A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money. Bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. You might be interested in Bitcoin if you like cryptography, distributed peer-to-peer systems, or economics. A large percentage of Bitcoin enthusiasts are libertarians, though people of all political philosophies are welcome.
/btc was created to foster and support free and open Bitcoin discussion about cryptocurrency, Bitcoin news, and exclusive AMA (Ask Me Anything) interviews from top Bitcoin and cryptocurrency leaders. Bitcoin is the currency of the Internet. A distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without the need for any central authority whatsoever. Learn more about Bitcoin, Bitcoin Cash, cryptocurrency, and more.
nopara73, creator of Wasabi Wallet: "Compared to privacy coins Wasabi is just a temporary hack. I think without Confidential Transactions, as the transaction fees grow, privacy will be priced out of Bitcoin's main chain."
CZ @ Binance (May, 2019): "Segwit, uhm, so segwit is on the roadmap, but it's kind of always lower priority, because Bitcoin transactions do work right now & especially Lightning has taken load off from Bitcoin's main network."
Replace-by-Fee "feature" added to Bitcoin Legacy (BTC) by Core developers completely ruins one of Bitcoin's main advantages as explained in the original Bitcoin whitepaper's introduction and first paragraph
How an anchored Proof of Stake Sidechain can help the Bitcoin main chain
Soft fork Bitcoin to enable side chains
Create a side chain that is secured with Proof of Stake. Call blocks on this chain "POS-blocks." The original chain is made of "POW-blocks."
Side chain mints one POS-block after each POW-block on the main chain, and contains the hash of the POW-block, and the hash of the previous POS-block. See diagram here.
Side chain Minters must make a deposit in order to mint. If they mint an invalid POS-block, they lose the deposit.
Side chain blocks are small enough to broadcast and validate quickly (e.g. 100 - 300 KB).
Soft fork a new rule into Bitcoin that encourages POW-blocks to include the hash of the prior POS-block. Specifically, penalize POW-blocks which do not point to the prior POS-block by doubling the difficulty necessary for them to be valid. Call POW-blocks which do not point to the prior POS-block but are valid because of their very high POW "hard blocks."
In this diagram POW2 and POW4 are valid because they point to the prior POS-block and also satisfy the difficulty requirement. POW3 does not point to the prior POS-bock, but is valid anyway because it contains proof of work at twice the normal difficulty.
Allow people who do not control ASICs to influence which transactions happen.
Allow people who do not control ASICs to influence which chain gets extended.
Reduce the incentive to selfish mine. Once a miner discovers a block, they should broadcast it immediately in the hopes that a Minter will build on it, because that is the most likely way their block will not go stale. Miners will also immediately start trying to build a hard block. (Maybe statistics could tell us what is the proper range for the Hardness Multiplier. I guessed 2 would be good.)
Reduces the effective block interval while reducing the incidence of stale blocks, empty blocks and SPV mining. After a POW-block is mined, it is immediately broadcast to the network, seeking a qualified Minter to extend it. Minters have a deposit, which they will lose if they mint an invalid block. Pointing to the hash of an invalid POW-block would produce an invalid minted block, so Minters have a strong incentive to completely validate the POW-block before they mint on top of it. After validating, they mint a block and broadcast it. While the Minter is validating the previous POW-block, competing miners also have time to fully validate the previous POW-block. By the time the Miners receive the POS-block, they know what transactions they can and cannot include in their own block, because the Minter only processes transactions on the side chain. There is less reason to mine empty blocks, because there is adequate time to update the mempool before mining the next soft block begins, and because hard blocks take a long time to produce. The risks involved with mining on an un-validated POS-block can be made small by the fact that there is a deposit that will be destroyed if the POS-block is invalid. POS-blocks can be validated quickly because they are small. Here is a gantt chart of the schedule described above.
Unlike a pure POS system, a cabal of early Stake holders cannot cheaply hatch an alternate history. Much less imperative for nodes to go to a trusted peer and ask whether the chain they are being fed is legitimate.
After step 6 above, the side chain would have essentially the same security characteristics as the main chain, and could be used interchangeably.
No hard fork required, and this soft fork could be deployed even if the miners do not consent to it. Some hybrid POS system would be my recommendation as preferable to simply changing POW algorithms in the face of miners abusing their power.
Users can opt into the POS sidechain, and it can fully prove itself in production before there is any attempt to anchor the main chain back to it. Even if consensus cannot be obtained to execute step 6, the mere existence of such a chain could deter tomfoolery on the part of POW miners, lest they galvanize the community into throwing the switch.
What if the bitcoin main chain looses 60% of its hash power over night?
What would happen if 60% of the miners decide to switch to some trashcoin overnight, even if they mine there at a loss. Is there some emergency hardfork planned to adjust the difficulty ? Or will the network just live with 6 blocks per day for the next months?
Some more proof that bitcoin core's advocates are moving away from bitcoin's "main value proposition"
Currently trending on bitcoin, this article: https://np.reddit.com/Bitcoin/comments/7d2fts/the_big_bitcoin_battle_what_i_found_out_about/ where you can read "BTC’s main value proposition is its decentralization, reliability as a store of value, censorship resistance, network effects, and being the “Digital Gold” of the internet age" and BCH’s main value proposition is that it claims to retain ‘the original vision” of Satoshi Nakamoto for Bitcoin to be a minimal-fee payment system, much like VISA or Paypal, and to be the Digital Cash of the internet age anyone who red the white paper knows that bitcoin is " A purely peer-to-peer version of electronic cash ", ie BCH
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