The purpose of the trip was to meet with some of the mining pools and miners, to better understand what they are thinking about the block size limit, segregated witness, the halving, and anything else that is an issue right now.
I did not say a lot-- just made clear some technical points about BIP109, and explained what I have been hearing from large and small companies in the West.
46. Satoshi
Q: Gavin, what do you think is the best way to introduce / explain Bitcoin to an average Joe?
A: I usually start by saying that Bitcoin is one of those ideas that sounds crazy when you first hear it. And then I describe it as “money for the Internet, that is designed to be like the Internet-- with no single person or government or company in control.”
Then I let them steer the conversation and ask questions if they are interested. Some people want to talk about what governments think, some people want to know about the technology, some people want to know if they should invest or how easy it is to use… there are lots of things to talk about!
47. QiBuShangTianTang
Q: Gavin, you’re working for bitcoin as a career, is there anyone around try to deride or attact you about what you’re doing? How did you move on and continue your work? What do you think about the current situation of bitcoin development?
*A: *There are always people on the Internet who seem to like attacking other people. I don’t know if it is better or worse with Bitcoin; probably worse, because people care so much about it.
I get many more people thanking me for the work I do on Bitcoin than people attacking me, so usually it is easy to move on and continue my work. I am most hurt when I am attacked by people I have worked with in the past; that is discouraging.
I think overall Bitcoin development is stronger than it has ever been. There are more people contributing, not just to Core but to other projects, and more innovation happening.
But moving from there being just one implementation of the protocol to multiple competing implementations is necessary, but difficult. I wish developers did not see that transition as being some sort of personal attack.
48. kcb
Q: Hi Gavin, SegWig had a PR a couple of days ago, however, the blocksize limit is still 1MB, the amount of transactions can be processed are still the same per block. I really want to know that when we can benefit from SegWig, and when can we actually have blocks that can process more transactions?
A: If everything goes perfectly, we might see a significan number of SegWit transactions in three months. I would guess it will take six months for the miners to adopt segwit and then wallets to start producing segwit transactions, but it could take a year.
Unfortunately, transaction volume was growing more quickly than that, so even if Segwit helps, it will not help quickly enough.
49. ZhongBenCong
Q: Hi Gavin, you said in 2015 that having 1-minute block generation time is a good idea. Do you still believe so? If yes, can you share your strategy on dealing with the security issues and the higher orphan rate? https://www.reddit.com/Bitcoin/comments/35hpkt/please_remind_me_once_again_why_we_cant_decrease/cr4wk0g
A: Yes, I still believe Bitcoin would work just fine with a one-minute block generation time.
I don’t think we should change that right now, though, because it would be a big change that requires changing lots of software.
I’m not sure what security issues you are talking about, perhaps you could be more specific.
As for higher orphan rates: if everybody has a higher orphan rate, then that is not a problem (unless orphan rates get very high-- say 5-10% or more). Even worries about larger miners having an advantage at higher orphan rates could be addressed with some protocol changes.
But, again, all of that is a much longer discussion that I don’t think we should have right now. Increasing or eliminating the block size limit is much simpler.
50. BiTeCui
Q: Hi Gavin, how many hours do spend on working every day? Do you still write code nowadays?
*A: *It depends on what you mean by “working” -- does answering email after dinner count?
I try not to work too much; I need to get more exercise, and like to spend time with my family (my children will be going to college in just a few years). I am usually at my office maybe seven hours, five days per week, and on good days I do get to still write code.
51.pangcong
Q: Hi, Gavin, how many children do you have? :-D How do you balance between your life and bitcoin?
A: Two children, a girl and a boy, both teenagers. The trick to balancing life and bitcoin is to say “no” a lot (“no, I’m sorry, I cannot speak at your conference in Botswana”).
52. fermi
Q: Hi Gavin, I’m very worried about bitcoin may split to two coins, which is very bad. So I once posted on 8btc to discuss how to prevent bitcoin from splitting in future. http://8btc.com/thread-30758-1-1.htm. Simply put, we just add all different opinions into one wallet, and the network automatically hard fork based on the vote result of the wallet. In this way, there would be no splitting ever happen. Do you think this idea would work out? (See above image as an illustration of the idea)
A: Agreeing how the vote would work would be hard (would transactions vote? For how long? 51% agreement or 75% or 95%?) Only transactions in blocks count as voting? (if not, then somebody could send lots of transactions to vote multiple times) And what if miners decide not to mine transactions that vote for something they disagree with?
53. BiTeCui
Q: Gavin, do you think large institutions wil join in Bitcoin ,like big fund or bank? There are news mentioned about safery regulations and risk factors in bitoin, may they be eliminated? Or will bitcoin be a game for ordinary people forever?
A: If Bitcoin continues to grow, then yes, I think large institutions will start to accept Bitcoin. We have already seen some big technology companies like Microsoft work with Bitcoin.
Most of the risk with Bitcoin is caused by new, immature companies (like Mt. Gox). The risk is smaller today, because larger, more stable, better funded companies with better engineers are involved, and I expect that will continue.
I hope Bitcoin will also be used by ordinary people forever!
54. baowj
Q: What are you most proud of since you've join in Bitcoin development?
A: All of the testing infrastructure that I put into place. My first contribution was the Bitcoin testnet, and if I remember correctly I also put the first unit tests in place and the first regression tests.
55. kcb
Q: Hi Gavin, do you mind further share some insights on why you think Bitcoin cannot replace the fiat system and become a true global currency?
Bitcoin is a better instrument as store of value, it has better liquidity, also better against counterfeiting, and can even truly make people's wealth inviolable to anyone! (no more confiscation and capital control.)
Therefore, Bitcoin obviously is a better currency comparing to fiat. When a better currency appears, people tends to adopt it naturally, and gradually abandon the old currency. (just like how people abandoned shells, when they realized that gold is better form of money with excellent monetary attributes.
*A: * It could eventually replace the fiat system, but I don’t think that will happen in my lifetime. I hope I am wrong about that!
56.altcoindev
Q: Hi, Gavin, welcome to 8btc!
I am a altlcoin dev ,do you like one or some altcoins? And what do you think of the coins developed by Chinese Teams, like the VPNCoin、Dacrs(SmartCoin)、Antshares or others projects(these are all high light shown on 8btc.com).
Have you ever tried to understand such altcoins?
Best Regards!
Your fans
A: I don’t like altcoins that are created just to create more money, because I like the 21-million bitcoin limit.
Altcoins that have some innovative technology in them (like Ethereum or Zerocash) are more interesting, but I would rather they were done as sidechains to the Bitcoin blockchain. I think you should have a very good purpose for creating a new currency, and if you don’t have a good purpose, you should use the Bitcoin currency.
Gavin: Thank you very much for the great questions, and BIG thanks to the translators for their hard work!
kcb: Thank you Gavin!! It’s great to have you here!!
WangXiaoMeng: Thanks a lot Gavin!!!
submitted by kcbitcoin to btc [link] [comments]

Subreddit Stats: ethtrader top posts from 2016-03-23 to 2017-03-23 07:05 PDT

Period: 364.61 days
Submissions Comments
Total 1000 56097
Rate (per day) 2.74 152.85
Unique Redditors 394 3829
Combined Score 75281 255219

Top Submitters' Top Submissions

  1. 2341 points, 31 submissions: twigwam
    1. Coinbase granted N.Y. approval to offer Ether trades (199 points, 48 comments)
    2. Forget Bitcoin. The Blockchain Could Reveal What'€™s True Today and Tomorrow [Wired] (147 points, 17 comments)
    3. [CNBC] Alternative cryptocurrency Ether has done something only Bitcoin has manage to do (143 points, 27 comments)
    4. Enterprise Ethereum Alliance Releases Vision Paper (124 points, 17 comments)
    5. To be clear, the proposed 'hard fork' will NOT roll any "blocks back, or to undo any transactions that have nothing to do with the DAO." (121 points, 47 comments)
    6. Business Giants to Announce Creation of a Computing System Based on Ethereum [New York Times] (114 points, 41 comments)
    7. Ethereum Price Rises as Corporations Move In (97 points, 18 comments)
    8. The Birth of Enterprise Ethereum in 2017 (86 points, 44 comments)
    9. Meanwhile in r / Economics :) ... (84 points, 15 comments)
    10. Microsoft, Big Banks Unite to form Massive Ethereum Consortium - Investopedia (83 points, 0 comments)
  2. 1916 points, 26 submissions: Mr_Yukon_C
    1. Me watching the ETH price rebound today! (203 points, 27 comments)
    2. Is it time for this yet? LOL (184 points, 22 comments)
    3. Vitalik on PoS/Casper -- "our current approach...is actually going quite well." (122 points, 23 comments)
    4. Vitalik addresses Vlad's tweet about reducing the block reward by a factor of 4 (114 points, 28 comments)
    5. Devcon3: venue will be in Cancun in November! (81 points, 36 comments)
    6. MarketWatch - Bitcoin rival Ethereum is making a comeback (81 points, 14 comments)
    7. Daily Discussion thread is starting to get a little out of hand and unprofessional... (73 points, 35 comments)
    8. Ethereum hashrate back at all time highs -- a good leading indicator of strength and confidence. (73 points, 43 comments)
    9. Must be getting close to the bottom -- extreme negative sentiment. (71 points, 105 comments)
    10. In case you missed it--we now have 9,000+ subscribers! (70 points, 8 comments)
  3. 1655 points, 20 submissions: -bawb405-
    1. AlphaBay Market adding Ethereum for payments (159 points, 37 comments)
    2. $20 felt good, but we're still in early adoption by a long shot (122 points, 143 comments)
    3. Tools and technologies in the Ethereum ecosystem (117 points, 7 comments)
    4. If it's anything like last year, remember to be thoughtful and helpful to noobs (110 points, 36 comments)
    5. Remember to be thoughtful and helpful to noobs (108 points, 25 comments)
    6. Enterprise Ethereum (includes JP Morgan, CME Group, BNY Mellon, Banco Santander, Microsoft, Red Hat, Cisco, Wipro and British Petroleum) is "looking to build scalable, secure implementations of the private ethereum blockchain with an eye to also help improve the public version of the technology" (101 points, 20 comments)
    7. Been posting on this community for a year+. Bought my first Ledger S Nano this week. Why the hell didn't I do this earlier? This is the simplest way to cold store ETH with total peace of mind that I've seen. I feel dumb for not doing it earlier. (97 points, 109 comments)
    8. Ethereum a Viable Alternative to Bitcoin as a Payment Network (94 points, 18 comments)
    9. Finally, fucking finally, I can instant purchase ETH! Thank you Coinbase! (88 points, 29 comments)
    10. United Nation's World Food Programme is utilizing the Ethereum blockchain to distribute cash assistance to the world’s hungriest families (83 points, 6 comments)
  4. 1472 points, 19 submissions: Nooku
    1. A hard fork is the best thing for the Ethereum network; credibility and ideology is bullshit. Ethereum simply has to execute programs, the rest comes later. (234 points, 326 comments)
    2. How it is to be an early adoptor (173 points, 41 comments)
    3. We were not joking. (92 points, 10 comments)
    4. Thank you MEW ( MyEtherWallet ) (89 points, 32 comments)
    5. The #2 reason to be invested in Ethereum (87 points, 26 comments)
    6. Which burden do you want to carry: Going to PoS with an anti-Ethereum hacker holding (1)5 % of the Ethers? Or having an anti-principle fork in the history of the network which prevented exactly that? (81 points, 95 comments)
    7. A new Bitcoin crisis: Bitcoin is suffering from a brain drain, accelerating Ethereum's brain gain (71 points, 22 comments)
    8. The truth about Ethereum (71 points, 25 comments)
    9. ETH keeps dropping so let's see who the winners are (68 points, 71 comments)
    10. PSA: Today, ETC has reached its all-time low against ETH. Don't forget to secure your dividends. (64 points, 69 comments)
  5. 1456 points, 20 submissions: econoar
    1. Santander Vies to Become First Bank to Issue Cash on Blockchain using Public Ethereum Chain (175 points, 68 comments)
    2. DAO hard fork proposal by Gavin Wood (121 points, 76 comments)
    3. DAO rescue hotfix (soft fork) released. (121 points, 67 comments)
    4. Coinbase VP Tells Forbes that Ethereum will be available for purchase on its retail site Coinbase.com this month. (117 points, 46 comments)
    5. Never forget (79 points, 28 comments)
    6. RBS testing Ethereum as a Clearing and Settlement Mechanism, willing to use public chain if transaction speeds and some other criteria are met (77 points, 13 comments)
    7. 50% of today's ETH volume is on fiat pairs. Keep it up! (75 points, 5 comments)
    8. Ethpool and Ethermine voting for soft fork is live (68 points, 59 comments)
    9. JP Morgan looking to use Ethereum for data privacy (66 points, 3 comments)
    10. Fortune: Why J.P. Morgan Chase Is Building a Blockchain on Ethereum (64 points, 18 comments)
  6. 1448 points, 19 submissions: hodlor
    1. Petition Steam to accept Ether as payment! (228 points, 42 comments)
    2. Don't troll bitcoinmarkets (135 points, 39 comments)
    3. Light client syncs in 3 minutes, uses 30MB. (123 points, 44 comments)
    4. Ethereum is not an altcoin. (104 points, 49 comments)
    5. Ethereum kills two birds with one stone using Raiden: Anonymizing with Microtransactions (87 points, 33 comments)
    6. Why I just went 20% into DigixDAO (72 points, 181 comments)
    7. A blast from the past (70 points, 27 comments)
    8. I changed my mind about EtherDelta. I am impressed now. (70 points, 20 comments)
    9. Explain the Hardfork like I'm a one-legged pirate being chased by an English frigate (69 points, 16 comments)
    10. Ethereum is the most resilient thing I've ever seen. (62 points, 30 comments)
  7. 1360 points, 21 submissions: sandakersmann
    1. Vitalik Buterin on Twitter: "I am working 100% on ETH." (161 points, 21 comments)
    2. The 1 Reason Why These Entrepreneurs Are All In on Ethereum (ETH), Bitcoin’s Competitor (93 points, 11 comments)
    3. Gavin Andresen: "Ethereum has more nodes today than Bitcoin. Prediction: it's lead will grow even as its blockchain size exceeds bitcoin's." (85 points, 22 comments)
    4. Geth 1.4.12: From Shanghai With Love, hotfix for recent DoS issues. Please update! (81 points, 13 comments)
    5. I'm anti-HF, but now I run a node supporting the HF (80 points, 31 comments)
    6. Ethereum Surpasses All-Time High, Reaches $2 Billion Market Cap (66 points, 5 comments)
    7. New Blog post: An Update on Integrating Zcash on Ethereum (ZoE) (63 points, 14 comments)
    8. Transaction spam attack: Next Steps - Ethereum Blog (59 points, 4 comments)
    9. Announcing Parity 1.5: Multisig wallets, contract deployment, auto-updating, PoA/dev chains, badges & more (58 points, 11 comments)
    10. Vitalik Buterin: DAO Lessons, Casper and Blockchain Interoperability (Episode 171) (58 points, 2 comments)
  8. 1203 points, 19 submissions: Jackieknows
    1. Time for another Week in Ethereum News - Evan Van Ness (120 points, 8 comments)
    2. Vitalik Buterin: State clearing 100% complete. (105 points, 10 comments)
    3. Erik Voorhees on Twitter: I'm finding myself holding some extra ETH to use as payments, since Bitcoin is becoming too expensive/delayed (83 points, 33 comments)
    4. Ethereum ETF will be next (79 points, 54 comments)
    5. NY regulator approves Winklevoss bid to trade digital currency ether (79 points, 18 comments)
    6. "ETHEREUM: THE WORLD COMPUTER" Release: DEC. 16, 2016 (72 points, 13 comments)
    7. The Week in Ethereum - Evan Van Ness (65 points, 16 comments)
    8. Week in Ethereum -Evan Van Ness (65 points, 8 comments)
    9. This Week in Ethereum - Evan Van Ness (63 points, 7 comments)
    10. Kraken adds support for the Ethereum Standard DAO Framework (59 points, 4 comments)
  9. 1078 points, 12 submissions: heliumcraft
    1. Vitalik Buterin: Casper PoC3 backbone simulations: 3s block time, 1.25s avg latency + 2s avg clock offset: 1% stale rate (184 points, 44 comments)
    2. twitter: "There are more devs working on Ethereum & its ecosystem than Bitcoin. Discuss." (138 points, 24 comments)
    3. MetaMask public developer beta begins! Extension turns Chrome into an Ethereum Web3 browser! (132 points, 18 comments)
    4. Welcome to EthTrader ! (115 points, 13 comments)
    5. twitter: "Back when the price of ETH was $4 It was stated the Ethereum foundation had enough money for 4 years of operations. It's $40 now. (106 points, 20 comments)
    6. Reminder: There is a ethtrader telegram channel (78 points, 26 comments)
    7. Jack Peterson: "if anyone's curious why REP and ETH prices are tanking today, some shithead hacked Bob Shen and dumped his ETH+REP" (77 points, 71 comments)
    8. Light Client ready to test later this week (64 points, 14 comments)
    9. Light Client ready to test later this week (53 points, 0 comments)
    10. Status - a mobile Browser & Messenger for Ethereum (45 points, 8 comments)
  10. 1063 points, 18 submissions: BeerBellyFatAss
    1. This video should be stickied on Ethtrader as it gives new investors/traders a synopsis of what Ethereum is about. Upvote or downvote if you agree/disagree. (113 points, 11 comments)
    2. New to Ethereum - Please check out this 20 Min TED Talk - a high level overview by Don Tapscott: How the blockchain is changing money and business (79 points, 3 comments)
    3. Big Business Giants From Microsoft to J.P. Morgan Are Getting Behind Ethereum (68 points, 0 comments)
    4. Digital Currencies Show Potential To Be New Asset Class As Demand For Bitcoin Rival Ethereum Rises (68 points, 21 comments)
    5. Ethereum Research Update (59 points, 2 comments)
    6. Tech Giant Siemens is Now Working on Blockchain Microgrids with LO3-Ethereum (59 points, 10 comments)
    7. JPMorgan, Microsoft, Intel and others form new blockchain alliance (58 points, 3 comments)
    8. New to Ethereum? - I believe this is one of the best (high level) speeches that best describes Ethereum and blockchain in general. (55 points, 4 comments)
    9. Proof of Work Flaws: Ethereum Lays Out Proof of Stake Philosophy (55 points, 5 comments)
    10. Ethereum's Amazing Day Is Somehow A "Painful Lesson"? (54 points, 19 comments)

Top Commenters

  1. hodlor (5652 points, 905 comments)
  2. jtnichol (5250 points, 983 comments)
  3. Mr_Yukon_C (4897 points, 749 comments)
  4. ethacct (3287 points, 462 comments)
  5. econoar (3269 points, 348 comments)
  6. oldskool47 (2910 points, 483 comments)
  7. HandyNumber (2857 points, 586 comments)
  8. IRefuseToGiveAName (2757 points, 442 comments)
  9. etheraddict77 (2249 points, 526 comments)
  10. Dunning_Krugerrands (2173 points, 337 comments)
  11. huntingisland (2142 points, 515 comments)
  12. textrapperr (2110 points, 427 comments)
  13. Savage_X (1998 points, 463 comments)
  14. etheryum (1957 points, 347 comments)
  15. -o-o-o (1950 points, 434 comments)
  16. Hiphopsince1988 (1793 points, 316 comments)
  17. laughncow (1766 points, 387 comments)
  18. Joloffe (1709 points, 326 comments)
  19. Nooku (1611 points, 227 comments)
  20. CommodoreHodlor (1464 points, 300 comments)
  21. Empiricalgamer (1432 points, 315 comments)
  22. manimoa (1347 points, 224 comments)
  23. antiprosynthesis (1320 points, 783 comments)
  24. myownman (1311 points, 183 comments)
  25. BullBearBabyWhale (1291 points, 195 comments)

Top Submissions

  1. Fellow Etherians: when you wish you had purchased more, remember this... by mrcarner (429 points, 158 comments)
  2. Hivemind trading: For every upvote, I will long 1 ETH. For every downvotes, I will short 1 ETH. Let's do this. by Ignatius_G_Reilly (391 points, 32 comments)
  3. This sub for the last few days by pekkapekkanen (346 points, 68 comments)
  4. My final margin call by revcback (309 points, 248 comments)
  5. HIGH ROAD GENTS (AND GALS) by laughncow (288 points, 73 comments)
  6. Don't Trade Your ETH by carlslarson (287 points, 133 comments)
  7. Investopedia's word of the day: Ethereum! by barecoin (282 points, 16 comments)
  8. Welcome Bitcoin people! by tr4nsatlantic (272 points, 98 comments)
  9. President of Coinbase Fred Ehrsam on why Ethereum represents the future of crypto by soforth (254 points, 105 comments)
  10. PSA Hackers scan this forum looking for victims by dirtybitsxxx (246 points, 96 comments)

Top Comments

  1. 243 points: insomniasexx's comment in My final margin call
  2. 130 points: ProtectYourMind's comment in Monster support wall on GDAX
  3. 128 points: Trencheel303's comment in Fellow Etherians: when you wish you had purchased more, remember this...
  4. 123 points: stanf's comment in [Daily Discussion] - 16/Ma2017
  5. 121 points: Xanesghost's comment in [Daily Discussion] - 18/Ma2017
  6. 117 points: Bingbongfly's comment in My final margin call
  7. 108 points: Fuyuki_Wataru's comment in This sub for the last few days
  8. 108 points: HowRiskyIsDatClick's comment in [Daily Discussion] - 13/Ma2017
  9. 106 points: Empiricalgamer's comment in [Daily Discussion] - 15/Ma2017
  10. 99 points: nbr1bonehead's comment in Welcome Bitcoin people!
Generated with BBoe's Subreddit Stats (Donate)
submitted by subreddit_stats to subreddit_stats [link] [comments]

Is Craig Wright misunderstood?

Some suggested that Craig was setting up an advanced fee fraud.
That is clearly not what Craig Wright wants. See interview https://youtu.be/dZNtbAFnr-0?t=3m14s "I'm happy where I am. I am not looking for money. I don't want money. I don't want help. (...) If anyone puts me up for awards or anything like that, I will never ever accept a cent, ever! If you put me up for a Nobel Prize, if you put me up for an ACM turing medal, if you put me up for some honour, I will never accept a cent from any of you." - Craig Wright
There was a comment saying that a pgp key was backdated "gpg --export 5EB7CB21 | gpg --list-packets - | grep pref-hash hashed subpkt 21 len 5 (pref-hash-algos: 8 2 9 10 11)"
The paper Appeal to Authority: a Failure of Trust appeals this claim. "From what we will document below, the reader will note the ease with which a knowledgeable individual could have built a PGP key using the disputed cypher suites, “8,2,9,10,11”.We demonstrate this using a version of the GnuPG binaries that had been compiled in 2007" But even if the PGP key was backdated, it would not prove that Craig did not have the knowledge and capabilities to create Bitcoin.
He is known for being very good at computer security and cryptography and whether he has 1, 2 or 3 Master and/or PhD degrees does not disprove any of that.
I don't get why people insisting on cryptographic proof that Craig Wright is the main part of Satoshi Nakamoto. I mean the leaked emails (Gizmodo and Wired got) in which Craig is mentioned. His understanding, motivations and reactions are convincing enough, even without cryptographically signing anything!
I mean, Is it really that hard to understand if a person wants be left alone and being able to work instead of being in front of cameras all the time, and only wants to reveal himself because pressure caused by the leaked emails and the threats to his friends, family and staff, but is too afraid for the consequences of revealing that he is Satoshi Nakamoto?
How about the non-cryptographic aspects: "The social evidence, including his unique personality, early emails that I received, and early drafts of the Bitcoin white paper, points to Craig as the creator. I also received satisfactory explanations to my questions about registering the bitcoin.org domain and the various time-of-day postings to the BitcoinTalk forum. Additionally, Craig's technical working knowledge of public key cryptography, Bitcoin's addressing system, and proof-of-work consensus in a distributed peer-to-peer environment is very strong. " - Jon Matonis (Founding Director at Bitcoin Foundation).
"During our meeting, I saw the brilliant, opinionated, focused, generous – and privacy-seeking – person that matches the Satoshi I worked with six years ago. And he cleared up a lot of mysteries, including why he disappeared when he did and what he’s been busy with since 2011. But I’m going to respect Dr. Wright’s privacy, and let him decide how much of that story he shares with the world." - Gavin Andresen (chief scientist at the Bitcoin Foundation)
When asked about Satoshi Nakamoto: Q:Why did you feel the had to come out or why do you feel you have to keep it secret for so long? A:"I would prefer to be secret now. I don't think I have to be out there. There's nothing owed to the world where I have to come out and say I'm X, I'm Y. I mean, no one needs to do that. It is my right not to say something. If I release a paper that benefits people, why do I have to take credit for it. Why do I? I don't have to bounce around TV cameras. I wanna work, I wanna keep doing what I'm doing. I don't work and invent and write papers and code by coming in front of TVs. I don't want money, I don't want fame, I don't want adoration. I just want to be left alone." - Craig Wright
Q:Why have you decided to identify yourself as Satoshi Nakamoto? A:"I didn't decide. I had people decide this matter for me. And they are making live difficult. Not for me, but my friends, my family, my staff. They want to be private. They don't want all of this affect them. I don't want any of them to be impacted by this. There are a lot of stories out there that have been made up. I don't like it hurting those people I care about. I'm going to do this once and once only. I'm going to come in front of that camera once and I will never ever be in front of the camera ever again for any TV station or any media, ever." - Craig Wright
submitted by DrakeRun to Bitcoin [link] [comments]

Full English Transcript of Gavin's AMA on 8BTC, April 21st. (Part 1)

Part 2
Part 3
Raw transcript on Google Docs (English+Chinese): https://docs.google.com/document/d/1p3DWMfeGHBL6pk4Hu0efgQWGsUAdFNK6zLHubn5chJo/edit?usp=sharing
Translators/Organizers: emusher, kcbitcoin, nextblast, pangcong, Red Li, WangXiaoMeng. (Ranked in alphabetical order)
1.crypto888
Q: What is your relationship with Blockstream now? Are you in a Cold War? Your evaluation on BS was pretty high “If this amazing team offers you a job, you should take it,” tweeted Gavin Andresen, Chief Scientist, Bitcoin Foundation.” But now, what’s your opinion on BS?
A: I think everybody at Blockstream wants Bitcoin to succeed, and I respect and appreciate great work being done for Bitcoin by people at Blockstream.
We strongly disagree on priorities and timing; I think the risks of increasing the block size limit right away are very small. I see evidence of people and businesses getting frustrated by the limit and choosing to use something else (like Ethereum or a private blockchain); it is impossible to know for certain how dangerous that is for Bitcoin, but I believe it is more danger than the very small risk of simply increasing or eliminating the block size limit.
2. Ma_Ya
Q: 1) Why insist on hard fork at only 75%? You once explained that it is possible to be controlled by 5% if we set the threshold at 95%. I agree, but there should be some balance here. 75% means a high risk in splitting, isn’t it too aggressive? Is it better if we set it to 90%?
A: 1)The experience of the last two consensus changes is that miners very quickly switch once consensus reaches 75% -- the last soft fork went from 75% support to well over 95% support in less than one week. So I’m very confident that miners will all upgrade once the 75% threshold is reached, and BIP109 gives them 28 days to do so. No miner wants to create blocks that will not be accepted by the network.
Q: 2) How to solve the potentially very large blocks problem Classic roadmap may cause, and furthur causing the centralization of nodes in the future?
A: 2)Andreas Antonopoulos gave a great talk recently about how people repeatedly predicted that the Internet would fail to scale. Smart engineers proved them wrong again and again, and are still busy proving them wrong today (which is why I enjoy streaming video over my internet connection just about every night).
I began my career working on 3D graphics software, and saw how quickly we went from being able to draw very simple scenes to today’s technology that is able to render hundreds of millions of triangles per second.
Processing financial transactions is much easier than simulating reality. Bitcoin can easily scale to handle thousands of transactions per second, even on existing computers and internet connections, and even without the software optimizations that are already planned.
Q: 3) Why do you not support the proposal of RBF by Satoshi, and even plan to remove it in Classic completely?
A: 3) Replace-by-fee should be supported by most of the wallets people are using before it is supported by the network. Implementing replace-by-fee is very hard for a wallet, especially multi-signature and hardware wallets that might not be connected to the network all of the time.
When lots of wallet developers start saying that replace-by-fee is a great idea, then supporting it at the network level makes sense. Not before.
Q: 4) . Your opinion on soft fork SegWit, sidechain, lighnting network. Are you for or against, please give brief reasons. Thanks.
A: 4) The best way to be successful is to let people try lots of different things. Many of them won’t be successful, but that is not a problem as long as some of them are successful.
I think segregated witness is a great idea. It would be a little bit simpler as a hard fork instead of a soft fork (it would be better to put the merkle root for the witness data into the merkle root in the block header instead of putting it inside a transaction), but overall the design is good.
I think sidechains are a good idea, but the main problem is finding a good way to keep them secure. I think the best uses of sidechains will be to publish “write-only” public information involving bitcoin. For example, I would like to see a Bitcoin exchange experiment with putting all bids and asks and trades on a sidechain that they secure themselves, so their customers can verify that their orders are being carried out faithfully and nobody at the exchanges is “front-running” them.
Q: 5) Can you share your latest opinion on Brainwallet? It is hard for new users to use long and complex secure passphrase, but is it a good tool if it solves this problem?
A: 5) We are very, very bad at creating long and complex passphrases that are random enough to be secure. And we are very good at forgetting things.
We are much better at keeping physical items secure, so I am much more excited about hardware wallets and paper wallets than I am about brain wallets. I don’t trust myself to keep any bitcoin in a brain wallet, and do not recommend them for anybody else, either.
3. BiTeCui
Q: Gavin, do you have bitcoins now? What is your major job in MIT? Has FBI ever investigated on you? When do you think SHA256 might be outdated, it seems like it has been a bit unsafe?
A: Yes, a majority of my own person wealth is still in bitcoins -- more than a financial advisor would say is wise.
My job at MIT is to make Bitcoin better, in whatever way I think best. That is the same major job I had at the Bitcoin Foundation. Sometimes I think the best way to make Bitcoin better is to write some code, sometimes to write a blog post about what I see happening in the Bitcoin world, and sometimes to travel and speak to people.
The FBI (or any other law enforcement agency) has never investigated me, as far as I know. The closest thing to an investigation was an afternoon I spent at the Securities and Exchange Commission in Washington, DC. They were interested in how I and the other Bitcoin developers created the software and how much control we have over whether or not people choose to run the software that we create.
“Safe or unsafe” is not the way to think about cryptographic algorithms like SHA256. They do not suddenly go from being 100% secure for everything to completely insecure for everything. I think SHA256 will be safe enough to use in the all ways that Bitcoin is using it for at least ten years, and will be good enough to be used as the proof-of-work algorithm forever.
It is much more likely that ECDSA, the signature algorithm Bitcoin is using today, will start to become less safe in the next ten or twenty years, but developer are already working on replacements (like Schnorr signatures).
4. SanPangHenBang
Q: It’s a pleasure to meet you. I only have one question. Which company are you serving? or where do you get your salary?
A: The Media Lab at MIT (Massachusetts Institute of Technology) pays my salary; I don’t receive regular payments from anybody else.
I have received small amounts of stock options in exchange for being a techical advisor to several Bitcoin companies (Coinbase, BitPay, Bloq, Xapo, Digital Currency Group, CoinLab, TruCoin, Chain) which might be worth money some day if one or more of those companies do very well. I make it very clear to these companies that my priority is to make Bitcoin better, and my goal in being an advisor to them is to learn more about the problems they face as they try to bring Bitcoin to more of their customers.
And I am sometimes (once or twice a year) paid to speak at events.
5.SaTuoXi
Q: Would you mind share your opinion on lightning network? Is it complicated to implement? Does it need hard fork?
A: Lightning does not need a hard fork.
It is not too hard to implement at the Bitcoin protocol level, but it is much more complicated to create a wallet capable of handling Lightning network payments properly.
I think Lightning is very exciting for new kinds of payments (like machine-to-machine payments that might happen hundreds of times per minute), but I am skeptical that it will be used for the kinds of payments that are common on the Bitcoin network today, because they will be more complicated both for wallet software and for people to understand.
6. pangcong
Q: 1) There has been a lot of conferences related to blocksize limit. The two took place in HongKong in Decemeber of 2015 and Feberary of 2016 are the most important ones. Despite much opposition, it is undeniable that these two meetings basically determines the current status of Bitcoin. However, as the one of the original founders of Bitcoin, why did you choose to not attend these meetings? If you have ever attended and opposed gmax’s Core roadmap (SegWit Priority) in one of the meetings, we may be in a better situation now, and the 2M hard fork might have already begun. Can you explain your absence in the two meetings? Do you think the results of both meetings are orchestrated by blockstream?
A: 1) I attended the first scaling conference in Montreal in September of 2015, and had hoped that a compromise had been reached.
A few weeks after that conference, it was clear to me that whatever compromise had been reached was not going to happen, so it seemed pointless to travel all the way to Hong Kong in December for more discussion when all of the issues had been discussed repeatedly since February of 2015.
The February 2016 Hong Kong meeting I could not attend because I was invited only a short time before it happened and I had already planned a vacation with my family and grandparents.
I think all of those conferences were orchestrated mainly by people who do not think raising the block size limit is a high priority, and who want to see what problems happen as we run into the limit.
Q: 2) We have already known that gmax tries to limit the block size so as to get investment for his company. However, it is obvious that overthrowing Core is hard in the short term. What if Core continues to dominate the development of Bitcoin? Is it possible that blockstream core will never raise the blocksize limit because of their company interests?
A: 2) I don’t think investment for his company is Greg’s motivation-- I think he honestly believes that a solution like lightning is better technically.
He may be right, but I think it would be better if he considered that he might also be wrong, and allowed other solutions to be tried at the same time.
Blockstream is a funny company, with very strong-willed people that have different opinions. It is possible they will never come to an agreement on how to raise the blocksize limit.
7. HeiYanZhu
Q: I would like to ask your opinion on the current situation. It’s been two years, but a simple 2MB hard fork could not even be done. In Bitcoin land, two years are incredibly long. Isn’t this enough to believe this whole thing is a conspiracy?
A: I don’t think it is a conspiracy, I think it is an honest difference of opinion on what is most important to do first, and a difference in opinion on risks and benefits of doing different things.
Q: How can a multi-billion network with millions of users and investors be choked by a handful of people? How can this be called decentrilized and open-source software anymore? It is so hard to get a simple 2MB hard fork, but SegWig and Lighting Network with thousands of lines of code change can be pushed through so fast. Is this normal? It is what you do to define if you are a good man, not what you say.
A: I still believe good engineers will work around whatever unnecessary barriers are put in their way-- but it might take longer, and the results will not be as elegant as I would prefer.
The risk is that people will not be patient and will switch to something else; the recent rapid rise in developer interest and price of Ethereum should be a warning.
Q: The problem now is that everybody knows Classic is better, however, Core team has controlled the mining pools using their powers and polical approaches. This made them controll the vast majority of the hashpower, no matter what others propose. In addition, Chinese miners have little communication with the community, and do not care about the developement of the system. Very few of them knows what is going on in the Bitcoin land. They almost handed over their own power to the mining pool, so as long as Core controls the pools, Core controls the whole Bitcoin, no matter how good your Classic is. Under this circumstance, what is your plan?
A: Encourage alternatives to Core. If they work better (if they are faster or do more) then Core will either be replaced or will have to become better itself. I am happy to see innovations happening in projects like Bitcoin Unlimited, for example. And just this week I see that Matt Corallo will be working on bringing an optmized protocol for relaying blocks into Core; perhaps that was the plan all along, or perhaps the “extreme thin blocks” work in Bitcoin Unlimited is making that a higher priority. In any case, competition is healthy.
Q: From this scaling debate, do you think there is a huge problem with Bitcoin development? Does there exsit development centrilization? Does this situation need improvment? For example, estabilish a fund from Bitcoin as a fundation. It can be used for hiring developers and maintainers, so that we can solve the development issue once and for all.
A: I think the Core project spends too much time thinking about small probability technical risks (like “rogue miners” who create hard-to-validate blocks or try to send invalid blocks to SPV wallets) and not enough time thinking about much larger non-technical risks.
And I think the Core project suffers from the common open source software problem of “developers developing for developers.” The projects that get worked on are the technically interesting projects-- exciting new features (like the lightning network), and not improving the basic old features (like improving network performance or doing more code review and testing).
I think the situation is improving, with businesses investing more in development (but perhaps not in the Core project, because the culture of that project has become much less focused on short-term business needs and more on long-term exciting new features).
I am skeptical that crowd-funding software development can work well; if I look at other successful open source software projects, they are usually funded by companies, not individuals.
8.jb9802
You are one of the most-repected person in Bitcoin world, I won’t miss the chance to ask some questions. First of all, I am a Classic supporter. I strongly believe that on-chain transcations should not be restrained artificially. Even if there are transcations that are willing to go through Lighting Network in the future, it should be because of a free market, not because of artificial restrication. Here are some of my questions:
Q: 1) For the past two years, you’ve been proposing to Core to scale Bitcoin. In the early days of the discussion, Core devs did agree that the blocksize should be raised. What do you think is the major reason for Core to stall scaling. Does there exist conflict of interest between Blockstream and scaling?
A: 1) There might be unconscious bias, but I think there is just a difference of opinion on priorities and timing.
Q: 2) One of the reason for the Chinese to refuse Classic is that Classic dev team is not technically capable enough for future Bitcoin development. I also noticed that Classic does have a less frequent code release compared to Core. In your opinion, is there any solution to these problems? Have you ever thought to invite capable Chinese programers to join Classic dev team?
A: 2) The great thing about open source software is if you don’t think the development team is good enough (or if you think they are working on the wrong things) you can take the software and hire a better team to improve it.
Classic is a simple 2MB patch on top of Core, so it is intentional that there are not a lot of releases of Classic.
The priority for Classic right now is to do things that make working on Classic better for developers than working on Core, with the goal of attracting more developers. You can expect to see some results in the next month or two.
I invite capable programmers from anywhere, including China, to help any of the teams working on open source Bitcoin software, whether that is Classic or Core or Unlimited or bitcore or btcd or ckpool or p2pool or bitcoinj.
Q: 3) Another reason for some of the Chinese not supporting Classic is that bigger blocks are more vulnerable to spam attacks. (However, I do think that smaller blocks are more vlunerable to spam attack, because smaller amount of money is needed to choke the blockchain.) What’s our opinion on this?
A: 3) The best response to a transaction spam attack is for the network to reject transactions that pay too little fees but to simply absorb any “spam” that is paying as much fees as regular transactions.
The goal for a transaction spammer is to disrupt the network; if there is room for extra transactions in blocks, then the network can just accept the spam (“thank you for the extra fees!”) and continue as if nothing out of the ordinary happened.
Nothing annoys a spammer more than a network that just absorbs the extra transactions with no harmful effects.
Q: 4) According to your understanding on lighting network and sidechains,if most Bitcoin transactions goes throught lighting network or sidechains, it possible that the fees paid on the these network cannot reach the main-chain miners, which leaves miners starving. If yes, how much percent do you think will be given to miners.
A: 4) I don’t know, it will depend on how often lightning network channels are opened and closed, and that depends on how people choose to use lightning.
Moving transactions off the main chain and on to the lightning network should mean less fees for miners, more for lightning network hubs. Hopefully it will also mean lower fees for users, which will make Bitcoin more popular, drive up the price, and make up for the lower transaction fees paid to miners.
Q: 5) The concept of lighting network and sidechains have been out of one or two years already, when do you think they will be fully deployed.
A: 5) Sidechains are already “fully deployed” (unless you mean the version of sidechains that doesn’t rely on some trusted gateways to move bitcoin on and off the sidechain, which won’t be fully deployed for at least a couple of years). I haven’t seen any reports of how successful they have been.
I think Lightning will take longer than people estimate. Seven months ago Adam Back said that the lightning network might be ready “as soon as six months from now” … but I would be surprised if there was a robust, ready-for-everybody-to-use lightning-capable wallet before 2018.
Q: 6)Regarding the hard fork, Core team has assumed that it will cause a chain-split. (Chinese miners are very intimitated by this assumption, I think this is the major reason why most of the Chinese mining pools are not switching to Classic). Do you think Bitcoin will have a chain-split?
A: 6) No, there will not be a chain split. I have not talked to a single mining pool operator, miner, exchange, or major bitcoin business who would be willing to mine a minority branch of the chain or accept bitcoins from a minority branch of the main chain.
Q: 7) From your point of view, do you think there is more Classic supporters or Core supporters in the U.S.?
A: 7) All of the online opinion pools that have been done show that a majority of people worldwide support raising the block size limit.
9. btcc123
Q: Which is more in line with the Satoshi’s original roadmap, Bitcoin Classic or Bitcoin Core? How to make mining pools support and adopt Bitcoin Classic?
A: Bitcoin Classic is more in line with Satoshi’s original roadmap.
We can’t make the mining pools do anything they don’t want to do, but they are run by smart people who will do what they think is best for their businesses and Bitcoin.
10.KuHaiBian
Q: Do you have any solution for mining centralization? What do you think about the hard fork of changing mining algorithms?
A: I have a lot of thoughts on mining centralization; it would probably take ten or twenty pages to write them all down.
I am much less worried about mining centralization than most of the other developers, because Satoshi designed Bitcoin so miners make the most profit when they do what is best for Bitcoin. I have also seen how quickly mining pools come and go; people were worried that the DeepBit mining pool would become too big, then it was GHash.io…
And if a centralized mining pool does become too big and does something bad, the simplest solution is for businesses or people to get together and create or fund a competitor. Some of the big Bitcoin exchanges have been seriously considering doing exactly that to support raising the block size limit, and that is exactly the way the system is supposed to work-- if you don’t like what the miners are doing, then compete with them!
I think changing the mining algorithm is a complicated solution to a simple problem, and is not necessary.
11. ChaLi
Q: Last time you came to China, you said you want to "make a different". I know that in USA the opposition political party often hold this concept, in order to prevent the other party being totally dominant. Bitcoin is born with a deep "make a different" nature inside. But in Chinese culture, it is often interpreted as split “just for the sake of splitting”, can you speak your mind on what is your meaning of "make a different"?
A: I started my career in Silicon Valley, where there is a lot of competition but also a lot of cooperation. The most successful companies find a way to be different than their competitors; it is not a coincidence that perhaps the most successful company in the world (Apple Computer) had the slogan “think different.”
As Bitcoin gets bigger (and I think we all agree we want Bitcoin to get bigger!) it is natural for it to split and specialize; we have already seen that happening, with lots of choices for different wallets, different exchanges, different mining chips, different mining pool software.
12. bluestar
Q: 1) The development of XT and Classic confirmed my thoughts that it is nearly impossible to use a new version of bitcoin to replace the current bitcoin Core controlled by Blockstream. I think we will have to live with the power of Blockstream for a sufficient long time. It means we will see the deployment of SegWit and Lighting network. If it really comes to that point, what will you do? Will you also leave like Mike Hearn?
A: 1) With the development of Blockchain, bitcoin will grow bigger and bigger without any doubts, And also there will be more and more companies related to the bitcoin network. When it comes to money, there will be a lot of fights between these companies. Is it possible to form some kind of committee to avoid harmful fights between these companies and also the situation that a single company controlling the direction of the bitcoin development? Is there any one doing this kind of job right now?
Q: 2) My final question would be, do you really think it is possible that we can have a decentralized currency? Learning from the history, it seems like every thing will become centralized as long as it involves human. Do you have any picture for a decentralized currency or even a society? Thanks.
A: 2) I think you might be surprised at what most people are running a year or three from now. Perhaps it will be a future version of Bitcoin Core, but I think there is a very good chance another project will be more successful.
I remember when “everybody” was running Internet Explorer or Firefox, and people thought Google was crazy to think that Chrome would ever be a popular web browser. It took four years for Chrome to become the most popular web browser.
In any case, I plan on working on Bitcoin related projects for at least another few years. Eventually it will become boring or I will decide I need to take a couple of years of and think about what I want to do next.
As for fights between companies: there are always fights between companies, in every technology. There are organizations like the IETF (Internet Engineering Task Force) that try to create committees so engineers at companies can spend more time cooperating and less time fighting; I’m told by people who participate in IETF meetings that they are usually helpful and create useful standards more often than not.
Finally, yes, I do think we can have a “decentralized-enough” currency. A currency that might be controlled at particular times by a small set of people or companies, but that gives everybody else the ability to take control if those people or businesses misbehave.
13. satoshi
Hi Gavin, I have some questions:
Q: 1) I noticed there are some new names added to the classic team list. Most people here only know you and Jeff. Can you briefly introduce some others to the Chinese community?
A: 1)
Tom Zander has been acting as lead developer, and is an experienced C++ developer who worked previously on the Qt and Debian open source projects.
Pedro Pinheiro is on loan from Blockchain.info, and has mostly worked on continuous integration and testing for Classic.
Jon Rumion joined recently, and has been working on things that will make life for developers more pleasant (I don’t want to be more specific, I don’t want to announce things before they are finished in case they don’t work out).
Jeff has been very busy starting up Bloq, so he hasn’t been very active with Classic recently. I’ve also been very busy traveling (Barbados, Idaho, London and a very quick trip to Beijing) so haven’t been writing much code recently.
Q: 2) if bitcoin classic succeeded (>75% threshold), what role would you play in the team after the 2MB upgrade finished, as a leader, a code contributor, a consultant, or something else?
A: 2)Contributor and consultant-- I am trying not to be leader of any software project right now, I want to leave that to other people who are better at managing and scheduling and recruiting and all of the other things that need to be done to lead a software project.
Q: 3) if bitcoin classic end up failed to achieve mainstream adoption (<75% 2018), will you continue the endeavor of encouraging on-chain scaling and garden-style growth of bitcoin?
A: 3) Yes. If BIP109 does not happen, I will still be pushing to get a good on-chain solution to happen as soon as possible.
Q: 4) Have you encountered any threat in your life, because people would think you obviously have many bitcoins, like what happened to Hal Finney (RIP), or because some people have different ideas about what bitcoin's future should be?
A: 4) No, I don’t think I have received any death threats. It upsets me that other people have.
Somebody did threaten to release my and my wife’s social security numbers and other identity information if I did not pay them some bitcoins a couple of years ago. I didn’t pay, they did release our information, and that has been a little inconvenient at times.
Q: 5) Roger Ver (Bitcoin Jesus) said bitcoin would worth thousands of dollars. Do you have similar thoughts? If not, what is your opinion on bitcoin price in future?
A: 5) I learned long ago to give up trying to predict the price of stocks, currencies, or Bitcoin. I think the price of Bitcoin will be higher in ten years, but I might be wrong.
Q: 6) You've been to China. What's your impression about the country, people, and the culture here? Thank you!
A: 6) I had a very quick trip to Beijing a few weeks ago-- not nearly long enough to get a good impression of the country or the culture.
I had just enough time to walk around a little bit one morning, past the Forbidden City and walk around Tianmen Square. There are a LOT of people in China, I think the line to go into the Chairman Mao Memorial Hall was the longest I have ever seen!
Beijing reminded me a little bit of London, with an interesting mix of the very old with the very new. The next time I am in China I hope I can spend at least a few weeks and see much more of the country; I like to be in a place long enough so that I really can start to understand the people and cultures.
14. Pussinboots
Q: Dear Gavin, How could I contact you, we have an excellent team and good plans. please confirm your linkedin.
A: Best contact for me is [email protected] : but I get lots of email, please excuse me if your messages get lost in the flood.
15. satoshi
Q: Gavin, you've been both core and classic code contributor. Are there any major differences between the two teams, concerning code testing (quality control) and the release process of new versions?
A: Testing and release processes are the same; a release candidate is created and tested, and once sufficiently tested, a final release is created, cryptographically signed by several developers, and then made available for download.
The development process for Classic will be a little bit different, with a ‘develop’ branch where code will be pulled more quickly and then either fixed or reverted based on how testing goes. The goal is to create a more developer-friendly process, with pull requests either accepted or rejected fairly quickly.
16. tan90d
I am a bitcoin enthusiast and a coin holder. I thank you for your great contribution to bitcoin. Please allow me to state some of my views before asking:
  1. I'm on board with classic
  2. I support the vision to make bitcoin a powerful currency that could compete with Visa
  3. I support segwit, so I'll endorse whichever version of bitcoin implementation that upgrades to segwit, regardless of block size.
  4. I disagree with those who argue bitcoin main blockchain should be a settlement network with small blocks. My view is that on the main chain btc should function properly as a currency, as well as a network for settlement.
  5. I'm against the deployment of LN on top of small block sized blockchain. Rather, it should be built on a chain with bigger blocks.
  6. I also won’t agree with the deployment of many sidechains on top of small size block chain. Rather, those sidechains should be on chain with bigger blocks.
With that said, below are my questions:
Q: 1) If bitcoin is developed following core's vision, and after the 2020 halving which cuts block reward down to 6.125BTC, do you think the block transaction fee at that time will exceed 3BTC?
A: 1) If the block limit is not raised, then no, I don’t think transaction fees will be that high.
Q: 2) If bitcoin is developed following classic's vision, and after the 2020 halving which cuts block reward down to 6.125BTC, do you think the block transaction fee at that time will exceed 3BTC?
A: 2) Yes, the vision is lots of transactions, each paying a very small fee, adding up to a big total for the miners.
Q: 3) If bitcoin is developed following core's vision, do you think POW would fail in future, because the mining industry might be accounted too low value compared with that of the bitcoin total market, so that big miners could threaten btc market and gain profit by shorting?
*The questioner further explained his concern.
Currently, its about ~1.1 billion CNY worth of mining facilities protecting ~42 billion CNY worth (6.5 Billion USD) of bitcoin market. The ratio is ~3%. If bitcoin market cap continues to grow and we adopt layered development plan, the mining portion may decrease, pushing the ratio go even down to <1%, meaning we are using very small money protecting an huge expensive system. For example, in 2020 if bitcoin market cap is ~100 billion CNY, someone may attempt to spend ~1 billion CNY bribe/manipulate miners to attack the network, thus making a great fortune by shorting bitcoin and destroying the ecosystem.
A: 3) Very good question, I have asked that myself. I have asked people if they know if there have been other cases where people destroyed a company or a market to make money by shorting it -- as far as I know, that does not happen. Maybe because it is impossible to take a large short position and remain anonymous, so even if you were successful, you would be arrested for doing whatever you did to destroy the company or market (e.g. blow up a factory to destroy a company, or double-spend fraud to try to destroy Bitcoin).
Q: 4) If bitcoin is developed following classic's vision, will the blocks become too big that kill decentralization?
A: 4) No, if you look at how many transactions the typical Internet connection can support, and how many transactions even a smart phone can validate per second, we can support many more transactions today with the hardware and network connections we have now.
And hardware and network connections are getting faster all the time.
Q: 5) In theory, even if we scale bitcoin with just LN and sidechains, the main chain still needs blocks with size over 100M, in order to process the trading volume matching Visa's network. So does core have any on-chain scaling plan other than 2MB? Or Core does not plan to evolve bitcoin into something capable of challenging visa?
A: 5) Some of the Core developer talk about a “flexcap” solution to the block size limit, but there is no specific proposal.
I think it would be best to eliminate the limit all together. That sounds crazy, but the most successful Internet protocols have no hard upper limits (there is no hard limit to how large a web page may be, for example), and no protocol limit is true to Satoshi’s original design.
Q: 6) If (the majority of) hash rate managed to switch to Classic in 2018, will the bitcoin community witness the deployment of LN in two years (~2018)?
A: 6) The bottleneck with Lightning Network will be wallet support, not support down at the Bitcoin protocol level. So I don’t think the deployment schedule of LN will be affected much whether Classic is adopted or not.
Q: 7) If (majority) hash rate upgraded to blocks with segwit features in 2017 as specified in core's roadmap, would classic propose plans to work on top of that (blocks with segwit)? Or insist developing simplified segwit blocks as described in classic's roadmap?
A: 7) Classic will follow majority hash rate. It doesn’t make sense to do anything else.
Q: 8) If most hash rate is still on core's side before 2018, will you be disappointed with bitcoin, and announce that bitcoin has failed like what Mike did, and sell all your stashed coins at some acceptable price?
A: 8) No-- I have said that I think if the block size limit takes longer to resolve, that is bad for Bitcoin in the short term, but smart engineers will work around whatever road blocks you put in front of them. I see Bitcoin as a long-term project.
Q: 9) If we have most hash rate switched to classic's side before 2018, what do you think will be the fate of Blockstream company?
A: 9) I think Blockstream might lose some employees, but otherwise I don’t think it will matter much. They are still producing interesting technology that might become a successful business.
Q: 10) If we have most hash rate still on core's side before 2018, what do you think will be the fate of Blockstream company?
A: 10) I don’t think Blockstream’s fate depends on whether or not BIP109 is adopted. It depends much more on whether or not they find customers willing to pay for the technology that they are developing.
Q: 11) If we have most hash rate still on core's side before 2018, what do you think will be the fate of companies that support classic, such as Coinbse, bitpay, and Blockchain.info?
A: 11) We have already seen companies like Kraken support alternative currencies (Kraken supports Litecoin and Ether); if there is no on-chain scaling solution accepted by the network, I think we will see more companies “hedging their bets” by supporting other currencies that have a simpler road map for supporting more transactions.
Q: 12) If we have most hash rate switched to classic's side before 2018, will that hinder the development of sidechain tech? What will happen to companies like Rockroot(Rootstock?) ?
A: 12) No, I think the best use of sidechains is for things that might be too risky for the main network (like Rootstock) or are narrowly focused on a small number of Bitcoin users. I don’t think hash rate supporting Classic will have any effect on that.
Q: 13) Between the two versions of bitcoin client, which one is more conducive to mining industry, classic or core?
A: 13) I have been working to make Classic better for the mining industry, but right now they are almost identical so it would be dishonest to say one is significantly better than the other.
17. Alfred
Q: Gavin, can you describe what was in your mind when you first learned bitcoin?
A: I was skeptical that it could actually work! I had to read everything I could about it, and then read the source code before I started to think that maybe it could actually be successful and was not a scam.
submitted by kcbitcoin to Bitcoin [link] [comments]

Bitcoin  LIVE from the NYPL #Bitcoin2014 - Annual State of Bitcoin by Gavin Andresen, Chief Scientist of Bitcoin Foundation Bitcoin state of play with Gavin Andresen & Jim Fitzpatrick 2015 Gavin Andresen about Bitcoin EB94 – Gavin Andresen - On The Blocksize And Bitcoins Governance

The documentary involves many interviews of early adopters and startup builders of Bitcoin such as Bitcoin Foundation’s chief scientist Gavin Andresen, fallen Mt Gox CEO Mark Karpeles and the Winklevoss twins, Charlie Shrem and many others. After mining a million Bitcoins and disappearing in 2010, Satoshi Nakamoto handed the responsibility to Gavin Andresen who became the lead developer at Bitcoin Foundation. After several proofs of transactions, Bitcoin was primarily used on the black market. The first valuation of Bitcoin was in 2011 when it started at $0.3 per 1 Bitcoin. GAVIN ANDRESEN is the Chief Scientist at the Bitcoin Foundation and is one of the longest serving and most widely respected developers of the Bitcoin protocol. Prior to this, he wrote 3D graphics software in Silicon Valley. Computer programmer and cryptocurrency entrepreneur best known for having become involved in the bitcoin market in 2010. His software was instrumental in Bitcoin's Development Foundation. Before Fame. He graduated from Princeton University in 1988. Trivia. He launched an escrow-like service called ClearCoin. Family Life. He was born in the After mining a million Bitcoins and disappearing in 2010, Satoshi Nakamoto handed the responsibility to Gavin Andresen who became the lead developer at Bitcoin Foundation. After several proofs of transactions, Bitcoin was primarily used on the black market. The first valuation of Bitcoin was in 2011 when it started at $0.3 per 1 Bitcoin. Peak

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Bitcoin LIVE from the NYPL

Close. This video is unavailable. Hear the word direct from the Bitcoin Foundation's Chief Scientist, Gavin Andresen, on the state of the protocol -- where we are now, what technical challenges lie ahead and what does the future hold? GAVIN ANDRESEN is the Chief Scientist at the Bitcoin Foundation and is one of the longest serving and most widely respected developers of the Bitcoin protocol. Prior to this, he wrote 3D graphics ... Bitcoinkurs für Anfänger: https://goo.gl/x51gy4 #EB94 #– #Gavin #Andresen #- #On #The #Blocksize #And #Bitcoins #Governance MLTalks: Bitcoin Developers Gavin Andresen, Cory Fields, and Wladimir van der Laan - Duration: 1:31:13. MIT Media Lab 8,689 views

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